Vancouver, BC / ACCESSWIRE / 14 August 2014 / Newlox Gold Ventures Corp. ("Newlox" or "the Company") (CSE: LUX, XETRA(R): NGO) is pleased to announce an update on its ongoing trading program.
Newlox Gold Ventures Corp. reports that its Trading Program is progressing well, with profit margins within expectations and an increasing volume of trades.
From February 2014 to 1 August the Company has completed 150+ trades totalling in excess of 17 Kilos of gold at an average purity of 52% Au. Completed trades to date value ?176,133,866.00 (C$348,355.00) and have an average gross margin of 11% per trade. Considering current growth rate and a trading float of $50,000, the trading program is on track to achieve an annualized gross margin of 153%.
By employing a rapid turnaround on purchases and high frequency of trades, Newlox has been able to generate meaningful revenue based upon modest margins per transaction while mitigating risk associated with commodity price volatility. Trading has performed admirably and continues to ramp-up. With the benefit of a strong network of contacts and an excellent local reputation, the business is growing encouragingly.
While the tailings processing operations remains the company's main focus, management intends to be quick on their feet in taking advantage of new opportunities which fit with their overall strategy of rapidly generating operational cash flow. The trading program is intended to provide supplemtal revenues to the environmental reclamation and gold recovery programs, which are currently ramping up.
The annual audited financial statements of Newlox, which reflect the year ended March 31st, prior to the acquisition of Oro Roca SA. have been completed. A Business Acquisition Report (BAR) with audited and interim statements attached in respect of the purchase of its Costa Rican subsidiary on April 14, 2014 has also been completed.
Further operations updates will follow shortly.
For Further information See; www.newloxgold.com
On Behalf of the Board, Newlox Gold Ventures Corp.
Email: [email protected]
Telephone: +1 604 617 7221
SOURCE: Newlox Gold Ventures Corp.