AGORACOM Client, New Dawn Mining (ND:TSX), released significant news this morning from both a revenue and policy point of view. Specifically, the company exported its first two gold bars from it’s 100% owned Turk Mine in Zimbabwe to a refiner in South Africa.
This is ground breaking considering the Reserve Bank of Zimbabwe did not previously allow for direct marketing and selling of gold by local producers. More importantly for shareholders, this should allow the company to improve on its 2008 performance in which it generated $US 7.48 million from 8,650 ounces of gold as the company aims for full production out of the Turk Mine in calendar Q2 2009.
The complete news release can be seen here but here are the highlights:
KEY POINTS
- New Dawn Mining Corp. (TSX: ND) announced that it has delivered its first two bars of fine gold, totaling 20 kg’s (645 ounces) from its 100% wholly-owned Turk Mine in Zimbabwe to Rand Refiners in South Africa.
- The transaction marks a turning point for New Dawn’s gold mining and production operations in Zimbabwe and follows the recent, positive changes presented in the Monetary Policy Statement issued by the Reserve Bank of Zimbabwe in January 2009 that permit gold producers to both market and sell their gold directly and receive and keep 100% in foreign currency (U.S. dollars) as payment.
- New Dawn anticipates that it will be shipping an additional 20 to 25 kg’s (645 to 805 ounces) of fine gold to Rand Refiners in South Africa for payment in U.S. Dollars during April 2009.
- New Dawn anticipates resuming full-scale mining operations at the Turk Mine in Zimbabwe during the second calendar quarter of 2009, and expects to report to shareholders in this regard in the near future.
Congratulations to President and CEO, Ian Saunders, and his team on this achievement.
Regards,
George