New World Gold Corporation is an exploration company focused on exploration and development of gold prospects. While in the process of defining and producing gold reserves on existing leases, New World Gold Corp. is also attempting to acquire additional gold reserves. The corporate strategy takes a long-term result-oriented approach to exploration and development in an efficient, profitable manner, while remaining environmentally responsible.
June
14 - New World Gold Corporation Begins
Upgrades on Mill
New World Gold Corporation (Pinksheets:NWGC - News) previously announced on May 7, 2011 that it acquired a second gold mill in Northern Peru. The leases associated with the mill have proven producing gold reserves with existing gold production. The Company is currently upgrading the gold reserves on the leases. Currently the mill has the capability to process 40 tons per day. The Company is upgrading the mill from its previous capacity of 40 tons per day to 150 tons per day. In addition to processing its own ore, the Company has approached other gold producers in the area without milling capabilities to purchase their ore. Testing of the ore available for processing shows that the ore will have a test grade (gold per ton in ounces) of 1.2 ounces of gold per ton. Projections and testing show that based on the schedule of the renovations upgrading capacity of the mill, that the mill will produce 20 to 22 ozs of gold per day within 45 days and 45 to 55 ozs of gold within 120 days. Once all renovations are completed the Company expects that this mill will produce 100 ounces of gold per day.
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Forward-Looking Statement: This press release includes "forward-looking statements" within the meaning of the federal securities laws, commonly identified by such terms as "believes," "looking ahead," "anticipates," "estimates" and other terms with similar meaning. Although the Company believes that the assumptions upon which its forward-looking statements are based are reasonable, it can give no assurance that these assumptions will prove to be correct. Important factors that could cause actual results to differ materially from the Company's projections and expectations are disclosed in the Company's filings with the Securities and Exchange Commission. All forward-looking statements in this press release are expressly qualified by such cautionary statements and by reference to the underlying assumptions.
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