Newgold sells last mining asset

Completing its transformation into an internet company, Newgold (NGLD-O) has sold the Relief Canyon mine to Orion Resources & Exploration.

Orion purchased the operation for $960,000 in private shares of Newgold stock, based on the average closing price of the shares.

Relief Canyon was mined out in early 1990s by Pegasus Gold. Newgold picked up the property in 1995 and went public the following year.

Situated in Nevada’s Pershing Cty., the property comprises more than 8,000 acres and features a 10,000 ton-per-day mill.

In April 1997, after completing more than 42,000 ft. of drilling at the property, Newgold boosted the resource to 30.4 million tons grading 0.022 oz. gold per ton, equivalent to 670,000 contained ounces.