New Gold Closes Acquisition of Richfield ............con't..
Highlights - Blackwater Project
- A large gold asset in British Columbia where New Gold has significant experience through the continued development of its New Afton Project
- Immediate 22% increase to New Gold's gold resources through Blackwater's initial mineral resource estimate
- Significant exploration potential above and beyond current resource base - deposit open in all directions and at depth
- Compliments New Gold's already robust growth pipeline with an exciting gold asset
- Ability to fund exploration and development from internal cash flow
- Leverage off of teams that brought Cerro San Pedro and Mesquite open pit mines into production as well as team developing New Afton in British Columbia
- Potential to become New Gold's largest gold producing asset
- Tax synergies with New Afton
- Minimal shareholder dilution of approximately 10% "We believe that with continued drilling, Blackwater could become one of Canada's most exciting gold development projects," stated Robert Gallagher, President and Chief Executive Officer. "With the initial resource estimate resulting from only 25,000 metres of drilling we look forward to what our drill programs in the remainder of 2011 and 2012 could yield." .....con't..
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