Press release from CNW Group
New Dawn Reports Results for the Quarter Ended June 30, 2013
Wednesday, August 14, 2013
New Dawn Reports Results for the Quarter Ended June 30, 201317:01 EDT Wednesday, August 14, 2013
TORONTO, Aug. 14, 2013 /CNW/ - New Dawn Mining Corp. (TSX: ND) ("New Dawn" or the "Company"), a junior gold mining company focused on developing its gold mining assets and operations in Zimbabwe, announced that its financial results and corresponding Management's Discussion and Analysis ("MD&A") for the quarter ended June 30, 2013 have now been filed on SEDAR at www.sedar.com and are also available on the Company's web-site at www.newdawnmining.com.
Unless otherwise indicated, all amounts are presented in United States dollars.
During the quarter ended June 30, 2013, two steep declines in the gold price, each followed by price volatility, resulted in a significant drop in revenue for the quarter despite an increase in the quantity of gold sold. A 4.5% increase in the quantity of gold sold for the quarter ended June 30, 2013, as compared to the quarter ended March 31, 2013, was more than offset by a decline in the average revenue per ounce of gold sold, which decreased to $1,399 per ounce for the quarter ended June 30, 2013, as compared to $1,608 for the quarter ended March 31, 2013. As a result, revenue declined to $13,619,738 ($12,511,340 attributable) from $14,986,200 ($14,026,506 attributable) for the quarter ended March 31, 2013. Similarly, the increase in production for the quarter ended June 30, 2013, as compared to the quarter ended June 30, 2012, was more than offset by the decline in the average revenue per ounce of gold sold, resulting in a decrease in revenue of $1,543,105 or 10.2%, as compared to revenue of $15,162,843 ($13,776,012 attributable) for the quarter ended June 30, 2012.
Cash costs during the quarter ended June 30, 2013 increased to $1,382 per ounce from $1,306 per ounce during the quarter ended March 31, 2013. The reasons for this increase include implementation of an industry-wide increase in wage rates for 2013 at all mine operations and, at the Turk and Angelus Mine, the lower grade tailings sands processed, thereby increasing average cash costs at this mine site.
The results of the strategic review that was initiated in mid-April 2013 in response to the falling gold price identified a number of measures to reduce costs and improve production that were implemented during the period from mid-June to mid-July 2013, as previously discussed in the news release dated July 18, 2013. The effects of these measures therefore had only a marginal impact on the operating results for the quarter ended June 30, 2013, but these measures are expected to have a greater impact on operations for the quarter ending September 30, 2013 as the full effect of the changes is realised.
The Company's overall liquidity deteriorated during the quarter ended June 30, 2013 as a result of the falling gold price and the elevated operating costs. Of the working capital deficiency at June 30, 2013 of $3,147,238, $3,000,000 relates to term loans that mature within twelve months. The Company is planning to negotiate either an extension to the term loans, their replacement with debt financing or a combination of approaches, and expects the refinanced loans to have terms comparable to the currently outstanding obligations. The Company has taken several steps recently to meet its liquidity obligations, and is considering additional steps, depending on the impact of recent initiatives to improve production and reduce costs on operations and cash flows. As part of this process, the Company is working with its suppliers, the largest of which is the Zimbabwe Electricity Supply Authority ("ZESA"), to ensure that there will be no curtailment of supplies or services. However, ZESA has the ability to unilaterally terminate power to any of the Company's operations, and the mine most at risk of this type of action is the Dalny Mine.
During the quarter ended June 30, 2013 and subsequently, the continuing deterioration of the gold price was, under IFRS, a trigger event that required a comprehensive review of the carrying cost of the mining and exploration assets, comparing their fair values with their carrying costs. As the result of the review, a total provision for impairment of $26,750,000 was recorded, less an adjustment to deferred income taxes of $4,077,000, reflecting a provision net of taxes of $22,673,000. This adjustment was a non-cash charge to operations, and was broken down as described below.
The mining assets have been valued based on a value in use approach employing a discounted cash flow model for which the most significant assumptions were the future gold price and the appropriate discount rate, both of which were determined using market available information and the judgment of management. Using these parameters, together with projections of production quantities over the lives of the mines, excluding any increases that might come from future expansion or upgrades, and with the anticipated cost profile based on the production and operating efficiencies recently implemented, resulted in a provision for impairment of $24,750,000, less an adjustment to deferred income taxes of $3,677,000, reflecting a provision net of taxes of $21,073,000.
A similar review of the status of the exploration and evaluation assets determined that a number of these projects no longer had the potential that would indicate additional work would be advantageous. Accordingly, these projects, whose fair value absent mineral potential is considered nominal, were deemed fully impaired and a provision for impairment of $2,000,000, less an adjustment to deferred income taxes of $400,000, reflecting a provision net of taxes of $1,600,000.
As a result of this review, the Company has initiated a program to sell some of its mining assets that are not considered integral to its long-term strategy, and is also continuing to attempt to raise additional capital through financing via debt and/or equity issuances. As part of this divestiture process, the Company is engaging with several potential parties in an attempt to sell the Old Nic Mine and the Venice Mine.
Reflecting current limitations on the availability of investment capital and the recent price of gold, the Company is continuing its near-term operating strategy of focusing on improving operating efficiencies and processes in a steady-state/low-growth production model based on currently installed plant and infrastructure. The Company expects this phase to continue until market conditions improve and the Company is able to access debt and/or equity capital in sufficient amounts to fund the expansion and development of its mining operations and exploration programs, which, in turn, are primarily conditioned on finalisation and implementation of the Company's Plan of Indigenisation, as well as any impact from unforeseen and/or deleterious changes to the business environment in Zimbabwe.
The Company's efforts to address and improve operating viability at its mine sites in Zimbabwe are subject to various factors outside of its control, including, for example, taxes and royalties, mining fees, labor rates, power costs, environmental regulations, the economic and business environment in Zimbabwe, and potential changes to the legislative and regulatory environment in Zimbabwe, any of which could impact the Company's mining operations, capital requirements and ability to operate in a commercially viable manner or at all.
With the Company under serious pressure to bring operating costs in line with the current gold price regime, combined with its challenging working capital position and the increasingly difficult regulatory and economic environment in Zimbabwe, and the heightened uncertainty surrounding the implementation of indigenisation policy subsequent to the July 31, 2013 national elections, there is a significant risk that actions more severe than steps taken so far or currently envisaged may be required.
If the world price of gold continues to decline further and/or the Company's operational liquidity is further strained, the Company may be forced to consider shutting down some or all of its mining operations in Zimbabwe, either temporarily or permanently, and/or the liquidation of the Company and its assets in formal or informal arrangement.
SELECTED FINANCIAL INFORMATION
This selected financial information should be read in conjunction with the Company's interim unaudited consolidated financial statements, including the notes thereto, for the periods referenced.
Quarterly Results (Unaudited)
The following table sets forth select unaudited condensed consolidated interim financial and other information for the Company for the quarter ended June 30, 2013, and for the immediately preceding quarters in fiscal 2013, and for the quarter ended June 30, 2012.
|Quarter ended||June 30, 2013||March 31, 2013||December 31, 2012||June 30, 2012|
|Provision for impairment (2)||$(26,750,000)||$0||$0||$(152,699)|
|Net income (loss) allocable to common shareholders||$(22,800,995)||$(14,727)||$(826,870)||$583,499|
|Earnings (loss) per share - basic and diluted||$(0.50)||$(0.00)||$(0.02)||$0.01|
|Weighted average common shares outstanding:|
|Common shares outstanding - quarter end||45,612,383||45,612,383||45,612,383||43,612,383|
|Ounces of gold:|
|Cash Costs per ounce (1)||$1,382||$1,306||$1,403||$1,239|
|Revenue per ounce||$1,399||$1,608||$1,712||$1,608|
|Adjusted EBITDA (1)||$(2,528,378)||$417,446||$(319,064)||$1,021,894|
|Ounces of gold:|
|(1)||Cash Costs per ounce, Adjusted EBITDA and Attributable measures are not recognized accounting measures under International Financial Reporting Standards ("IFRS") (see "Non-IFRS Measures" below).|
|(2)||Represents the provision for impairment, excluding any tax effect, recorded at June 30, 2013 (see "Operational Overview" above).|
REVIEW OF FINANCIAL RESULTS
As previously described, revenue was adversely impacted by the substantial decline in the price of gold during the quarter ended June 30, 2013, with the average revenue per ounce of gold sold decreasing by 13.0% to $1,399 per ounce, as compared to $1,608 per ounce for the preceding quarter ended March 31, 2013.
Costs at all mine sites increased as compared to the preceding quarter, primarily due to the implementation of the 2013 wage rate scale. The implementation of recent cost containment initiatives in July 2013 are expected to improve operating results subsequent to June 30, 2013. Two of the Company's operating mines are incurring cash operating losses at the current gold price of approximately $1,325 per ounce, while the other three operating mines are marginally cash flow positive. In addition, operations at the Turk and Angelus Mine and at the Golden Quarry Mine/Camperdown Mine complex were still affected by grade control issues, but both managed to hold cash costs at a level below the gold price.
Although Dalny Mine has incurred elevated costs, there was a significant improvement during the quarter ended June 30, 2013, as cash costs per ounce declined by $194 or 10.9%, as compared to cash costs per ounce incurred during the quarter ended March 31, 2013, but further improvements are required for this mine to reach financially stable operations. Average cash costs at the Dalny Mine decreased to $1,588 per ounce during the quarter ended June 30, 2013, as compared to $1,782 per ounce during the quarter ended March 31, 2013.
Gold production for the quarter ended June 30, 2013 was 9,986 ounces (9,168 ounces attributable), as compared to gold production of 9,536 ounces (8,702 ounces attributable) for the quarter ended June 30, 2012.
As compared to gold production for the previous quarter ended March 31, 2013 of 9,253 ounces (8,612 ounces attributable), gold production for the current quarter ended June 30, 2013 increased by 7.9% (6.5% increase on an attributable basis).
Consolidated gold sales for the quarter ended June 30, 2013 were US$13,619,738 (US$12,511,340 attributable), as compared to US$15,162,843 (US$13,776,012 attributable) for the quarter ended June 30, 2012, a decrease of 10.2% (9.2% decrease on an attributable basis). The average sales price per ounce of gold was US$1,399 and US$1,608 for the quarters ended June 30, 2013 and 2012, respectively, a decrease of $209 or 13.0%.
As compared to consolidated gold sales for the previous quarter ended March 31, 2013 of US$14,986,200 (US$14,026,506 on an attributable basis), consolidated gold sales for the current quarter ended June 30, 2013 decreased by 9.1% (10.8% decrease on an attributable basis). The average sales price per ounce of gold was US$1,399 and US$1,608 for the quarters ended June 30, 2013 and March 31, 2013, respectively, a decrease of $219 or 13.0%. The Company received 100% of proceeds from gold sales in US dollars.
Provision for impairment
As previously discussed, the Company recorded a provision for impairment of $26,750,000 with respect to its mining properties in Zimbabwe during the quarter ended June 30, 2013, which represented a non-cash charge to operations.
Net Income (Loss) Allocable to Common Shareholders
Net income (loss) allocable to common shareholders was $(22,800,995) for the quarter ended June 30, 2013 (loss of $0.50 per share, basic and diluted), reflecting in large part the provision for impairment net of taxes of $22,673,000 recorded in the statement of net income (loss) for the quarter ended June 30, 2013, as compared to $583,499 (income of $0.01 per share, basic and diluted) for the quarter ended June 30, 2012, and as compared to $(14,727) (loss of $0.00 per share, basic and diluted) for the quarter ended March 31, 2013.
Operating results before the impairment charge for the quarter ended June 30, 2013 were adversely impacted by the decrease in revenue resulting from the declining gold price and, to a much lesser extent, operating issues reflected in the elevated mine operating costs.
Adjusted EBITDA for the quarter ended June 30, 2013 was $(2,528,378), as compared to $417,446 for the quarter ended March 31, 2013, and as compared to $1,021,894 for the quarter ended June 30, 2012.
Adjusted EBITDA for the quarter ended June 30, 2013 was adversely impacted by the declining gold price and elevated operating costs, but was not affected by the provision for impairment recorded during the quarter, which was a non-cash charge excluded from the calculation of Adjusted EBITDA.
Cash Costs per Ounce
Cash costs per ounce increased by 5.8% to $1,382 per ounce for the quarter ended June 30, 2013, as compared to cash costs of $1,306 per ounce for the preceding quarter ended March 31, 2013, primarily due to an industry-wide wage increase implemented during the quarter ended June 30, 2013.
Production and cash costs by mine for the quarter ended June 30, 2013 are presented below. The Golden Quarry Mine and the Camperdown Mine are presented as one operating unit, as the Camperdown Mine production is processed at the nearby Golden Quarry Mine.
|Old Nic Mine||
|Total quantity of gold produced (ounces)||3,798||849||2,577||2,762||9,986|
|Total cash costs||$4,863,112||$1,303,244||$3,245,438||$4,385,668||$13,797,462|
|Cash costs per ounce||$1,281||$1,534||$1,259||$1,588||$1,382|
The Company's short-term focus is to reduce mine operating costs and increase operating efficiencies under a steady-state/low-growth production model with the existing plant and infrastructure.
OPERATING IN ZIMBABWE
Contributions to the Zimbabwe Economy
During the three months ended June 30, 2013 and 2012, and the year ended September 30, 2012, the Company's Zimbabwe operations made payments to the Zimbabwean Government and its agencies as follows:
|Three months ended June 30,||Year ended
|Gross revenue||$ 13,619,738||$ 15,162,843||$ 61,947,433|
|Taxes and levies|
|Corporate taxes||$ 17,805||$ 0||$ 187,315|
|Licenses and levies||134,472||41,456||267,638|
|Rural electrification levy||78,314||107,969||487,507|
|Deductions from employees||806,551||763,625||3,116,704|
|Total, taxes and levies||$ 2,578,447||$ 2,409,069||$ 10,412,614|
|Percentage of reported gross revenue||18.9%||15.9%||16.8%|
|Government controlled entities|
|Electricity (ZESA)||$ 2,334,737||$ 1,605,932||$ 9,071,452|
In addition, the Company sourced approximately 75% of its equipment and consumable supplies and services from Zimbabwe-based suppliers during the quarter ended June 30, 2013.
Indigenisation and Pending Matters in Zimbabwe
Presented below is a summary of the process that has been followed by the Company in its efforts to comply with indigenisation and to acquire the balance of the minority shareholders in Falcon Gold Zimbabwe Ltd.
The Government of Zimbabwe is in the process of implementing an indigenisation policy wherein all domestic businesses are required to be 51% beneficially owned and controlled by indigenous Zimbabweans. New Dawn's Zimbabwe operating subsidiaries, Casmyn Mining Zimbabwe (Private) Limited, Falcon Gold Zimbabwe Limited ("Falgold") and Olympus Gold Mines Limited, are all currently non-indigenous under the indigenisation legislation and the related regulations.
Recent statements to the media by leading Zimbabwe politicians subsequent to the July 31, 2013 national elections in Zimbabwe indicate an evolving indigenisation policy that now appears to be focusing on seizing 51% controlling interests in foreign-owned mines without monetary compensation, with the payment for such seizures to be deemed to be the value of the minerals in the ground. Notwithstanding such public pronouncements, the Company has not received any communications from the Government of Zimbabwe on this matter and is continuing its efforts to gain approval for and implement a compliant Plan of Indigenisation as described below.
New Dawn's Plan of Indigenisation was designed and structured to not only accomplish compliance with the requirement for 51% ownership by indigenous Zimbabweans, but also to establish broad-based economic empowerment structures, taking into account the interests of other key stakeholder groups. The Company's initial Plan of Indigenisation was timely filed with the Zimbabwe Ministry of Youth Development, Indigenisation and Economic Empowerment (the "Ministry") in April 2011. Since then, the Company has been in confidential discussions and meetings with the Ministry and the National Indigenisation and Economic Empowerment Board ("NIEEB") addressing the components of the Company's Plan of Indigenisation and its proposed participants. These discussions resulted in certain changes to the Company's Plan of Indigenisation and the signing, in September 2011, of a memorandum of understanding that provided the structure for the on-going discussions.
As a result of a meeting in July 2012, the Company submitted a further amended Plan of Indigenisation to NIEEB that included the participation of the National Indigenisation and Economic Empowerment Fund ("NIEEF"). Following a request from NIEEB for further details, the Company expanded on the proposal in a mid-September 2012 submission. The Company continued its discussions with NIEEB at a meeting in February 2013, and at a follow-up meeting with Ministry officials in March 2013. Various follow-up communications have ensued since those meetings.
New Dawn's Plan of Indigenisation consists of two key components. The first component contemplates independent indigenous investor groups in Zimbabwe acquiring equity interests in New Dawn, which would include the participation of NIEEF. The second component provides for the transfer of equity interests in each of the Company's operating subsidiaries in Zimbabwe to Community Share Ownership Trusts ("CSOT") and Employee Share Ownership Schemes ("ESOS") amounting to 10% and 5%, respectively. The equity interests in the Company's Zimbabwe operating subsidiaries to be transferred to these entities are expected to provide a direct and broad-based participation in New Dawn's Zimbabwe mining operations by indigenous Zimbabweans. To take account of this dilution of New Dawn's interests in its Zimbabwe subsidiaries and to meet the additional effective 36% equity ownership of those subsidiaries by indigenous Zimbabweans through investment in New Dawn, the equity interest of New Dawn that would ultimately be acquired by indigenous investor groups and NIEEF would comprise approximately 42%.
The Company's Plan of Indigenisation, as modified, includes the participation by NIEEF at the New Dawn level through an equity instrument analogous to a warrant, and is still under consideration by the Government of Zimbabwe. The Company is working to facilitate the finalisation and implementation of its Plan of Indigenisation. The Company has commenced the initial implementation process with respect to its Plan of Indigenisation, which includes the signing of non-binding term sheets with several indigenous investor groups that are intended to provide the requisite indigenous element at the New Dawn level. The Company has also engaged with NIEEB with regard to the process, structure and timeframes required to implement the CSOT and ESOS components of the Company's Plan of Indigenisation.
In order to enable the transfer of these equity interests as currently configured, each Zimbabwe subsidiary must be wholly-owned by New Dawn. As New Dawn currently holds 84.7%, of the equity of Falgold, the Company has been in the process of attempting to acquire the balance of the shares of Falgold from the non-controlling interests. This process, which commenced in September 2012, has proceeded via a Scheme of Arrangement under the Companies Act of Zimbabwe and both the minority interests of Falgold and the High Court in Zimbabwe (the "Court") have approved the Scheme of Arrangement.
The offer presented to and accepted by the non-controlling shareholders of Falgold and the Court was US$0.20 cash for each Falgold share held or, with a specified election by the shareholder, the exchange of one New Dawn common share for every five Falgold shares held. A maximum of 2,899,888 common shares of New Dawn are issuable in respect of this transaction, but such number may be significantly less, depending on how many shareholders would elect to receive cash rather than common shares of New Dawn. If a Falgold shareholder does not make an election, the default payment would be in the form of cash, payable after a specified period of time.
Completion of the transaction is subject to several uncertainties. With the decline in the market price of New Dawn's common shares over the past several months, it is uncertain whether Falgold minority shareholders would elect to receive New Dawn common shares or cash. If regulatory approvals for the transaction were forthcoming, the Company would be required to arrange funding, most likely through a Zimbabwe funding source, to provide up to $3 million to acquire the shares of the Falgold minority shareholders, payable when such shares are actually tendered to Falgold. Given the current negative market conditions, it is not certain that such funds could be raised on a timely basis and under reasonable terms and conditions, or at all. In addition, the Toronto Stock Exchange (the "TSX") had previously approved the listing of any common shares of New Dawn issued pursuant to the transaction, subject to certain conditions. As the transaction was not completed within the timeline included in their conditions, the listing approval has lapsed. Before the completion of the transaction, the Company would have to re-apply for the listing approval. The final significant condition to be satisfied in order to complete the Scheme of Arrangement is the receipt of regulatory approval by the Government of Zimbabwe, which approval is uncertain at this time.
New Dawn operates in Zimbabwe through three subsidiaries, and these subsidiaries currently operate five mines in different communities throughout Zimbabwe. Accordingly, because of this configuration, it is not currently legally feasible for a community around a specific mine site to be issued shares in a subsidiary. In order to resolve this issue, the Company has made application to governmental authorities in Zimbabwe to address certain tax, securities and regulatory matters so that it can reorganize its mining assets in Zimbabwe to facilitate implementation of its Plan of Indigenisation. This reorganisation would result in the mines in a specific geographic area being legally owned by only one subsidiary, which would allow for the 10% shareholding in such subsidiary to be allocated to the local Community Share Ownership Trust. Tax clearance has been received, subject to compliance with indigenisation laws. This reorganisation would be implemented once the Scheme of Arrangement has been completed and the Company's plan of indigenisation has been approved.
Due to various multi-jurisdictional legal, securities, tax and regulatory issues, the Company expects that the implementation of its Plan of Indigenisation, once approved, may take several months or more to accomplish and may be done in stages.
As there still continues to be substantial uncertainty surrounding the implementation of indigenisation policy in Zimbabwe, there can be no assurances that the Company will be successful in its efforts to comply with the indigenisation laws and regulations under commercially viable terms and conditions, or at all. The Company is currently unable to predict the effect of an inability to conclude or implement a Plan of Indigenisation under terms acceptable to all stakeholders and regulatory authorities, but such failure could include the termination of the Company's mining licenses in Zimbabwe and the loss of ownership and/or control of the Company's mines or subsidiaries in Zimbabwe without monetary compensation.
The Company has reported certain performance measures that are not recognized accounting measures under IFRS, specifically, Adjusted EBITDA, Cash Costs per Ounce, and Attributable measures. These non-IFRS performance measures do not have any standardised meaning and, therefore, are not necessarily comparable to similar measures presented by other companies. However, the Company believes that, in addition to conventional measures prepared in accordance with IFRS, certain investors may find this information useful in their evaluation of the Company's performance. Accordingly, these non-IFRS measures are intended to provide additional information, but they should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS.
Information on these performance measures and their calculation is included in the Company's Management's Discussion and Analysis for the quarter ended June 30, 2013.
ABOUT NEW DAWN
New Dawn is a junior gold mining company listed on the Toronto Stock Exchange that is focused on developing its gold mining assets and operations in Zimbabwe. New Dawn owns 100% of the Turk and Angelus, Old Nic and Camperdown Mines. In addition, through its Falcon Gold Zimbabwe Limited subsidiary, New Dawn currently owns 84.7% of the Dalny, Golden Quarry and Venice Mines, and a portfolio of prospective exploration acreage in Zimbabwe. With the exception of the Venice Mine, all of these mines are currently operational, and are geographically divided into three major gold camps.
The Toronto Stock Exchange has not reviewed and does not accept responsibility for the adequacy or the accuracy of this news release.
Additional information on New Dawn and the matters discussed herein can be obtained on the Company's web-site at www.newdawnmining.com or in the Company's filings on SEDAR at www.sedar.com.
Special Note Regarding Forward-Looking Statements: Certain statements included or incorporated by reference in this news release, including information as to the future financial or operating performance of the Company, its subsidiaries and its projects, constitute forward-looking statements. The words "believe," "expect," "anticipate," "contemplate," "target," "plan," "intends," "continue," "budget," "estimate," "may," "schedule" and similar expressions identify forward-looking statements. Forward-looking statements include, among other things, statements regarding targets, estimates and assumptions in respect of gold production and prices, operating costs, results and capital expenditures, mineral reserves and mineral resources and anticipated grades and recovery rates. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by the Company, are inherently subject to significant business, economic, competitive, political and social uncertainties and contingencies. Many factors could cause the Company's actual results to differ materially from those expressed or implied in any forward-looking statements made by, or on behalf of, the Company. Such factors include, among others, risks relating to reserve and resource estimates, gold prices, exploration, development and operating risks, political and foreign risk, uninsurable risks, competition, limited mining operations, production risks, environmental regulation and liability, government regulation, currency fluctuations, recent losses and write-downs and dependence on key employees. See "Risk Factors" in the Company's Management's Discussion and Analysis - 2012. Due to risks and uncertainties, including the risks and uncertainties identified above, actual events may differ materially from current expectations. Investors are cautioned that forward-looking statements are not guarantees of future performance and, accordingly, investors are cautioned not to put undue reliance on forward-looking statements due to the inherent uncertainty therein. Forward-looking statements are made as of the date of this press release and the Company disclaims any intent or obligation to update publicly such forward-looking statements, whether as a result of new information, future events or results or otherwise.
SOURCE: New Dawn Mining Corp.
For further information:
New Dawn investor relations can be contacted as follows:
Telephone: +1 416.585.7890 ext 230
Visit New Dawn on the internet at www.newdawnmining.com