New Gold Provides New Afton Tailings Storage Facility Update

Rhea-AI Summary

New Gold Inc. (TSX: NGD) (NYSE American: NGD) provides an update on its New Afton Mine tailings facilities in Kamloops B.C. The company observed geotechnical variances during inspections, leading to the suspension of underground mining activities for further review. Milling operations continue unaffected, and New Gold is working with regulatory authorities to address the situation.

Positive

• Milling operations continue unaffected, ensuring ongoing production
• Company prioritizes the health, safety, and wellbeing of employees, contractors, and communities

Negative

• Suspension of underground mining activities may impact production and revenue

TORONTO, Aug. 10, 2023 /PRNewswire/ - New Gold Inc. ("New Gold" or the "Company") (TSX: NGD) (NYSE American: NGD) provides an update on its tailings facilities at the Company's New Afton Mine, located in Kamloops B.C.

During regular inspections of the New Afton Tailings Storage Facility completed on August 9^th, the Company observed geotechnical variances that require further review by the Engineer of Record ("EOR"). Out of an abundance of caution, the Company has elected to suspend underground mining activities allowing its EOR appropriate time to review the findings.

Milling operations continue unaffected and are utilizing the existing surface stockpile. In-pit tailings deposition is ongoing as planned. New Gold has alerted and is working with the relevant regulatory authorities to address the situation, and will issue further updates as appropriate.

Our priority remains the health, safety and wellbeing of our employees, contractors and communities.

About New Gold

New Gold is a Canadian-focused intermediate mining company with a portfolio of two core producing assets in Canada, the Rainy River gold mine and the New Afton copper-gold mine. The Company also holds other Canadian-focused investments. New Gold's vision is to build a leading diversified intermediate gold company based in Canada that is committed to the environment and social responsibility. For further information on the Company, visit www.newgold.com. 

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SOURCE New Gold Inc.

FAQ

What is the update provided by New Gold Inc. (NGD) regarding its New Afton Mine?

New Gold Inc. (TSX: NGD) (NYSE American: NGD) provided an update on its New Afton Mine tailings facilities, suspending underground mining activities due to geotechnical variances.

How are milling operations at New Afton Mine affected?

Milling operations continue unaffected and are utilizing the existing surface stockpile.

What is the company's priority in this situation?

New Gold Inc. prioritizes the health, safety, and wellbeing of its employees, contractors, and communities.