TORONTO, July 26, 2017 /CNW/ - New Gold Inc. ("New Gold")
(TSX:NGD) (NYSE American:NGD) today announces new appointments to
its senior management team as the company looks forward to the
Rainy River project's scheduled transition from construction into
operation beginning in September. New Gold is also pleased to
announce the addition of a new director to its Board.
Highlights
- Paula Myson will join New Gold
as Executive Vice President and Chief Financial Officer
- Peter Woodhouse will join New
Gold as Vice President, Projects
- Barry O'Shea has been appointed
Vice President, Business Development
- Marilyn Schonberner has been
appointed to the Board of Directors
- Brian Penny, New Gold's current
Executive Vice President and Chief Financial Officer, will remain
with the company until the end of October to support the
transition
- Raymond Threlkeld's interim
management role will conclude on September
1st and he will remain on New Gold's Board of
Directors
As Hannes Portmann, New Gold's
President and Chief Executive Officer, builds out the company's
leadership team, and with Rainy
River scheduled to transition into operation beginning in
September, Paula Myson will join New
Gold in late August to lead the company's financial team as
Executive Vice President and Chief Financial Officer and
Peter Woodhouse will join New Gold
in mid-August as the Vice President, Projects.
Ms. Myson has over 25 years of experience in finance, treasury,
corporate development, investor relations and risk management in
public companies. During her 23 years working with the Sherritt
International group of companies, Ms. Myson held multiple senior
roles, including: CFO Oil and Gas, Corporate Treasurer, CFO Power,
and Director, Corporate Development. Most recently, she was Vice
President, Finance at Callidus Capital Corporation, a specialty
lender.
Mr. Woodhouse has over 30 years of experience in engineering and
project management, dedicated primarily to the development of
mining infrastructure. Over his career, he has been responsible for
all aspects of project management, team development and project
execution, through all project phases, from scoping study through
commissioning. Most recently, he was Vice President, Projects at
Centerra Gold where he was responsible for overall capital projects
development. From 1997 to 2014, Mr. Woodhouse was the principal of
Technology Management Group Inc., an engineering and project
management company. Mr. Woodhouse has also held senior
project management roles for Canada Lithium, Hatch, SNC Lavalin,
and Xstrata Nickel.
"We are delighted to welcome Paula and Peter to our team.
Paula's extensive experience in mining and her strong financial and
executional skillset will both complement and enhance the
capabilities of New Gold's leadership team," stated Mr. Portmann.
"In addition, Peter's engineering and project management
experience will be a great asset for the company as he leads the
advancement of our various organic growth initiatives, including
the Blackwater project and the C-zone at New Afton."
In connection with these management changes, Barry O'Shea, the Vice President, Finance of the
company, has been appointed Vice President, Business Development.
In his new role, Mr. O'Shea will take on responsibility for
corporate development, investor relations and strategic capital
allocation, and he will also support Ms. Myson's transition into
the Chief Financial Officer role.
New Gold is also pleased to announce the appointment of
Marilyn Schonberner to its Board of
Directors. Marilyn is the Chief Financial Officer and Senior Vice
President, and an Executive Director, of Nexen Energy ULC. In that
role, she is responsible for the overall financial management of
Nexen, including accounting, audit, tax, planning, treasury and
insurance. Ms. Schonberner joined Nexen in 1997 and since that time
has held positions of increasing responsibility including General
Manager of Human Resources Services, Director of Corporate Audit,
Director of Business Services U.K., and Treasurer and Vice
President of Corporate Planning. Prior to joining Nexen, she spent
over 15 years in finance, strategic planning and organization
development in the energy sector and as a consultant.
"We are pleased to welcome Marilyn to the Board," stated
Ian Pearce, Chair of the Board. "She
is highly qualified, with a strong background in finance,
accounting, tax and treasury. We believe that Marilyn will add
considerable value and strength to our Board."
Brian Penny, New Gold's current
Executive Vice President and Chief Financial Officer, will remain
with New Gold until October 31, in
order to support a smooth transition of responsibilities to Ms.
Myson. Mr. Penny has been the Chief Financial Officer of New
Gold since its business combination with Western Goldfields in
2009. In that time, he has played a leadership role in
numerous successful transactions, including the company's sale of
the El Morro stream, successful equity offering and bond
refinancing, and credit facility extension earlier this year, which
have positioned the company well to fund the remaining capital
expenditures at the Rainy River project.
With the addition of Mr. Woodhouse in mid-August and the planned
start-up of Rainy River in
September, Raymond Threlkeld will
step away from his interim daily management responsibilities, which
primarily focused on supporting Rainy
River's development, effective September 1, 2017. Mr. Threlkeld will remain on
the Board and continue to provide his support and knowledge to the
operations and projects teams going forward.
"I would like to thank Brian for all that he has done to
contribute to New Gold's success over the last eight years. He has
been a wonderful business partner and friend over many years and we
wish him nothing but success in his future endeavours," stated Mr.
Portmann. "On behalf of our team, I would also like to thank
Ray for stepping into the Interim Chief Operating Officer role at a
critical time in the development of Rainy
River."
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 (which transitioned
to residual leaching in 2016), provide the company with its current
production base. In addition, New Gold owns 100% of the Rainy River
and Blackwater projects 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, statements with respect to the funding and
timing for start-up of the Rainy River project and the timing of
senior management joining or leaving the company or changing roles.
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. The forward-looking statements in this news
release are based on certain key assumptions, including without
limitation, the assumption that the cost estimates and development
schedule for the Rainy River project will be accurate. Certain
other 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.
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, including, but not limited to: in
Canada, obtaining the necessary
permits for the Rainy River project; 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 construction and
commencement of 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, including those associated with the
amendment to Schedule 2 of the Metal Mining Effluent Regulations
for the Rainy River project. 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.