New Dawns Turk Mine in Zimbabwe Resumes Full-Scale Mine Operating Programadmin
Ian R. Saunders, President and CEO of New Dawn Mining Corp. announced that New Dawn’s 100% wholly-owned Turk Mine in Zimbabwe has resumed full-scale mining operations.
The current initial production rate of 250 tonnes per day should result in approximately 700 to 750 ounces of gold being produced monthly at an average cash cost of approximately US$500 to US$550 per ounce.
Over the next several months, New Dawn intends to hire an additional 200 experienced miners and raise mine output to 400 tonnes per day to achieve a production target of 1,150 to 1,200 ounces of gold per month at a average cash cost of US$425 to US$450 per ounce. New Dawn anticipates achieving this target by October 2009. As production continues to increase beyond October 2009, cash costs are expected to further decline.
Total existing capacity at Turk Mine is currently rated at 400 tonnes per day, but current expansion projects, which are nearing completion, will increase existing capacity to 650 tonnes per day. New Dawn plans for further production increases every 6 to 9 months to maximize existing capacity and fully utilize the projects currently underway to expand daily mining and processing capacity.
Additionally, during the restarted mine development program, which was reported on 26th February 2009, until the commencement of full-scale mining operations in early May 2009, New Dawn’s gold sales totaled approximately US$1,300,000. New Dawn retains 100% of it gold sales as a result of changes under the new Monetary Policy Statement implemented in Zimbabwe in late January 2009.
“This resumption of full-scale mining operations and the initiation of our projects and programs to ramp up output at our operations in Zimbabwe signify a turning point in the history of New Dawn. I would like to thank all our shareholders, employees and other stakeholders in our Company, who kept faith in us, while we addressed and overcame the extreme difficulties in Zimbabwe that affected us since the latter part of 2008,” said New Dawn President and CEO Ian R. Saunders. “In the coming weeks and months ahead, we look forward with great enthusiasm to reporting further developments at the Turk Mine to our shareholders.”
New Dawn is also currently reviewing additional value accretive opportunities in the region and expects to report to shareholders in this regard as appropriate.