New dawn doubles gold output

New Dawn Mining Corporation has doubled its consolidated gold production to 8 814 ounces for the three months ended September 30 2011.

New Dawn owns 100 percent of the Turk/Angelus Mine Complex, the Old Nic Mine and the Camperdown Mine.This compares favourably to the 4 141 ounces achieved during the same period last year.

Sales of the yellow metal almost tripled from a year earlier as the company gained from higher gold prices.

Total consolidated sales in the fourth quarter were US$14,06 million, at an average sales price of US$1 705 per ounce of gold. This compares to total gold sales of US$5,06 million, in the prior comparable period, at an average sales price of US$1 239 per ounce of gold.

Earlier this year, the miner made investments to increase its stake in Central African Gold properties (the Dalny, Golden Quarry and Venice Mines) to 89 percent. In addition it also owns a large portfolio of prospective exploration acreage in Zimbabwe. Production ramp-up at these six mines, five of which are now operational, is expected to raise New Dawn to mid-tier gold producer status.

The gold producer is targeting annualised gold production of 60 000 ounces by the end of 2012, and 100 000 ounces by the end of 2014.

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