Quarterly Consolidated Gold Sales -
US$13.6 Million for the Quarter Ended June 30, 2013
US$15.2 Million for the Quarter Ended June 30, 2012
TORONTO, July 16, 2013 /CNW/ - New Dawn Mining Corp. (TSX: ND) ("New Dawn" or the "Company"), a junior gold company focused on developing its gold mining assets and operations in Zimbabwe, reported consolidated gold production for the quarter ended June 30, 2013 of 9,986 ounces (9,168 ounces attributable to New Dawn, after adjusting for the minority interests' share of gold production), as compared to consolidated gold production for the quarter ended June 30, 2012 of 9,536 ounces (8,702 ounces attributable), an increase of 4.7% (5.4% increase on an attributable basis).
As compared to consolidated gold production for the previous quarter ended March 31, 2013 of 9,253 ounces (8,612 ounces attributable), consolidated gold production for the current quarter ended June 30, 2013 increased by 7.9% (6.5% increase on an attributable basis).
Consolidated gold sales for the quarter ended June 30, 2013 were US$13,619,738 (US$12,511,340 attributable), as compared to US$15,162,843 (US$13,776,012 attributable) for the quarter ended June 30, 2012, a decrease of 10.2%. The average sales price per ounce of gold was US$1,399 for the quarter ended June 30, 2013, as compared to US$1,608 for the quarter ended June 30, 2012, a decrease of US$209 or 13.0%. The lower average sales price per ounce of gold for the quarter ended June 30, 2013, as compared to the quarter ended June 30, 2012, more than offset the positive impact on gold sales of the 4.7% increase in gold production in the current quarter.
As compared to consolidated gold sales for the previous quarter ended March 31, 2013 of US$14,986,200 (US$14,026,506 attributable), consolidated gold sales for the current quarter ended June 30, 2013 decreased by 9.1% (10.8% decrease on an attributable basis). The average sales price per ounce of gold was US$1,399 for the quarter ended June 30, 2013, as compared to US$1,608 for the quarter ended March 31, 2013, a decrease of US$209 or 13.0%.
The amounts presented herein for the quarter ended June 30, 2013 are subject to minor revisions following the receipt of final documentation for June 2013 gold shipments.
100% of proceeds from gold sales were received in US dollars.
At June 30, 2013, an additional 2,187 ounces of gold awaited export documentation for sale in South Africa, and will be included in July 2013 sales.
The Company will file its unaudited consolidated financial statements and related materials for its fiscal third quarter ended June 30, 2013, and report its consolidated results of operations for such period, on or before the filing deadline of August 14, 2013.
ABOUT NEW DAWN
New Dawn is a junior gold company listed on the Toronto Stock Exchange that is focused on developing its gold mining assets and operations in Zimbabwe. New Dawn owns 100% of the Turk and Angelus, Old Nic and Camperdown Mines. In addition, through its Falcon Gold Zimbabwe Limited subsidiary, New Dawn currently owns 84.7% of the Dalny, Golden Quarry and Venice Mines, and a portfolio of prospective exploration acreage in Zimbabwe. With the exception of the Venice Mine, all of these mines are currently operational, and are geographically divided into three major gold camps.
The Toronto Stock Exchange has not reviewed and does not accept responsibility for the adequacy or the accuracy of this release.
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 Management's Discussion and Analysis for the year ended September 30, 2012. 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:
New Dawn investor relations can be contacted as follows:
Telephone: +1 416.585.7890 x 230
Visit New Dawn on the internet: www.newdawnmining.com