NWM Provides Lluvia-Jojoba Mine Update For July
TORONTO, Aug. 3, 2011 /CNW/ --
TSX Venture Exchange
Symbol: NWM
Shares Outstanding: 422,105,410
TORONTO, Aug. 3, 2011 /CNW/ - NWM Mining Corporation (the 'Company'
TSX-V: NWM) announces that it has produced 303 oz. Au in May, 589 oz.
Au in June and 1,150 oz. Au in July of this year (2011) from the Lluvia
de Oro gold mine. Production in each of the first three months of
operation has exceeded budgeted expectations. Production expectations
for the balance of 2011 range from 9,000-13,500 oz. Au and for next
year (2012) range from 35,000 to 42,000 oz. Au.
The commissioning of Lluvia de Oro gold mine is progressing as planned
with all costs equal to or less than budget while actual gold
production is outperforming budgeted expectations in the early months
of this new mine. The mining rate for July was increased above the
budgeted rate, as few problems or complications have been encountered
during commissioning. This will result in the mine reaching its normal
operating production rate sooner as more ore than anticipated is now
available for processing. The effect of this mining rate increase will
start to be realized in the third quarter of 2011 as actual gold
production should continue to outperform the production budget, as has
been the case from May to July 2011. Further guidance on costs, will
be forthcoming in the early fall of 2011.
'All gold remains un-hedged and as production ramps up at the mine we
are poised to take advantage of the current robust gold prices', said
Chris Chadder, CFO of NWM.
The Company also granted a total of 3,000,000 incentive stock options,
subject to regulatory approval, to the newly appointed COO Mr. John Van
De Beuken and CFO, Mr. Christopher Chadder. The options are
exercisable at a price of $0.12 per share for a three-year period.
NWM Mining is an emerging gold mining company with two gold ore bodies
containing NI 43-101 compliant gold reserves and resources. The Company
is focused on demonstrating profitable operations at the Lluvia de Oro
mine and growing its reserves through exploration and development,
primarily in Sonora, Mexico.
Neither the TSX Venture Exchange nor its Regulation Services Provider
(as that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy of this release.
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please contact NWM Mining Corporation at (416) 364-6799.