In a production output update to The Zimbabwean, New Dan Mining said output at the re-opened mine had increased to 6 355 ounces for the quarter ended June 30. This is a major increase from 3 243 ounces of the mineral produced during the same period last year, a more than 95 per cent increase in production.
New Dawn Mining said it was on course to attain its long term production targets.
“The gold company (Golden Quarry) is currently expanding its consolidated annualized gold production to 38 000 to 40 000 ounces by the end of 2011, and then to an expected 50 000 to 60 000 ounces within the next 18 to 24 months. New Dawn targets further increasing annualized gold production to 100000 ounces within the next four to five years,” the Canadian parent company of the same name said.
Meanwhile, New Dawn reported overall consolidated gold production of 6 841 ounces of gold produced for the quarter ended June 30, 2011.
The company said consolidated gold sales for the period totalled US$9,8 million. This is comparable to US$3,5 million during the same period last year.
In addition to gold production, New Dawn is also actively exploring on highly prospective ground employing modern exploration techniques and deploying capital in Zimbabwe, a country that is proven to be geologically rich, highly prospective, and significantly under explored.
New Dawn, with its large gold resource, existing production facilities and current exploration efforts, is well on the path to becoming a mid-tier gold mining company in Zimbabwe, active in both gold production and gold exploration.
The company, re-opened this year is emerging from a decade long slumber that is tied to Zimbabwe’s economic problems over the past decade.
Post published in: Mining