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Mexico gov't closes gold mine to reduce pollution

Posted on: Thu, 19 Nov 2009 23:49:00 EST

Symbols: NGD

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MEXICO CITY, Nov 19, 2009 (Xinhua via COMTEX) --
NGD | Quote | Chart | News | PowerRating -- The Mexican government has
formally closed a gold and silver mine belonging to Canadian firm
New Gold, ordering the firm to reduce pollution after legal
authorities revoked New Gold's license.

The San Xavier mine, located in the central Mexico state San
Luis Potosi, has been ordered by Mexico's Environment Ministry to
halt work earlier, but New Gold had continued excavating at
historic site Cerro San Pedro until government officials arrived.

The mine was sealed by workers dispatched by the Federal
Environmental Protection Prosecutor, backed by federal police and
a regional political group, the Broad Opposition Front.

According to reports reaching here, New Gold executive chairman
Randall Oliphant said that the firm hoped to re-open the mine
soon, and that its license had been revoked due to technical
reasons rather than due to any real damage it inflicted.

New Gold operates in the U.S. state of California and the
Australian state of New South Wales as well as Mexico.

For full details on New Gold Inc (NGD) NGD. New Gold Inc (NGD) has Short Term PowerRatings at TradingMarkets. Details on New Gold Inc (NGD) Short Term PowerRatings is available at This Link.

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