- Gold production for July 2009 was 1,016 ounces or 31.6 kg's vs.
937 ounces or 29.15 kg's produced in June 2009
- Gold sales of US$1,037,000 in July 2009 vs. $780,000 in June 2009
- 100% of gold sales received and collected in US Dollars
TORONTO, Aug. 12 /CNW/ - New Dawn Mining Corp. (TSX: ND) reported that
gold production at New Dawn's Turk Mine in Zimbabwe during the month of July
2009 increased to 1,016 ounces or 31.6 kg's compared to 937 ounces or 29.15
kg's produced in June 2009, an increase of 8.4% month-over-month.
Gold sales for the month of July totalled US$1,037,000 compared to
US$780,000 in June 2009, an increase of 32.9% month-over-month.
100% of New Dawn's gold sales from the Turk Mine were received and
collected in US dollars.
"Production at the Turk Mine has increased steadily for the past four
months and we are well on our way to realizing our first production target of
1,200 ounces of gold per month by October-November 2009," commented Ian
Saunders, President and CEO. "We are also evaluating opportunities to realize
cost efficiencies to reduce overall cash costs where ever possible. New Dawn
is well positioned to take advantage of opportunities in Zimbabwe, with a
highly competitive capital and operating cost structure and a team of
professionals focused on building shareholder value through internal and
About New Dawn...
New Dawn Mining Corp. is a Zimbabwe-focused junior gold company currently
increasing gold production at its Turk and Angelus Mines, exploring for gold
at the Glen Hume option claim, 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. Currently, a production facility
capable of processing up to 400 tonnes per day or 12,000 tonnes per month is
in place and operating. The Company maintains a highly experienced work force
at Turk Mine of over 770 people.
At New Dawn's Turk and Angelus Mines, a recent NI 43-101 report
documented an aggregate of 916,700 ounces of gold resource grading between 3.9
- 4.9 g/t, with an additional inferred mineral resources of 331,700 ounces of
gold grading 5.16 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, Consolidated
Midlands Gold Fields and Consolidated Shurugwi Gold Fields properties.
For further information on New Dawn's gold reserves and resources, visit
the Company's website at www.newdawnmining.com or 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
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
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 - 2008. 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.
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 Email us