SOURCE: New World Gold Corporation
BOCA RATON, FL--(Marketwire - Feb 5, 2013) - New World Gold Corporation (PINKSHEETS: NWGC), a gold mining company with existing operations in Ecuador and Peru, today announced that it has agreed with a medium sized mining company in Peru to process 1000 tons of ore per month in its mill at Los Lomas. The mining company has an existing mill that is at capacity and does not have a flotation cell to process concentrate. The NWGC mill at Los Lomas has a flotation cell and can process ore that cannot be processed in their mill.
The Los Lomas mill currently has a capacity of 100 tons per day. This contract will significantly increase the cash flow and profitability of the Los Lomas mill and justify the cost to increase the capacity of the mill to 150 tons per day. The Company expects to process 100 tons per day of its own ore by August 2013. The Los Lomas mill with its flotation cell is able to process gold, silver and copper. We are the only mill in the area that can process all three minerals. It is expected that cash flow and profits from the Los Lomas operation will continue to increase as the Company develops its operations in the area. Previously released (January 28, 2013) year end financial statements for December 31, 2012 show that NWGC had revenues of $8,180,127 with profits of $1,836,664.
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 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 law.