Re: News Release - Thursday, November 01, 2007
New Afton Mine Permit Approved
November 1 2007, Vancouver, British Columbia - New Gold Inc.
(NGD:TSX/AMEX) is pleased to announce that its application to develop
the New Afton Copper-Gold Project into one of Canada's largest
underground metal mines, has been approved. The project is located
near Kamloops, British Columbia ("B.C.").
The Company received the signed mine permit yesterday from Mr. Douglas
Sweeney, P.Geo., M.Sc., Chief Inspector of Mines, Ministry of Energy
Mines and Petroleum Resources, Province of B.C. This permit was issued
under the Mines Act (B.C.) and approves the construction, operation and
reclamation of the New Afton Mine.
In making this announcement, Chris Bradbrook, President and CEO,
stated: "This is one of the most significant milestones in the
evolution of the Company and our New Afton Project. With the permit
approved we can now accelerate the program of underground development
already underway, and commence surface construction. I would like to
thank all of our employees and consultants who worked so hard to make
this possible. In addition I am appreciative of the co-operation from
the Ministry of Energy Mines and Petroleum Resources of the Province of
B.C., and for the support of, and communication with, the communities
in and around Kamloops. We can now devote our attention to turning the
project into a new underground mine as expeditiously as possible."
The initial mine permit application was filed in January, 2007, and the
approval granted only after an extensive review process administered
through the multi-agency South-Central Mine Development Review
Committee, which coordinated the permitting requirements of its member
agencies. Presentations were also made to the various communities in
the Kamloops area. Any additional permits which are required as
project construction moves forward will be applied for as necessary.
New Gold currently has approximately CDN$393 million in cash and short
term investments, (which includes its previously announced -- 16/8/07
-- holdings in Asset Backed Commercial Paper). The Company has 37
million shares outstanding.
For further information on New Gold Inc. and the New Afton Project,
President and Chief Executive Officer
New Gold Inc.
601 -- 595 Howe Street, Vancouver, B.C. V6C 2T5
Tel: 877-977-1067 or 604-687-1629, Fax 604-687-2845
Certain of the statements made and information contained herein is
"forward- looking information" within the meaning of the Securities Act
(Ontario) and Securities Act (Alberta) or "forward-looking statements"
within the meaning of Section 21E of the Securities Exchange Act of
1934 of the United States. Forward-looking statements are subject to a
variety of risks and uncertainties which could cause actual events or
results to differ from those reflected in the forward-looking
statements, including, without limitation, risks and uncertainties
relating to the interpretation of drill results and the estimation of
mineral resources and reserves, the geology, grade and continuity of
mineral deposits, the possibility that future exploration, development
or mining results will not be consistent with the Company's
expectations, metal recoveries, accidents, equipment breakdowns, title
matters and surface access, labour disputes or other unanticipated
difficulties with or interruptions in production, the potential for
delays in exploration or development activities or the completion of
feasibility studies, the inherent uncertainty of production and cost
estimates and the potential for unexpected costs and expenses,
commodity price fluctuations, currency fluctuations, failure to obtain
adequate financing on a timely basis and other risks and uncertainties,
including those described under Risk Factors Relating to the Company's
Business in the Company's Annual Information Form and in each
management discussion and analysis. Forward-looking information is in
addition based on various assumptions including, without limitation,
the expectations and beliefs of management, the assumed long term price
of copper and gold, that the Company will receive required permits and
access to surface rights, that the Company can access the total
required financing, appropriate equipment and sufficient labour and
that the political environment within British Columbia and Canada will
continue to support the development of environmentally safe mining
projects so that the Company will be able to complete the development
of the New Afton project. Should one or more of these risks and
uncertainties materialize, or should underlying assumptions prove
incorrect, actual results may vary materially from those described in
forward-looking statements. Accordingly, readers are advised not to
place undue reliance on forward-looking statements.
WARNING: The Company relies upon litigation protection for
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Copyright (c) 2007 NEW GOLD INC. (TSX/AMEX:NGD) All rights reserved.
For more information visit our website at http://www.newgoldinc.com/ or
Message sent on Thu Nov 1, 2007 at 6:46:47 AM Pacific Time