New Gold and Western Goldfields Provide Status Update on Business Combination
28 Mai 2009 - 10:47PM
PR Newswire (US)
VANCOUVER and TORONTO, May 28 /PRNewswire-FirstCall/ -- New Gold
Inc. (TSX and NYSE Amex: NGD) ("New Gold") and Western Goldfields
Inc. (TSX: WGI and NYSE Amex: WGW) ("Western Goldfields") are
pleased to announce the receipt of the final order from the Ontario
Superior Court of Justice (Commercial List) approving the business
combination between Western Goldfields and New Gold (the
"Transaction"). The completion of the Transaction is on schedule to
close on June 1, 2009. The Transaction is structured as a Plan of
Arrangement under the Business Corporations Act (Ontario). Upon
completion of the transaction, the combined company is expected to
produce between 330,000 and 360,000 ounces of gold in 2009, growing
to over 400,000 ounces in 2012 and have significant reserves and
resources with a strong portfolio of mining, development and
exploration assets in mining friendly jurisdictions. For more
information, please see the respective company websites at
http://www.newgold.com/ and http://www.westerngoldfields.com/.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS Certain
information contained in this press release, including any
information relating to the proposed transaction and New Gold or
Western Goldfields future financial or operating performance may be
deemed "forward-looking". All statements in this press release,
other than statements of historical fact, that address events or
developments that New Gold or Western Goldfields expects to occur,
are "forward-looking statements". Forward-looking statements are
statements that are not historical facts and are generally, but not
always, identified by the words "expects", "does not expect",
"plans", "anticipates", "does not anticipate", "believes",
"intends", "estimates", "projects", "potential", "scheduled",
"forecast", "budget" and similar expressions, or that events or
conditions "will", "would", "may", "could", "should" or "might"
occur. All such forward-looking statements are subject to important
risk factors and uncertainties, many of which are beyond New Gold
or Western Goldfields' ability to control or predict.
Forward-looking statements are necessarily based on estimates and
assumptions that are inherently subject to known and unknown risks,
uncertainties and other factors that may cause New Gold or Western
Goldfields' actual results, level of activity, performance or
achievements to be materially different from those expressed or
implied by such forward-looking statements. Assumptions upon which
such forward-looking statements are based on include that New Gold
and Western Goldfields will be able to satisfy the conditions in
the Business Combination Agreement, that all third party regulatory
and governmental approvals to the transaction will be obtained and
all other conditions to completion of the transaction will be
satisfied or waived. Many of these assumptions are based on factors
and events that are not within the control of New Gold and Western
Goldfields and there is no assurance they will prove to be correct.
Such factors include, without limitation: capital requirements;
fluctuations in the international currency markets and in the rates
of exchange of the currencies of Canada, the United States,
Australia, Brazil, Mexico and Chile; price volatility in the spot
and forward markets for commodities; impact of any hedging
activities, including margin limits and margin calls; discrepancies
between actual and estimated production, between actual and
estimated reserves and resources and between actual and estimated
metallurgical recoveries; changes in national and local government
legislation in Canada, the United States, Australia, Brazil, Mexico
and Chile or any other country in which New Gold and Western
Goldfields currently or may in the future carry on business;
taxation; controls, regulations and political or economic
developments in the countries in which New Gold and Western
Goldfields does or may carry on business; the speculative nature of
mineral exploration and development, including the risks of
obtaining necessary licenses and permits; diminishing quantities or
grades of reserves; competition; loss of key employees; additional
funding requirements; actual results of current exploration or
reclamation activities; changes in project parameters as plans
continue to be refined; accidents; labour disputes; defective title
to mineral claims or property or contests over claims to mineral
properties. In addition, there are risks and hazards associated
with the business of mineral exploration, development and mining,
including environmental hazards, industrial accidents, unusual or
unexpected formations, pressures, cave-ins, flooding and gold
bullion losses (and the risk of inadequate insurance or inability
to obtain insurance, to cover these risks) as well as "Risks and
Uncertainties" included in the Annual Information Form/10-K and
MD&A for each of New Gold and Western Goldfields available at
http://www.sedar.com/. Forward-looking statements are not
guarantees of future performance, and actual results and future
events could materially differ from those anticipated in such
statements. All of the forward-looking statements contained in this
press release are qualified by these cautionary statements. New
Gold and Western Goldfields expressly disclaim any intention or
obligation to update or revise any forward-looking statements,
whether as a result of new information, events or otherwise, except
in accordance with applicable securities laws. DATASOURCE: New Gold
Inc. CONTACT: For New Gold, Melanie Hennessey, Vice President
Investor Relations, Direct: (604) 639-0022, Toll-free: (888)
315-9715, Email: ; For Western Goldfields, Hannes Portmann,
Director, Corporate Development and Investor Relations, Direct:
(416) 324-6014, Email:
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