Name of the Project
Blackwater gold/silver project.

Location
The project is located in British Columbia, Canada.

Project Owner/s
New Gold is in the process of divesting from the project.

Project Description
New Gold aims to build and operate an openpit gold and silver mine, which will produce 60 000 t/d of gold and silver ore over a mine life of 17 years.

Potential Job Creation
The project could create up to 1 500 jobs during construction and 495 during operations over the life of the project.

Net Present Value/Internal Rate of Return
Not stated.

Capital Expenditure
C$1.8-billion.

Planned Start/End Date
Not stated.

Latest Developments
Vancouver-headquartered Artemis Gold is raising C$175-million to fund its acquisition of the Blackwater gold project from New Gold.

The transaction entails a C$140-million initial payment and C$50-million 12 months later.

Artemis has entered into an agreement with a syndicate of underwriters co-led by Canaccord Genuity and BMO Capital Markets in connection with a bought deal private placement financing of an aggregate of 38 900 000 subscription receipts of the company.

The company is also undertaking a nonbrokered private placement of subscription receipts to insiders and to a president’s list on the same terms as the bought deal offering.

The subscription receipts will be issued at a price of C$2.70 each for aggregate gross proceeds from the bought deal offering of C$105.03-million. The company expects to raise gross proceeds of up to C$70-million pursuant to the nonbrokered offering.

The bought deal offering and nonbrokered offering are expected to close on or about July 7.

Key Contracts and Suppliers
None stated.

Contact Details for Project Information
New Gold, tel +1 416324 6000 or email info@newgold.com.