BRITISH COLUMBIA - NEW GOLD INC. of Vancouver has raised $392 million thanks to the exercise of an over-allotment option. Originally, the company set out to secure $275 million for development of its project near Kamloops.
The New Afton project will become an underground copper-gold producer, mining 4 million tonnes of ore annually. Initial mine life will be 12 years, during which gold output will average 82,000 oz/y. Annual copper production will average 78 million lb. Production might start as soon as 2009.
According to the feasibility study, the deposit contains 44.4 million tonnes of probable reserves grading 0.98% Cu, 0.72 g/t Au and 2.27 g/t Ag. There are approximately 960 million lb of copper and 1.03 million oz of gold to be recovered.
Learn more by visiting www.NewGoldInc.com.