New World Gold Corporation Shows Increased Profits With Third Quarter Financial Results
October 21 2013 - 6:00AM
Marketwired
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
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