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BRITISH COLUMBIA (Scrap Monster): New Gold's Blackwater Gold Project in British Columbia, Canada is estimated to generate an average annual gold production of 507,000oz gold and silver production of 2,039,000oz over the first 15 years of mine life.

Preliminary Economic Assessment (PEA) has been completed by Canada-based gold miner New Gold at its wholly owned Blackwater Gold Project and the production is scheduled to start in 2017.

According to New Gold executive chairman Randall Oliphant, the flagship property is expected to produce over half a million ounces of gold per year at low cash costs in a great jurisdiction.

Construction is set to commence in 2015 and the mine will produce 60,000t a day once production is underway.

The completion of the PEA and upcoming filing of our Project Description allow us to formally begin the permitting process for Blackwater, says New Gold president and CEO Robert Gallagher.

Generating an estimated 5% net present value of $1.1bn, the ore will be sold by the company at $536 an oz.Gold and silver resources of 6.2 and 18.6 million oz has been indicated by Blackwater respectively and inferred resources of 1.8 million oz gold and 13.5 million oz silver has also been estimated.