New Gold Inc and Richfield Ventures Corp announce that New Gold has closed the acquisition of Richfield and by doing so; New Gold has issued approximately 49 million New Gold shares to former Richfield shareholders.
The acquisition includes Richfield's Blackwater Project, a large gold asset in British Columbia where New Gold has significant experience through the continued development of its New Afton Project which remains on budget and on time for a mid-2012 production start.
The initial mineral resource estimate for the Blackwater Project was announced by Richfield on March 2, 2011 with New Gold's share of the resource including 1.8 million ounces of indicated gold resources and an additional 2.0 million ounces of inferred gold resources.
New Gold looks forward to building on this initial resource as the deposit remains open in all directions and at depth.
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