New World Gold Corporation Continues to Show Profits
New World Gold Corporation Continues to Show Profits
BOCA RATON, FL--(Marketwired - Jan 15, 2014) - New World Gold Corporation (PINKSHEETS: NWGC), a gold mining company with existing operations in Ecuador and Peru, today released its financial results for the year ended December 31, 2013. The Company had record financial results despite the fact that the average price of an ounce of gold was over $250 per ounce lower in 2013 versus 2012 (based on the average price of gold according to the London Exchange daily price tables).
The increase in revenue and profits is a result of increased production in the mines and mills, reduction in operating costs and increased efficiency in its milling operation. Revenue for the year ended December 31, 2013 was $8,241,330 versus $8,180,127 in 2012. Net Profit for 2013 was $2,200,758 versus $1,838,664 in 2012, an increase of 19.7%.
During 2013, the Company reduced the cost of operations by $282,499 or 9.2%. The Company increased the value of plant and equipment from $3,844,519 to $4,614,494, an increase of 20%. Construction and mining capital costs were $2,284,758 in 2013 versus $644,164 in 2012. This increase in spending increased efficiency of the Companies mills, reduced costs and increased profits though increased yield. At year end December 31, 2013 the value of inventory at cost was $1,144,297.
The Company projects that revenue and profits will increase in 2014. The Company expects to increase contract milling in 2014 as well as increasing mining and milling of its own reserves. The Company will actively move ahead with the acquisition of addition reserves and increasing the milling capacity of its mills.
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.
The complete financial report is available 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 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.
Contact:
New World Gold Corporation
(561) 210 8496
www.newworldgoldcorp.com
New World Gold Corporation Continues to Show Profits
BOCA RATON, FL--(Marketwired - Jan 15, 2014) - New World Gold Corporation (PINKSHEETS: NWGC), a gold mining company with existing operations in Ecuador and Peru, today released its financial results for the year ended December 31, 2013. The Company had record financial results despite the fact that the average price of an ounce of gold was over $250 per ounce lower in 2013 versus 2012 (based on the average price of gold according to the London Exchange daily price tables).
The increase in revenue and profits is a result of increased production in the mines and mills, reduction in operating costs and increased efficiency in its milling operation. Revenue for the year ended December 31, 2013 was $8,241,330 versus $8,180,127 in 2012. Net Profit for 2013 was $2,200,758 versus $1,838,664 in 2012, an increase of 19.7%.
During 2013, the Company reduced the cost of operations by $282,499 or 9.2%. The Company increased the value of plant and equipment from $3,844,519 to $4,614,494, an increase of 20%. Construction and mining capital costs were $2,284,758 in 2013 versus $644,164 in 2012. This increase in spending increased efficiency of the Companies mills, reduced costs and increased profits though increased yield. At year end December 31, 2013 the value of inventory at cost was $1,144,297.
The Company projects that revenue and profits will increase in 2014. The Company expects to increase contract milling in 2014 as well as increasing mining and milling of its own reserves. The Company will actively move ahead with the acquisition of addition reserves and increasing the milling capacity of its mills.
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.
The complete financial report is available 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 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.
Contact:
New World Gold Corporation
(561) 210 8496
www.newworldgoldcorp.com
