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Share Name | Share Symbol | Market | Type |
---|---|---|---|
New Gold Inc | AMEX:NGD | AMEX | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.03 | 1.67% | 1.83 | 1.865 | 1.79 | 1.84 | 5,108,681 | 00:17:02 |
New Gold Inc. (“New Gold” or the “Company”) (TSX and NYSE American: NGD) reports in-line first quarter operating results from the Rainy River and New Afton Mines. (All amounts are in US dollars unless otherwise indicated.)
First Quarter and Recent Operational Highlights
“We are encouraged by the progress made at Rainy River during the first quarter as we re-position the operation for efficient and sustainable mining. Concurrently, we continue to prioritize the completion of the remaining construction and the optimization of the life of mine plan in order to position the operation to deliver free cash flow starting in late 2020,” stated Renaud Adams, CEO. “The New Afton Mine reported another strong quarter of operating results as the team further advanced the development of the C-zone. We are particularly encouraged with the organic growth potential of the D-zone with the first hole of the exploration drilling program intersecting 140 metres of mineralization located 360 metres below the C-zone.”
First Quarter Production Highlights
Gold Eq. Produced1 (oz) Q1 2019 2019 Guidance Rainy River2 62,278 250,000 – 275,000 New Afton3 60,986 215,000 – 245,000 Gold Produced (oz) Q1 2019 Rainy River 61,557 245,000 – 270,000 New Afton 17,841 55,000 - 65,000 Copper Produced (Mlbs)3 Q1 2019 Total Copper Produced (Mlbs) 19.5 75 - 85Rainy River Mine Operational Highlights
Rainy River Mine Q1 18 Q2 18 Q3 18 Q4 18 Q1 2019 Tonnes mined per day (ore and waste) 112,432 107,416 102,290 111,507 111,679 Ore tonnes mined per day 36,296 36,043 30,439 32,054 15,739 Operating waste tonnes per day 54,321 43,570 23,333 67,406 62,955 Capitalized waste tonnes per day 21,816 27,802 48,518 12,047 32,986 Strip ratio (waste:ore) 2.1 1.98 2.36 2.48 6.10 Tonnes milled per calendar day 17,534 16,549 16,962 20,668 19,725 Gold grade milled (g/t) 1.08 1.24 1.21 1.42 1.19 Gold recovery (%) 81% 87% 87% 89% 90% Mill availability (%) 77% 74% 76% 80% 89% Gold production (oz) 39,325 55,219 55,538 77,202 61,557 Gold eq. production1 (oz) 40,016 55,984 56,275 78,074 62,278New Afton Mine Operational Highlights
New Afton Mine Q1 18 Q2 18 Q3 18 Q4 18 Q1 19 Underground mine tpd 16,751 13,654 17,105 17,099 15,824 Gold grade milled (g/t) 0.57 0.50 0.55 0.51 0.50 Gold recovery (%) 84.1 85.5 84.7 83.5 83.2 Gold production (oz) 19,998 18,637 19,916 18,778 17,841 Copper grade milled (%) 0.94 0.82 0.89 0.82 0.80 Copper recovery (%) 83.2 83.8 83.0 83.0 83.20 Copper production (Mlbs) 22.2 20.4 21.7 20.8 19.53 Gold equivalent production1 (oz) 73,717 68,340 70,416 67,191 60,986 1. Gold equivalent ounces for New Afton includes silver ounces and copper pounds produced converted to a gold equivalent based on a ratio of the average spot market prices for the commodities for each period. The ratio for Q1 2019 was calculated based on average spot market prices of $1,304 per gold ounce, $15.57 per silver ounce and $2.82 per copper pound, and includes 76,130 ounces of silver. All copper is produced by the New Afton Mine.Upcoming News and Events
About New Gold Inc.
New Gold is a Canadian-focused intermediate gold mining company. The Company has a portfolio of two core producing assets in top-rated jurisdictions, the Rainy River and New Afton Mines in Canada. The Company also operates the Cerro San Pedro Mine in Mexico (which transitioned to residual leaching in 016). In addition, New Gold owns 100% of the Blackwater project located in Canada. New Gold’s objective is to be a leading intermediate gold producer, focused on the environment and social responsibility. For further information on the Company, please visit www.newgold.com.
Cautionary Note Regarding Forward-Looking Statements
Certain information contained in this news release, including any information relating to New Gold’s future financial or operating performance are “forward looking”. All statements in this news release, other than statements of historical fact, which address events, results, outcomes or developments that New Gold expects to occur are “forward-looking statements”. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the use of forward-looking terminology such as “plans”, “expects”, “is expected”, “budget”, “scheduled”, “targeted”, “estimates”, “forecasts”, “intends”, “anticipates”, “projects”, “potential”, “believes” or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “should”, “might” or “will be taken”, “occur” or “be achieved” or the negative connotation of such terms. Forward-looking statements in this news release include, among others, statements with respect to: planned development and exploration activities and timing for 2019 and future years.
All forward-looking statements in this news release are based on the opinions and estimates of management as of the date such statements are made and are subject to important risk factors and uncertainties, many of which are beyond New Gold’s ability to control or predict. Certain material assumptions regarding such forward-looking statements are discussed in this news release, New Gold’s latest annual management’s discussion and analysis (“MD&A”), Annual Information Form and Technical Reports filed at www.sedar.com and on EDGAR at www.sec.gov. In addition to, and subject to, such assumptions discussed in more detail elsewhere, the forward-looking statements in this news release are also subject to the following assumptions: (1) there being no significant disruptions affecting New Gold’s operations; (2) political and legal developments in jurisdictions where New Gold operates, or may in the future operate, being consistent with New Gold’s current expectations; (3) the accuracy of New Gold’s current mineral reserve and mineral resource estimates; (4) the exchange rate between the Canadian dollar and U.S. dollar, and to a lesser extent, the Mexican Peso, being approximately consistent with current levels; (5) prices for diesel, natural gas, fuel oil, electricity and other key supplies being approximately consistent with current levels; (6) equipment, labour and materials costs increasing on a basis consistent with New Gold’s current expectations; (7) arrangements with First Nations and other Aboriginal groups in respect of the Rainy River mine and Blackwater project being consistent with New Gold’s current expectations; and (8) all required permits, licenses and authorizations being obtained from the relevant governments and other relevant stakeholders within the expected timelines and the absence of material negative comments during the applicable regulatory processes.
Forward-looking statements are necessarily based on estimates and assumptions that are inherently subject to known and unknown risks, uncertainties and other factors that may cause actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking statements. Such factors include, without limitation: significant capital requirements and the availability and management of capital resources; additional funding requirements; price volatility in the spot and forward markets for metals and other commodities; fluctuations in the international currency markets and in the rates of exchange of the currencies of Canada, the United States and, to a lesser extent, Mexico; discrepancies between actual and estimated production, between actual and estimated mineral reserves and mineral resources and between actual and estimated metallurgical recoveries; risks related to early production at the Rainy River Mine, including failure of equipment, machinery, the process circuit or other processes to perform as designed or intended; fluctuation in treatment and refining charges; changes in national and local government legislation in Canada, the United States and, to a lesser extent, Mexico or any other country in which New Gold currently or may in the future carry on business; taxation; controls, regulations and political or economic developments in the countries in which New Gold does or may carry on business; the speculative nature of mineral exploration and development, including the risks of obtaining and maintaining the validity and enforceability of the necessary licenses and permits and complying with the permitting requirements of each jurisdiction in which New Gold operates, the lack of certainty with respect to foreign legal systems, which may not be immune from the influence of political pressure, corruption or other factors that are inconsistent with the rule of law; the uncertainties inherent to current and future legal challenges New Gold is or may become a party to; diminishing quantities or grades of mineral reserves and mineral resources; competition; loss of key employees; rising costs of labour, supplies, fuel and equipment; actual results of current exploration or reclamation activities; uncertainties inherent to mining economic studies; changes in project parameters as plans continue to be refined; accidents; labour disputes; defective title to mineral claims or property or contests over claims to mineral properties; unexpected delays and costs inherent to consulting and accommodating rights of Indigenous groups; risks, uncertainties and unanticipated delays associated with obtaining and maintaining necessary licenses, permits and authorizations and complying with permitting requirements. In addition, there are risks and hazards associated with the business of mineral exploration, development and mining, including environmental events and hazards, industrial accidents, unusual or unexpected formations, pressures, cave-ins, flooding and gold bullion losses and risks associated with the start of production of a mine, such as Rainy River, (and the risk of inadequate insurance or inability to obtain insurance to cover these risks) as well as “Risk Factors” included in New Gold’s Annual Information Form, MD&A and other disclosure documents filed on and available at www.sedar.com and on EDGAR at www.sec.gov. Forward-looking statements are not guarantees of future performance, and actual results and future events could materially differ from those anticipated in such statements. All of the forward-looking statements contained in this news release are qualified by these cautionary statements. New Gold expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, events or otherwise, except in accordance with applicable securities laws.
Technical Information
The scientific and technical information contained herein has been reviewed and approved by Eric Vinet, Vice President, Technical Services of New Gold. Mr. Vinet is a Professional Engineer and member of the Ordre des ingénieurs du Québec. He is a "Qualified Person" for the purposes of NI 43-101.
View source version on businesswire.com: https://www.businesswire.com/news/home/20190407005040/en/
Anne DayVice President, Investor RelationsDirect: +1 (416) 324-6003Email: anne.day@newgold.comJulie TaylorDirector, Corporate Communications and Investor RelationsDirect: +1 (416) 324-6015Toll free: +1 (888) 315-9715Email: info@newgold.com
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