Quarterly consolidated gold sales of US$15.162 million for the quarter ended June 30, 2012, as compared to US$9.792 million for the quarter ended June 30, 2011
TORONTO, July 24, 2012 /CNW/ – New Dawn Mining Corp. (TSX: ND) (“New Dawn” or the “Company”), a junior gold company focused on developing and expanding its mining assets and operations in Zimbabwe, reported consolidated gold production for the quarter ended June 30, 2012 of 9,536 ounces (8,702 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, 2011 of 6,841 ounces (6,355 ounces attributable), an increase of 39.4% (36.9% increase on an attributable basis).
As compared to consolidated gold production for the previous quarter ended March 31, 2012 of 8,736 ounces (7,926 ounces attributable), consolidated gold production for the current quarter ended June 30, 2012 increased by 9.2% (9.8% increase on an attributable basis).
Consolidated gold sales for the quarter ended June 30, 2012 totalled US$15,162,843 (US$13,776,012 attributable) at an average sales price per ounce of gold of US$1,608, as compared to US$9,791,973 (US$9,197,031 attributable) for the quarter ended June 30, 2011, an increase of 54.8% (49.8% increase on an attributable basis).
As compared to consolidated gold sales for the previous quarter ended March 31, 2012 of US$14,857,212 (US$13,551,287 attributable), consolidated gold sales for the current quarter ended June 30, 2012 increased by 2.0% (1.7% increase on an attributable basis). This increase in revenue for the quarter ended June 30, 2012 was accomplished despite a decline in the average price per ounce of gold to $1,516 for the quarter ended June 30, 2012 from $1,685 for the quarter ended March 31, 2012.
100% of proceeds from gold sales were received in US dollars.
At June 2012 quarter end, an additional 2,378 ounces of gold awaited export documentation for sale in South Africa, and will be included in July 2012 sales.
The Company will file its unaudited consolidated financial statements and related materials for its fiscal third quarter ended June 30, 2012, and report its consolidated results of operations for such period, on or before the filing deadline of August 14, 2012.
About New Dawn:
New Dawn is a junior gold company currently focused on expanding its gold mining operations in Zimbabwe. New Dawn owns 100% of the Turk and Angelus Mine, the Old Nic Mine and the Camperdown Mine. In addition, New Dawn owns approximately 85% of the Dalny Mine, the Golden Quarry Mine and the Venice Mine (currently not in operation), and a portfolio of prospective exploration acreage in Zimbabwe. These six mines, five of which are currently operational, are divided into three significant gold camps, and have a combined milling capacity of 2,000 tonnes per day.
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 mine sites and production facilities, and current exploration programs, is a growing gold mining company in Zimbabwe, active in both gold production and gold exploration.
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 Annual Information Form – 2011. 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:
Investor Relations Contact: Richard Buzbuzian +1 416.585.7890
Visit New Dawn on the internet: www.newdawnmining.com
E-mail New Dawn at: [email protected]