BOCA RATON, Fla.--(BUSINESS WIRE)--New World Gold Corporation (OTC Pink: NWGC), a gold mining and milling company with existing operations in Ecuador and Peru, is pleased to announce it has begun production from a new mine in the Zaruma Area of Ecuador. Initial production is 40 tons of ore per day with an average head grade of 5 gms per ton. This production is anticipated to generate approximately $180,000 per month based on an average price of $1100 per oz for gold and operating 25 days per month. This mine also has tested for 50 gms of silver and 2% of copper per ton.
Within the 90 days of starting the operation, it is projected that the daily production will reach an average of 70 tons of ore per day with a minimum average head grade of 6 ozs per ton. The Company is projecting that when it produces 70 tons of ore per day, the mine will generate $370,000 per month based on $1100 per oz of gold and operating 25 days per month. As this new area of operation is fairly remote, the company has also been able to identify very old tailings piles that have never been reworked. Preliminary testing results of the tailings have indicated that the tailings piles have significant economic grades of gold. The Company believes that this new area of production will contribute significantly to the overall operation of the Company.
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 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 law.