New Gold Announces Receipt of the New Afton B3 Mines Act Permit
May 25 2021 - 7:30AM
Business Wire
May 25, 2021-- New Gold Inc. (“New Gold” or the “Company”)
(TSX and NYSE American: NGD) is pleased to announce that the
Mines Act permit enabling mining of the B3 zone was issued by the
Ministry of Energy, Mines and Low Carbon Innovation.
“This is a significant milestone for the New Afton Mine,” stated
Renaud Adams, President & CEO. “With the receipt of the B3
permit, ore extraction activities will begin this quarter and
ramp-up over the year. C-Zone development continues to advance with
C-Zone extraction expected to begin in the second half of
2023.”
As previously announced, the C-Zone permitting process was
initiated during the first quarter with the submission of the
pre-application package to the Ministry of Energy, Mines and Low
Carbon Innovation, Ministry of Environment and Climate Change
Strategy and Indigenous groups.
About New Gold Inc.
New Gold is a Canadian-focused intermediate gold mining Company
with a portfolio of two core producing assets in Canada, the Rainy
River gold mine, and the New Afton copper-gold mine. The Company
also holds an 8% gold stream on the Artemis Gold Blackwater project
located in Canada, a 6% equity stake in Artemis, and other
Canadian-focused investments. The Company also owns the Cerro San
Pedro Mine in Mexico (in reclamation). New Gold's vision is to
build a leading diversified intermediate gold company based in
Canada that is committed to the environment and social
responsibility. For further information on the Company, 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 expected permit
approval timing.
All forward-looking statements in this news release are based on
the opinions and estimates of management that, while considered
reasonable as at the date of this press release in light of
management’s experience and perception of current conditions and
expected developments, are inherently 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”), its most recent annual information form and
technical reports on the Rainy River Mine and New Afton Mine filed
on SEDAR 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 other than
as set out herein; (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)
the accuracy of New Gold’s current mineral reserve and mineral
resource estimates; (4) arrangements with First Nations and other
Aboriginal groups in respect of the New Afton Mine and Rainy River
Mine being consistent with New Gold’s current expectations; (5) all
required permits, licenses and authorizations being obtained from
the relevant governments and other relevant stakeholders within the
expected timelines; and (6) the responses of the relevant
governments to the COVID-19 outbreak being sufficient to contain
the impact of the COVID-19 outbreak.
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 and, to a lesser extent, Mexico;
volatility in the market price of the Company’s securities; hedging
and investment related risks; dependence on the Rainy River Mine
and New Afton Mine; discrepancies between actual and estimated
production, between actual and estimated mineral reserves and
mineral resources and between actual and estimated metallurgical
recoveries; risks related to early production at the Rainy River
Mine, including failure of equipment, machinery, the process
circuit or other processes to perform as designed or intended;
risks related to construction, including changing costs and
timelines; adequate infrastructure; fluctuation in treatment and
refining charges; changes in national and local government
legislation in Canada, the United States and, to a lesser extent,
Mexico or any other country in which New Gold currently or may in
the future carry on business; global economic and financial
conditions; risks relating to New Gold’s debt and liquidity; the
adequacy of internal and disclosure controls; taxation; impairment;
conflicts of interest; risks relating to climate change; 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; risks relating to proposed
acquisitions and the integration thereof; information systems
security threats; diminishing quantities or grades of mineral
reserves and mineral resources; competition; loss of, or inability
to attract, key employees; rising costs of labour, supplies, fuel
and equipment; actual results of current exploration or reclamation
activities; uncertainties inherent to mining economic studies;
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; disruptions to the Company’s workforce at either the
Rainy River Mine or the New Afton Mine, or both, due to cases of
COVID-19 or any required self-isolation (due to cross-border
travel, exposure to a case of COVID-19 or otherwise); the responses
of the relevant governments to the COVID-19 outbreak not being
sufficient to contain the impact of the COVID-19 outbreak;
disruptions to the Company’s supply chain and workforce due to the
COVID-19 outbreak; an economic recession or downturn as a result of
the COVID-19 outbreak that materially adversely affects the
Company’s operations or liquidity position; there being further
shutdowns at the Rainy River or New Afton Mines; the Company not
being able to complete its construction projects at the Rainy River
Mine or the New Afton Mine on the anticipated timeline or at all;
the Company not being able to complete the exploration drilling
program to be launched at the Rainy River Mine and Cherry Creek on
the anticipated timeline or at all; Artemis Gold Inc. not being
able to make the remaining C$50 million cash payment due in
connection with its acquisition of the Blackwater Project on August
24, 2021. 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 most recent annual
information form, MD&A and other disclosure documents filed on
and available on SEDAR 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
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.
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version on businesswire.com: https://www.businesswire.com/news/home/20210525005104/en/
Ankit Shah Vice President, Strategy & Business Development
Direct: +1 (416) 324 6027 Email: ankit.shah@newgold.com
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