July 18, 2012 / 1:13 PM / 5 years ago

New Gold estimates 30 pct higher resources at Blackwater project

July 18 (Reuters) - Canadian miner New Gold Inc said its measured and indicated gold resources for Blackwater Gold project in central British Columbia rose 30 percent to 7.1 million ounces of gold.

The company also said inferred mineral resources for the project rose 7 percent to 2.5 million ounces of gold from a March 2012 mineral resource estimate.

New Gold, which has operations in United States, Mexico, Australia, Canada and Chile, continues to expect to meet commercial production target at the New Afton mill by Aug. 2012.

The New Afton project, a gold and copper mine in south central British Columbia, met its targeted June 2012 production start.

Shares of New Gold, which has a market value of C$4.50 billion, closed at C$9.78 on Tuesday on the Toronto Stock Exchange.

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