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Gold/Mining/Energy : Gold and Silver Juniors, Mid-tiers and Producers -- Ignore unavailable to you. Want to Upgrade?

To: loantech who wrote (68162)	11/25/2009 9:44:40 PM
From: posthumousone	1 Recommendation Read Replies (1) \| Respond to of 78424

This says it was updated today on NGD site newgold.com difference between now and last time i looked is it appears headed for trial in early dec. too risky considering all the other gold stocks that are moving out there..bwdik Cerro San Pedro Fact Sheet New Gold owns 100% of the Cerro San Pedro Mine through the Mexican company, Minera San Xavier (MSX) The recent suspension of mining activity at the mine relates to a ruling by the Federal Court of Fiscal and Administrative Justice requiring the government to nullify the MSX Environmental Impact Statement which had been approved in 2006. PROFEPA, the Mexican environmental enforcement agency, issued an order that MSX cease mining operations on November 18, 2009. The Mexican Federal Court’s decision does not affect MSX’s land usage permit or its operating permit and those are still in place. The court has not declared the Cerro San Pedro mining operation illegal. The court ruling relates to procedural disputes related to the granting of the Environmental Impact Statement and this can be appealed. Subsequent to the court order, SEMARNAT, Mexico’s federal environmental protection agency, nullified the MSX environmental impact statement. On November 13, 2009 MSX filed a new EIS with SEMARNAT and is expecting a decision within 60 days. New Gold and MSX are cooperating fully with the Mexican government agencies. The PROFEPA order does not allow for mining activity to continue at the Cerro San Pedro mine but does allow a continuation of gold recovery operations (leaching). The 605 MSX employees and contractors continue to do maintenance and training while administering ongoing environmental protection initiatives. New Gold and MSX are preparing for a trial involving the ruling by the Administrative Court (Federal Court of Fiscal and Administration) scheduled to start early December 2009. New Gold and MSX are preparing an appeal (amparo) with the District Court in San Luis Potosi seeking a ruling to allow the mine to resume operations. MSX existing permits and authorizations reference more than 100 environmental conditions which are audited each year and have consistently been 100 cent compliant. There is overwhelming local support for MSX and the Cerro San Pedro mine because the local residents appreciate the benefits the operation brings to them and their community. Regional expenditure directly benefitting the surrounding area in 2008 was approximately US$45 million. MSX has 605 employees and contractors at the mine of which many are from surrounding villages, including the village of Cerro de San Pedro. MSX expects to spend US$6.5 million on employee wages and benefits this year. Each week, MSX provides free medical services, including doctor visits, ambulance service and dental care, to Cerro de San Pedro and 10 neighbouring communities. MSX has spent hundreds of thousands of dollars paving roads, building sewage lines and flood drains to better the lives of local citizens. MSX has improved the local environment and preserved the historic character of the town cleaned up mining waste abandoned by previous miners the site’s nursery has so far yielded more than 75,000 plants for use in reclamation and agriculture reforested 52 hectares with 56,000 plants in the Monte Caldera area in 2008 built new homes and schools for residents rehabilitated historic churches that had suffered from many decades of neglect built a new church building provided trade skills training equipped schools with computers supported cultural festivals provided jobs to a significant percentage of the population. New Gold and MSX have the support of the local community, both its leaders and its residents for being a good neighbor. New Gold has a history of operating in a socially and sustainable manner meeting international standards in all three countries where it has a mining presence.