TSX Venture Exchange
Symbol: NWM
TORONTO,
June 2, 2014 /CNW/ - NWM Mining
Corporation ("NWM" or the "Company") (TSX-V: NWM) announces
that it has extended the due date of the current debt outstanding
from April 30, 2014 to June 30,
2014. The extension provides further time (see the Company's
press releases dated January 30,
2014, November
29, October 31 and October 1,
2013) extension for the ongoing negotiations to be concluded
with the Company's lender (Renvest Mercantile Bancorp through its
Global Resource Fund), as set out in the Company's press release
dated June 14, 2013.
As previously announced in the release dated
November 7, 2013, pursuant to the
ongoing efforts to complete the company's loan agreement extension,
Global Resource Fund has agreed to continue to temporarily defer
and accrue monthly interest payments. Additionally, Global Resource
Fund has provided an additional $200,000 demand loan to cover several one-time
payments required which will be repaid in 2014 once delayed tax
receivables from the Mexican tax authorities have been
received. The demand loan carries an interest rate of
15%.
Darren Koningen,
President and CEO for NWM noted "We continue to engage in
constructive discussions with our lender and thank them for their
ongoing support. As part of our strategic alternatives review
process, we are continuing to advance discussions with a number of
parties."
The March 31, 2014
financial statements and Management Discussion and Analysis have
been filed on SEDAR. Net loss for the first quarter was
$1,166,754 as compared to income of
$164,471 before tax in the
comparative quarter in the prior year. Excluding non-cash
items overall NWM corporate operations for the quarter were a loss
of $697,116. At the mine level
operations produced a gross profit (excluding non-cash items) of
$269,921.
During the first quarter 544,919 tonnes of ore
were mined containing approximately 7,188 ounces of gold. The
mine produced 5,117 gold ounces in the quarter.
About NWM Mining Corporation
NWM is in commercial gold production at its
wholly owned Lluvia-Jojoba gold mine. The mine is an open pit heap
leach operation in Sonora State,
Mexico. Management believes the
property is significantly under-explored and hosts potential to
provide further gold discoveries and resource and reserve upgrades.
While management has focused in the past on developing the mine and
supporting cash flows, this has now shifted to increasing mining
rates and drilling to expand geological resources and reserves.
Additional information about NWM can be found on
the NWM website at www.nwmcorp.ca or on SEDAR at www.sedar.com.
Neither the TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy of this release.
SOURCE NWM Mining Corporation