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BOCA RATON, FL–(Marketwire -11/29/11)- New World Gold Corporation (Pinksheets: NWGC.PK – News) is pleased to announce that is has acquired a second mine in Peru. The mine was ready to go on production but had no milling capability. The NWGC mill in Los Lamos area in Peru is less than 10 miles from the new mine. The NWGC mill has the capacity to process all of the ore that is available from the new mine. In the first three days of production the new mine delivered 95 tonnes of ore to the NWGC mill. The average results from this ore were 23 grams per ton of gold, 2000 grams per ton of silver and 1% copper. Internal reports indicate that this mine has 25,000 proven developed ozs of gold and another 40,000 ozs of proven gold reserves that need some development work before being brought on production, as well as 20,000 ozs of proven developed silver reserves.
This acquisition is very good for the NWGC as it already has operations in the area including a fully operational mill with the capacity to accommodate the ore from the new mine. This will result in a significant increase in cash flow from Peru operation. By the middle of February 2011, the Peru mill will have a capacity of 150 tons per day with an anticipated average head grade of 1 oz of gold per ton.
The Company will continue to increase reserves and production through the acquisition of small non producing mines. The fact that the Company owns the mill means that it can bring these non producing mines on production immediately.
New World Gold Corporation trades in the United States on the NQB Pink Sheets under the symbol “NWGC.” For further information, please contact the Company at (561) 210 8496 or atwww.newworldgoldcorp.com.
NOTE: This release includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934. Certain statements in this press release are “forward-looking statements” within the meaning of the Private Securities Act of 1995. Such statements involve known and unknown risks, uncertainties and other factors that may cause results to differ materially. Such risks, uncertainties and other factors include but are not limited to new economic conditions and factors described in independent reports, company reports and other filings with regulatory bodies.
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Carlos Hinojosa
Hello, please i wish know.. here is the mine’s location???