BRITISH COLUMBIA - Vancouver-based NEW GOLD has received the mine permit for its New Afton copper-gold project near Kamloops. The permit was issued approving the construction, operation and reclamation less than a year after application was made in January 2007.
In making this announcement, Chris Bradbrook, New Gold president and CEO, said, "With the permit approved we can now accelerate the program of underground development already underway, and commence surface construction. We can now devote our attention to turning the project into a new underground mine as expeditiously as possible."
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.
The detailed technical report covering all aspects of the New Afton mine and mill is posted at www.NewGoldInc.com.