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New World Gold Corporation Reaches Record Year End Results
By: Marketwired .
Jan. 28, 2013 04:57 PM
BOCA RATON, FL -- (Marketwire) -- 01/28/13 -- New World Gold Corporation (PINKSHEETS: NWGC), a gold mining company with existing operations in Ecuador and Peru, today released its financial results for the year ended December 31, 2012. The financial report was filed and is available on the Pink Sheets. The Company had record financial results.
The financial statements for the year ending December 31, 2012 show revenue of $8,180,127 versus $5,472,194 for the same period last year. This represents an increase of $2,707,933 or 49.5 %. The net profit for the year ending December 31, 2012 was $1,836,664 versus $660,243 last year. This is an increase of $1,176,421 or 178%. The Company had an inventory at December 31, 2012 of $1,447,050 versus $505,755 last year.
The significant increase in revenues and profits is a result of increased production in the mines and continued development in the company mills. The Company also processes ore for other companies for additional cashflow. The total current capacity of the mills is 420 tons of ore per day. The Company also has 2500 tons of concentrate in inventory that it will begin processing this year. Independent laboratory analysis indicates that the concentrate has a value of at least $5000 per ton. It is expected that the Company's revenue and profits will continue to increase as the Company develops its reserves through additional acquisitions.
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 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
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