New Gold sells Peak mines for $58m

TSX-and NYSE-listed intermediate gold miner New Gold has entered into a binding agreement with ASX-listed Aurelia Metals to sell its Peak mines in Cobar, New South Wales, Australia for a cash consideration of $58-million. Aurelia intends to fund the transaction through a combination of an A$45-million debt facility provided by Investec Group and an equity placement in the order of A$70-million.