BOCA RATON, FL--(Marketwire - Nov 12, 2012) - New World Gold Corporation (PINKSHEETS: NWGC), a gold mining company with existing operations in Ecuador and Peru, today released its financial results for the nine (9) months ended September 30, 2012. The financial report was filed and is available on the Pink Sheets.
The financial statements for the nine (9) month period ended September 30, 2012 shows revenue of $5,599,342 versus $4,038,125 for the same period last year, an increase of $1,561,217 (38.6%). The revenue for the 9 month period ending September 30, 2012 exceeds the revenue for the entire 12 months ended December 30, 2011. (9 months 2012, $5,599,342 vs. 12 months 2011, $5,472,195). The Company had inventory of $1,184,712 for the 9 month period ending September 30, 2012.
The net profit for the nine (9) months ended September 30, 2012 was $1,195,579 versus $513,595 for the same period last year. This represents an increase in profit of $681,984 or 132%. The net profit for the 12 months ended December 30, 2011 was $660,243. The net profit for the 9 months ending September 30, 2012 was $1,195,579 which exceeded the net profit of $660,243 for the entire year (12 months ending December 30, 2011).
This significant increase in revenues and profits was a result of the continued development of the mills and increased production in the mines. The total current capacity of the mills is 420 tons of ore per day. It is expected that the company's revenue and profits will continue to increase as the Company develops its reserves and through additional acquisitions.
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.
The complete financial report is available online at http://www.otcmarkets.com/stock/NWGC/financials
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