New Dawn Mining Corp. - Record Quarterly Consolidated Gold Sales of US$7.387 Million for the Quarter Ended March 31, 2011, as compared to US$3.801 Million for the Quarter Ended March 31, 2010
TORONTO, April 13 /CNW/ --
94.3% Increase in Quarterly Consolidated Gold Sales
for the Quarter Ended March 31, 2011, as compared to the Quarter
Ended March 31, 2010
83.4% Increase in Quarterly Consolidated Gold Production
for the Quarter Ended March 31, 2011, as compared to the Quarter
Ended March 31, 2010
TORONTO, April 13 /CNW/ - New Dawn Mining Corp. (TSX: ND) ('New Dawn' or the 'Company') reported consolidated gold production of
6,226 ounces of gold produced (5,853 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 March
31, 2011, as compared to 3,395 ounces of gold produced (3,395 ounces
attributable) for the quarter ended March 31, 2010, an increase of
83.4% (72.4% increase on an attributable basis).
As compared to the production output of 4,808 ounces of gold produced
(4,577 ounces attributable) for the previous quarter ended December 31,
2010, consolidated gold production for the quarter ended March 31, 2011
increased by 29.5% (27.9% increase on an attributable basis, after
adjusting for the minority interests' share of gold production from the
Central African Gold properties).
As a result of New Dawn having made an investment in Central African
Gold Plc ('CAG') in June 2010, in which it acquired an 88.7%
controlling interest, New Dawn has consolidated for accounting purposes
the operations of CAG from June 16, 2010. Since June 2010, New Dawn
has increased its interest in CAG to approximately 96.4%.
Consolidated gold sales for the quarter ended March 31, 2011 totalled
US$7,386,798 (US$6,918,344 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$1,386, as compared to
US$3,801,480 (US$3,801,480 attributable) for the quarter ended March
31, 2010 at an average sales price per ounce of gold of US$1,109, an
increase of 94.3% (82.0% increase on an attributable basis).
Consolidated gold sales for the quarter ended March 31, 2011 increased
by 14.4% (11.9% increase on an attributable basis), as compared to gold
sales for the previous quarter ended December 31, 2010 of US$6,458,735
(US$6,184,661 attributable).
100% of sale proceeds were received in US dollars.
At March 2011 month-end, an additional 1,876 ounces of gold awaited
export documentation for sale in South Africa, and will be included in
April 2011 sales.
The Company will file its unaudited consolidated financial statements
and related materials for the fiscal quarter ended March 31, 2011, and
report its consolidated results of operations for such period, on or
before the filing deadline of May 16, 2011.
About New Dawn:
New Dawn is a Zimbabwe-focused junior gold company that is currently
expanding its consolidated gold production to 50,000 to 60,000 ounces
of gold within the next 18 to 24 months. New Dawn targets further
increasing gold production to 100,000 ounces of annualized gold
production within the next four to five years. New Dawn owns 100% of
the Turk/Angelus mine complex in Zimbabwe. New Dawn also owns a
controlling interest in Central African Gold ('CAG'), through its
acquisition of an 89% controlling interest in CAG in June 2010
(subsequently increased to approximately 96.4%). CAG owns substantial
gold mining assets and operations in Zimbabwe, as well as extensive
prospective acreage. In total, New Dawn operates three significant
gold camps in Zimbabwe containing six mines, three of which are
currently producing gold and in the process of expanding production.
Additionally, New Dawn, with its first mover advantage, is 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
leading mid-tier gold mining company in Zimbabwe, active in both gold
production and gold exploration.
The Government of Zimbabwe is in the process of implementing an
indigenisation policy wherein all businesses are to be 51% owned by
indigenous Zimbabweans. New Dawn is continuing to discuss the outlines
of its indigenisation plan with the Government of Zimbabwe, the
objective of which is the design and implementation of a plan that both
complies with the relevant regulations and allows the Company to pursue
its goal of becoming a leading mid-tier gold mining company in
Zimbabwe. The Company will provide further information to shareholders
with respect to its indigenisation plan as and when such discussions
have been concluded, or when developments otherwise warrant.
The TSX 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 - 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