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New Gold Inc T.NGD

Alternate Symbol(s):  NGD

Consumer Cyclical Metals & Mining Home Furnishings & Fixtures Gold
New Gold Inc. is a Canada-based intermediate gold mining company, which is engaged in the development and operation of mineral properties. The assets of the Company, directly or through its subsidiaries, are comprised of the Rainy River Mine in Canada (Rainy River), the New Afton Mine in Canada (New Afton), and the Cerro San Pedro Mine in Mexico (for reclamation) (Cerro San Pedro). The Company also holds approximately a 5% equity stake in Artemis Gold Inc., and other Canadian-focused investments. The Rainy River is a gold mine located in Northwestern Ontario, Canada, approximately 50 kilometers (km) northwest of Fort Frances, Ontario. The New Afton mine is located approximately 10 km west of Kamloops, approximately 350 km northeast of Vancouver, British Columbia, Canada. The Cerro San Pedro Mine is located approximately 20 km northeast of San Luis Potosi, Cerro San Pedro, Mexico.


TSX:NGD - Post by User

New Gold Inc
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Post by goldishon Mar 10, 2010 1:10pm
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Post# 16866330

ruling this month

ruling this month
New Gold plans Cerro San Pedro scoping study, expects ruling this month - Mexico

Published: Friday, March 5, 2010 17:43 (GMT -0400)


Vancouver-based New Gold (TSX, Amex: NGD) is evaluating initial drilling results and potential economics, and intends to complete preliminary metallurgical testing, additional drilling and a preliminary scoping study to expand resources at its Cerro San Pedro mine in Mexico, executive chairman Randall Oliphant said during a conference call Friday.
During 2009, the company drilled 29 core holes extending from the bottom of the Cerro San Pedro open pit, and established a 3.5Moz inferred sulphide gold resource with an additional 76Moz of silver as well as lead and zinc.
Capital expenditures at the mine are forecast to be US$10.8mn in 2010, the company said in a statement.
New Gold is involved with ongoing challenges relating to its environmental impact statement for Cerro San Pedro and had a hearing on February 9 in a San Luis Potosí state court regarding its blasting permit.
During the call, CEO Robert Gallagher said "the hearing had a favorable outcome and the judge is in the final process of making his decision, and we expect to have that out by the middle of this month."
Cerro San Pedro produced 95,502oz in 2009, compared to 84,561oz in the prior year. The increase was due to more tons mined and further improved leach pad recoveries, partially offset by lower gold grades.
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