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eBook details

• Title: New Gold Announces Update Related to Sale of Amapari Mine - All Figures are in US Dollars Unless Otherwise Stated
• Author : ENP Newswire
• Release Date : January 01, 2010
• Genre: Business & Personal Finance,Books,Economics,
• Pages : * pages
• Size : 64 KB

Description

ENPNewswire-1 April 2010-New Gold Announces Update Related to Sale of Amapari Mine - All figures are in US dollars unless otherwise stated(C)2010 ENPublishing - http://www.enpublishing.co.uk Release date- 31032010 - VANCOUVER - New Gold Inc. ('New Gold') (TSX and NYSE AMEX: NGD) today announces that Beadell Resources Ltd. ('Beadell') has received bids from investors to subscribe for at least A$57 million of ordinary shares of Beadell in relation to the previously-disclosed sale of New Gold's Brazilian subsidiary Mineracao Pedra Branca do Amapari Ltda. ('MPBA'), which holds the Amapari mine and other related assets. Due to increased volatility in the gold market since the initial transaction announcement in January 2010, certain terms of the transaction have been revised and New Gold expects to receive $37 million in cash and $16 million in Beadell shares as consideration for the sale of MPBA, versus $46 million in cash and $17 million in Beadell shares as previously disclosed. Under the revised terms, New Gold will hold approximately 19.9% of Beadell. New Gold's objective of receiving meaningful cash proceeds for the non-core Amapari asset is expected to be realized, subject to closing, and under the revised terms New Gold should have a greater share of Beadell equity and related participation in the future success of Amapari. Beadell is an Australian listed gold-focused company with exploration and development assets in Western Australia and Brazil.

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