SOURCE: New World Gold Corporation

April 30, 2013 07:00 ET

New World Gold Corporation Continues to Show Financial Growth and Increased Mining Operations

BOCA RATON, FL--(Marketwired - Apr 30, 2013) - New World Gold Corporation (PINKSHEETS: NWGC), a gold mining company with existing operations in Ecuador and Peru, today released its financial results for the first quarter ended March 31, 2013. The financial report was filed and is available on the Pink Sheets.

The financial statements for the first quarter ending March 31, 2013 show revenue of $1,673,919 versus $1,517,077 for the same period last year. The net profit for the first quarter ended March 31, 2013 was $378,164 versus $249,506 last year. This represents an increase of 51.6%. The financial results obtained in the first quarter of 2013 exceeded the previous year's first quarter results, and were achieved despite a downtime of 28 days while that Company upgraded its milling operations by installing flotation cells. The installation of the flotation cells increases the yield of the mills.

The current processing capacity of the mills is 470 tons of ore per day. Based on this capacity, the Company is projecting revenues to exceed $11,500,000 for 2013 with projected profits of $2,400,000 up from $1,838,664 for the year ended Dec 31, 2012. Historically the company had revenue of $861,100 with a loss of $234,993 for the year ended Dec 31, 2010. For the year ended Dec 31, 2011, the company had revenue of $5,472,194 and profits of $660,243. For the year ended Dec 31, 2012 the company had revenue of $8,180,127 and net profits of $1,838,664. The company is showing excellent growth and expects to continue this growth during 2013.

The company processes its own proven reserves as well as processes ore for other miners that do not have milling operations. Contract milling has become very profitable for the company and it is expected that contract milling will increase in 2013.

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.otcmarket.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'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.

Contact Information

  • New World Gold Corporation
    (561) 210 8496