New Gold appoints Yohann
Bouchard as Executive Vice President and Chief Operating
Officer and promotes Ankit Shah to
Executive Vice President, Strategy and Business Development
TORONTO, April 11,
2023 /CNW/ - New Gold Inc. ("New Gold" or the
"Company") (TSX: NGD) (NYSE American: NGD) is pleased to
announce the appointment of Yohann
Bouchard as Executive Vice President and Chief Operating
Officer, and the promotion of Ankit
Shah to Executive Vice President, Strategy and Business
Development. New Gold also announces the appointment of
Luke Buchanan as Vice President,
Technical Services and Jean-François Ravenelle as Vice President,
Geology.
"I am very pleased to have Yohann join our team. He brings an
impressive record of operational excellence, technical knowledge,
and a strong commitment to health and safety and growth to New Gold
during an exciting time for our Company," stated Patrick Godin, President and CEO. "In addition,
Luke's broad technical knowledge and strategic vision and
Jean-François' extensive knowledge in structural geology and
exploration, will be assets to our team as we continue to advance
growth opportunities and sustained production at our
operations."
"I am also pleased to have Ankit join our senior leadership
team. He has been instrumental in the transformation of the Company
in recent years, including the divestment of the Blackwater
project, as well as executing the strategic partnership with the
Ontario Teachers' Pension Plan at the New Afton Mine. Ankit will
continue to have responsibility for the Company's strategy,
business development and capital markets activities, including
investor relations," added Mr. Godin.
"Our mission of being a leading intermediate gold and copper
producer remains unchanged. With the additional bench strength and
experience, I am confident our team can help lead our operations
and our Company towards our goal of increased production at lower
costs, delivering sustained free cash flow over the coming years,"
added Mr. Godin.
Yohann
Bouchard, Executive Vice President and Chief Operating
Officer
Yohann Bouchard brings with him
more than 25 years of progressive technical and operations
experience in the mining industry. Most recently, Mr. Bouchard was
Senior Vice President and Chief Operating Officer at Yamana Gold
("Yamana"). Mr. Bouchard joined Yamana in October 2014 and was responsible for Yamana's
mining operations in the Americas, and overseeing the key
operational groups across the company. Prior to joining Yamana, Mr.
Bouchard occupied key operating and technical positions with
Primero Mining Corporation, IAMGOLD Corporation, Breakwater
Resources Ltd. and Cambior Inc. Mr. Bouchard oversaw precious and
base metal operations in the Americas and in Africa. Mr. Bouchard holds a Bachelor of
Mining Engineering degree from École Polytechnique of Montréal. He
is registered as a professional engineer with Professional
Engineers Ontario.
Ankit
Shah, Executive Vice President, Strategy and Business
Development
Ankit Shah is a mining finance
executive with over 15 years of experience in strategy, corporate
development, capital allocation and investor relations, primarily
in the mining industry. Mr. Shah joined the Company in 2010 with
the primary focus of working with the corporate development and
investor relations teams. Mr. Shah was promoted to Vice President,
Strategy and Business Development in September 2019. Since that time, he has taken on
progressively more responsibility for many facets of the business.
Prior to joining New Gold, Mr. Shah worked for both Ernst &
Young and KPMG within their Assurance and Financial Advisory
practices. Mr. Shah is both a Chartered Accountant and Chartered
Professional Accountant.
Luke
Buchanan, Vice President, Technical Services
Luke Buchanan has over 18 years
of experience as a mining engineer overseeing mine planning,
technical studies and mineral resources and reserves, and most
recently was the Senior Vice President, Technical Services at
Yamana. Prior to joining Yamana, Mr. Buchanan held progressively
senior operating and technical positions at Newmont Corporation,
AMC Consultants and Primero Mining Corporation in both Australia and Canada. Mr. Buchanan holds a Bachelor of
Mining Engineering degree from the University
of New South Wales.
Jean-François Ravenelle, Vice
President, Geology
Jean-François Ravenelle has over 20 years of experience in
structural geology applied to precious and base metal deposits for
both brownfield and greenfield projects, and most recently was the
Structural Geology Practice Lead for Metals Exploration at BHP
Group Limited ("BHP"). Prior to BHP, Mr. Ravenelle was the Director
of Geology at Yamana, where he focused on optimizing operations,
exploration projects, and corporate development. Preceding Yamana,
he held the role of Principal Consultant with SRK Consulting,
Canada. Mr. Ravenelle began his
career as a field geologist for the Geological Survey of
Canada, Goldcorp, Virginia Gold Mines, and Freewest Resources. He
holds a Ph.D. in Structural and Economic Geology from the Institut
National de la Recherche Scientifique and is a registered
professional geologist in Ontario
and Quebec.
About New Gold
New Gold is a Canadian-focused intermediate mining Company with
a portfolio of two core producing assets in Canada, the Rainy River gold mine and the New
Afton copper-gold mine. The Company also holds Canadian-focused
investments. New Gold's vision is to build a leading diversified
intermediate gold company based in Canada that is committed to the environment
and social responsibility. For further information on the Company,
visit www.newgold.com.
Cautionary Note Regarding
Forward-Looking Statements
Certain information contained in this news release, including
any information relating to New Gold's future financial or
operating performance are "forward-looking". All statements in this
news release, other than statements of historical fact, which
address events, results, outcomes or developments that New Gold
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 use of forward-looking
terminology such as "plans", "expects", "is expected", "budget",
"scheduled", "targeted", "estimates", "forecasts", "intends",
"anticipates", "projects", "potential", "believes" or variations of
such words and phrases or statements that certain actions, events
or results "may", "could", "would", "should", "might" or "will be
taken", "occur" or "be achieved" or the negative connotation of
such terms. Forward-looking statements in this news release
include, among others, statements with respect to: the intended
responsibilities of the Executive Vice President, Strategy and
Business Development; progressing the Company's goals, including
increased production at lower costs and delivering sustained free
cash flow over the coming years; and the anticipated Company-wide
and operational benefits the technical additions are expected to
bring.
All forward-looking statements in this news release are based on
the opinions and estimates of management that, while considered
reasonable as at the date of this news release in light of
management's experience and perception of current conditions and
expected developments, are inherently subject to important risk
factors and uncertainties, many of which are beyond New Gold's
ability to control or predict. Certain material assumptions
regarding such forward-looking statements are discussed in this
news release, New Gold's latest annual management's discussion and
analysis ("MD&A"), its most recent annual information form and
technical reports on the Rainy River Mine and New Afton Mine filed
on SEDAR at www.sedar.com and on EDGAR at www.sec.gov. In addition
to, and subject to, such assumptions discussed in more detail
elsewhere, the forward-looking statements in this news release are
also subject to the following assumptions: (1) there being no
significant disruptions affecting New Gold's operations; (2)
political and legal developments in jurisdictions where New Gold
operates, or may in the future operate, being consistent with New
Gold's current expectations; (3) the accuracy of New Gold's current
Mineral Reserve and Mineral Resource estimates and the grade of
gold, copper and silver expected to be mined; (4) the exchange rate
between the Canadian dollar and U.S. dollar, and to a lesser extent
the Mexican peso, and commodity prices being approximately
consistent with current levels and expectations for the purposes of
2023 guidance and otherwise; (5) prices for diesel, natural gas,
fuel oil, electricity and other key supplies being approximately
consistent with current levels; (6) equipment, labour and material
costs increasing on a basis consistent with New Gold's current
expectations; (6) the results of the life of mine plans for the
Rainy River Mine and the New Afton Mine being realized; and (7)
there being no material disruption to the Company's supply chains
and workforce at either the Rainy River Mine or New Afton Mine due
to cases of COVID-19 or otherwise that would interfere with the
Company's anticipated course of action at its operations.
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 actual
results, level of activity, performance or achievements to be
materially different from those expressed or implied by such
forward-looking statements. Such factors include, without
limitation: price volatility in the spot and forward markets for
metals and other commodities; discrepancies between actual and
estimated production, between actual and estimated costs, between
actual and estimated Mineral Reserves and Mineral Resources and
between actual and estimated metallurgical recoveries; equipment
malfunction, failure or unavailability; accidents; risks related to
early production at the Rainy River Mine, including failure of
equipment, machinery, the process circuit or other processes to
perform as designed or intended; the speculative nature of mineral
exploration and development, including the risks of obtaining and
maintaining the validity and enforceability of the necessary
licenses and permits and complying with the permitting requirements
of each jurisdiction in which New Gold operates, including, but not
limited to: uncertainties and unanticipated delays associated with
obtaining and maintaining necessary licenses, permits and
authorizations and complying with permitting requirements; changes
in project parameters as plans continue to be refined; changing
costs, timelines and development schedules as it relates to
construction; the Company not being able to complete its
construction projects at the Rainy River Mine or the New Afton Mine
on the anticipated timeline or at all; volatility in the market
price of the Company's securities; changes in national and local
government legislation in the countries in which New Gold does or
may in the future carry on business; compliance with public company
disclosure obligations; controls, regulations and political or
economic developments in the countries in which New Gold does or
may in the future carry on business; the Company's dependence on
the Rainy River Mine and New Afton Mine; the Company not being able
to complete its exploration drilling programs on the anticipated
timeline or at all; disruptions to the Company's workforce at
either the Rainy River Mine or the New Afton Mine, or both, due to
cases of COVID-19 or otherwise; the responses of the relevant
governments to any disease, epidemic or pandemic outbreak,
including the COVID-19 outbreak, not being sufficient to contain
the impact of such outbreak; disruptions to the Company's supply
chain and workforce due to any disease, epidemic or pandemic
outbreak, including the COVID-19 outbreak; an economic recession or
downturn as a result of any disease, epidemic or pandemic outbreak,
including the COVID-19 outbreak, that materially adversely affects
the Company's operations or liquidity position; there being further
shutdowns at the Rainy River Mine or New Afton Mine; significant
capital requirements and the availability and management of capital
resources; additional funding requirements; diminishing quantities
or grades of Mineral Reserves and Mineral Resources; actual results
of current exploration or reclamation activities; uncertainties
inherent to mining economic studies including the Technical Reports
for the Rainy River Mine and New Afton Mine; impairment; unexpected
delays and costs inherent to consulting and accommodating rights of
First Nations and other indigenous groups; climate change,
environmental risks and hazards and the Company's response thereto;
tailings dam and structure failures; ability to obtain and maintain
sufficient insurance; actual results of current exploration or
reclamation activities; fluctuations in the international currency
markets and in the rates of exchange of the currencies of
Canada, the United States and, to a lesser extent,
Mexico; global economic and
financial conditions and any global or local natural events that
may impede the economy or New Gold's ability to carry on business
in the normal course; inflation; compliance with debt obligations
and maintaining sufficient liquidity; taxation; fluctuation in
treatment and refining charges; transportation and processing of
unrefined products; rising costs or availability of labour,
supplies, fuel and equipment; adequate infrastructure;
relationships with communities, governments and other stakeholders;
geotechnical instability and conditions; labour disputes; the
uncertainties inherent in current and future legal challenges to
which New Gold is or may become a party; defective title to mineral
claims or property or contests over claims to mineral properties;
competition; loss of, or inability to attract, key employees; use
of derivative products and hedging transactions; reliance on
third-party contractors; counterparty risk and the performance of
third party service providers; investment risks and uncertainty
relating to the value of equity investments in public companies
held by the Company from time to time; the adequacy of internal and
disclosure controls; conflicts of interest; the lack of certainty
with respect to foreign operations and legal systems, which may not
be immune from the influence of political pressure, corruption or
other factors that are inconsistent with the rule of law; the
successful acquisitions and integration of business arrangements
and realizing the intended benefits therefrom; and information
systems security threats. In addition, there are risks and hazards
associated with the business of mineral exploration, development,
construction, operation and mining, including environmental events
and 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 "Risk Factors" included
in New Gold's most recent annual information form, MD&A and
other disclosure documents filed on and available on SEDAR at
www.sedar.com and on EDGAR at www.sec.gov. 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 forward-looking statements
contained in this news release are qualified by these cautionary
statements. New Gold expressly disclaims 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.
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SOURCE New Gold Inc.