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Sweeping management changes at New Gold

Rainy River gold miner cuts five V-P positions
New Gold Rainy River project
New Gold's Rainy River gold project

New Gold eliminated five positions in senior management.

The Toronto miner said in a Dec. 10 news release that it’s part of a strategy to “reposition New Gold for long-term success” following the sale of its Mesquite and Peak Mines earlier this year.

New Gold’s two core operating mines are New Afton, west of Kamloops, B.C.; and Rainy River, northwest of Fort Frances.

The following positions have been eliminated:

Vice-president, Treasurer and Technology (Martin Wallace)

Vice-president, Planning and Advisory (Kashif Farooq)

Vice-president, Projects (Peter Woodhouse)

Vice-president, Reporting and Tax (Rajesh Deora)

Vice-president, Exploration (Mark Petersen)

One new position, to be filled shortly, is vice-president of technical services, who will report directly to the CEO.

This person will be responsible for “creating organic growth” in projects, exploration, and will provide technical and operational oversight throughout the organization.

"Today's announcement marks another step forward in our strategy to reposition New Gold for the future,” said company-CEO president Renaud Adams in a statement.

“It was a difficult but necessary decision to readjust the size of the corporate team to reflect our new reality.

"On behalf of management and the board of directors, I want to acknowledge the significant contributions of each of these talented individuals, and we wish them all the best with their future endeavours."