New Gold Announces Sale of Peak Mines for $58 Million

New Gold Inc. (“New Gold”) (TSX:NGD) (NYSE American:NGD) today announces that it has entered into a binding agreement with Aurelia Metals Limited (“Aurelia”) to sell the Peak Mines located in Cobar, New South Wales, Australia for cash consideration of $58 million (the “Transaction”).
As quoted in the press release:

“Peak has generated significant value for New Gold and predecessor companies over its 25 years of operation,” stated Hannes Portmann, President and Chief Executive Officer. “Peak’s robust history of replacing and growing its mineral resources has been key to its successful contribution to New Gold’s portfolio of assets. The sale of Peak Mines will offer Aurelia the opportunity to grow its asset base in the Cobar region by leveraging Peak’s great team, strong track record of performance, and unlocking its longer-term potential. Today’s transaction is another step to enhance New Gold’s liquidity and will further enable the company to focus on its Americas-centric portfolio of operating mines and development projects.”

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