(Kitco News) - New Gold (TSX: NGD) (NYSE: NGD) reported yesterday that the company produced 91,021 gold equivalent ounces in Q3 2022, down 14% compared to Q3 2021 (105,628 ounces).
The company said that at Rainy River, underground mining commenced during the quarter, adding it continues to anticipate underground material to start feeding the mill beginning in the fourth quarter.
“With mining of the open pit main ODM zone continuing its ramp-up, we look forward to Rainy River finishing the year strong,” the company noted in a statement.
New Gold also said that New Afton had solid production improvement over the second quarter with the continual ramp-up of B3.
“Last week, we received the C-Zone permit, a significant milestone for the mine, and our priority at New Afton continues to be ramping up B3 production and advancing C-Zone development,” it added.
Importantly, New Gold reiterated that the company remains on track to deliver on its updated guidance.
New Gold is a Canadian-focused intermediate 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 approximately 5% equity stake in Artemis Gold Inc. and other Canadian-focused investments.
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