VANCOUVER – New Gold has succeeded in its takeover of Toronto’s Rainy River Resources, having acquired 100.9 million common shares or 97.5% of Rainy River. New Gold will take up the remaining, untendered shares by way of compulsory acquisition.
New Gold has four producing assets – the New Afton gold-copper mine in British Columbia, the Cerro San Pedro gold-silver mine in Mexico, the Mesquite gold mine in California, and Peak Mines gold-copper operation in Australia. With the acquisition of the advanced Rainy River gold project in northern Ontario, New Gold adds a potential 14.6 million oz of gold (in all resource categories) to its portfolio.
Construction at Rainy River is to begin in late 2014 with first production expected two years later. Details can be found at RainyRiverResources.com.