New Gold Down 9.5% on Chile Project Suspension

New Gold Inc

is trading lower on the session following the announcement that the Chilean Supreme Court has temporarily suspended the approval of the environmental permit for the El Morro Project. According to the company's statement, "The Supreme Court's April 27, 2012 decision relates to a constitutional action that was filed by the Comunidad Agrícola Los Huasco Altinos in May 2011 requesting the invalidation of the March 2011 resolution by the Chilean Environmental Permitting Authority that approved the project's environmental permit." New Gold is currently trading at $9.07, a loss of $0.95 or 9.48%.