New Gold reports strong first quarter this year

New Gold on Monday reported a 20 per cent increase in gold production in the first quarter of 2023, over the first quarter of 2022 — including a 13 per cent increase in growth at the Rainy River mine, its strongest start to the year ever for the mine.

The company said it increased production at Rainy River to 66.2K oz, as greater underground ore tons contributed to better-than-expected grade, which more than offset the lower tonnes milled.

“The first quarter of 2023 saw both of our operations excel, delivering gold equivalent production of 104,857 ounces, the strongest start to a year for our Company over the last four years, and a 20% increase over the prior year period,” stated Patrick Godin, President & CEO, in a press release issued Monday. “At Rainy River, we achieved our strongest first quarter of any year in the operation’s history and delivered production growth of nearly 13% over the same period last year.”

Godin added, “The milling rate was impacted during the quarter by mechanical maintenance on the SAG mill and crusher.”

“I’m proud of how our operations and teams delivered during the first quarter, and we remain well positioned to meet all annual production guidance metrics outlined earlier this year,” said Godin.

The Company will release its first quarter 2023 financial results after market close on Wednesday, April 26, 2023.