Files NI 43-101 Report on Gold Properties in the
Gweru-Shurugwi Greenstone Belt
Report Highlights:
- A total of four options on mineral exploration claims in the district were reviewed
- Several past producing mines are located in the option claims
- Gold grades of 1.21 gpt over 58 meters, 1.16 gpt over 58 meters and 1.15 gpt over 66 meters were reported from infill trenching (Glen Hume Option)
- Several shallow mines that may have potential at depth are contained with the option claims
- Potential for high tonnage, low grade ore, amenable for open pit mining exists (Glen Hume Option)
Toronto, Ontario, June 23, 2009 – New Dawn Mining Corp. (TSX: ND) announced that it has filed an NI 43-101 compliant technical report on its gold exploration properties in the Gweru-Shurugwi Greenstone Belt in Zimbabwe. The report is now available for viewing on Sedar (www.sedar.com), and also available for viewing on the Company’s website (www.newdawnmining.com).
New Dawn Mining Corp., through its wholly-owned subsidiary, Casmyn Mining Zimbabwe Private Limited, has four option agreements on mineral claims in the Shurugwi Mining District and the Lower Gweru area in Zimbabwe. Michael Othitis, Certified Professional Geologist of Medusa Geo-Consulting, was retained to prepare a technical report, compliant with NI 43-101 standards, on the option claims known as:
- RKB/San Antone (Basil Payne Option)
- Ladville Investments (Ashtonkop) Option
- Ladville Investments (Ultimus)
- Glen Hume Option (Amity (Private) Limited Option)
The report provides, among other things, a review of past mining and exploration in the region, and seeks to make interpretations and recommendations for future exploration.
“New Dawn’s Zimbabwe gold-focused business strategy is to increase output at the Company’s 100% owned Turk Mine, advance its Zimbabwe exploration properties by identifying, evaluating and, if warranted, drilling such targets, and to continue to position the Company to be the natural ‘in country’ consolidator of small and mid sized operating gold mines in Zimbabwe”, commented Ian R. Saunders, New Dawn’s President and CEO. “The Turk Mine recently resumed full-scale mining operations, and output is increasing. With this technical report, we are now closer to identifying drill targets on our Zimbabwe exploration properties. We intend to fund these near-term exploration costs from operating cash flow. As we have previously reported, we are also actively assessing value accretive acquisition opportunities in the region.”
About New Dawn …
New Dawn Mining Corp. is a junior gold company concentrating its efforts in southern Africa, with a particular focus on Zimbabwe. New Dawn is well established in the southern Africa region with three mines, two production facilities, a skilled and experienced workforce and significant resources.
Two recent NI 43-101 reports documented an aggregate of 969,546 ounces of gold reserves and resources grading between 2.9 – 6.1 g/t, with additional inferred mineral resources of 355,873 ounces of gold grading between 3.90 – 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 and a 2.0 g/t cut-off at US$750/oz gold price at New Dawn’s Blue Dot Property. For further information on New Dawn’s gold reserves and resources, visit the Company’s website at www.newdawnmining.com or filed on SEDAR at www.sedar.com.
New Dawn wholly owns the Turk and Angelus Mines in the upper southwest area of Zimbabwe, with a production facility currently capable of processing up to 400 tonnes per day or 12,000 tonnes per month; and owns a 74% interest in the Blue Dot Property in South Africa, with a production facility there rated at 180 tonnes per day or 5,500 tonnes per month. The Company maintains a highly experienced work force of over 955 people.
The Company has additional assets that form a portfolio of exploration properties, including the Consolidated Bubi Gold Fields, consolidated Midlands Gold Fields and consolidated Shurugwi Gold Fields properties, all of which are located in Zimbabwe.
The TSX has not reviewed and does not accept responsibility for the adequacy or the accuracy of this release. Statements in this press release regarding the Company's business which are not historical facts are "forward-looking statements" that involve risks and uncertainties, such as estimates and statements that describe the Company's future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Since forward-looking statements address future events and conditions, by their very nature, they involve inherent risks and uncertainties. Actual results in each case could differ materially from those currently anticipated in such statements.
The contents of this news release were supervised and reviewed by Ian R. Saunders, B.Sc., who is President, Chief Executive Officer, and a Director of New Dawn Mining Corp., and who is a Qualified Person within the meaning of NI 43-101.
For Further Information:
Investor Relations Contact: Richard Buzbuzian, +1 416.585.7890
President and Chief Executive Officer: Ian R. Saunders +1 416.585.7890
Visit us on the internet: http://www.newdawnmining.com or
Email us at: info@newdawnmining.com
Investors are invited to visit the New Dawn Mining Corp. IR Hub at AGORACOM: http://www.agoracom.com/ir/NewDawn where they can post questions and receive answers or review questions and answers already posted by other investors. Alternatively, investors are able to e-mail all questions and correspondence to: ND@agoracom.com where they can also request to be added to the investor e-mail list to receive all future press releases and updates in real time.
Special Note Regarding Forward-Looking Statements: Certain statements included or incorporated by reference in this news release, including information as to the future financial or operating performance of the Company, its subsidiaries and its projects, constitute forward-looking statements. The words "believe," "expect," "anticipate," "contemplate," "target," "plan," "intends," "continue," "budget," "estimate," "may," "schedule" and similar expressions identify forward-looking statements. Forward-looking statements include, among other things, statements regarding targets, estimates and assumptions in respect of gold production and prices, operating costs, results and capital expenditures, mineral reserves and mineral resources and anticipated grades and recovery rates. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by the Company, are inherently subject to significant business, economic, competitive, political and social uncertainties and contingencies. Many factors could cause the Company’s actual results to differ materially from those expressed or implied in any forward-looking statements made by, or on behalf of, the Company. Such factors include, among others, risks relating to reserve and resource estimates, gold prices, exploration, development and operating risks, political and foreign risk, uninsurable risks, competition, limited mining operations, production risks, environmental regulation and liability, government regulation, currency fluctuations, recent losses and write-downs and dependence on key employees. See "Risk Factors" in the Company’s May 29, 2008 Prospectus. Due to risks and uncertainties, including the risks and uncertainties identified above, actual events may differ materially from current expectations. Investors are cautioned that forward-looking statements are not guarantees of future performance and, accordingly, investors are cautioned not to put undue reliance on forward-looking statements due to the inherent uncertainty therein. Forward-looking statements are made as of the date of this Management Discussion and Analysis and the Company disclaims any intent or obligation to update publicly such forward-looking statements, whether as a result of new information, future events or results or otherwise.
