New Dawn Mining Corp. - Record Quarterly Consolidated Gold Sales of US$9.792 Million for the Quarter Ended June 30, 2011, as compared to US$3.550 Million for the Quarter Ended June 30, 2010
TORONTO, July 26, 2011 /CNW/ --
176% Increase in Quarterly Consolidated Gold Sales
for the Quarter Ended June 30, 2011, as compared to the Quarter Ended
June 30, 2010
111% Increase in Quarterly Consolidated Gold Production
for the Quarter Ended June 30, 2011, as compared to the Quarter Ended
June 30, 2010
TORONTO, July 26, 2011 /CNW/ - New Dawn Mining Corp. (TSX: ND) ('New Dawn' or the 'Company') reported consolidated gold production of
6,841 ounces of gold produced (6,355 ounces attributable to New Dawn,
after adjusting for the minority interests' share of gold production
from the Central African Gold properties) for the quarter ended June
30, 2011, as compared to 3,243 ounces of gold produced (3,243 ounces
attributable) for the quarter ended June 30, 2010, an increase of 111%
(96% increase on an attributable basis).
As compared to the consolidated production output for the previous
quarter ended March 31, 2011 of 6,226 ounces of gold produced (5,853
ounces attributable), consolidated gold production for the quarter
ended June 30, 2011 increased by 9.9% (8.6% increase on an attributable
basis).
Consolidated gold sales for the quarter ended June 30, 2011 totalled
US$9,791,973 (US$9,197,031 after adjusting for the minority interests'
share of gold sales from the Central African Gold properties) at an
average sales price per ounce of gold of US$1,516, as compared to
consolidated gold sales of US$3,549,786 (US$3,549,786 attributable) for
the quarter ended June 30, 2010 at an average sales price per ounce of
gold of US$1,194, an increase of 176% (159% increase on an attributable
basis).
As compared to consolidated gold sales for the previous quarter ended
March 31, 2011 of US$7,983,223 (US$7,510,160 attributable),
consolidated gold sales for the quarter ended June 30, 2011 increased
by 22.7% (22.5% increase on an attributable basis).
100% of sale proceeds were received in US dollars.
At June 30, 2011, inventory awaiting sale was an additional 1,847 ounces
of gold, which will be included in July 2011 sales.
New Dawn made an investment to acquire an 88.7% controlling interest in
Central African Gold ('CAG') effective June 16, 2010, as a result of
which New Dawn has consolidated the operations of CAG for accounting
purposes since that date. CAG did not have any significant mining
operations during the period from June 16, 2010 through June 30, 2010.
New Dawn has increased its ownership interest in CAG from 88.7% at June
30, 2010 to 100% at June 30, 2011, as recently reported by the Company.
The Company will file its unaudited consolidated financial statements
and related materials for the fiscal quarter ended June 30, 2011, and
report its consolidated results of operations for such period, on or
before the filing deadline of August 15, 2011.
About New Dawn:
New Dawn is a Zimbabwe-focused junior gold company that is currently
expanding its consolidated annualized gold production to 38,000 to
40,000 ounces by the end of 2011, and then to an expected 50,000 to
60,000 ounces within the next 18 to 24 months. New Dawn targets
further increasing annualized gold production to 100,000 ounces within
the next four to five years.
New Dawn owns 100% of the Turk/Angelus Mine Complex, the Old Nic Mine
and the Camperdown Project. In addition, New Dawn has an approximately
85% equity interest in the Dalny, Golden Quarry and Venice Mines, and a
large portfolio of prospective exploration acreage in Zimbabwe. These
six mines, four of which are now operational, are divided into three
significant gold camps, and the Company is in the process of expanding
production at these sites. All properties and exploration projects are
located in Zimbabwe.
In addition to gold production, New Dawn is also actively exploring on
highly prospective ground employing modern exploration techniques and
deploying capital in Zimbabwe, a country that is proven to be
geologically rich, highly prospective, and significantly under
explored.
New Dawn, with its large gold resource, existing production facilities
and current exploration efforts, is well on the path to becoming a
mid-tier gold mining company in Zimbabwe, active in both gold
production and gold exploration.
Information on New Dawn's gold reserve and resource estimates is
included at the Company's website at www.newdawnmining.com or in the Company's filings on SEDAR at www.sedar.com.
The Toronto Stock Exchange 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.
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, indigenisation 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 - 2010. 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.
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Investor Relations Contact: Richard Buzbuzian 1 416.585.7890
President and Chief Executive Officer: Ian R. Saunders 1 416.585.7890
Visit us on the internet: http://www.newdawnmining.com or
Email us at: info@newdawnmining.com