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New Gold exits 2022 on a strong note

11th January 2023

By: Mariaan Webb

Creamer Media Contract Publishing Editor

     

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Having faced several challenges in 2022, Canadian precious metals miner New Gold has exited the year on a strong note, with its Rainy River and New Afton mines achieving its updated production guidance.

The mines produced 347 054 gold-equivalent ounces (GEOs) in 2022, in line with its guidance of 325 000 GEOs to 365 000 GEOs.

Rainy River, in Ontario, delivered its strongest quarter of the year, driven by a 25% quarter-on-quarter increase in grades as higher-grade underground ore was introduced to the mill.

Rainy River produced 71 221 GEOs in the fourth quarter and delivered 235 194 GEOs. 

The mine’s guidance was lowered in mid-2022 after heavy rainfall and flooding around the Fort Frances area. Flooding in pit reducing the mining rate in the second quarter and impacted on the mine sequencing, while affecting access to the higher grade ore that was planned for the second half of the year.

The New Afton mine produced 26 603 GEOs in the fourth quarter and 111 860 GEOs in the full year. Its guidance for 2022 is to produce 95 000 to 115 000 GEOs.

"New Gold and its operations exit 2022 on a strong note, well positioned for the new year," said president and CEO Patrick Godin

Edited by Creamer Media Reporter

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