Business / Companies
New Dawn gold production rises by 111 percent
28 Jul 2011 at 23:56hrs | Views
CANADA-BASED gold producer New Dawn Mining Corporation reported consolidated gold production of 6,841 ounces of gold produced (6,355 ounces attributable to New Dawn, after adjusting for the minority interests' share of gold production from the Central African Gold properties) for the quarter ended June 30, 2011, as compared to 3,243 ounces of gold produced (3,243 ounces attributable) for the quarter ended June 30, 2010, an increase of 111% (96% increase on an attributable basis).
As compared to the consolidated production output for the previous quarter ended March 31, 2011 of 6,226 ounces of gold produced (5,853 ounces attributable), consolidated gold production for the quarter ended June 30, 2011 increased by 9.9% (8.6% increase on an attributable basis).
Consolidated gold sales for the quarter ended June 30, 2011 totalled $9,791,973 ($9,197,031 after adjusting for the minority interests' share of gold sales from the Central African Gold properties) at an average sales price per ounce of gold of $1,516, as compared to consolidated gold sales of $3,549,786 ($3,549,786 attributable) for the quarter ended June 30, 2010 at an average sales price per ounce of gold of $1,194, an increase of 176% (159% increase on an attributable basis).
As compared to consolidated gold sales for the previous quarter ended March 31, 2011 of $7,983,223 ($7,510,160 attributable), consolidated gold sales for the quarter ended June 30, 2011 increased by 22.7% (22.5% increase on an attributable basis).
100% of sale proceeds were received in US dollars.
At June 30, 2011, inventory awaiting sale was an additional 1,847 ounces of gold, which will be included in July 2011 sales.
New Dawn made an investment to acquire an 88.7% controlling interest in Central African Gold ("CAG") effective June 16, 2010, as a result of which New Dawn has consolidated the operations of CAG for accounting purposes since that date. CAG did not have any significant mining operations during the period from June 16, 2010 through June 30, 2010. New Dawn has increased its ownership interest in CAG from 88.7% at June 30, 2010 to 100% at June 30, 2011, as recently reported by the Company.
The Company will file its unaudited consolidated financial statements and related materials for the fiscal quarter ended June 30, 2011, and report its consolidated results of operations for such period, on or before the filing deadline of August 15, 2011.
New Dawn is a Zimbabwe-focused junior gold company that is currently expanding its consolidated annualized gold production to 38,000 to 40,000 ounces by the end of 2011, and then to 50,000 to 60,000 ounces within the next 18 to 24 months. New Dawn targets further increasing annualized gold production to 100,000 ounces within the next four to five years.
New Dawn owns 100% of the Turk/Angelus Mine Complex, the Old Nic Mine and the Camperdown Project. In addition, New Dawn has an approximate 85% equity interest in the Dalny, Golden Quarry and Venice Mines, and a large portfolio of prospective exploration acreage in Zimbabwe. These six mines, four of which are now operational, are divided into three significant gold camps and the Company is in the process of expanding production at these sites. All properties and exploration projects are located in Zimbabwe.
In addition to gold production, New Dawn is also 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 mid-tier gold mining company in Zimbabwe, active in both gold production and gold exploration.
These six mines, four of which are now operational, are divided into three significant gold camps, and the company is in the process of expanding production at these sites.
Meanwhile, the TSX-listed firm has disputed reports the Zimbabwe Government has rejected its empowerment proposals.
The company said it is "continuing to engage in confidential discussions with relevant Government authorities" over various aspects of its indigenisation compliance plan. New Dawn also said the Competition and Tariff Commission last month approved the company's acquisition of a controlling interest in Central African Gold despite claims to the contrary.
"New Dawn is continuing to engage in confidential discussions with relevant Government authorities in Zimbabwe as to various aspects of its plan."
As compared to the consolidated production output for the previous quarter ended March 31, 2011 of 6,226 ounces of gold produced (5,853 ounces attributable), consolidated gold production for the quarter ended June 30, 2011 increased by 9.9% (8.6% increase on an attributable basis).
Consolidated gold sales for the quarter ended June 30, 2011 totalled $9,791,973 ($9,197,031 after adjusting for the minority interests' share of gold sales from the Central African Gold properties) at an average sales price per ounce of gold of $1,516, as compared to consolidated gold sales of $3,549,786 ($3,549,786 attributable) for the quarter ended June 30, 2010 at an average sales price per ounce of gold of $1,194, an increase of 176% (159% increase on an attributable basis).
As compared to consolidated gold sales for the previous quarter ended March 31, 2011 of $7,983,223 ($7,510,160 attributable), consolidated gold sales for the quarter ended June 30, 2011 increased by 22.7% (22.5% increase on an attributable basis).
100% of sale proceeds were received in US dollars.
At June 30, 2011, inventory awaiting sale was an additional 1,847 ounces of gold, which will be included in July 2011 sales.
New Dawn made an investment to acquire an 88.7% controlling interest in Central African Gold ("CAG") effective June 16, 2010, as a result of which New Dawn has consolidated the operations of CAG for accounting purposes since that date. CAG did not have any significant mining operations during the period from June 16, 2010 through June 30, 2010. New Dawn has increased its ownership interest in CAG from 88.7% at June 30, 2010 to 100% at June 30, 2011, as recently reported by the Company.
The Company will file its unaudited consolidated financial statements and related materials for the fiscal quarter ended June 30, 2011, and report its consolidated results of operations for such period, on or before the filing deadline of August 15, 2011.
New Dawn is a Zimbabwe-focused junior gold company that is currently expanding its consolidated annualized gold production to 38,000 to 40,000 ounces by the end of 2011, and then to 50,000 to 60,000 ounces within the next 18 to 24 months. New Dawn targets further increasing annualized gold production to 100,000 ounces within the next four to five years.
New Dawn owns 100% of the Turk/Angelus Mine Complex, the Old Nic Mine and the Camperdown Project. In addition, New Dawn has an approximate 85% equity interest in the Dalny, Golden Quarry and Venice Mines, and a large portfolio of prospective exploration acreage in Zimbabwe. These six mines, four of which are now operational, are divided into three significant gold camps and the Company is in the process of expanding production at these sites. All properties and exploration projects are located in Zimbabwe.
In addition to gold production, New Dawn is also 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 mid-tier gold mining company in Zimbabwe, active in both gold production and gold exploration.
These six mines, four of which are now operational, are divided into three significant gold camps, and the company is in the process of expanding production at these sites.
Meanwhile, the TSX-listed firm has disputed reports the Zimbabwe Government has rejected its empowerment proposals.
The company said it is "continuing to engage in confidential discussions with relevant Government authorities" over various aspects of its indigenisation compliance plan. New Dawn also said the Competition and Tariff Commission last month approved the company's acquisition of a controlling interest in Central African Gold despite claims to the contrary.
"New Dawn is continuing to engage in confidential discussions with relevant Government authorities in Zimbabwe as to various aspects of its plan."
Source - Byo24News
