NGD - New Gold resumes New Afton underground mining after brief suspension

2023-08-11 09:23:16 ET

New Gold ( NYSE: NGD ) +7.1% pre-market after saying it resumed all underground mining activities at its New Afton Mine in British Columbia, after previously suspending them upon observation of geotechnical variances that required further review by the Engineer of Record.

The EOR completed a thorough review on August 10 and confirmed the structural integrity and behavior of the New Afton tailings storage facility is normal and expected.

Milling operations were unaffected during the suspension, and in-pit tailings deposition continued as planned.

New Gold ( NGD ) said New Afton "remains well positioned to meet all annual production and cost guidance metrics as set out earlier in the year."

More on New Gold:

• Financial and valuation comparison to sector peers
• Analysis: New Gold: Another Solid Quarter In Q2 - Assessing The Ideal Buy Zone
• Stock price return: Down 2% YTD, up 19.5% in the past 12 months

For further details see: