Business / Companies
New Dawn reports $14.060 million in Quarterly Gold Sales
18 Oct 2011 at 12:26hrs | Views
New Dawn reported consolidated gold production of 8,814 ounces of gold produced (8,212 ounces attributable) for the quarter ended September 30, 2011, as compared to 4,141 ounces of gold produced (4,024 ounces attributable) for the quarter ended September 30, 2010, an increase of 113% (104% increase on an attributable basis).
As compared to consolidated production for the previous quarter ended June 30, 2011 of 6,841 ounces of gold produced (6,355 ounces attributable),consolidated gold production for the quarter ended September 30, 2011 increased by 28.8% (29.2% increase on an attributable basis).
Consolidated gold sales for the quarter ended September 30, 2011 totalled $14,059,739 ($13,145,209 attributable) at an average sales price per ounce of gold of $1,705, as compared to consolidated gold sales of $5,059,903 ($4,949,676 attributable) for the quarter ended September 30, 2010 at an average sales price per ounce of gold of $1,239, an increase of 178% (166% increase on an attributable basis).
As compared to consolidated gold sales for the previous quarter ended June 30, 2011 of $9,791,973 ($9,197,031 attributable), consolidated gold sales for the quarter ended September 30, 2011 increased by 43.6% (42.9% increase on an attributable basis).
"Attributable" reflects New Dawn's net ownership interest in each producing mining property for the respective period.
100% of sale proceeds were received in US dollars.
At September 30, 2011, inventory awaiting sale was an additional 2,460 ounces of gold, which will be included in October 2011 sales.
The Company will file its audited consolidated financial statements and related materials for the fiscal quarter and year ended September 30, 2011, and report its consolidated results of operations for such periods, on or before the filing deadline of December 29, 2011.
New Dawn is a Zimbabwe-focused junior gold company that is currently expanding its consolidated annualized gold production to 60,000 ounces by the end of 2012. New Dawn targets further increasing annualized gold production to 100,000 ounces by the end of 2014.
New Dawn owns 100% of the Turk/Angelus Mine Complex, the Old Nic Mine and the Camperdown Mine. In addition, New Dawn has an approximately 85% equity interest in the Dalny, Golden Quarry and Venice Mines, and a large portfolio of prospective exploration acreage in Zimbabwe. These six mines, five 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.
As compared to consolidated production for the previous quarter ended June 30, 2011 of 6,841 ounces of gold produced (6,355 ounces attributable),consolidated gold production for the quarter ended September 30, 2011 increased by 28.8% (29.2% increase on an attributable basis).
Consolidated gold sales for the quarter ended September 30, 2011 totalled $14,059,739 ($13,145,209 attributable) at an average sales price per ounce of gold of $1,705, as compared to consolidated gold sales of $5,059,903 ($4,949,676 attributable) for the quarter ended September 30, 2010 at an average sales price per ounce of gold of $1,239, an increase of 178% (166% increase on an attributable basis).
As compared to consolidated gold sales for the previous quarter ended June 30, 2011 of $9,791,973 ($9,197,031 attributable), consolidated gold sales for the quarter ended September 30, 2011 increased by 43.6% (42.9% increase on an attributable basis).
"Attributable" reflects New Dawn's net ownership interest in each producing mining property for the respective period.
100% of sale proceeds were received in US dollars.
At September 30, 2011, inventory awaiting sale was an additional 2,460 ounces of gold, which will be included in October 2011 sales.
The Company will file its audited consolidated financial statements and related materials for the fiscal quarter and year ended September 30, 2011, and report its consolidated results of operations for such periods, on or before the filing deadline of December 29, 2011.
New Dawn is a Zimbabwe-focused junior gold company that is currently expanding its consolidated annualized gold production to 60,000 ounces by the end of 2012. New Dawn targets further increasing annualized gold production to 100,000 ounces by the end of 2014.
New Dawn owns 100% of the Turk/Angelus Mine Complex, the Old Nic Mine and the Camperdown Mine. In addition, New Dawn has an approximately 85% equity interest in the Dalny, Golden Quarry and Venice Mines, and a large portfolio of prospective exploration acreage in Zimbabwe. These six mines, five 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.
Source - Byo24News
