TORONTO, ON - NWM Mining Corporation (the �Company� TSX-V: NWM) announces that it has produced 303 oz. Au in May, 589 oz. Au in June and 1,150 oz. Au in July of this year (2011) from the Lluvia de Oro gold mine. Production in each of the first three months of operation has exceeded budgeted expectations. Production expectations for the balance of 2011 range from 9,000-13,500 oz. Au and for next year (2012) range from 35,000 to 42,000 oz. Au.
The commissioning of Lluvia de Oro gold mine is progressing as planned with all costs equal to or less than budget while actual gold production is outperforming budgeted expectations in the early months of this new mine. The mining rate for July was increased above the budgeted rate, as few problems or complications have been encountered during commissioning. This will result in the mine reaching its normal operating production rate sooner as more ore than anticipated is now available for processing. The effect of this mining rate increase will start to be realized in the third quarter of 2011 as actual gold production should continue to outperform the production budget, as has been the case from May to July 2011. Further guidance on costs, will be forthcoming in the early fall of 2011.
�All gold remains un-hedged and as production ramps up at the mine we are poised to take advantage of the current robust gold prices�, said Chris Chadder, CFO of NWM.
The Company also granted a total of 3,000,000 incentive stock options, subject to regulatory approval, to the newly appointed COO Mr. John Van De Beuken and CFO, Mr. Christopher Chadder. The options are exercisable at a price of $0.12 per share for a three-year period.
NWM Mining is an emerging gold mining company with two gold ore bodies containing NI 43-101 compliant gold reserves and resources. The Company is focused on demonstrating profitable operations at the Lluvia de Oro mine and growing its reserves through exploration and development, primarily in Sonora, Mexico.
For further information, please contact NWM Mining Corporation at (416) 364-6799.
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