Provides Notice of Release of Third Quarter Results
TORONTO--(BUSINESS WIRE)-- New Gold Inc. (“New Gold” or the “Company”) (TSX and NYSE American: NGD) reports in-line third quarter operating results from the Rainy River and New Afton Mines, which positions the Company to achieve annual production guidance. (All amounts are in US dollars unless otherwise indicated.)The Company also announces that it will release its third quarter 2019 financial results before market open on Wednesday, November 6, 2019. A conference call and webcast will follow at 8:30 a.m. Eastern Time to discuss these results. (Details are provided at the end of this press release.)
Third Quarter and Recent Highlights
Total production (excluding production from the Cerro San Pedro Mine) for the third quarter was 128,899 gold equivalent ounces (91,087 ounces of gold, 168,159 ounces of silver and 20.1 million pounds of copper). For the nine-month period, production was 384,719 gold equivalent ounces (255,701 ounces of gold, 455,977 ounces of silver and 61.2 million pounds of copper). Production is on track to meet annual guidance of 465,000 to 520,000 gold equivalent ounces.
The Rainy River Mine reported gold equivalent production of 76,092 ounces (75,080 ounces of gold and 87,705 ounces of silver) for the quarter. For the nine-month period, production was 205,135 gold equivalent ounces (202,650 ounces of gold and 214,245 ounces of silver). Production is on track to meet annual guidance of between 250,000 to 275,000 gold equivalent ounces.
The New Afton Mine delivered gold equivalent production of 52,807 ounces (16,007 ounces of gold and 20.1 million pounds of copper). For the nine-month period, production was 179,584 gold equivalent ounces (53,051 ounces of gold and 61.2 million pounds of copper). Production is on track to meet guidance of between 215,000 to 245,000 gold equivalent ounces.
On August 30, the Company completed a bought deal financing for gross proceeds of C$150 million, the net proceeds of which were used primarily for debt repayment, with approximately $100 million of the Company’s 2022 senior unsecured notes purchased. Following the purchase, the Company had available liquidity of approximately $420 million, including $135 million in cash and cash equivalents.
Mr. Ankit Shah was promoted to Vice President, Strategy and Business Development effective September 9, 2019. Mr. Shah joined the Company in 2010 and brings more than 15 years of experience in strategy, corporate development, capital allocation and investor relations, primarily within the mining industry.
“The Company has delivered another quarter of strong operational performance from both assets, which positions the Company to achieve its annual production guidance. I would like to congratulate the Rainy River team on delivering the fourth consecutive quarter of improved performance as we reposition the mine for long-term success. The New Afton team reported another solid quarter of in-line results as we continue to advance the development of the C-zone and unlock the long-term potential of that asset. As we enter the final quarter of this pivotal year, we have made significant progress at both operations, strengthened our balance sheet as we re-position the Company for long-term success and shareholder value creation.” stated Renaud Adams, CEO. “I am also very pleased to announce the promotion of Ankit Shah to Vice President, Strategy and Business Development. I am looking forward to continuing to work with Ankit as part of the senior leadership team as we advance our corporate strategy.”
Third Quarter Production Highlights
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