TORONTO, Oct. 6, 2017 /PRNewswire/ - New Gold Inc.
("New Gold") (TSX:NGD) (NYSE American:NGD) is pleased to report
that it has completed its first gold pour at the Rainy River mine,
and the company's commissioning plans remain on schedule. The first
pour yielded approximately 500 ounces of gold and 600 ounces of
silver.
"Our team is proud to have delivered on all of the key project
milestones since the beginning of 2017, however, the first gold
pour is a particularly special one for New Gold and its
stakeholders," stated Hannes
Portmann, President and Chief Executive Officer. "This
achievement is reflective of a true team effort as it would not
have been possible without the commitment and resilience of our
workforce as well as the strong support of our local communities
and Indigenous partners – thank you."
As previously announced, the Rainy River mine began processing
ore on schedule on September 14,
2017. Since that date, the company has successfully processed
approximately 290,000 tonnes of ore. Inclusive of four days of
intentional downtime as part of the commissioning plan, this
translates to an average processing rate of almost 14,000 tonnes
per day, or 67% of the 21,000 tonne per day nameplate capacity. At
the same time, the mining rate through September has continued to
track on plan which has enabled the mine to deliver the scheduled
quantities of ore to the mill.
About New Gold Inc.
New Gold is an intermediate gold mining company with a portfolio
of five producing assets in top-rated jurisdictions. The New Afton
and Rainy River Mines in Canada,
the Mesquite Mine in the United
States, the Peak Mines in Australia and the Cerro San Pedro Mine in
Mexico (which transitioned to
residual leaching in 2016), provide the company with its current
production base. In addition, New Gold owns 100% of the Blackwater
project located in Canada. New
Gold's objective is to be the 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, targeted timing for commercial production at the
Rainy River mine.
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) arrangements with First Nations
and other Aboriginal groups in respect of the Rainy River project
being consistent with New Gold's current expectations; and (4) all
required permits, licenses and authorizations being obtained from
the relevant governments and other relevant stakeholders within the
expected timelines.
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, Australia and Mexico; discrepancies between actual and
estimated production, between actual and estimated mineral reserves
and mineral resources and between actual and estimated
metallurgical recoveries; fluctuation in treatment and refining
charges; changes in national and local government legislation in
Canada, the United States, Australia and 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; inherent uncertainties with cost estimates and
estimated schedule for the commencement of commercial production at
Rainy River as contemplated; 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
including the feasibility studies for the Rainy River project;
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.
SOURCE New Gold Inc.