Central African Gold realised more than US$5 million in gold sales during the quarter ended September 30, as the company began to yield positive results since its takeover by New Dawn Mining.
According to latest statistics, CAG, which is 89 percent controlled by New Dawn, increased gold production during the third quarter by 27,7 percent to 3 243 ounces.
The company attributed the increase in production to greater tonnage of ore mined and processed at the Turk and Angelus Mines and limited production from the Central African Gold properties.
The development saw gold sales at the mining company increasing to US$5 million, a 42,5 percent increase on the figure realised during the second quarter.
Total sales during the quarter were buoyed by firm international prices of gold, which averaged US$1 239 per ounce compared to US$1 194 obtaining previously.
At New Dawn's 100 percent owned entities -- Turk and Angelus Mines -- 3 570 ounces of gold were produced during the quarter ended September 30, marking a 10 percent increase during the three months to end of June.
New Dawn said it expected the CAG properties, Dalny and Old Nic Mines to contribute an increasing proportion of the consolidated gold production in future.
The CAG's properties were conducting limited operations or were on care and maintenance up to June 30, and therefore did not have any gold production or sales for the period from June 16 through to June 30.
New Dawn president and chief executive Mr Ian Saunders indicated that the company would be continually ramping up production as it targets a mid-tier status.
"Inclusive of reserves, New Dawn's attributable gold mineral resource base has increased by 92 percent with the filing of the new Central African Gold NI 43-101 (a mineral resource classification scheme used for the public disclosure of information relating to mineral properties in Canada) -- compliant mineral reserve and resource estimate, as announced on October 19, 2010.
"The quarterly production and sales results announced today are simply the first indication of growth that New Dawn will be embarking upon in the coming quarters and years ahead," he said.
Mr Saunders also said Turk and Angelus Mines had a combined target of 50 000 to 60 000 ounces of gold per year within the next 18 to 24 months.
This would be stepped up to a target of 100 000 ounces within the next four to five years.
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