NWM Completes CAD $3.342 M Equity Financing
TSX Venture Exchange
Symbol: NWM
Shares Outstanding: 475,871,110
TORONTO, Dec. 6, 2011 /CNW/ - NWM Mining Corporation
is pleased to announce the closing of a 41,775,000 common share private placement financing. Each share was issued at a price of $.08 cents per common share for aggregate proceeds of CAD $3,342,000. Commissions amounting to CAD $325,000 were paid, and shares totalling 4,062,500 issued, to placement agents in connection with this financing.Funds will be used for completing construction of leach pads and building the road from the Lluvia Dos leach pad to the La Jojoba gold reserve. The road will allow for commencement of mining at the La Jojoba deposit in the first quarter of 2012.
Production Results and Outlook
-- Approximately 1,100 oz. of gold was poured in November and more
gold was adsorbed on Carbon.
-- During the third quarter 851,265 tonnes of ore was mined and
stacked on leach pads, containing approximately 15,768 oz. of
gold (9,558 recoverable gold ounces).
-- The mine encountered production challenges in September and
October and gold production during those months dropped to
levels below expectations. Since the beginning of November
production has increased and solution as well as mining volumes
are increasing again now.
-- The first 4 lanes of the Lluvia Dos pad are expected to be
completed in December, 2011.
The private placement is subject to regulatory approval and the securities issued are subject to a four month plus one day hold period, ending November 9, 2011, in accordance with the policies of the TSX Venture Exchange and applicable securities laws.
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.
NWM Mining Corporation
CONTACT: NWM Mining Corporation at (416) 364-6799