New Gold receives permit to mine new zone at New Afton
(Kitco News) - New Gold (TSX and NYSE American: NGD) announced Tuesday the receipt of the New Afton B3 Mines Act Permit.
The company said that this permit, issued by the Ministry of Energy, Mines and Low Carbon Innovation, enables mining of the B3 zone at the company's New Afton copper-gold mine in British Columbia.
"This is a significant milestone for the New Afton mine," stated president and CEO Renaud Adams. "With the receipt of the B3 permit, ore extraction activities will begin this quarter and ramp-up over the year. C-Zone development continues to advance with C-Zone extraction expected to begin in the second half of 2023."
As previously announced by the company, the C-Zone permitting process was initiated during the first quarter with the submission of the pre-application package to the Ministry of Energy, Mines and Low Carbon Innovation, Ministry of Environment and Climate Change Strategy and Indigenous groups.
New Gold is a Canadian-focused intermediate gold mining company with a portfolio of two core producing assets in Canada, the Rainy River gold mine, and the New Afton copper-gold mine. The company also holds an 8% gold stream on the Artemis Gold Blackwater project located in Canada, a 6% equity stake in Artemis, and other Canadian-focused investments. The company also owns the Cerro San Pedro mine in Mexico (in reclamation).