New World Gold Drops While Volume Stays Up

New World Gold (OTC: NWGC) closed at a share price of $0.09, posting a loss of 5.26%.  Volume of New World Gold, however, stays up at 923,985.00, bypassing its average of 179,929.00 for the day. New World Gold has been giving volatile performance at over-the-counter market this year. After today’s drop, shares of New World Gold have a total loss of 3.23% in price.

The high volume of New World Gold is linked to its recent announcements.

New World Gold announced yesterday that it has hired an independent mining engineer to evaluate the company’s additional new reserves. Previous reports indicate that New World Gold has 695,000 ounces of proven, developed ounces of gold. The company has 5 producing gold mines and 3 fully-operating mills. The mills have the current capacity to produce 380 tons of ore per day.

Based on the exploration, development work and the analytical data accumulated, the company believes that its proven developed reserves of gold will increase substantially.

The short-term goal of the company is to process 150 tons of ore per day increasing to 250 tons of ore per day by the end of September 2012. This will substantially increase revenue and profits for 2012. The company is anticipating significant growth as it brings its mills up to production capacity and brings additional concessions on production. The company will also continue to generate other revenue and profits by milling ore from other mines.

On May 15th, 2012, New World Gold Corp released its financial statements for the first quarter ending by March 31, 2012.

The financial statements for the first quarter period ending March 31, 2012 show revenues of $1,517,077 compared to revenues of $1,253,973 last year. Net profit for the first quarter of 2012 was $249,506 versus $84,364 last year. This represents an increase of 196%. The Company has an inventory of $514,572. The company is projecting a profit for 2012 to exceed $1,000,000 which is a significant increase over last year.

The company had increases in both revenue and profits in the first quarter of 2012. These increases were a result of increased production in its mines and mills.

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Published by Fiona Gibson

Fiona is a finance graduate and an expert in analyzing market trends.