December 19, 2016 / 7:59 PM / 2 years ago

BUZZ-New Gold Inc: Ten-month low as COO leaves

** Shares of gold miner fall 4.7 pct to 10-month low of C$4.28

** Chief Operating Officer David Schummer to leave

** “We spoke with management and view the departure of Mr Schummer as a negative with regard to the Rainy River project outlook,” analysts at Desjardins Capital Markets write

** Stock could trade sideways or underperform until an update on the Rainy River project, which could be a transformative asset for the company, is provided - analysts add

** Company says expects to provide Rainy River project update in second half of January

** Rainy River project is a gold mine with a processing rate of 21,000 tonnes per day

** Up to Friday’s close, shares had risen nearly 40 pct YTD

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