|February 20, 2015|
New Afton's copper resources help lower costs with "byproduct accounting"
|New Gold's New Afton mine produces twice as much copper than gold in dollar terms which allows the company to report significantly low company-wide mining costs, reports the Globe and Mail. In its 2014 financials the company reports negative all-in sustaining costs because of "byproduct accounting," a method that credits revenue gained from copper sales against the mine's costs.|
This means investors must also take its copper resource into account when evaluating the company's near-term future as it "provides New Gold much of its cost advantage," said the recent article.
The New Afton mine is approximately 40 kilometers south of WestKam Gold's Bonaparte Gold Project near Kamloops, BC. The 2014 program at Bonaparte substantially extended the strike length of the high-grade Discovery gold zone trend and expanded the porphyry gold-copper target a further 800 meters to the south. A number of new drill targets in both areas were also identified. WestKam is now planning for its 2015 exploration program using the results from both the 2013 and 2014 programs. This program is dependent on funding.
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