A report in The Wall Street Journal commented that Evolution Mining had made a bid for New Gold’s Peak Mine. NGD has not confirmed the report. No terms are known, but the article stated that NGD has rejected the offer saying it is too low.

The deal suggests that the asset could be worth A$250 million; however, no details were provided.
Evolution was created last year through combination of Catalpa Resources, Conquest Mining and assets owned by Newcrest Mining. Evolution Mining recently secured a loan facility worth approximately A$200 million. NGD’s Peak Mine is a non-core asset for the company and is situated in Australia versus the remainder of the company’s assets which are in North America.
Peak produced 85,000 ounces of gold and 12.7 million pounds of copper in 2011, with cash costs in the $650-750 per ounce
range. At the end of September NGD had $147 million in cash and recently raised $500 million through a debt offering.