New Gold is investing in another mining company with an operating mine in northwestern Ontario.
The deal provides Harte Gold Corp. with $24.8 million while New Gold earns a 14.9 per cent stake in the company.
It still needs regulatory approval.
Harte Gold operates the Sugar Zone Gold mine located near White River.
The company says the cash will help it accelerate the development of the mine, along with a planned expansion.
“We are pleased to welcome New Gold as a strategic investor,” says Frazer Bourchier, President and CEO of Harte Gold. New Gold’s investment represents more than just a significant financing – it is an endorsement of the potential of the Sugar Zone mine and property, and a vote of confidence that Harte Gold’s operational team will continue to deliver on our impending growth strategy.”
