TORONTO, Dec. 19, 2016 /PRNewswire/ - New Gold Inc. ("New
Gold") (TSX:NGD) (NYSE MKT:NGD) is pleased to announce that
Hannes Portmann has been named
President of New Gold. Randall
Oliphant will continue in his role of Executive Chairman and
Brian Penny will continue as
Executive Vice President and Chief Financial Officer. David Schummer, Executive Vice President and
Chief Operating Officer, is leaving New Gold and Raymond Threlkeld, currently a member of the
company's Board of Directors, will become Interim Chief Operating
Officer.
Mr. Portmann was originally with Western Goldfields Inc.
("Western Goldfields") from 2008 until its 2009 merger with New
Gold. After the merger, Mr. Portmann's primary focus was leading
New Gold's corporate development team. Over the last several years
he has taken on progressively more responsibility in other facets
of the business, including investor relations, human resources and
exploration, culminating in his role as Executive Vice President,
Business Development of the company. He has played a key role in
the transactions that have resulted in New Gold having a
strong portfolio of assets that combines free cash flow
generating mines and significant growth projects. Mr. Portmann
has a Bachelor of Science in mining engineering from Queen's
University and is a Chartered Professional Accountant.
"On behalf of our Board of Directors and the entire New Gold
team, I congratulate Hannes on this well-deserved recognition,"
stated Randall Oliphant, Executive
Chairman. "Having worked in many roles with New Gold and
predecessor companies since 2008, Hannes has a deep understanding
of the value drivers of both our company and the industry. I look
forward to working closely with Hannes, Brian, Ray and the rest of
our team to deliver on our commitment of generating long-term
shareholder value."
"On behalf of New Gold, I would also like to thank Dave for his
contributions since joining the company in September 2014. We all wish him great success in
his future endeavours," added Mr. Oliphant.
As Interim Chief Operating Officer, Mr. Threlkeld's primary
responsibility will be to lead the project development team through
the continued construction of the company's Rainy River project, which is currently over
65% complete and on schedule to begin production in mid-2017. Mr.
Threlkeld has extensive history with both the company and the Rainy
River project. He was President and Chief Executive Officer of
Western Goldfields from 2006 through its 2009 merger with New Gold.
Thereafter, Mr. Threlkeld was President and Chief Executive Officer
of Rainy River Resources Ltd. through 2013 when it was acquired by
New Gold. Mr. Threlkeld adds a tremendous breadth and depth of
experience to the team which is underpinned by his strong track
record of successful project development and value creation. New
Gold will commence a comprehensive search process to recruit a
permanent Chief Operating Officer.
Cory Atiyeh, Vice President,
Operations, will continue in his current role and report to Mr.
Threlkeld. Mr. Atiyeh will continue to be responsible for the
company's operating mines, which remain on track to meet 2016
production guidance at costs that are within, or potentially below,
the guidance ranges. Mr. Atiyeh has been with New Gold since the
company's 2009 merger with Western Goldfields. He and Mr. Threlkeld
previously worked together at Western Goldfields where Mr.
Threlkeld hired Mr. Atiyeh as General Manager of the Mesquite mine.
Mr. Atiyeh was General Manager of the mine from 2006 until early
2016 when he was promoted to his current role.
New Gold looks forward to providing a summary of the company's
2016 operating results and 2017 guidance, as well as a Rainy River project update, in the second half
of January 2017.
ABOUT NEW GOLD INC.
New Gold is an intermediate gold mining company. The company has
a portfolio of four producing assets and two significant
development projects. The New Afton Mine in Canada, the Mesquite Mine in the United States, the Peak Mines in
Australia and the Cerro San Pedro
Mine in Mexico, provide the
company with its current production base. In addition, New Gold
owns 100% of the Rainy River and Blackwater projects, both in
Canada, as well as a 4% gold
stream on the El Morro project located in Chile. 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, statements with respect to: production and
cost guidance and expected production and costs for 2016; and the
expected commencement of production at the Rainy River
project.
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 annual and quarterly management's discussion and analysis
("MD&A"), its Annual Information Form and its Technical Reports
filed at www.sedar.com. 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 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, Australian dollar and U.S. dollar
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 Indigenous
groups in respect of the Rainy River 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.
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 and the United States; discrepancies between
actual and estimated production, between actual and estimated
mineral reserves and mineral resources and between actual and
estimated metallurgical recoveries; changes in national and local
government legislation; taxation; controls, regulations and
political or economic developments in the countries in which New
Gold does or may carry on business; 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,
including, but not limited to: in Canada, obtaining the necessary permits for
the Rainy River project; the uncertainties inherent to current and
future legal challenges New Gold is or may become a party to;
diminishing quantities or grades of reserves and resources; loss of
key employees; rising costs of labour, supplies, fuel and
equipment; 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 the risk of inadequate
insurance or inability to obtain insurance to cover these risks) as
well as "Risk Factors" included in New Gold's disclosure documents
filed on and available at www.sedar.com. 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.