New Dawn gold sales up 2 %

Nqobile Bhebhe

NEW Dawn Mining Corporation’s consolidated gold sales rose 2% despite a decline in the average price per ounce of gold to US$1,516 for the quarter ended June 30, 2012 from US$1,685 for the quarter ended March 31, 2012.
In a statement to shareholders this week, the mining firm said consolidated gold sales for the quarter totalled US$15 162 843 or US$13 776 012, attributable at an average sales price per ounce of US$1 608.
This compares to US$9 791 973 or US$9 197 031 attributable for the quarter ended June 30, 2011, which translates into an increase of 54,8%.
“As compared to consolidated gold production for the previous quarter ended March 31, 2012 of 8 736 ounces (7 926 ounces attributable), consolidated gold production for the current quarter ended June 30, 2012 increased by 9,2% (9,8% increase on an attributable basis),” a company spokesperson said.
“As compared to consolidated gold sales for the previous quarter ended March 31, 2012 of US$14 857 212 ($13 551 287 attributable), consolidated gold sales for the current quarter ended June 30, 2012 increased by 2.0% (1.7% increase on an attributable basis). This increase in revenue for the quarter ended June 30, 2012 was accomplished despite a decline in the average price per ounce to US$1 516 for the quarter ended June 30, 2012 from US$1 685 for the quarter ended March 31, 2012.”
The spokesperson said as at June 2012, an additional 2 378 ounces of gold awaited export documentation for sale in South Africa and would be included in the July 2012 sales.
New Dawn owns 100% of Turk and Angelus Mine, Old Nic Mine and Camperdown Mine and has approximately 85% equity interest in Dalny Mine, Golden Quarry Mine and Venice Mine.
When New Dawn acquired an initial interest in CAG in June of 2010, all mines were on care and maintenance, but since the company invested heavily in these operations, five of the sites have now resumed operations and have a combined milling capacity of 2 000 tonnes per day.