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Decline | Accept

NYSE MKT: NGD 3.79 +0.02 +0.53% Volume: 2,927,620 September 19, 2017
TSX: NGD 4.65 +0.01 +0.22% Volume: 439,156 September 19, 2017
GOLD: US $ 1,311.66 -0.37 -0.03% Volume: September 19, 2017
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projects
  • Overview of Project site
  • Overview of Project site
  • Overview of Project site
  • Overview of Project site
  • Overview of Project site
  • Overview of Project site
Projects

Projects

New Gold owns 100% of the Rainy River and Blackwater projects, both in Canada. 

Rainy River

Rainy River is a gold project located approximately 50 kilometres northwest of Fort Frances, a town of approximately 8,000 people, in northwestern Ontario, Canada. The project property is located near infrastructure and is comprised of approximately 192 square kilometres of freehold and leasehold patented surface rights and mining rights, properties and unpatented mining claims. Rainy River will be a combined open pit and underground mine when it starts production in September 2017.  Covering an area of over 200 square kilometres, Rainy River has multiple important asset qualities including its great jurisdiction, significant annual production potential, long estimated reserve life and continued exploration potential. 

On June 27, 2017, New Gold provided an update on the project.  The mining rate during the second quarter averaged approximately 115,000 tonnes per day despite the impact of the spring thaw.  Overall earthworks are over 85% complete and are tracking in line with New Gold’s updated plan. Starter cell rock deliveries are scheduled for completion in late August 2017. Energization of all key site overhead power lines and construction of the tailings pipeline corridor have been completed.  

All of the key structural components of the process facilities have been finalized and the setting of mechanical equipment and installation of piping, electrical and instrumentation services is close to completion. The primary crusher and conveyor system was successfully commissioned on schedule, and the first crush occurred on May 11, 2017. Commissioning of the ball mill and SAG mill has started and is scheduled to be completed in August 2017. The refining portion of the circuit should be ready to begin commissioning in July 2017. Dry and wet commissioning of the full process circuit is scheduled for August 2017.

The company requires an amendment to Schedule 2 of the Metal Mining Effluent Regulations to close two small creeks and deposit tailings. The proposed amendment was published in Canada Gazette I on May 13, 2017 and was followed by a 30-day public comment period which concluded on June 12, 2017. It is the company’s understanding that the comments received during the comment period were all in support of the project proceeding as proposed. In light of the positive comments, the company has expects that the Schedule 2 amendment will be adopted in the fourth quarter of 2017.  

Project spending at Rainy River during the second quarter is expected to be approximately $170 million, which would bring the total year-to-date project spending to approximately $295 million. The remaining capital cost to the targeted November commercial production is estimated to be approximately $220 million. Of the remaining expenditure, approximately 45% is related to mining and owner’s costs, 45% is related to earthworks, including completion of the starter tailings cell, with the balance of the remaining expenditure related to the completion and commissioning of the process plant.

New Gold continues to look forward to the expected growth in the company’s production and cash flow once Rainy River transitions into operation later this year. Rainy River has multiple important asset qualities including its great jurisdiction, significant annual production potential, long estimated reserve life and continued exploration potential.

Blackwater

The January 2014 Feasibility Study for the Blackwater Project confirmed the parameters of a conventional truck and shovel open pit mine with a 60,000 tonne per day processing plant and average annual gold production of 485,000 ounces during the first nine years of the mine’s anticipated 17-year life. However, due to lower commodity prices and the need for New Gold to ensure that it has maximum flexibility with respect to its future development decisions, the Company announced that it would sequence the development of its projects, with New Gold’s near-term focus being on the advancement of the Rainy River Project. The Company will continue to move the Blackwater Project through its permitting phase during 2017.

Image of Black Water OfficeSign, click below for link to Black Water site

Visit the Blackwater Project office

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