SOURCE: New World Gold Corporation
BOCA RATON, FL--(Marketwire - Aug 15, 2012) - New World Gold Corporation (PINKSHEETS: NWGC), a gold mining company with existing operations in Ecuador and Peru, today released its financial statements for the six (6) months ended June 30, 2012. The financial report was filed and is available on the Pink Sheets.
The financial statements for the six (6) month period ended June 30, 2012 shows revenue of $3,349,925 compared to $1,824,363 for the same period last year. This represents an increase in revenue of 83.6% this year. The net profit for the six (6) months ended June 30, 2012 was $600,646 compared to $265,303 last year, an increase of 226% this year. As of June 30, 2012 the company reported an inventory totaling $841,520.
The net profit for the year ended December 31, 2011 was $660,243. The net profit for the first six (6) months in 2012 was $600,646, almost exceeding the profits for the entire 2011 year. This significant increase in profits was a result of the increased production in the mines and mills. The total current capacity in the mills is 440 tons of ore per day. The Company will continue increasing its proven developed reserves through acquisitions and development of its probable reserves.
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 or 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.