New Dawn Responds to Recent Erroneous Press Reports
TORONTO, July 14, 2011 /CNW/ --
TORONTO, July 14, 2011 /CNW/ - New Dawn Mining Corp. (TSX: ND) ('New Dawn' or the 'Company'), in response to recent erroneous press
reports, is providing an update regarding its proposed Indigenisation
Plan (the 'Plan') and related matters. As previously disclosed, the
Plan was submitted to the Zimbabwe Ministry of Youth Development,
Indigenisation and Empowerment earlier this year.
New Dawn is continuing to engage in confidential discussions with
relevant Government authorities in Zimbabwe as to various aspects of
its Plan. As a result of the Company's acquisition of a controlling
interest in Central African Gold on June 16, 2010, the Zimbabwe
Competition and Tariff Commission reviewed and approved the transaction
unconditionally.
New Dawn's continuing discussions with Government authorities are
focused on obtaining approval for an equitable Plan acceptable to the
key stakeholder groups. The Company will provide further information to
shareholders as and when such discussions have been concluded, or when
developments otherwise warrant.
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
Visit us on the internet: http://www.newdawnmining.com or
Email us at: info@newdawnmining.com