TORONTO, July 14, 2011 /CNW/ - New Dawn Mining Corp. (TSX: ND) ("New Dawn" or the "Company"), in response to recent erroneous press reports, is providing an update regarding its proposed Indigenisation Plan (the "Plan") and related matters. As previously disclosed, the Plan was submitted to the Zimbabwe Ministry of Youth Development, Indigenisation and Empowerment earlier this year.
New Dawn is continuing to engage in confidential discussions with relevant Government authorities in Zimbabwe as to various aspects of its Plan. As a result of the Company's acquisition of a controlling interest in Central African Gold on June 16, 2010, the Zimbabwe Competition and Tariff Commission reviewed and approved the transaction unconditionally.
New Dawn's continuing discussions with Government authorities are focused on obtaining approval for an equitable Plan acceptable to the key stakeholder groups. The Company will provide further information to shareholders as and when such discussions have been concluded, or when developments otherwise warrant.
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, indigenisation 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.