Home Add to Favorite Contact Submit  
           20 June, 2021


    
Category:  Press » Miscellaneous

 

New Gold Places the Amapari Mine on Temporary Care and Maintenance

Popularity:
         Views: 1204
2009-01-04 04:10:17     
New Gold Inc.

New Gold Inc. ("New Gold") (TSX and AMEX - NGD) today placed its Amapari Mine in Brazil on temporary care and maintenance.

Robert Gallagher, New Gold's President and Chief Executive Officer stated: "We had hoped to mine and process oxide ores through the third quarter of 2009, but efforts to maintain recent improvements in production and costs with the increasing amounts of hard transition ore and waste in the Amapari pits have been unsuccessful. While significant resources remain at Amapari, the additional capital required to maintain economic production levels and the limited remaining oxide reserves justifies the decision to place the mine on care and maintenance."

New Gold has determined that it would be more cost-effective to process the remaining oxide ore (including transition material) with the underlying sulphide resource in a new process facility. New Gold is preparing a Preliminary Economic Assessment ("PEA") to exploit this resource with a conventional crush/grind/CIL mill. It is expected that this study will be completed in the first quarter of 2009. New Gold will also investigate other strategic alternatives for the Amapari operation.

In the meantime, mining at Amapari is being suspended immediately. The leaching of stacked material is expected to continue until it is no longer economic to do so. The operation will be placed on care and maintenance pending the results of the PEA. All environmental monitoring and on-going remediation programs will continue during this period and beyond, as will on-going exploration programs on New Gold's concessions at Amapari.

New Gold is an intermediate gold mining company with operating assets in Mexico and Australia and two development projects in Canada and Chile. For further information on New Gold, please visit our website at www.newgold.com.

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

Certain information contained in this press release, including any information relating to New Gold's future financial or operating performance, may be deemed "forward looking". All statements in this press release, other than statements of historical fact, that address events 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 words "expects", "does not expect", "plans", "anticipates", "does not anticipate", "believes", "intends", "estimates", "projects", "potential", "scheduled", "forecast", "budget" and similar expressions, or that events or conditions "will", "would", "may", "could", "should" or "might" occur. All such forward-looking statements are subject to important risk factors and uncertainties, many of which are beyond New Gold's ability to control or predict. 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 New Gold's 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: the results of the preliminary economic assessment assessing the viability of a new process facility; New Gold's operations are subject to significant capital requirements ; fluctuations in the international currency markets and in the rates of exchange of the currencies of Canada, the United States, Australia, Brazil, Mexico and Chile; price volatility in the spot and forward markets for commodities; impact of any hedging activities, including margin limits and margin calls; discrepancies between actual and estimated production, between actual and estimated reserves and resources and between actual and estimated metallurgical recoveries; changes in national and local government legislation in Canada, the United States, Australia, Brazil, Mexico and Chile 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 necessary licenses and permits; diminishing quantities or grades of reserves; competition; loss of key employees; additional funding requirements; actual results of current exploration or reclamation activities; 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. In addition, there are risks and hazards associated with the business of mineral exploration, development and mining, including environmental 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 "Risks and Uncertainties" included in New Gold's MD&A filed November 12, 2008 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 press 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.

Specialized in: Gold Places - Amapari Mine - Temporary Care - Maintenance
URL: http://www.sedar.com
Print press release      Bookmark this page
Related Press releases 
Future Electronics and Indium Corporation Announce Global Distribution Agreement (Popularity: ): Pointe Claire, Quebec ( press.abc-directory.com ) November 6, 2017 - Future Electronics, a global leading distributor of electronic components, has announced a new global distribution agreement with Indium Corporation.Indium is a premier materials supplier to the global electronics, semiconductor, thin film, thermal management, and solar markets. Their products include solders and fluxes, brazes, thermal interface materials, sputtering targets, indium, gallium, germanium, tin metals, and inorganic compounds.Future Electronics ranks third in ...
Larson Electronics Releases Remote Control Light Tower with Dual HID Lamps (Popularity: ): KEMP, Texas, Feb. 11, 2013 -- Larson Electronics has announced today the release of the WAL-TP-2XGLM-H-1227 Portable Telescoping Light Tower with dual remote controlled HID spotlights designed for high power and easy deployment and operation. Featuring an adjustable tripod and dual magnetic mount remote control spotlights, this portable light tower is ideal for events and worksites where high output and easy deployment is desired.Larson Electronics' WAL-TP-2XGLM-H-1227 remote controlled dual spotlight ...
SmartBox LLC Launches Evolutionary Online Trading Strategies Platform (Popularity: ): Sep 24, 2012 - Los Angeles, CA: SmartBox LLC annouces today the official launch of TradeFollowr.com, an evolutionary trading strategies platform that allows users to follow and interact with thousands of automated trading systems and indicators in real time. Traders can share ideas though Twitter integration and the easy to use interface makes following the market moves fun and exciting.Brett Markinson, Founder and CEO of SmartBox LLC explains, "We are ...
Acoustical Solutions, Inc. Continues to Provide Access to Noise Control in the Middle East (Popularity: ): RICHMOND, VA (May 8, 2012) - Palme Middle East is the region’s longest standing trade event for the professional sound, light, audio visual, music, entertainment and systems integration industries. Located in Dubai, one of the seven principalities that make up the United Arab Emerites, the Palme Show features over 200 exhibitors and 800 brands.Acoustical Solutions, Inc., a leading manufacturer of acoustic panels and reseller of acoustic foam, ceiling tiles and ...
Drinking Games Website Launches Despite Criticism (Popularity: ): NORTHPORT, Maine December 26, 2011 - Drinking Games - a new website about drinking entertainment launched this week by former US Navy Chief Jack O'Reilly, Ret., and former US Navy Fireman RJ Anayjuan, has already come under fire. The website owners say some have expressed doubt that anyone should be playing "drinking games" at all.   "I served 23 years in the Navy, and you can bet we did a lot of ...

Press release home snapshot 


Related Business 
Gold Mine Development Company (Popularity: ): Dr. John Stanko specializes in life purpose, leadership, destiny, goals, gold mine principles and management studies.
Gold Institute (Popularity: ): An international trade association of companies that mine and refine gold, manufacturers of gold products and the world's leading bullion banks and gold dealers.
Gold Institute (Popularity: ): International industry association representing companies that mine and refine gold, as well as manufacturers of gold products and the world's leading bullion banks and gold dealers.
Rasa Mine Machinery Pvt. Ltd. (Popularity: ): Rasa Mine Machinery Pvt. Ltd is a business with a proud three year tradition of experience and innovation, manufacturing, designing and testing a range of Gold wash plant machinery. Rasa Mine Machinery Pvt. Ltd believes in providing the best end results with the highest level of ethics and honesty. We are innovative mobile gold wash plant machine plant in terms of easily movable based on truck.
Thermal City Gold Mine (Popularity: ): Gold and gem mining, located near Rutherfordton with riverside camping.
Indian Valley Mine and Gift Shop (Popularity: ): National Historic Site with a mine, gold panning, gift shop and museum located 20 miles south of Anchorage Alaska
Nanny On Call (Popularity: ): Temporary child-care referral service. In your home or temporary lodging.
Arlington Animal Welfare League (Popularity: ): Provides temporary care for homeless animals and places animals in suitable homes. Information on adopting a pet, code enforcement, community programs, educational activities, volunteering and spay/neuter programs.
Gold Metallurgy (Popularity: ): The website has information on gold deposits, gold mineralogy, gold prospecting, gold exploration, gold recovery, gold refining, gold smelting, metallurgical testing, financial analysis, equipment, plant design.
Mine Safety and Health Network (Popularity: ): News and information about mine safety and the Mine Safety and Health Administration (MSHA). The subscriber-only area contains a MSHA compliance manual and reference materials including FMSHRC case decisions, 30 C.F.R. Parts 1 to 199 and the Mine Act.