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New Gold Reports Smaller Loss In First Quarter

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New Gold Inc. (TSX and NYSE American: NGD) reports a narrower loss for the first quarter than a year ago as output rose. The net loss from continuing operations was put at $13.4 million, or 2 cents per share, an improvement from a 5-cents-per-share loss a year ago. The adjusted loss was $1.8 million, or zero cents per share, an improvement from a 3-cent loss a year ago. Revenue rose to $167.9 million from $147.5 million a year ago, helped by an increase in gold ounces sold, offset by a decrease in prices, the company says. Output rose to 123,263 gold-equivalent ounces from 119,075 in the year-ago period. However, the average realized gold price fell to $1,301 from $1,331. “We are encouraged by the progress made at Rainy River during the first quarter as we reposition the operation for efficient and sustainable mining. Over the course of the year, we expect to drive further efficiencies throughout the operation with the objective of delivering free-cash flow starting in late 2020,” says Renaud Adams, chief executive officer. Production is on track to meet annual guidance of 465,000 to 520,000 gold-equivalent ounces, New Gold says.

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

 

Osisko Reports Up To 489 G/T Gold At Windfall Project

Wednesday April 24, 2019 09:49

Osisko Mining Inc. (TSX: OSK) reports that drilling for the Windfall gold project in Quebec includes a number of findings ranging from 18.2 grams of gold per tonne over 5.6 meters all the way up to 489 g/t over 3.7 meters. The company reports a result of 200 g/t over 2.1 meters, with three more above 90 g/t. The findings come from 58 intercepts in 21 drill holes and 14 wedges focused on infill drilling.

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