Business / Companies
New Dawn increase gold production by 40.3 percent
25 Apr 2012 at 13:48hrs | Views
New Dawn Mining reported consolidated gold production for the quarter ended March 31, 2012 of 8,736 ounces (7,926 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 March 31, 2011 of 6,226 ounces (5,853 ounces attributable), an increase of 40.3% (35.4% increase on an attributable basis).
As compared to consolidated gold production for the previous quarter ended December 31, 2011 of 9,095 ounces (8,399 ounces attributable),consolidated gold production for the current quarter ended March 31, 2012 decreased by 3.9% (5.6% decrease on an attributable basis).
Consolidated gold sales for the quarter ended March 31, 2012 totalled US$14.9 million (US$13.6 million attributable) at an average sales price per ounce of gold of US$1,685, as compared to US$8 million (US$7,5 million attributable) for the quarter ended March 31, 2011 at an average sales price per ounce of gold of US$1,386, an increase of 86.1% (80.4% increase on an attributable basis).
As compared to consolidated gold sales for the previous quarter ended December 31, 2011 of US$15,4 million (US$14,2 million attributable), consolidated gold sales for the current quarter ended March 31, 2012 decreased by 3.8% (4.8% decrease on an attributable basis).
100% of proceeds from gold sales were received in US dollars.
At March 2012 month-end, an additional 2,274 ounces of gold awaited export documentation for sale in South Africa, and will be included in April 2012 sales.
Other than Turk Mine, the Company's other mining operations had a combined increase in production of approximately 14% during the quarter ended March 31, 2012, as compared to the previous quarter ended December 31, 2011.
As a result of certain technical mining issues at Turk Mine that are now largely identified and understood, as well as a short-term work stoppage, the Company experienced an anomalous decrease in consolidated gold production and sales for the quarter ended March 31, 2012, as compared to the previous quarter ended December 31, 2011. The Company is in the process of implementing a program that addresses and resolves the aforementioned technical mining issues. Once this program has been fully implemented over the next several months, the Company expects improved operating results and decreased operating costs at Turk Mine in future periods.
As compared to consolidated gold production for the previous quarter ended December 31, 2011 of 9,095 ounces (8,399 ounces attributable),consolidated gold production for the current quarter ended March 31, 2012 decreased by 3.9% (5.6% decrease on an attributable basis).
Consolidated gold sales for the quarter ended March 31, 2012 totalled US$14.9 million (US$13.6 million attributable) at an average sales price per ounce of gold of US$1,685, as compared to US$8 million (US$7,5 million attributable) for the quarter ended March 31, 2011 at an average sales price per ounce of gold of US$1,386, an increase of 86.1% (80.4% increase on an attributable basis).
As compared to consolidated gold sales for the previous quarter ended December 31, 2011 of US$15,4 million (US$14,2 million attributable), consolidated gold sales for the current quarter ended March 31, 2012 decreased by 3.8% (4.8% decrease on an attributable basis).
At March 2012 month-end, an additional 2,274 ounces of gold awaited export documentation for sale in South Africa, and will be included in April 2012 sales.
Other than Turk Mine, the Company's other mining operations had a combined increase in production of approximately 14% during the quarter ended March 31, 2012, as compared to the previous quarter ended December 31, 2011.
As a result of certain technical mining issues at Turk Mine that are now largely identified and understood, as well as a short-term work stoppage, the Company experienced an anomalous decrease in consolidated gold production and sales for the quarter ended March 31, 2012, as compared to the previous quarter ended December 31, 2011. The Company is in the process of implementing a program that addresses and resolves the aforementioned technical mining issues. Once this program has been fully implemented over the next several months, the Company expects improved operating results and decreased operating costs at Turk Mine in future periods.
Source - Byo24News
