New Gold is forecasting a longer life for its Rainy River Mine.
An updated life-of-mine plan indicates operations continuing at least until 2033, with open pit mining coming to a close in 2028.
A previous report suggested the mine winding down by 2031.
The company identifies more than 25 million ounces of ore yet to be mined within its pit and over 9 million in an ever-changing underground mine.
New Gold says it expects to mine approximately 300 thousand ounces of gold in each of the next three years and the mill to run at full capacity for the next four.
The company is also embarking on an exploration program to search out additional reserves.
“The near-mine and property-scale targets have the potential to expand known Mineral Resources and add Mineral Reserves for both open pit and underground,” the report states.
“Although the economic viability of these targets is currently under evaluation, further extension of open-pit mining has the potential to defer reclaim of the low-grade stockpile and improve the long-term gold production profile, while building the underground inventory could provide additional mining flexibility and maximize opportunities for higher-grade zones.”
About $14 million is being earmarked for exploration activities for this year.
