SOURCE: New World Gold Corporation
BOCA RATON, FL--(Marketwire - Mar 4, 2013) - New World Gold Corporation (PINKSHEETS: NWGC), a gold mining company with existing operations in Ecuador and Peru, today announced that it has agreed to a pilot test to process 50 metric tonnes of gold ore per day at its Los Lomas mill at a cost to the miner of $130.00 per ton. Previously, on February 5, 2013, the Company announced that it agreed to process 1000 tons per month from another miner. The two contracts will result in the company processing 90 metric tonnes of ore per day for independent miners. These two contracts will result in significant cash flow to the company. Both contracts are expected to start by the third week in March 2013.
The Los Lomas mill currently has a capacity of 100 metric tonnes per day. These contracts 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 tonnes per day. 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.
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.