New Dawn Mining Corp. Reports Gold Sales from Turk Mine in Zimbabwe for the Quarter Ended June 30, 2009
By Prne, Gaea News NetworkTuesday, July 14, 2009
TORONTO -
Highlights for the Quarter Ended June 30, 2009: ———————————————– - Total gold sales of US$2,863,000 - 3,122 ounces of gold sold - Average net sales price of US$917 per ounce of gold
Ian R. Saunders, President and CEO of New Dawn Mining Corp. (TSX: ND & Frankfurt: 3DM) reported that the sale of gold from gold produced at New Dawn’s Turk Mine in Zimbabwe for the quarter ended June 30, 2009 totalled US$2,863,000.
During the quarter ended June 30, 2009, 3,122 ounces of gold were sold at an average net sales price of US$917 per ounce of gold; all sale proceeds have been received by the Company.
“We are pleased to report the first full quarter of gold sales since the resumption of mining operations at the Turk Mine earlier this year. We have received 100% payment in US dollars for such gold sales as a result of the New Monetary Policy now in effect in Zimbabwe,” reported Ian R. Saunders, President and CEO. “With a general and continuing improvement in the country overall, as well as our new hires at Turk Mine becoming increasingly efficient, we look forward to reporting increased production and gold sales in the months and quarters ahead.”
About New Dawn …
New Dawn Mining Corp. is a junior gold company concentrating its efforts in southern Africa. New Dawn is well established there with three mines, two production facilities, a skilled and experienced workforce and significant resources.
Two recent NI 43-101 reports documented an aggregate of 969,546 ounces of gold reserves and resources grading between 2.9 - 6.1 g/t, with additional inferred mineral resources of 355,873 ounces of gold grading between 3.90 - 5.91 g/t.
Reserves and Resources are based upon a 2.45 g/t cut-off and US$875/oz gold price at the Turk and Angelus Mines and a 2.0 g/t cut-off at US$750/oz gold price at New Dawn’s Blue Dot Property. For further information on New Dawn’s gold reserves and resources, visit the Company’s website at www.newdawnmining.com or filed on SEDAR at www.sedar.com.
New Dawn owns the Turk and Angelus Mines in the upper southwest area of Zimbabwe, with a production facility currently capable of processing up to 400 tonnes per day or 12,000 tonnes per month; and owns a 74% interest in the Blue Dot Property in South Africa, with a production facility there rated at 180 tonnes per day or 5,500 tonnes per month. The Company maintains a highly experienced work force of over 1,025 people.
The Company has additional assets that form a portfolio of exploration properties, and include the Consolidated Bubi Gold Fields, consolidated Midlands Gold Fields and consolidated Shurugwi Gold Fields properties, all of which are located in Zimbabwe.
The TSX has not reviewed and does not accept responsibility for the adequacy or the accuracy of this release. Statements in this press release regarding the Company’s business which are not historical facts are “forward-looking statements” that involve risks and uncertainties, such as estimates and statements that describe the Company’s future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Since forward-looking statements address future events and conditions, by their very nature, they involve inherent risks and uncertainties. Actual results in each case could differ materially from those currently anticipated in such statements.
The contents of this news release were supervised and reviewed by Ian R. Saunders, B.Sc., who is President, Chief Executive Officer, and a Director of New Dawn Mining Corp., and who is a Qualified Person within the meaning of NI 43-101.
Investors are invited to visit the New Dawn Mining Corp. IR Hub at AGORACOM: www.agoracom.com/ir/NewDawn where they can post questions and receive answers or review questions and answers already posted by other investors. Alternatively, investors are able to e-mail all questions and correspondence to: ND(at)agoracom.com where they can also request to be added to the investor e-mail list to receive all future press releases and updates in real time.
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 May 29, 2008 Prospectus. 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 Management Discussion and Analysis 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.
For further information: 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: www.newdawnmining.com or Email us at: info@newdawnmining.com
Source: New Dawn Mining Corp
For further information: 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: https://www.newdawnmining.com or Email us at: info at newdawnmining.com
Tags: canada, Competitive, New Dawn Mining Corp, Toronto