New Dawn gold production declined 13.5%

Published: 21 October 2013

New Dawn Mining Corp reported consolidated gold production for the quarter ended September 30, 2013 of 8,867 ounces, as compared to consolidated gold production for the quarter ended September 30, 2012 of 10,256 ounces, a decrease of 13.5%.

As compared to consolidated gold production for the previous quarter ended June 30, 2013 of 9,986 ounces, consolidated gold production for the current quarter ended September 30, 2013 decreased by 11.2%.

Consolidated gold sales for the quarter ended September 30, 2013 were $12,164,070, as compared to $16,486,612 for the quarter ended September 30, 2012, a decrease of 26.2%. The average sales price per ounce of gold was $1,313 for the quarter ended September 30, 2013, as compared to $1,649 for the quarter ended September 30, 2012, a decrease of $336 or 20.4%.

As compared to consolidated gold sales for the previous quarter ended June 30, 2013 of $13,619,738, consolidated gold sales for the current quarter ended September 30, 2013 decreased by 10.7%. The average sales price per ounce of gold was $1,313 for the quarter ended September 30, 2013, as compared to $1,399 for the quarter ended June 30, 2013, a decrease of $86 or 6.1%.

The Company shut down its Dalny Mine in Zimbabwe effective as of August 30, 2013. The decrease in gold production and gold sales for the quarter ended September 30, 2013 was a result of the closure of the Dalny Mine. The Dalny Mine produced 1,323 ounces of gold for the quarter ended September 30, 2013, as compared to 2,762 ounces of gold for the quarter ended June 30, 2013, and as compared to 2,928 ounces of gold for the quarter ended September 30, 2012. Gold sales from the Dalny Mine totaled $1,988,831 for the quarter ended September 30, 2013, as compared to $3,671,234 for the quarter ended June 30, 2013, and as compared to $4,769,111 for the quarter ended September 30, 2012.

The amounts presented herein for the quarter ended September 30, 2013 are subject to minor revisions following the receipt of final documentation for September 2013 gold shipments.

100% of proceeds from gold sales were received in US dollars.

At September 30, 2013, an additional 1,632 ounces of gold awaited export documentation for sale in South Africa, and will be included in October 2013 sales.

The Company will file its unaudited consolidated financial statements and related materials for its fiscal quarter ended September 30, 2013, and report its consolidated results of operations for such period, on or before the filing deadline of November 14, 2013.

- businessdaily