Minimum
Requirements for Indigenisation
Implementation Plans Issued by
Zimbabwe
Government
Toronto, Ontario, March
28, 2011 - New Dawn Mining Corp. (TSX: ND) ("New Dawn" or the
"Company"), a Zimbabwe-focused gold mining company, reports the gazetting,
on March 25, 2011, of Minimum Requirements for Indigenisation
Implementation Plans Submitted by Non-indigenous Businesses in the
Mining Sector relating to Zimbabwe's Indigenisation and Economic
Empowerment Act and Regulations.
As previously reported,
the Indigenisation and Economic Empowerment Act (the "Act")
was signed into law on March 9, 2008, and the related Regulations were
gazetted as Statutory Instrument 21 of 2010 issued on January 29,
2010. These Regulations provided for non-indigenous companies
operating in Zimbabwe to arrange for 51% of their shares or interests
therein to be owned by indigenous Zimbabweans within five years,
subject to an analysis based on information that was to be filed with
the Minister of Youth Development, Indigenisation and Empowerment (the
"Minister"). Each of New Dawn's Zimbabwe operating
subsidiaries, namely Casmyn Mining Zimbabwe
(Private) Limited, Falcon Gold Zimbabwe Limited and Olympus Mines
Limited, is a non-indigenous company for purposes of the Act, and filed
the required information with the Minister within the designated
timeframe.
The Minimum Requirements gazetted on March 25, 2011 stipulate that each
non-indigenous mining company must submit an indigenisation
plan within 45 days thereafter and dispose of 51%, less any percentage
previously indigenised to qualified
indigenous Zimbabwean companies or investors, of its shares to a
"designated entity" within six months thereafter, which may,
in certain circumstances, be extended by a further period of no more
than three months. The announcement defines a "designated
entity" as any one of several specified state owned or controlled
entities or an employee share ownership scheme. The value of the
shares to be transferred to a designated entity will be calculated on
the basis of a valuation agreed by the Minister and the non-indigenous
mining company, and will take into account Zimbabwe's sovereign
ownership of the minerals exploited or proposed to be exploited by the
non-indigenous mining company.
New Dawn is reviewing
these new regulations in order to understand their potential impact on
the Company's Zimbabwe-focused mining operations and business plans,
and will report to shareholders as more information becomes available.
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.
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: http://www.newdawnmining.com, or
E-mail us at: info@newdawnmining.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 Annual Information Form -
2009. 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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