New Dawn's Turk Mine in Zimbabwe Increases Gold Output during May 2009 to 28.5 Kg's
Thu Jun 11, 6:30 AM
ca.news.finance.yahoo.com
Highlights:
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- Gold production for May 2009 was 28.5 kg's or 916 ounces of gold vs
832 ounces of gold during April 2009
- US$ 780,000 in gold sales during May 2009
- 17 additional miners hired during May 2009
- Total workforce at Turk Mine now 716 miners and growing
TORONTO, June 11 /CNW/ - Ian R. Saunders, President and CEO of New Dawn Mining Corp. (TSX: ND.TO) reported that gold production at New Dawn's 100% wholly-owned Turk Mine in Zimbabwe increased to 28.5 kg's or 916 ounces in May 2009 as compared to the 832 ounces produced in the previous month of April 2009, representing a 10.1% month-on-month increase.
As a result of management's access to a greater pool of skilled and experienced labor, New Dawn once again exceeded output expectations, producing 916 ounces of gold in May 2009 vs 750 to 805 ounces of gold originally estimated. Gold sales during May 2009 were US$780,000.
To further advance production increases, New Dawn hired an additional 17 miners at Turk Mine during May 2009, bringing the total work force to 716 miners. New Dawn is continuing to hire additional experienced and skilled miners in order to further increase gold production and output at Turk Mine.
As previously reported, New Dawn continues to review additional value accretive opportunities in the region and will to report to shareholders in this regard as material developments occur.
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 wholly 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 955 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: agoracom.com 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@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.
Contacts
Investor Relations Contact: Richard Buzbuzian
(416) 585-7890
President and Chief Executive Officer: Ian R. Saunders
(416) 585-7890
Visit us on the internet: newdawnmining.com or Email us at: info@newdawnmining.com |
