New Dawn Initiates 8,000 Meter Exploration Project at its Camperdown Mine Gold Project in Zimbabwe
Highlights:
-- Multiple near surface exploration targets identified
-- Targets adjacent to existing gold mineralisation
-- Extent of mineralisation is open both horizontally and
vertically
TORONTO, April 17, 2012 /CNW/ - New Dawn Mining Corp.
('New Dawn' or the 'Company') has commenced an 8,000 meter diamond drilling program at its Camperdown Mine gold project, which is part of the Company's Gweru Gold Camp located in the Shurugwi District of Zimbabwe.Camperdown Mine has been operated in the past as both an open-pit and a small underground operation and is considered to have good future potential as a low grade-high tonnage open-pit proposition. Historical production (up to 1992) was reported to be 220,000 ounces of gold from 3.3 million tonnes of ore at a recovered grade of 2.0 grams per tonne of gold. Mineralisation occurs in a number of discrete zones within a domal-shaped banded iron formation, cross-cut by numerous quartz veins which themselves can also be mineralised. The banded iron formation dome which is being explored has relatively shallow dips of less than 30 degrees in all principal directions. The lateral extent of this mineralisation is not yet known.
The program aims to test the down-dip extent of the known mineralised zones within the claims area, with 58 inclined holes to depths of between 100 to 200 meters, and with a drill pattern on a 200 meter grid. Hole positions, orientations and depths may be modified during the program dependent on drilling results as they are generated. To provide efficient drill rig positioning, initial drilling will be sited around the areas of previous underground operations, with the objective of testing the down-dip extent of mineralisation below the current 2 level, approximately 90 meters below the surface.
Contingent on drilling parameters, the program is expected to take up to 6 months, with analysis of the results expected to be completed by the end of December 2012. Based on the results of this drilling program, the Company may consider additional exploratory work to further define and develop this opportunity.
While drilling is occurring, extensive geological mapping and structural analysis will be conducted. Also, approximately 650 meters to the southwest of Camperdown, within the claims area, there is another small open pit, known as the Redhill deposit. A small amount of mining has taken place here in the past with recovered grades on the order of 1.5 grams per tonne gold. The exact geological relationship and stratigraphic position of Redhill relative to Camperdown is not fully understood, and will be investigated during this exploration program. The Redhill deposit is not a material property to the Company.
Technical information on the Camperdown Mine is included in a report entitled 'Independent NI 43-101 Technical Report - Acquisition of Central African Gold PLC Zimbabwe Properties by New Dawn Mining Corp.', with an effective date of June 30, 2010, authored by Michael M. Othitis, an independent qualified person for purposes of NI 43-101, which was filed by the Company on SEDAR on October 19, 2010.
About New Dawn
New Dawn is a Zimbabwe-focused junior gold company that is currently focused on expanding its gold mining operations in Zimbabwe. New Dawn owns 100% of the Turk and Angelus Mine, the Old Nic Mine and the Camperdown Mine. In addition, New Dawn owns approximately 85% of the Dalny Mine, the Golden Quarry Mine and the Venice Mine (currently not in operation), and a portfolio of prospective exploration acreage in Zimbabwe. These six mines, five of which are currently operational, are divided into three significant gold camps, and have a combined milling capacity of 2,000 tonnes per day.
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 mine sites and production facilities, and current exploration programs, is a growing gold mining company in Zimbabwe, active in both gold production and gold exploration.
Information on New Dawn's gold reserve and resource estimates is included at the Company's web-site at www.newdawnmining.com or in the Company's filings on SEDAR at www.sedar.com.
The Toronto Stock Exchange has not reviewed and does not accept responsibility for the adequacy or the accuracy of this release.
The contents of this news release were supervised and reviewed by Trevor Clark, M.Sc., who is Group Geologist at New Dawn Mining Corp., and who is a Qualified Person within the meaning of NI 43-101.
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, indigenisation 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 Annual Information Form - 2011. 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 press release 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.
New Dawn Mining Corp.
CONTACT: Investor Relations Contact: Richard Buzbuzian +1 416.585.7890
President and Chief Executive Officer: Ian R. Saunders +1 416.585.7890
Visit New Dawn on the internet: www.newdawnmining.com or
E-mail New Dawn at: info@newdawnmining.com
