New World Gold Corporation Shows Increased Profits With Third Quarter Financial Results
New World Gold Corporation Shows Increased Profits With Third Quarter Financial Results
BOCA RATON, FL--(Marketwired - Oct 21, 2013) - 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 nine (9) month period ended September 30, 2013. The Company increased profits despite the decline in the average market price of gold by $199 per oz compared to last year. The Company increased its profit by further upgrading production facilities, increased contract processing of ore from other miners without processing facilities and increased production on its own concessions. The Company expects the next year will show even greater revenue and profits.
Gross revenue for the nine (9) month period ended September 30, 2013 was $5,907,327 versus $5,599,342 last year, an increase of $307,985. The net profit for the nine (9) month period was $1,592,262 versus $1,195,579 last year, an increase of $396,683 (33%). The net profit in the third quarter alone was $760,089. This represents a significant increase in production in the third quarter which is expected to continue into the fourth quarter. These financial results continue despite the fact that the average market price of an oz of gold was less by $199.00 per oz for the same period last year.
Examination of the balance sheet shows the value of the plant, machinery and equipment increased from $3,783,519 to $4,544,994. The value of the construction and mining improvements increased from $277,792 to $1,329,575. The Company continues to increase and improve operations by investing profits back into the Company. The Company is anticipating significant growth in the last quarter and during the next fiscal year as the production capacity of the Company's existing facilities increase and become more efficient.
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 the investors can find real time quotes and market information for the Company on www.otcmarket.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, expressed or implied, to differ from predicted outcomes. Risks and uncertainties include but are not limited to product demand, market competitions 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 laws.
New World Gold Corporation
(561) 210 8496
www.newworldgoldcorp.com
New World Gold Corporation Shows Increased Profits With Third Quarter Financial Results
BOCA RATON, FL--(Marketwired - Oct 21, 2013) - 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 nine (9) month period ended September 30, 2013. The Company increased profits despite the decline in the average market price of gold by $199 per oz compared to last year. The Company increased its profit by further upgrading production facilities, increased contract processing of ore from other miners without processing facilities and increased production on its own concessions. The Company expects the next year will show even greater revenue and profits.
Gross revenue for the nine (9) month period ended September 30, 2013 was $5,907,327 versus $5,599,342 last year, an increase of $307,985. The net profit for the nine (9) month period was $1,592,262 versus $1,195,579 last year, an increase of $396,683 (33%). The net profit in the third quarter alone was $760,089. This represents a significant increase in production in the third quarter which is expected to continue into the fourth quarter. These financial results continue despite the fact that the average market price of an oz of gold was less by $199.00 per oz for the same period last year.
Examination of the balance sheet shows the value of the plant, machinery and equipment increased from $3,783,519 to $4,544,994. The value of the construction and mining improvements increased from $277,792 to $1,329,575. The Company continues to increase and improve operations by investing profits back into the Company. The Company is anticipating significant growth in the last quarter and during the next fiscal year as the production capacity of the Company's existing facilities increase and become more efficient.
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 the investors can find real time quotes and market information for the Company on www.otcmarket.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, expressed or implied, to differ from predicted outcomes. Risks and uncertainties include but are not limited to product demand, market competitions 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 laws.
New World Gold Corporation
(561) 210 8496
www.newworldgoldcorp.com
