Thursday, March 18, 2010

New Gold (TSE:NGD) Resumes Operations at Cerro San Pedro Mine

Full Operations Resume at New Gold's Cerro San Pedro Mine

New Gold (TSE:NGD) said it has received approval from a Mexican court to resume full operations at its Cerro San Pedro mine in Mexico.

The mine was partially shut down when concerns over explosives used there had to be litigated.

A federal court made a ruling in 2006 which resulted in the environmental ministry revoking New Gold's permit until the issue was resolved.

Now that full production will resume, New Gold estimates to produce about 95,000 to 105,000 ounces of gold a year, costing about C$390 to C$410 an ounce sold.

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