Hello John:
I got the following from IBK and am still trying to figure out how to open the data files; when I find the solution I'll post them.
Summary Description of NewGold
NewGold is a U.S. based mining company with a focus in Nevada. The Company's objective is to acquire and develop mining projects in the United States with the goal of becoming a senior producer and offering superior returns to its shareholders.
NewGold is currently focusing on the Relief Canyon mine located near Lovelock, Nevada. As of this moment, the Company is securing bids for contract mining of the site and these will be decided upon by September 20, with movement onto the site to occur by October 1. Relief Canyon has a current reserve of approximately 700,000 gold ounces and the Company is looking to produce 50,000 ounces in 1998, ramping up to 100,000 ounces in subsequent years. The project currently has a 4 to 5 year mine life and NewGold plans to undertake an aggressive drilling campaign beginning next year as well. The drill program the Company is developing is projected, over the course of the next 4 years, not only to replace the ounces being mined, but to add an additional 300,000 ounces to its reserve base.
NewGold's other mine project is located in southern California. The Mission Mine is a small-scale underground project, which will be brought into production by the end of this year. Production is projected at 25,000 gold ounces in 1998.
NewGold maintains a technical staff capable of all phases of mining operations. All of the Company's technical staff has worked for major producers in the United States. The Company develops its own projects from design engineering to building of the processing facilities to running of day to day operations. Being located in Reno, Nevada also provides the Company with a vast resource from which to draw experienced personnel in the future.
NewGold's share structure currently stands at 18,700,000 shares outstanding with 5,000,000 of those shares being freely traded. The remaining shares are closely held. NewGold trades on the NASDAQ national market under its trading symbol NGLD.
In the current market of skepticism regarding junior and/or "exploration only" mining companies and considering the present trend in gold prices, NewGold believes that it has both the real properties as well as the vision and "lean and mean" approach to operations that will cause it to succeed in the years to come. NewGold believed since its inception that the stability and security of being headquartered in the United States, as well as having real gold producing projects would pay off in the long run. |
