New Gold lifts profit by 36% despite production drop

TSX-listed New Gold on Wednesday reported a 36% increase in quarterly profit year-on-year, having earned $34-million or $0.07 a share in the first quarter ended March 31. Gold production fell nearly 8% to 99 274 oz with margins averaging $ 1...

Rainy River bets on new Ontario gold play

Canadian gold exploration company Rainy River Resources believes it has stumbled on to a whole new gold district in northern Ontario, where it is developing its flagship Rainy River project, CEO Raymond Threlkeld said. The project, located about...

New Gold implements rights plan

New Gold, which mines the yellow metal in the US, Mexico and Australia, has adopted a new plan to protect shareholder interests in the event of a hostile takeover bid, the company said on Monday. The TSX- and Amex-listed company said the...

New Gold meets 2011 guidance, to lift output 10% in 2012

Canada’s New Gold said it expected to lift output of the precious metal by around one-tenth to between 405 000 oz and 445 000 oz in 2012, with its New Afton mine in British Columbia set to start producing in June. The company, which owns mines...

New Gold snares additional properties around BC project

Vancouver-based New Gold on Monday unveiled two acquisitions to bulk up its ownership of the Blackwater property in central British Columbia, which it has said could be its biggest producer. In the first deal, New Gold will pay the equivalent of...

New Gold sees costs after credits at zero by 2013

Vancouver-based New Gold could see total cash costs to produce an ounce of gold fall to zero by 2013, after taking into account byproduct credits, executive chairperson Randall Oliphant said on Friday. New Gold operates the Mesquite gold mine, in...

New Gold tweaks terms of Amapari sale

Vancouver-based New Gold has adjusted the terms of the sale of Brazilian subsidiary Mineração Pedra Branca do Amapari to Australia's Beadell Resources “due to increased volatility in the gold market” since the deal was negotiated, it said on...

New Gold forecasts 2010 output at 330 000 oz to 360 000 oz

Vancouver-based New Gold expects production will grow to between 330 000 oz and 360 000 oz of gold this year, compared with 301 773 oz in 2009, which was already a 29% increase year-on-year. Cash costs in 2010 are forecast a $45/oz to $465/oz,...

New Gold sells Brazilian mine

Vancouver-based New Gold has agreed to sell its Amapari mine and related assets in Brazil to Australia's Beadell Resources for $63-million in cash and shares. Beadell is an ASX-listed, gold-focused company with exploration and development assets...

Goldcorp to buy 70% of El Morro project, sees first output 2015

With gold prices at record levels, and large, undeveloped deposits increasingly hard to come by, competition is heating up between producers of the yellow metal. On Thursday, Canada's Goldcorp announced it plans to acquire Xstrata's 70% interest...

Single owner at El Morro project 'would make sense' – New Gold's Oliphant

Vancouver-based New Gold would ideally like to swap its 30% stake in the El Morro copper/gold project, in Chile, for an already-producing gold mine, executive chairperson Randall Oliphant said on Tuesday. “We think it would make sense for...

Board, management shakeup for Canadian junior

AIM-listed miner Latitude Resources yesterday announced a restructuring of Western Goldfields, a Canadian mining company, in which Latitude currently holds a 13% stake.