BOCA RATON FL--(Marketwire - Jun 12, 2012) - New World Gold Corp (PINKSHEETS: NWGC), a gold mining company with existing operations in Ecuador and Peru, is pleased to announce that it has hired an independent mining engineer to evaluate the Company's additional new reserves. Previous reports indicate that the Company has 695,000 ounces of proven, developed ounces of gold. The Company has 5 producing gold mines and 3 fully operating mills. The mills have the current capacity to produce 380 tons of ore per day.
Based on the exploration, development work and the analytical data accumulated, the Company believes that its proven developed reserves of gold will increase substantially.
The short-term goal of the Company is to process 150 tons of ore per day increasing to 250 tons of ore per day by the end of September 2012. This will substantially increase revenue and profits for 2012.
The Company is anticipating significant growth as it brings its mills up to production capacity and brings additional concessions on production. The Company will also continue to generate other revenue and profits by milling ore from other mines.
New World Gold Corp trades in the United States on the Pink Sheets under the symbol "NWGC." For further information, please contact the Company at (561) 210 8496 or at www.newworldgoldcorp.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 or 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.