|By Marketwired .||
|December 2, 2013 07:00 AM EST||
BOCA RATON, FL -- (Marketwired) -- 12/02/13 -- New World Gold Corporation (PINKSHEETS: NWGC) a gold mining and milling company with operations in Ecuador and Peru, projects that in the first quarter of fiscal year 2014 based on the capacity of its mills, it will process 400 tons of ore per day based on 12 hour operational shifts with an average grade of 10 grams of gold per ton. The price of gold per oz during this period is projected to average $1250 per oz. It is the intention of the company to increase production by moving from one 12 hour shift per day to 20 hour shifts per day (using 2-10 hour shifts). This will increase the amount of ore processed to 550 tons of ore per day with an average grade of 10 grams of gold per ton.
The Company is anticipating a significant growth in the first quarter of the new fiscal year. The Company plans to bring on line another mill in the first quarter and to increase the amount of ore processed by contract milling. The gross revenue for the nine month period ended September 30, 2013 was $5,907,327 with a profit of $1,592,262. With the operational changes being made, combined with the new mill, the financial results for the first fiscal quarter 2014 are projected to be significant.
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 the investor 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.