Underground Mining Activities at
New Afton Mine Have Resumed
TORONTO,
Aug. 11,
2023 /CNW/ - New Gold Inc. ("New Gold" or the
"Company") (TSX: NGD) (NYSE American: NGD) confirms the
structural integrity of the New Afton tailings storage facility and
announces resumption of all underground mining activities at its
New Afton Mine, located in Kamloops
B.C.
As previously mentioned, during regular
inspections of the New Afton Tailings Storage Facility ("NATSF")
completed on August 9th,
visual geotechnical variances were observed that required further
review by the Engineer of Record ("EOR"). The Company acted
promptly, advising the relevant authorities, and proactively
suspending underground mining activities with health, safety and
the wellbeing of our employees, contractors, and communities as our
top priority. The EOR completed a thorough review on August 10th and confirmed that
the NATSF structural integrity and behavior is normal and
expected.
On the evening of August
10th, the Company resumed normal underground
mining activities on site. Milling operations were unaffected
during this period and in-pit tailings deposition continued as
planned. New Afton remains well positioned to meet all annual
production and cost guidance metrics as set out earlier in the
year. C-Zone remains well positioned for first production ore in
the fourth quarter, with commercial production planned for the
second half of 2024.
New Afton Conference Call and
Webcast
The Company has scheduled a conference call and
webcast for Friday, August 11, 2023
at 8:00 am Eastern Time.
- Participants may listen to the webcast by registering on our
website at www.newgold.com or via the following
link https://app.webinar.net/9pPe396QWko
- Participants may also listen to the conference call by calling
North American toll free 1-888-664-6383, or 1-416-764-8650 outside
of the U.S. and Canada, passcode
565379
- To join the conference call without operator assistance, you
may register and enter your phone number
at https://emportal.ink/3qbFfHx to receive an instant
automated call back
- A recorded playback of the conference call will be available
until September 9, 2023 by calling
North American toll free 1-888-390-0541, or 1-416-764-8677 outside
of the U.S. and Canada, passcode
565379. An archived webcast will also be available at
www.newgold.com
About New Gold
New Gold is a Canadian-focused intermediate
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
other Canadian-focused investments. 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: expectations about being well positioned to meet all annual
production and cost guidance metrics; and projections about
achieving first production ore in the fourth quarter and commercial
production in the second half of 2024 from the C-Zone.
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 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 and the grade of gold,
silver and copper expected to be mined and the grade of gold,
copper and silver expected to be mined; (4) the exchange rate
between the Canadian dollar and U.S. dollar, and to a lesser
extent, the Mexican Peso, and commodity prices being approximately
consistent with current levels and expectations for the purposes of
2023 guidance and otherwise; (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 First Nations and other
Indigenous groups in respect of the New Afton Mine being consistent
with New Gold's current expectations; (8) all required permits,
licenses and authorizations being obtained from the relevant
governments and other relevant stakeholders within the expected
timelines and the absence of material negative comments or
obstacles during any applicable regulatory processes; (9) the
results of the life of mine plans for the New Afton Mine being
realized; and (10) there being no material disruption to the
Company's supply chains and workforce at either the New Afton Mine
or Rainy River Mine due to cases of COVID-19 or otherwise that
would interfere with the Company's anticipated course of action at
its operations.
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: price volatility in the spot and forward markets for
metals and other commodities; discrepancies between actual and
estimated production, between actual and estimated costs, between
actual and estimated Mineral Reserves and Mineral Resources and
between actual and estimated metallurgical recoveries; equipment
malfunction, failure or unavailability; accidents; 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; 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: uncertainties and unanticipated delays associated with
obtaining and maintaining necessary licenses, permits and
authorizations and complying with permitting requirements; changes
in project parameters as plans continue to be refined; changing
costs, timelines and development schedules as it relates to
construction; 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; volatility in the market
price of the Company's securities; changes in national and local
government legislation in the countries in which New Gold does or
may in the future carry on business; compliance with public company
disclosure obligations; controls, regulations and political or
economic developments in the countries in which New Gold does or
may in the future carry on business; the Company's dependence on
the Rainy River Mine and New Afton Mine; the Company not being able
to complete its exploration drilling programs on the anticipated
timeline or at all; inadequate water management and stewardship;
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
otherwise; the responses of the relevant governments to any
disease, epidemic or pandemic outbreak, including the COVID-19
outbreak, not being sufficient to contain the impact of such
outbreak; disruptions to the Company's supply chain and workforce
due to any disease, epidemic or pandemic outbreak, including the
COVID-19 outbreak; an economic recession or downturn as a result of
any disease, epidemic or pandemic outbreak, including the COVID-19
outbreak, that materially adversely affects the Company's
operations or liquidity position; there being further shutdowns at
the Rainy River Mine or New Afton Mine; significant capital
requirements and the availability and management of capital
resources; additional funding requirements; diminishing quantities
or grades of Mineral Reserves and Mineral Resources; actual results
of current exploration or reclamation activities; uncertainties
inherent to mining economic studies including the Technical Reports
for the Rainy River Mine and New Afton Mine; impairment; unexpected
delays and costs inherent to consulting and accommodating rights of
First Nations and other Indigenous groups; climate change,
environmental risks and hazards and the Company's response thereto;
tailings dam and structure failures; ability to obtain and maintain
sufficient insurance; actual results of current exploration or
reclamation activities; 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; global economic and
financial conditions and any global or local natural events that
may impede the economy or New Gold's ability to carry on business
in the normal course; inflation; compliance with debt obligations
and maintaining sufficient liquidity; taxation; fluctuation in
treatment and refining charges; transportation and processing of
unrefined products; rising costs or availability of labour,
supplies, fuel and equipment; adequate infrastructure;
relationships with communities, governments and other stakeholders;
geotechnical instability and conditions; labour disputes; the
uncertainties inherent in current and future legal challenges to
which New Gold is or may become a party; defective title to mineral
claims or property or contests over claims to mineral properties;
competition; loss of, or inability to attract, key employees; use
of derivative products and hedging transactions; reliance on
third-party contractors; counterparty risk and the performance of
third party service providers; investment risks and uncertainty
relating to the value of equity investments in public companies
held by the Company from time to time; the adequacy of internal and
disclosure controls; conflicts of interest; the lack of certainty
with respect to foreign operations and 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
successful acquisitions and integration of business arrangements
and realizing the intended benefits therefrom; and information
systems security threats. 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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SOURCE New Gold Inc.