New Gold narrows Rainy River funding gap by selling El Morro stream to Goldcorp

New Gold has sold a 4% gold stream on the El Morro project, in Chile, to Canadian gold major Goldcorp for $65-million. The transaction is mutually beneficial to both companies as it bolsters New Gold’s balance sheet as the company pushes through the final stages of the Rainy River project's development, in Ontario, while Goldcorp’s biggest development project, El Morro – a significant part of its NuevaUnión 50:50 joint venture with Teck Resources that combines the Relincho and El Morro deposits – will now be unencumbered by the stream.