Zimbabwe-focused New Dawn Mining Corp. (TSE:ND) reported Tuesday that consolidated gold production for the three months ending September 30 more than doubled, with sales of the yellow metal almost tripling from a year earlier as prices soared.
For the latest quarter, the junior gold miner reported total gold production of 8,814 ounces, or 8,212 attributable ounces, compared to 4,141 total gold ounces, or 4,024 attributable ounces, in the year-ago period.
In the previous third quarter ending June 30, New Dawn recorded 6,841 ounces of total gold production, or 6,335 attributable ounces.
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. Of the $14.06 million, $13.15 million was attributable to New Dawn.
This compares to total gold sales of US$5.06 million, or $4.95 million attributable, in the year-ago period, at an average sales price of US$1,239 per ounce of gold.
New Dawn made an investment in Central African Gold in June this year to acquire a total 89% interest in the company, furthering its goal of becoming a mid-tier gold producer of assets in Zimbabwe.
Central African has five principal gold properties in Zimbabwe, which include the Dalny Mine, the Golden Quarry Mine, the Venice Mine, the Camperdown Mine and the Old Nic Mine.
Aside from the Central African assets, New Dawn owns and operates the Turk and Angelus Mines in the upper southwest area of Zimbabwe that have the potential to produce an estimated 35,000 to 50,000 ounces of gold per year.
Attributable ounces or sales reflects New Dawn's net ownership interest in each producing mining property for the respective period, the company said.
At September 30, inventory awaiting sale was an additional 2,460 ounces of gold, which will be included in October 2011 sales, New Dawn added.
The company will file its audited consolidated financial statements and related materials for the fiscal quarter and year ending September 30 on or before the filing deadline of December 29.
New Dawn is targeting annualized gold production of 60,000 ounces by the end of 2012, and 100,000 ounces by the end of 2014.
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