- Gold production for February 2010 was 1,234 ounces or 38.4 kg's, as
compared to 1,160 ounces or 36.1 kg's in January 2010, a 6.3%
- At February 2010 month-end, an additional 602 ounces or 18.7 kg's of
gold was awaiting export for sale in South Africa, which will be
included in March 2010 sales
- Gold sales for February 2010 were US$1,230,400 at an average gold
price of US$1,094 per ounce, as compared to US$903,200 in January
2010 at an average gold price of US$1,117 per ounce
- 100% of gold sales were received in US Dollars
TORONTO, March 17 /CNW/ - New Dawn Mining Corp. (TSX: ND) reported that gold production at its Turk Mine in Zimbabwe for February 2010 increased by 6.3%, to 1,234 ounces or 38.4 kg's, as compared to 1,160 ounces or 36.1 kg's produced in January 2010.
The increase in gold production during February 2010, as compared to January 2010, was primarily attributable to increased tonnages treated at New Dawn's 580 tonne per day processing facility. The increase in tonnage treated reflects the impact of New Dawn's expanded mining and development program.
At February 2010 month-end, an additional 602 ounces or 18.7 kg's of gold awaited export for sale in South Africa, as compared to 512 ounces or 16.2 kg's of gold at January 2010 month-end. Gold held for export at month-end is included in sales in the following month.
Gold sales for February 2010 were $1,230,400 at an average sale price of $1,094 per ounce, as compared to January 2010 gold sales of $903,200 at an average sales price of $1,117 per ounce.
100% of New Dawn's gold sales from the Turk Mine were received in US dollars.
"With our recently expanded mining and development program, we are now producing gold at the rate of approximately 1.5 kg's per day as gold production continues to ramp up at the Turk/Angelus mine complex," commented Ian R. Saunders, President and CEO. "We are continuing with our aggressive capital reinvestment campaign, which includes the purchase of new processing equipment that is being funded from the positive operating cash flow that we are generating from our current and expanding gold mining operations in Zimbabwe. We are focused on meeting our next production target of 22,000 to 23,000 ounces of gold on an annualized basis within the next 12 to 18 months."
About New Dawn...
New Dawn is a Zimbabwe-focused junior gold company currently expanding gold production at its Turk and Angelus Mines, exploring for gold, and identifying and pursuing other development projects, as well as actively assessing other value accretive acquisition opportunities in Zimbabwe.
New Dawn owns and operates the Turk and Angelus Mines in the upper southwest area of Zimbabwe that has the potential to produce an estimated 35,000 to 50,000 ounces of gold per annum. New Dawn owns the property outright on which these mines are located.
Currently, a production facility capable of processing up to 580 tonnes per day or 17,500 tonnes per month is in place and operating. The Company maintains a highly experienced work force at Turk Mine of over 950 people.
At New Dawn's Turk and Angelus Mines, the most recent NI 43-101 report documented an aggregate of 959,900 ounces of gold resource grading between 3.8 - 6.1 g/t, with an additional inferred mineral resources of 347,600 ounces of gold grading 5.16 - 5.91 g/t. Reserves and Resources are based upon a 2.45 g/t cut-off and US$875/oz gold price at the Turk and Angelus Mines.
Additionally, the Company has a portfolio of exploration properties in Zimbabwe that includes the Consolidated Bubi Gold Fields and Consolidated Shurugwi Gold Fields properties.
Further information on New Dawn's gold reserves and resources can be obtained at the Company's website at www.newdawnmining.com or in the Company's filings on SEDAR at www.sedar.com.
The TSX has not reviewed and does not accept responsibility for the adequacy or the accuracy of this release. Statements in this press release regarding the Company's business which are not historical facts are "forward-looking statements" that involve risks and uncertainties, such as estimates and statements that describe the Company's future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Since forward-looking statements address future events and conditions, by their very nature, they involve inherent risks and uncertainties. Actual results in each case could differ materially from those currently anticipated in such statements.
The contents of this news release were supervised and reviewed by Ian R. Saunders, B.Sc., who is President, Chief Executive Officer, and a Director of New Dawn Mining Corp., and who is a Qualified Person within the meaning of NI 43-101.
Investors are invited to visit the New Dawn Mining Corp. IR Hub at AGORACOM: http://www.agoracom.com/ir/NewDawn where they can post questions and receive answers or review questions and answers already posted by other investors. Alternatively, investors are able to e-mail all questions and correspondence to: ND@agoracom.com where they can also request to be added to the investor e-mail list to receive all future press releases and updates in real time.
Special Note Regarding Forward-Looking Statements: Certain statements included or incorporated by reference in this news release, including information as to the future financial or operating performance of the Company, its subsidiaries and its projects, constitute forward-looking statements. The words "believe," "expect," "anticipate," "contemplate," "target," "plan," "intends," "continue," "budget," "estimate," "may," "schedule" and similar expressions identify forward-looking statements. Forward-looking statements include, among other things, statements regarding targets, estimates and assumptions in respect of gold production and prices, operating costs, results and capital expenditures, mineral reserves and mineral resources and anticipated grades and recovery rates. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by the Company, are inherently subject to significant business, economic, competitive, political and social uncertainties and contingencies. Many factors could cause the Company's actual results to differ materially from those expressed or implied in any forward-looking statements made by, or on behalf of, the Company. Such factors include, among others, risks relating to reserve and resource estimates, gold prices, exploration, development and operating risks, political and foreign risk, uninsurable risks, competition, limited mining operations, production risks, environmental regulation and liability, government regulation, currency fluctuations, recent losses and write-downs and dependence on key employees. See "Risk Factors" in the Company's Annual Information Form - 2009. Due to risks and uncertainties, including the risks and uncertainties identified above, actual events may differ materially from current expectations. Investors are cautioned that forward-looking statements are not guarantees of future performance and, accordingly, investors are cautioned not to put undue reliance on forward-looking statements due to the inherent uncertainty therein. Forward-looking statements are made as of the date of this press release and the Company disclaims any intent or obligation to update publicly such forward-looking statements, whether as a result of new information, future events or results or otherwise.
SOURCE New Dawn Mining Corp.
For further information: For further information: Investor Relations Contact: Richard Buzbuzian, (416) 585-7890; President and Chief Executive Officer: Ian R. Saunders, (416) 585-7890; Visit us on the internet: http://www.newdawnmining.com, or E-mail us at: email@example.com