Rainy River Gold Project

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The Rainy River project is an advanced-stage gold project which is 100% owned by New Gold which was formerly known as Rainy River Resources Ltd. The project plans for an open pit and underground mine for a reserve of 3.8 million ounces Gold and 9.4 million ounces Silver, and a potential resource of 6.2 million ounces Gold and 14.6 million ounces of silver.

In 2005 Rainy River purchased 100% of a land package from Nuinsco Resources Limited that now forms the core of the Rainy River Project, approximatly 16,530 ha. Nuinsco retained the right to a product tonnage royalty of $1.00 per ton (per 0.907 of a tonne), adjusted annually for inflation, for each ton of mineral ore produced from the Property, and the right to a one-time lump sum bonus payment of $2,500,000 payable by the Company if and when it commences commercial production from the Property. However, on December 1-2008 Rainy River bought out the that right.

New Gold submitted its environmental assessment on January 17, 2014 to the Ministry of the Environment and Climate Change for review and decision, and on Januray 12, 2015 Canada's Environment Minister, the Honourable Leona Aglukkaq, announced today that the proposed Rainy River Project, located in the Township of Chapple, Ontario, is not likely to cause significant adverse environmental effects. The Minister has identified in her environmental assessment decision statement the conditions that the proponent must meet with respect to mitigation measures and follow-up program requirements.

>Source for EA Decision: news.gc.ca/web/article-en.do?nid=919739

>New Gold: www.newgold.com/properties/projects/rainyriver/default....