HomeBusiness Digest‘New Dawn to increase exploration in Zimbabwe’

‘New Dawn to increase exploration in Zimbabwe’

NEW Dawn Mining Corporation reported that gold production at its Turk Mine in Zimbabwe for November 2009 decreased slightly to 1,130 ounces or 35,2 kg, as compared to 1,235 ounces or 38,4 kg produced in October 2009.

November gold production was in line with management’s expectations. The marginal decease in production was primarily attributable to one less production day in November as compared to October.

Gold sales for November 2009 totalled $1 367 000 at an average sales price of $1 138 per ounce.

At November 2009 month-end, an additional 500 ounces or 15,5 kg of gold awaited export for sale in South Africa, as compared to 558 ounces or 17,4 kg of gold at October 2009 month-end. Gold held for export at month-end is included in sales in the following month.

100% of New Dawn’s gold sales from the Turk Mine were received in US dollars.

“Now that we have achieved a steady state production level, our focus will be to utilise the recently increased processing capacity at Turk Mine –– now at 580 tonnes per day to further increase gold production,” commented Ian Saunders, president and CEO.

“In addition to continuing our efforts to increase production at the Turk Mine, we are also advancing our exploration activities in Zimbabwe on our portfolio of past gold producers.”

New Dawn is a Zimbabwe-focused junior gold company currently expanding gold production at its Turk and Angelus Mines, exploring for gold, and identifying and pursuing other development projects, as well as actively assessing other value accretive acquisition opportunities in Zimbabwe.

New Dawn owns and operates the Turk and Angelus Mines in the upper southwest area of Zimbabwe that has the potential to produce an estimated 35 000 to 50 000 ounces of gold per annum. New Dawn owns the property outright on which these mines are located.

Currently, a production facility capable of processing up to 580 tonnes per day or 17 500 tonnes per month is in place and operating. The company maintains a highly experienced work force at Turk Mine of over 800 people.

At New Dawn’s Turk and Angelus Mines, the most recent NI 43-101 report documented an aggregate of 959,900 ounces of gold resource grading between 3,8 – 6,1 g/t, with an additional inferred mineral resources of 347,600 ounces of gold grading 5,16-5,91 g/t. Reserves and resources are based upon a 2,45 g/t cut-off and US$875/ oz gold price at the Turk and Angelus Mines.

Additionally, the Company has a portfolio of exploration properties in Zimbabwe that includes the Consolidated Bubi Gold Fields, Consolidated Midlands Gold Fields and Consolidated Shurugwi Gold Fields. –– Toronto Star.

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