BRITISH COLUMBIA – NEW GOLD INC. of Vancouver has made a non-brokered private placement that raised $4.0 million for underground and surface programs at its Afton and Ajax projects. The properties are located 10 km west of Kamloops and are the site of former producers operated by Teck Corp. until May 1997.
According to company president Chris Bradbrook, ” We have completed the underground excavation work at the new Afton project, and will be completing the infill diamond drilling program shortly, and are now moving into the feasibility study stage. Consequently at the start of 2006, we will be able to commence an aggressive program of underground and surface exploration at the project, in addition to a program of surface exploration at the nearby Ajax project.”
New Gold will be testing the potential for extensions of known mineralization and new zones. Work will continue with two surface and three underground diamond drill rigs.
Visit www.NewGoldInc.com to view an animation of the Afton mineralized zone.