The Rio Figueroa copper-gold project is located approximately 17 km west of Kinross Gold Corporation/Bema Gold Corporation's Refugio gold-copper mine and approximately 80 km southeast of the city of Copiapó in Chile. Like El Morro, located 125 km to the southwest, Rio Figueroa is situated along one of the most prolific copper belts in the world. The land package totals approximately 54 square kilometers.
On June 16, 2008, New Gold Inc's subsidiary, Minera Metallica Resources Chile Ltda. entered into an agreement with Antofagasta Minerals S.A. (Antofagasta), a Chilean company and wholly owned subsidiary of Antofagasta PLC, whereby Antofagasta has the option to earn up to a 70% interest in New Gold's Rio Figueroa copper-gold project. The Rio Figueroa project is currently 100% owned by New Gold and is located approximately 125 kilometers northeast of New Gold's 30% owned El Morro project.
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