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VANCOUVER, Dec. 12, 2013 /CNW/ - New Gold Inc. ("New Gold") (TSX:NGD) and (NYSE MKT:NGD) today announces the results of the Feasibility Study for its Blackwater Gold project ("Blackwater" or the "Project") in British Columbia, Canada.
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"The completion of the Blackwater Feasibility Study is an important milestone for our company," stated Randall Oliphant , Executive Chairman of New Gold. "The Project has many great attributes including: its secure jurisdiction, long life, robust production potential, all-in sustaining costs well below industry average, and continued exploration potential. However, the combination of gold being down by over $500 per ounce since we completed the Preliminary Economic Assessment for Blackwater in September of 2012 and our Rainy River project having a more modest capital requirement, results in our primary objective being the advancement of Rainy River."
"Importantly, Rainy River shares all of Blackwater's strong project characteristics," Oliphant continued. "An updated feasibility study for Rainy River remains on schedule for completion in early 2014."
New Gold will continue to move Blackwater through the permitting phase in 2014. The company views the potential of having a fully permitted project as an important and valuable asset. In the current environment, where there has been significant commodity price volatility, New Gold wants to maximize its flexibility in respect of any future development decisions. The company plans to stage the development of its projects with the near-term focus being on the advancement of the lower capital cost Rainy River project. Thereafter, the timing of Blackwater's development will be driven by the prevailing market conditions over the coming years.
The Blackwater mineral resource, effective March 31, 2013, is reported within a conceptual pit shell at gold-equivalent cut-off values ranging from 0.3 to 0.4 grams per tonne. The deposit contains Measured and Indicated mineral resources suitable for direct processing of 306 million tonnes at 0.88 grams per tonne gold and 5.8 grams per tonne silver, representing 8.6 million ounces of gold and 57.5 million ounces of silver. In addition, the Measured and Indicated mineral resources suitable for stockpiling and future processing includes 91 million tonnes at 0.30 grams per tonne gold and 4.3 grams per tonne silver, representing 0.9 million ounces of gold and 12.6 million ounces of silver.
This mineral resource estimate is compliant with CIM (as defined at the conclusion of the release) Definition Standards prescribed under National Instrument 43-101 and is based upon a geologic block model that incorporates 286,966 individual assays from 309,516 metres of core from 1,003 drill holes at a nominal drill hole spacing ranging from 25 metres to 50 metres. Assay data density is sufficient to classify the mineral resource at the Measured and Indicated confidence levels as necessary to support the estimation of a mineral reserve. The drill hole database was supported by approximately 80,000 quality assurance/quality control (QA/QC) check assays.
February 18, 2021- New Gold Inc. (“New Gold” or the “Company”) (TSX and NYSE American: NGD) provides its annual operational outlook for the New Afton Mine, which had been delayed due to the mud-rush incident that occurred on February 2, 2021. The Company is also providing its annual consolidated operational outlook. The operational outlook for the Rainy River Mine was previously issued on February 10, 2021. All amounts are in U.S. dollars unless otherwise indicated.
On February 2, 2021, a tragic mud-rush incident occurred at the New Afton Mine with a contract driller fatally injured. The mud-rush was localized underneath the Lift 1 cave in the isolated recovery zone area, which does not interact with other areas of the mine, including the B3 and C-Zone areas. Underground operations, as well as B3 and C-Zone development, have resumed. Underground mining activities will continue to be safely and sequentially ramped-up as we maintain our focus on the health, safety and wellbeing of our people. Surface operations were not impacted, and the mill facility is currently processing ore from the mine as well as from the surface stockpiles.
“As we continue to ramp-up underground operations at the New Afton Mine, our primary focus will remain on the health, safety and wellbeing of our people. Production will ramp-up throughout the year with first ore extraction from B3 expected in the second quarter. We expect production will be higher in the second half of the year as B3 comes online and contributes an increasing proportion of mill feed,” stated Renaud Adams, President and CEO. “Over the past number of months, the New Afton Mine has been introducing new technologies and expanding its autonomous mining fleet and will continue to leverage technology to further optimize mine and mill performance over the coming years.”
The operational outlook for the New Afton Mine assumes that our operations will continue without any significant COVID-19-related interruptions. New Gold continues to maintain preventative measures at all our sites to protect our workforce and communities, and to mitigate the effects of COVID-19 on our operations. Any reduction or suspension of our operations due to COVID-19, could impact our ability to achieve the New Afton 2021 outlook. Please see the Cautionary Notes Regarding Forward-Looking Statements at the end of this news release.
In 2021, the Company will continue to report production on a gold equivalent (“gold eq.”) basis as well as on a per-metal basis. Cash costs and All-in Sustaining Costs (“AISC”) will be reported on a per gold eq. ounce basis. Guidance has been prepared assuming $1,800 per gold ounce, $3.50 per pound of copper and $25 per silver ounce and a foreign exchange rate of 1.28 Canadian dollars to the US dollar.
Our key focus areas for New Afton include tailings management, energy reduction plans and Indigenous relations. In 2020, we began construction of our Thickened and Amended Tailings facility (“TAT”), which will support more efficient water management and improve long-term environmental impacts. As part of the Company’s climate action plan, New Afton continues to explore options to reduce energy use on site. In 2020, New Afton was able to achieve a reduction in fossil fuel consumption and recently purchased an electric boom truck, two electric haul trucks and one electric scoop. The introduction of these vehicles is an important step in our C-Zone development and greenhouse gas reduction targets. Our relationships with surrounding Indigenous partners remain strong as we actively collaborate to improve the benefits to the surrounding areas based on mine expansion.
Abstract: This piece contrasts mining economics between Bitcoin and traditional resource mining. We look at how the difficulty adjustment can impact profitability in the mining industry and some potentially perverse incentives
Mining is the random process by which new Bitcoin blocks are found, such that transactions are confirmed. This is a necessarily competitive and energy intensive process. In order to ensure a smooth and reliable network, every two weeks, based on how many blocks were mined in the period, the mining difficulty adjusts. There is an average target interval between blocks of 10 minutes
In theory, the difficulty adjustment keeps the system in check, in an equilibrium position, when external inputs change. For example consider the following scenario of a sudden increase in the Bitcoin price:
The same kind of logic can be applied to an increase in Bitcoin transaction fees or the release of new more efficient mining hardware. The theory can also be used in reverse, for a sudden Bitcoin price decrease
Contrary to a popular misconception, this short two week period combined with the theoretical ability of anyone to quickly enter the mining industry, does not mean mining industry profit margins tend to zero every few weeks. What the difficulty adjustment may mean is that the profit margins of the most marginal miner quickly tend to zero. However, not all miners are the same, for example some miners may benefit from structurally lower costs, such as lower electricity costs, more scale or an effective maintenance regime. These more efficient miners may be able to produce stable profits throughout these cycles
In addition to this, it is no longer true that there are limited barriers to enter the Bitcoin mining business, at a particular cost level. For example perhaps a large capital investment is required, there may be large time lags before the mining farm is active, cheap electricity may be difficult to source and the latest specialist mining chips may be hard to get hold of. Therefore the assumption that there are limited entry barriers may no longer hold anyway
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