TIDMCAN
RNS Number : 9255V
Central African Gold PLC
10 November 2010
Central African Gold Plc / Ticker: CAN / Market: AIM / Sub-sector: Gold Mining
Central African Gold Plc ('CAG' or 'the Company')
New Dawn Mining Raises CAN$7,520,850 in Non-Brokered Private Placement at
CAN$1.80 per share
Central African Gold Plc, the AIM quoted gold mining and exploration company,
notes an announcement released by its 88.68% shareholder New Dawn Mining Corp
(TSX:ND) ('New Dawn'), on 9 November 2010.
The announcement, which is set out in full below, relates to a private placement
by New Dawn of 4,178,250 common shares, with several funds managed by an
international investment firm based in the UK, at a placing price of CAN$1.80
per share, raising proceeds totalling CAN$7,520,850.
"Toronto, Ontario, November 9, 2010 - New Dawn Mining Corp. (TSX: ND) ("New
Dawn" or the "Company") announced that it has completed a non-brokered private
placement with several funds managed by an international investment firm based
in the UK at CAN$1.80 per share with the issuance of 4,178,250 common shares for
proceeds totalling CAN$7,520,850.
The private placement did not include any warrants, and there were no brokerage
commissions paid. The private placement shares are subject to a four month hold
period..
The proceeds will be utilized for general working capital purposes and to
advance gold production and mine development at the Company's three operating
gold camps in Zimbabwe. In particular, the proceeds will be used in part to
fund the working capital requirements of Central African Gold Plc ("CAG"), as
well as to expand gold production at CAG's gold mining operations in Zimbabwe.
As previously reported, the Company acquired its investment consisting of an 89%
controlling interest in CAG in June 2010.
New Dawn now has 42,204,843 common shares outstanding and 48,240,257 shares
outstanding on a diluted basis.
About New Dawn ...
New Dawn is a Zimbabwe-focused junior gold company currently expanding gold
production at its wholly-owned Turk and Angelus Mines and, with its June 2010
investment in which it acquired an 89% controlling interest in Central African
Gold Plc ("CAG"), New Dawn is targeting consolidated annualized gold production
of 50,000 to 60,000 ounces within the next 18 to 24 months, increasing to
100,000 ounces of annualized gold production within the next 4 to 5 years.
Having recently filed a new NI 43-101-compliant mineral reserve and resource
estimate for the CAG properties, New Dawn's total attributable mineral reserves,
including its Turk and Angelus Mines, increased 32% to 220,000 ounces of gold
grading 3.81 g/t from 1,785,000 tons of mineralized material. The attributable
mineral reserves are comprised of attributable proven mineral reserves of
109,400 ounces of gold grading 3.69 g/t from 874,700 tons of mineralized
material and attributable probable mineral reserves of 110,600 ounces of gold
grading 3.78 g/t from 910,300 tons of mineralized material.
Additionally, New Dawn's total attributable measured and indicated mineral
resources (inclusive of attributable mineral reserves) increased by 92% to
1,558,400 ounces of gold grading 2.37 g/t from 20,436,000 tons of mineralized
material and New Dawn's total attributable inferred mineral resources increased
by 54% to 552,600 ounces of gold grading 4.95 g/t from 3,477,000 tons of
mineralized material.
Presently, New Dawn operates 3 significant gold camps in Zimbabwe, where it owns
6 mines, 3 of which are currently producing gold and expanding production
annually. Ultimately, New Dawn looks to becoming a leading gold mining company
in Zimbabwe, active in both gold production and gold exploration, by employing
modern mining techniques and deploying capital in a country that is geologically
rich, highly prospective, and vastly under explored.
Additional information on New Dawn's gold reserve and resource estimates is
included at the Company's website at www.newdawnmining.com or in the Company's
filings on SEDAR at www.sedar.com.
The TSX 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 Ian R.
Saunders, B.Sc., who is President, Chief Executive Officer, and a Director of
New Dawn Mining Corp., and who is a Qualified Person within the meaning of NI
43-101.
For Further Information:
Investor Relations Contact: Richard Buzbuzian +1 416.585.7890
President and Chief Executive Officer: Ian R. Saunders +1 416.585.7890
Visit us on the internet: http://www.newdawnmining.com or
Email us at: info@newdawnmining.com
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, 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 - 2009. 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."
**ENDS**
For further information please visit www.centralafricangold.comor contact:
+-------------+------------------------+---------------------+
| Roy | Central African Gold | Tel: +44(0)77 9390 |
| Pitchford / | Plc | 9985 |
| Ian | | Tel: +(263) 9 |
| Saunders | | 76826/7/8 |
| | | |
+-------------+------------------------+---------------------+
| Stuart | Strand Hanson Limited | Tel: +44(0)20 7409 |
| Faulkner / | | 3494 |
| James | | |
| Spinney | | |
| | | |
+-------------+------------------------+---------------------+
| Hugo de | St Brides Media and | Tel: +44(0)20 7236 |
| Salis / | Finance Ltd | 1177 |
| Felicity | | |
| Edwards | | |
+-------------+------------------------+---------------------+
Notes to Editors
CAG
Central African Gold Plc is a gold mining company with a portfolio of
production, development and exploration assets in Zimbabwe, where the Company
operates through two subsidiaries, Falcon Gold Zimbabwe Limited (84.7 per cent.
owned) and Olympus Gold Mines Limited (100 per cent. owned). Through these
subsidiaries, CAG has four main gold mines, the Dalny, Old Nic, Golden Quarry
and Camperdown mines, which arelocated in the highly prospective Kadoma,
Shurugwi and Bulawayo gold regions in Zimbabwe.
NDM
The Company's 88.68% shareholder is Toronto Stock Exchange listed New Dawn
Mining Corp. ('NDM'), a gold company with a broad portfolio of production and
exploration assets also in Zimbabwe. NDM owns and operates the Turk and
Angelus Mines in the upper southwest area of Zimbabwe, which it believes have
the potential to produce an estimated 35,000 to 50,000 ounces of gold per annum.
It is NDM's objective to orchestrate the development of CAG's mining operations
and exploration portfolio, as well as its own, to become a mid-tier gold
producer focussed in Zimbabwe, with a consolidated annualised gold production to
between 50,000 and 60,000 ounces within the next 18 to 24 months, increasing to
100,000 ounces within the next 4 to 5 years.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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