Vancouver's New Gold announced Oct 16 that it has completed its acquisition of the remaining 2.5 per cent of the outstanding shares of Rainy River Resources.
New Gold is the registered owner of the advanced gold exploration property, northwest of Fort Frances in northwestern Ontario.
"We are pleased to have completed the acquisition of Rainy River and look forward to advancing it through the various stages of development," said New Gold executive chairman Randall Oliphant in an Oct. 16 news release. "As we have managed to do through the development of Mesquite, Cerro San Pedro and, most recently, New Afton, we see scope to add significant value to this project as we continue to move it forward."
The company is in the process of completing its detailed review and update of the Rainy River feasibility study as well as advancing the permitting efforts for the project.
For details go online at www.newgold.com
