NWM reports a net income of 881,003 for Q3. 2012
TORONTO, Nov. 29, 2012, 2012 (Menafn - Canada NewsWire via COMTEX) --TSX Venture ExchangeSymbol: NWM
NWM Mining Corporation (the "company" tsx-v:NWM) is pleased to report an operating profit of 21,003 (net income 881,003) for the quarter ended September 30, 2012.
Q3. 2012 highlights:
--Gold and silver revenues during the quarter amounted to
7,175,710.
--The Company produced 4,329 ounces of gold in the third quarter.
--Pre-stripping was completed during the quarter on a number of
key areas of the mine.
--The strip ratio rose to 3.27:1 as the company completed waste
stripping on the pit extension and in areas that were required
to have over burden removed prior to accessing mineable ores.
The Life of Mine strip ratio for Lluvia de Oro is just under
1.4:1 and the waste to ore stripping ratio will revert towards
the Life of Mine average in subsequent quarters which is
expected to improve the economics of mining going forward.
Summarized interim financial and operating results for the quarter were as follows:
_____________________________________________________________________
Three months endedNine months ended
___________________________________________________________________
September 30,September 30,September 30,September 30,
201120122011
2012
_________________________________________________________________
Gold produced4,3292,84613,919913
(oz)
_________________________________________________________________
Gold sold4,7282,45414,028921
(oz)
_________________________________________________________________
Average1,6681,7531,6401,612
realized gold
price
(US/oz)
_________________________________________________________________
Average gold 1,6521,7081,6521,535
price (London
PM Fix)
(US/oz)
_________________________________________________________________
Cash cost per1,121n/a863n/a
gold ounce
(/oz)
_________________________________________________________________
Metal7,175,710n/a21,756,163n/a
revenues ()
_________________________________________________________________
Profit from21,003(2,246,485)3,993,593(5,271,119)
operations
()
_________________________________________________________________
Earnings () 881,003(2,246,356)3,993,593(5,266,327)
_________________________________________________________________
Earnings per 0.002(0.005)0.008(0.013)
share, basic
()
_________________________________________________________________
Earnings per 0.002(0.005)0.008(0.013)
share,
diluted ()
_________________________________________________________________
Cash from2,068,251(735,212)6,283,208(2,718,338)
operations
()
_________________________________________________________________
Total assets 54,525,86040,957,51654,525,86040,957,516
()
_________________________________________________________________
Summarized production statistics for the quarter were as follows:
_____________________________________________________________________
Three months endedNine months ended
September 30September 30
___________________________________________________________________
2012201120122011
(Pre-production)(Pre-production)
_________________________________________________________________
Ore mined659,726851,2652,118,1251,704,943
(tonnes)
_________________________________________________________________
Average ore0.370.560.390.52
mined grade
(g/t Au)
_________________________________________________________________
Waste mined (t)2,155,604859,4853,663,6692,535,029
_________________________________________________________________
Total mined (t)2,815,3301,710,7505,781,7944,239,972
_________________________________________________________________
Strip ratio3.271.011.731.49
_________________________________________________________________
Total days in9291273273
period
_________________________________________________________________
Average ore7,1719,3557,7596,2456
mined per day
(t/d)
_________________________________________________________________
Gold produced4,3292,84613,9193,759
(oz)
_________________________________________________________________
"We are pleased with the results of the third quarter of commercial gold production at Lluvia de Oro. NWM remained profitable despite undertaking a significant amount of waste stripping. A reversion to lower strip ratios in subsequent quarters will assist in yielding higher profitability going forward. The waste to ore stripping ratio for the quarter averaged 3.27:1 where the Life of Mine average for Lluvia de Oro is closer to1.4:1," stated Chris Berlet, CEO of NWM.
NWM is an emerging gold producer with two currently defined ore bodies containing NI 43-101 compliant gold reserves and resources. The Company is focused on demonstrating profitable operations at the Lluvia de Oro and La Jojoba gold mines, and on growing reserves and resources through exploration.
For more information please see NWM's website at www.nwmcorp.ca
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy of this release
SOURCE: NWM Mining Corporation
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SOURCE: NWM Mining Corporation
Chris Berlet, President & CEOorChris Chadder, CFO Phone: 416-364-6799 Fax:
416-364-2595 info@nwmcorp.ca
Copyright (C) 2012 CNW Group. All rights reserved.
