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New Gold: Rainy River On Target For First Gold Output In September

Kitco News

New Gold Inc. (NYSE, TSX: NGD) says its Rainy River project, located in Ontario, remains on schedule and capital costs are in line with updated plans announced in January. The company continues to target first gold production in September, and the estimated development capital cost from the beginning of this year to the targeted November commercial production remains $515 million. “We are pleased with the solid progress we have made at Rainy River over the last five months,” says Hannes Portmann, president and chief executive officer. “Through the second quarter, our team has both successfully commenced the staged commissioning of our process facility and delivered on our mining plan. As the pit has opened up, our operations team has recently delivered further increases in the mining rate, including several days over 130,000 tonnes per day.” Earthworks are more than 85% completed, the company adds.

By Allen Sykora of Kitco News; asykora@kitco.com

 

Novagold: Enough Cash To Complete Permitting For Donlin

Tuesday June 27, 2017 09:28

Novagold Resources Inc. (NYSE, TSX: NG) says it has enough cash to complete permitting and new exploration efforts at the giant Donlin gold project in Alaska. The company and partner Barrick Gold Corp. (NYSE, TSX: ABX) last week announced an $8 million budget for a 2017 drill program for Donlin, which has 39 million ounces of measured and indicated gold resources, making it one of the largest undeveloped gold deposits in the world. The company this week released a report on its second-quarter results, saying it had more than $93 million in its treasury as of May 31. Second-quarter efforts were focused on advancing an environmental impact statement for Donlin, the company says. “Donlin Gold continued to meet with the Corps and cooperating agencies to ensure that all requested information needed for the final EIS is delivered in a complete and timely fashion,” says a message from Novagold’s president. “We also provided assistance in defining alternatives to be analyzed in the final EIS and ensuring that permit review processes are aligned with the EIS schedule. The final EIS remains on track for filing in early 2018. In addition to the EIS process, Donlin Gold advanced other major state and federal permit applications and approvals.”

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.

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