JOHANNESBURG (miningweekly.com) – Canadian intermediate gold producer New Gold has withdrawn from the exploration earn-in at the Fifield project, in central New South Wales, thereby completing its withdrawal from Australia.
New Gold spent more than $2-million in the Fifield project area in the 12 months to the end of December. The company’s decision to withdraw leaves ASX-listed Rimfire Pacific Mining with 100% retained interest in the entire project area.
The withdrawal from the earn-in agreement follows an earlier decision by New Gold to sell its only other interest in Australia, the Peak mine, in Cobar, New South Wales.
“As a result of a recent change in New Gold’s strategic direction, the company has determined that it will not be continuing with its option to earn an interest in the Fifield property,” a statement by Rimfire quotes New Gold VP for exploration, Mark Petersen, as saying.
Rimfire CEO John Kaminsy said on Monday that the company would continue with the completion of drilling programmes in the Tout East and Area 2 locations, with work set to resume next week.
“A new mapping programme is due to commence in March, and the historic review of cobalt observations continues within the Fifield project area.”