|By Marketwire .||
|December 12, 2012 07:00 AM EST|
BOCA RATON, FL -- (Marketwire) -- 12/12/12 -- New World Gold Corporation (PINKSHEETS: NWGC), a gold mining company with existing mining operations in Ecuador and Peru, has begun independent evaluations of its mining operations. The Company has hired Dr. Duncan Bain, PGeol, a Qualified Person as defined in the National Instrument 43-101. Dr. Bain has been a member of the Association of Professional Engineers and Geoscientists of British Columbia since 1991 and he is a Fellow of the Geological Association of Canada. Dr. Bain has authored many papers and evaluations related to the Exploration and Development potential of Mirando Alto Epithermal Gold Area, Zaruma Portovelo District, Province of El Oro, Ecuador for large and medium gold producing companies in Ecuador.
The Company has brought Zaruma on production and modernized its mill bringing its milling capacity to 200 tons of ore per day. Dr. Bain has verified the historical data related to exploration, drilling, sampling procedures, and analysis of samples. He has completed his own sampling program of veins and had a separate independent lab verify the analytical results of the previous sampling. Dr. Bain has been on site and in the production shafts of the mine as well as the shafts that are about to come on production.
Based on the exploration and development data, the company put together a production plan based on an average of 8gms of gold /ton over a 15 year period. The grade is currently higher than 8gm/ton. The Company expects to produce 15000 ozs of gold in 2013. As the mill reaches capacity the yearly production is expected to exceed 31000 ozs of gold per year. The mine is also producing silver and copper. In addition to the proven developed reserve that the company is currently producing, it has a large probable reserve that is being evaluated.
The Company is also having its other operating mines and mills evaluated. The current capacity of its mills is 420 tons/day.
New World Gold Corporation trades in the United States on the OTC Pink under the symbol "NWGC". For further information, please contact the Company at (561) 210 8496 or www.newworldgoldcorp.com or investors can find real time quotes and market information for the company on www.otcmarkets.com.
NOTE: This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 involving risks and uncertainties. Results, events and performances could vary from those contemplated. These statements involve risks and uncertainties which may cause actual results, expressed or implied, to differ from predicted outcomes. Risks and uncertainties include but are not limited to product demand, market competition and New World Gold's ability to meet current and future plans. Investors should study and understand all risks before making an investment decision. Readers are recommended not to place undue reliance on forward-looking statements or information. New World Gold is not obligated to publicly release revisions to any forward-looking statement, to reflect events or circumstances afterward, or to disclose unanticipated occurrences, except as required under applicable laws.
New World Gold Corporation
(561) 210 8496