Friday, 26th October 2007 (1594 views)

The terms of the acquisition of the surface rights to a 4000-acre property in Kamloops, British Columbia, Canada, have been completed, according to New Gold.

The company now claims all the land south of the Trans-Canada Highway on the New Afton project site and has purchased a water pipeline connecting Kamloops Lake to the old Afton open-pit mine, which is set to be replaced with an underground mine called New Afton.

New Gold acquired the property from Teck Cominco for C$16 million (£8.1 million), in addition to meeting terms and conditions set out in a letter of intent.

Christ Bradbrook, president and chief executive of the company, said that he was "extremely pleased" that the transaction was complete.

"This not only provides us with the necessary surface rights and the access to water required to develop a mine, but also transfers to New Gold assets with real long term value," he said.

According to the company's website, an independently estimated measured and indicated resource estimate at the property claims that it contains 1.6 million ounces of gold.

 

« Back to the stories

 

The news feeds on this site are independently provided by Adfero Limited © and do not represent the views or opinions of the World Gold Council.