TORONTO, Oct. 17, 2013 /CNW/ - New Dawn Mining Corp. (TSX: ND) ("New Dawn" or the "Company"), a junior gold company operating in Zimbabwe, reported consolidated gold production for the quarter ended September 30, 2013 of 8,867 ounces (8,335 ounces attributable to New Dawn, after adjusting for the minority interests' share of gold production), as compared to consolidated gold production for the quarter ended September 30, 2012 of 10,256 ounces (9,370 ounces attributable), a decrease of 13.5% (11.0% decrease on an attributable basis).
As compared to consolidated gold production for the previous quarter ended June 30, 2013 of 9,986 ounces (9,168 ounces attributable), consolidated gold production for the current quarter ended September 30, 2013 decreased by 11.2% (9.1% decrease on an attributable basis).
Consolidated gold sales for the quarter ended September 30, 2013 were US$12,164,070 (US$11,393,572 attributable), as compared to US$16,486,612 (US$15,073,167 attributable) for the quarter ended September 30, 2012, a decrease of 26.2%. The average sales price per ounce of gold was US$1,313 for the quarter ended September 30, 2013, as compared to US$1,649 for the quarter ended September 30, 2012, a decrease of US$336 or 20.4%.
As compared to consolidated gold sales for the previous quarter ended June 30, 2013 of US$13,619,738 (US$12,511,340 attributable), consolidated gold sales for the current quarter ended September 30, 2013 decreased by 10.7% (8.9% decrease on an attributable basis). The average sales price per ounce of gold was US$1,313 for the quarter ended September 30, 2013, as compared to US$1,399 for the quarter ended June 30, 2013, a decrease of US$86 or 6.1%.
As previously announced, the Company shut down its Dalny Mine in Zimbabwe effective as of August 30, 2013. The decrease in gold production and gold sales for the quarter ended September 30, 2013 was a result of the closure of the Dalny Mine. The Dalny Mine produced 1,323 ounces of gold for the quarter ended September 30, 2013, as compared to 2,762 ounces of gold for the quarter ended June 30, 2013, and as compared to 2,928 ounces of gold for the quarter ended September 30, 2012. Gold sales from the Dalny Mine totaled US$1,988,831 (US$1,683,944 attributable) for the quarter ended September 30, 2013, as compared to US$3,671,234 (US$3,108,434 attributable) for the quarter ended June 30, 2013, and as compared to US$4,769,111 (US$4,038,007 attributable) for the quarter ended September 30, 2012.
The amounts presented herein for the quarter ended September 30, 2013 are subject to minor revisions following the receipt of final documentation for September 2013 gold shipments.
100% of proceeds from gold sales were received in US dollars.
At September 30, 2013, an additional 1,632 ounces of gold awaited export documentation for sale in South Africa, and will be included in October 2013 sales.
The Company will file its unaudited consolidated financial statements and related materials for its fiscal quarter ended September 30, 2013, and report its consolidated results of operations for such period, on or before the filing deadline of November 14, 2013.
The Toronto Stock Exchange has not reviewed and does not accept responsibility for the adequacy or the accuracy of this release.
Additional information on New Dawn and the matters discussed herein can be obtained on the Company's web-site at www.newdawnmining.com or in the Company's filings on SEDAR at www.sedar.com.
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 Management's Discussion and Analysis for the year ended September 30, 2012. 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.
SOURCE New Dawn Mining Corp.
For further information:
New Dawn investor relations can be contacted as follows:
Telephone: +1 416.585.7890 x 230
E-mail: investor.relations@newdawnmining.com
Visit New Dawn on the internet: www.newdawnmining.com
