$NWGC New World Gold Corporation Shows Profits Despite the Drop in the Price of Gold
New World Gold Corporation (PINKSHEETS: NWGC), a gold mining and milling company with operations in Ecuador and Peru, today released its financial results for the six (6) months ended June 30, 2013.
The financial statements for the six (6) months ending June 30, 2013 show gross revenue of $3,641,306 versus $3,349,925, an increase of $291,381 for the same period last year. The net profit for the six months ending June 30, 2013 was $832,173 versus $600,646 last year. This represents an increase of 38.5% over the same period last year. This increase in profit occurred despite the fact that the average price of gold was down by $199.00 per oz compared to the same period last year.
The balance sheet shows an excellent asset to liability ratio of 2.2 to 1. The value of the plant, machinery and equipment increased in value by $923,553 over last year. The construction and mining improvements increased by $649,531.
The Company continues to increase production as it upgrades its mills and increases milling capacity. The Company has increased gross revenue and net profits despite the fact that the average price of an oz of gold has decreased by $199.00 an oz since the same period last year.
The Company processes its own proven reserves as well as processes ore from other miners that do not have milling operations. The Company is showing excellent growth and expects this to continue this growth throughout 2013 and well into 2014. Based on its current mining and milling capacity, the Company is projecting revenues to exceed $11,500,000 for 2013 with projected profits of $2,400,000.
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 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.
New World Gold Corporation
(561) 210 8496
www.newworldgoldcorp.com
New World Gold Corporation (PINKSHEETS: NWGC), a gold mining and milling company with operations in Ecuador and Peru, today released its financial results for the six (6) months ended June 30, 2013.
The financial statements for the six (6) months ending June 30, 2013 show gross revenue of $3,641,306 versus $3,349,925, an increase of $291,381 for the same period last year. The net profit for the six months ending June 30, 2013 was $832,173 versus $600,646 last year. This represents an increase of 38.5% over the same period last year. This increase in profit occurred despite the fact that the average price of gold was down by $199.00 per oz compared to the same period last year.
The balance sheet shows an excellent asset to liability ratio of 2.2 to 1. The value of the plant, machinery and equipment increased in value by $923,553 over last year. The construction and mining improvements increased by $649,531.
The Company continues to increase production as it upgrades its mills and increases milling capacity. The Company has increased gross revenue and net profits despite the fact that the average price of an oz of gold has decreased by $199.00 an oz since the same period last year.
The Company processes its own proven reserves as well as processes ore from other miners that do not have milling operations. The Company is showing excellent growth and expects this to continue this growth throughout 2013 and well into 2014. Based on its current mining and milling capacity, the Company is projecting revenues to exceed $11,500,000 for 2013 with projected profits of $2,400,000.
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 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.
New World Gold Corporation
(561) 210 8496
www.newworldgoldcorp.com
