NWM Mining Corporation Announces Executive Appointments
May 22 13
NWM Mining Corporation announced that Mr. Darren Koningen, P.Eng and Mr. Pedro Delgado, P.Eng have joined the company as President and COO and General Manager respectively. Mr. Delgado, P.Eng brings more than 20 years of mining and mining management experience to the Company.
He has served as mine manager in several successful mining operations in Mexico and was onsite manager for the commissioning and expansion plans implemented at the Castillo Gold Mine for Castle Gold Corp. Mr. Delgado is responsible for onsite operations and for the ramp-up in gold production projected for the company this year. Also joining Pedro at Lluvia de Oro, are a number of other key senior members of his management team from Castle Gold.
NWM Mining Corporation Reports Earnings and Production Results for the Fourth Quarter and Year Ended December 31, 2012
May 2 13
NWM Mining Corporation reported earnings and production results for the fourth quarter and year ended December 31, 2012. For the quarter, the company reported loss from operations of $599,780 against $1,334,721 a year ago. Loss was $599,780 compared to $1,334,721 a year ago. Basic and diluted loss per share was $0.001 compared to $0.003 a year ago. Cash used in operations was $438,798 compared to $766,273 a year ago.
For the year, the company reported profit from operations of $1,393,813 against loss from operations of $6,586,509 a year ago. Earnings were $3,393,813 compared to loss of $6,586,509 a year ago. Basic and diluted earnings per share were $0.01 compared to basic and diluted loss per share of $0.02 a year ago. Cash from operations was $6,722,006 compared to cash used in operations of $3,484,611 a year ago.
For the quarter, the company produced 5,175 ounces of gold against 2,846 ounces of gold a year ago. Gold revenues amounted to $7,732,103.
For the year, gold revenues amounted to $29,488,266. The company produced 19,094 ounces of gold against 6,555 ounces of gold a year ago.
NWM Mining Corporation Announces Drill Program to Increase Resources/Reserves at Lluvia De Oro
Apr 4 13
NWM Mining Corporation is initiating a drill program with the objective of adding mineral resources and mineral reserves at the company's Lluvia de Oro mine in Sonora, Mexico. The primary focus of the program will be to upgrade a significant portion of the currently defined inferred resources (approximately 200,000 ounces /17,000,000 tonnes at 0.36 g/t Au)(1) at the Lluvia de Oro deposit to a status of measured and indicated mineral resources. The cost structure of the current mining operations indicates that these mineral resources can then be converted to mineral reserves. In addition, the drill program will also aim to define new inferred resources along strike from the currently defined mine reserves. An updated reserve/resource estimate is expected to be completed during the summer of 2013. Highlights for the planned resource expansion program include: The inclusion of new data from 111 drill holes (75 diamond/"DD" and 35 reverse circulation/"RC") totaling approximately 18,000 meters that were completed prior to the existing resource estimate (2010). These holes have been re-logged and prepared for data analysis. The holes were completed to test extensions of the Lluvia de Oro deposit as well as to test other prospective locations within NWM Mining's 5,700 Ha contiguous claim area. Approximately 5,000 meters of RC drilling that is targeted specifically at areas of the Lluvia de Oro deposit containing significant quantities of inferred gold resources. The goal is to convert a substantial portion of these gold ounces into measured and indicated resources. Recent geological modeling has clearly identified potential areas for extension of the Lluvia de Oro orebody along strike from the current reserves. A portion of the currently planned program will target these areas in order to expand the overall resource base. A small grid of shallow drill holes will be completed at the company's Gold Ridge target located adjacent to the Lluvia de Oro deposit in an area where test mining was undertaken in 2012. The objective of this work is to better define the geological continuity of this highly prospective area. The new management team continues to make progress at Lluvia de Oro including developing a more comprehensive understanding of the geological model for the Lluvia de Oro deposit. This work has allowed NWM to optimize this Phase 1 program such that a modest quantity of drilling can be leveraged to have the maximum impact on growing overall project resources. The Lluvia-Jojoba property is underexplored and the planned drill program is expected to add meaningfully to gold reserves and mine life. Additional operational changes continue to be implemented at site as mine production rates ramp up over the course of 2013.