NWM January Operational Update and Private Placement
TSX Venture Exchange
Symbol: NWM
TORONTO, Feb. 7, 2012 /CNW/ - NWM Mining Corporation
is pleased to provide an operational update for January 2012.During the month of January, 268,652 tonnes of ore was mined from the Creston pit and stacked on leach pads for gold recovery. This ore contained 4,147 ounces of gold, of which 2,489 ounces are expected to be recovered.
During the month the Company sold 1,450 ounces of gold at a weighted average price of USD $1,640 for total proceeds of USD $2,378,000. At the end of the month there was an additional 754 ounces of gold which had been poured and was waiting to be refined.
The haul road connecting the Jojoba mine to the Lluvia Dos leach pad is nearing completion. Blasting is now complete and final surface grading is expected to be completed by mid-February 2012. Production drilling for the first blast at the Jojoba mine is now in progress. An initial 10,000 tonnes of material will be mined from Jojoba and leached independently of other ore in order to further test and understand leach kinetics prior to full scale production start-up at the Jojoba mine.
The Company is also pleased to announce the closing of a 6,175,000 common share private placement financing. Each share was issued at a price of $.08 per common share for aggregate proceeds of CAD $494,000. Commissions amounting to CAD $44,400 and 555,000 shares were paid to placement agents in connection with this financing.
The private placement is subject to regulatory approval and the securities issued are subject to a four month plus one day hold period, ending June 8, 2012, in accordance with the policies of the TSX Venture Exchange and applicable securities laws.
NWM is an emerging gold producer with two currently defined ore bodies containing NI 43-101 compliant gold reserves and resources. The Company is focused on demonstrating profitable operations at the Lluvia-Jojoba gold mine and on growing reserves and resources through exploration.
For more information please see NWM's website at www.nwmcorp.ca
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: Chris Berlet, President & CEO or Chris Chadder, CFO
Phone: 416-364-6799 Fax: 416-364-2595
info@nwmcorp.ca