Proactive investorsLogo Proactive Investors UK Website

Search field

1 year chart

digital-look imported chart image

1 day chart

digital-look imported chart image
Additional information
Additional Information
Market: TSX, AMEX
Sector: Gold Mining
Epic: TSX-NGD
News: Latest news
Web Site: New Gold Inc
Other Articles: 19-11-200920-10-200906-08-2009

RSS - Subscribe to the News Today on Proactive UK ▼

Thursday September 02, 11:00Baobab Resources identifies distinct ore domain at Tete’s South Zone

Baobab MD Ben James said the latest drilling results from the Tete project's South Zone characterise a distinct, higher mass recovery, ore domain.

FULL ARTICLE ►

RSS - Subscribe to the News Today on Proactive AU ▼

Thursday September 02, 08:15Indonesia edges closer toward uranium mining and nuclear power

After nearly five decades of national debate on the issue, Indonesia's central government may finally be ready to develop a national nuclear policy, which may lead to domestic uranium mining.

FULL ARTICLE ►

RSS - Subscribe to the News Today on Proactive CN ▼

Wednesday September 01, 01:25Green Dragon Gas reports significant growth as China’s thirst for energy continues

China's thirst for energy resources has continued with an increased focus on domestic supplies of gas, Green Dragon Gas chairman Randeep Grewal said today. In the company's interim results, [...]

FULL ARTICLE ►
New Gold Inc

New Gold Inc

New Gold is a mid-tier gold producer created out of a three way merger between New Gold, Peak Gold and Metallica Resources in 2008.  The company has operating mines in Australia and Mexico, with further interests in Canada and Chile. The company has set a target of 1 million ounces of gold production by 2012.

 

Thursday, November 19, 2009

New Gold appeals govt suspension of Cerro San Pedro gold and silver mine, Mexico

company news image

New Gold (TSX, NYSE AMEX: NGD) intends to appeal the Mexican government’s decision to suspend mining operations at its Cerro San Pedro gold and silver mine, which was announced yesterday.

The suspension came after the mine’s Environmental Impact Statement (EIS), which was issued in 2006, was nullified by Mexico’s environmental enforcement agency PROFEPA following a ruling by the Federal Court of Fiscal and Administrative Justice.

New Gold, which asserted that the mine has been operating in full compliance with required permits and government authorisations, said it would pursue “all legal avenues” with respect to the recent actions of both SEMARNAT (Secretariat of Environment and Natural Resources) and PROFEPA, also seeking immediate remedies. A new EIS has already been filed with SEMARNAT.

“This is a continuation of a decade of challenges from a group of individuals largely from outside the area who are opposed to the mining operations at Cerro San Pedro. We are taking all possible steps to respond to challenges to our legal ability to operate the mine, and believe that we will resume full operations,” said chief executive of New Gold, Robert Gallagher.

Despite the suspension of the mining operations, gold recovery of existing inventory on the leach pads are continuing.

Cerro San Pedro has reserves of 1.3Moz (million ounces) of gold and 51 Moz silver and resources of 1.7 Moz of gold and 63 Moz of silver. Annual production at the mine for the full year 2008 amounted to 85,600 oz of gold and 1.1 milion oz of silver.

Shares in New Gold slipped 16% today.

AddThis Feed Button
Register here to be notified of future New Gold Inc articles.

Other New Gold Inc articles


Other New Gold Inc news

More news ►

Investors interested in New Gold Inc recently viewed


No investment advice

The Company is a publisher and is not registered with or authorised by the Financial Services Authority (FSA). You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable or advisable for any specific person. You further understand that none of the information providers or their affiliates will advise you personally concerning the nature, potential, advisability, value or suitability of any particular security, portfolio of securities, transaction, investment strategy, or other matter.

You understand that the Site may contain opinions from time to time with regard to securities mentioned in other products, including company related products, and that those opinions may be different from those obtained by using another product related to the Company. You understand and agree that contributors may write about securities in which they or their firms have a position, and that they may trade such securities for their own account. In cases where the position is held at the time of publication and such position is known to the Company, appropriate disclosure is made. However, you understand and agree that at the time of any transaction that you make, one or more contributors may have a position in the securities written about. You understand that price and other data is supplied by sources believed to be reliable, that the calculations herein are made using such data, and that neither such data nor such calculations are guaranteed by these sources, the Company, the information providers or any other person or entity, and may not be complete or accurate.

From time to time, reference may be made in our marketing materials to prior articles and opinions we have published. These references may be selective, may reference only a portion of an article or recommendation, and are likely not to be current. As markets change continuously, previously published information and data may not be current and should not be relied upon.