35,000 to 50,000 oz Potential Gold Production
Expansion Plans Fully Funded From Operating Cash Flow
AGORACOM Client, New Dawn Mining, announced via press release that it has implemented a program to increase its current production at its Turk and Angelus Mines in Zimbabwe to an annual production rate of 35,000 to 50,000 ounces of gold.
COMPANY WILL BE ADDING TO CURRENT PRODUCTION AND REVENUE
This is more than just lip service from a company that is already producing meaningful revenues from current gold production. Specifically, in mid-August, the company issued production, revenue and cash flow numbers that demonstrate great progress. Here are the highlights:
# US$0.016 per basic share or US$464,003 of operating income before
other income/expense and future taxes
# US$0.025 per basic share or US$719,644 of income before non-cashexpenses and future taxes (non-GAAP)
# US$2,865,285 of revenues from the sale of 3,122 ounces of gold at an average sale price of $917 per of2,931 ounces of gold produced during the quarter ended June 30, 2009
# Cash costs of US$503 per ounce during the quarter ended June 30, 2009 (cash costs are a non-GAAP measure)
# 100% of gold sales received and collected in US dollars
# Company re-affirms its first production rate target of 3,600 ounces of gold per quarter by Fiscal Q1 2009/2010
NEW DAWN PRODUCTION EXPECTATIONS GOING FORWARD
· Turk Mine is expected to achieve its first annual production target of 14,000 ounces of gold in October 2009.
· The next annual production target of 22,000 to 23,000 ounces of gold is expected to be reached by the end of the third quarter of calendar 2011.
· Management also intends to test a new lower energy fine grinding technology that, if successful, is expected to both improve recoveries and further lower cash costs to below $400 per ounce of gold produced.
Congratulations to the entire New Dawn Mining Team on it’s continued progress.