Strategic Review and Zimbabwe Update

 

TIDMCAN 
 
RNS Number : 3948P 
Central African Gold PLC 
15 July 2010 
 

 Central African Gold Plc / Ticker: CAN / Market: AIM / Sub-sector: Gold Mining 
15 July 2010 
                Central African Gold Plc ('CAG' or 'the Company') 
      Strategic Review and update re discussions with Zimbabwe government 
 
Central African Gold Plc, the AIM quoted gold mining and exploration company, 
announces that, further to the announcement of 8 July 2010, detailing the 
appointment of Robert Weingarten and Ian Saunders to the board of directors of 
CAG ('the Board'), the Board further announces that it is undertaking a 
comprehensive strategic review of all of the Company's operations ('the 
Strategic Review'). 
 
A further announcement will be made following completion of the Strategic 
Review. 
 
The Company also notes the following announcement made by New Dawn Mining Corp 
(TSX:ND) ('New Dawn') on 14 July 2010, relating to New Dawn's investment in CAG: 
 
"New Dawn Engaging with the Zimbabwe Authorities Regarding its Recent 89% 
Investment in Central African Gold Plc 
 
Toronto, Ontario, July 14, 2010 - New Dawn Mining Corp. (TSX:ND) ("New Dawn" or 
the "Company") reported that it has completed a series of meetings with various 
Zimbabwe government authorities regarding New Dawn's June 2010 investment in 
Central African Gold Plc ("CAG"), which resulted in New Dawn's acquisition of an 
approximate 89% equity interest in CAG. 
 
New Dawn also reported that in respect of New Dawn's investment in CAG, New 
Dawn's Zimbabwe subsidiary is currently engaging in discussions and compiling 
documentation for submission to the Zimbabwe Competition and Tariffs Commission. 
 The Competition Act of Zimbabwe (the "Act") requires the submission of various 
documents within 30 days of a defined transaction.  Under the Act, the 
Competition and Tariffs Commission may review whether a transaction (as defined 
in the Act) is or will be contrary to the public interest in Zimbabwe.  If it 
determines that a transaction is contrary to the public interest, the Commission 
has broad powers to require changes to satisfy any public interest concerns. 
 
About New Dawn ... 
 
New Dawn is a Zimbabwe-focused junior gold company currently expanding gold 
production at its Turk and Angelus Mines, exploring for gold, and identifying 
and pursuing other development projects, as well as actively assessing other 
value accretive acquisition opportunities in Zimbabwe. 
 
New Dawn owns and operates the Turk and Angelus Mines in the upper southwest 
area of Zimbabwe that has the potential to produce an estimated 35,000 to 50,000 
ounces of gold per annum.  New Dawn owns the property outright on which these 
mines are located. 
 
New Dawn is currently developing a revised and updated strategic business plan 
in light of its acquisition of a controlling interest in CAG, with a view 
towards reaching consolidated annualized gold production of 50,000 to 60,000 
ounces within the next 18 to 24 months, increasing to 100,000 ounces within four 
to five years, and then ultimately to 200,000 to 250,000 ounces. 
 
Additionally, the Company is reviewing and assessing CAG's extensive portfolio 
of exploration properties in Zimbabwe for future investment and development. 
 
New Dawn's plans with respect to CAG's assets and operations will be developed 
and implemented taking into account New Dawn's ongoing discussions with and 
submissions to the Zimbabwe authorities. 
 
For further information on New Dawn's gold reserves and resources, visit the 
Company's website at www.newdawnmining.com or the Company's filings on SEDAR at 
www.sedar.com. 
 
The TSX has not reviewed and does not accept responsibility for the adequacy or 
the accuracy of this release. 
 
The contents of this news release were supervised and reviewed by Ian R. 
Saunders, B.Sc., who is President, Chief Executive Officer, and a Director of 
New Dawn Mining Corp., and who is a Qualified Person within the meaning of NI 
43-101. 
 
For Further Information: 
Investor Relations Contact:  Richard Buzbuzian +1 416.585.7890 
 
President and Chief Executive Officer:  Ian R. Saunders +1 416.585.7890 
 
Visit us on the internet:  http://www.newdawnmining.com or 
 
Email us at:  [e-mail] 
 
Special Note Regarding Forward-Looking Statements:  Certain statements included 
or incorporated by reference in this news release, including information as to 
the future financial or operating performance of the Company, its subsidiaries 
and its projects, constitute forward-looking statements.  The words "believe," 
"expect," "anticipate," "contemplate," "target," "plan," "intends," "continue," 
"budget," "estimate," "may," "schedule" and similar expressions identify 
forward-looking statements.  Forward-looking statements include, among other 
things, statements regarding targets, estimates and assumptions in respect of 
gold production and prices, operating costs, results and capital expenditures, 
mineral reserves and mineral resources and anticipated grades and recovery 
rates.  Forward-looking statements are necessarily based upon a number of 
estimates and assumptions that, while considered reasonable by the Company, are 
inherently subject to significant business, economic, competitive, political and 
social uncertainties and contingencies.  Many factors could cause the Company's 
actual results to differ materially from those expressed or implied in any 
forward-looking statements made by, or on behalf of, the Company.  Such factors 
include, among others, risks relating to reserve and resource estimates, gold 
prices, exploration, development and operating risks, political and foreign 
risk, uninsurable risks, competition, limited mining operations, production 
risks, environmental regulation and liability, government regulation, currency 
fluctuations, recent losses and write-downs and dependence on key employees. 
See "Risk Factors" in the Company's Annual Information Form - 2009.  Due to 
risks and uncertainties, including the risks and uncertainties identified above, 
actual events may differ materially from current expectations.  Investors are 
cautioned that forward-looking statements are not guarantees of future 
performance and, accordingly, investors are cautioned not to put undue reliance 
on forward-looking statements due to the inherent uncertainty therein. 
Forward-looking statements are made as of the date of this press release and the 
Company disclaims any intent or obligation to update publicly such 
forward-looking statements, whether as a result of new information, future 
events or results or otherwise." 
 
                                  * * ENDS * * 
 
 
For further information please visit www.centralafricangold.comor contact: 
 
+-------------+------------------------+---------------------+ 
| Roy         | Central African Gold   | Tel: [phone]  | 
| Pitchford   | Plc                    | 9985                | 
|             |                        |                     | 
+-------------+------------------------+---------------------+ 
| Stuart      | Strand Hanson Limited  | Tel: [phone]  | 
| Faulkner /  |                        | 3494                | 
| James       |                        |                     | 
| Spinney     |                        |                     | 
|             |                        |                     | 
+-------------+------------------------+---------------------+ 
| Hugo de     | St Brides Media and    | Tel: [phone]  | 
| Salis /     | Finance Ltd            | 1177                | 
| Felicity    |                        |                     | 
| Edwards     |                        |                     | 
+-------------+------------------------+---------------------+ 
 
Notes to Editors 
Central African Gold Plc is a gold mining company with a portfolio of production 
and exploration assets in Africa.  The Company has two subsidiaries in Zimbabwe: 
Falcon Gold Zimbabwe Limited (84.7 per cent. owned) and Olympus Gold Mines 
Limited (100 per cent. owned). 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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