TORONTO, April 19 /CNW/ - New Dawn Mining Corp. (TSX: ND) ("New Dawn" or the "Company"), in a press release dated April 13, 2011, reported consolidated gold production and revenues from gold sales for the quarter ended March 31, 2011, and gold inventory awaiting future sale as at March 31, 2011.
New Dawn makes the following corrections, which should be read in conjunction with the press release dated April 13, 2011.
Gold sales for the quarter ended March 31, 2011 totalled $7,983,223 ($7,510,160 attributable to New Dawn, after adjusting for the minority interests' share of gold production from the Central African Gold properties), an increase of $596,425 ($591,816 attributable) over the amounts previously reported.
Inventory awaiting sale in April 2011 as at March 31, 2011 was 1,456 ounces of gold, a reduction of 420 ounces of gold over the amount previously reported.
Production figures for the quarter remained unchanged.
About New Dawn:
New Dawn is a Zimbabwe-focused junior gold company that is currently expanding its consolidated gold production to 50,000 to 60,000 ounces of gold within the next 18 to 24 months. New Dawn targets further increasing gold production to 100,000 ounces of annualized gold production within the next four to five years. New Dawn owns 100% of the Turk/Angelus mine complex in Zimbabwe. New Dawn also owns a controlling interest in Central African Gold ("CAG"), through its acquisition of an 89% controlling interest in CAG in June 2010 (subsequently increased to approximately 96.4%). CAG owns substantial gold mining assets and operations in Zimbabwe, as well as extensive prospective acreage. In total, New Dawn operates three significant gold camps in Zimbabwe containing six mines, three of which are currently producing gold and in the process of expanding production.
Additionally, New Dawn, with its first mover advantage, is actively exploring on highly prospective ground employing modern exploration techniques and deploying capital in Zimbabwe, a country that is proven to be geologically rich, highly prospective, and significantly under explored.
New Dawn, with its large gold resource, existing production facilities and current exploration efforts, is well on the path to becoming a leading mid-tier gold mining company in Zimbabwe, active in both gold production and gold exploration.
The Government of Zimbabwe is in the process of implementing an indigenisation policy wherein all businesses are to be 51% owned by indigenous Zimbabweans. New Dawn is continuing to discuss the outlines of its indigenisation plan with the Government of Zimbabwe, the objective of which is the design and implementation of a plan that both complies with the relevant regulations and allows the Company to pursue its goal of becoming a leading mid-tier gold mining company in Zimbabwe. The Company will provide further information to shareholders with respect to its indigenisation plan as and when such discussions have been concluded, or when developments otherwise warrant.
The TSX has not reviewed and does not accept responsibility for the adequacy or the accuracy of this release.
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 - 2010. 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.
