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New Gold Inc.

Published : November 07th, 2011

New Gold Announces 2011 Third Quarter Results with 105% Increase in Net Cash Generated from Operatio

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Keywords :   Chile | Copper | Gold Production |

New Gold Announces 2011 Third Quarter Results with 105% Increase in Net Cash Generated from Operations to $71 million

11/04/2011

 

New Gold Inc. ("New Gold") (TSX:NGD)(NYSE AMEX:NGD) today announces financial and operational results for the third quarter of 2011. The company finished the third quarter with gold sales of 93,028 ounces at a total cash cost(1) per ounce sold, net of by-product sales, of$528 per ounce. The combination of increased gold sales and the continued strength of the gold price led to another quarter of strong financial results, despite certain temporary operational challenges resulting in higher total cash cost(1). During the quarter, the company's earnings from mine operations increased by 61% to $76 million, resulting in net earnings of $41 million, or $0.09 per share. Net cash generated from operations increased by 105% to $71 million when compared to the third quarter of 2010.

 

New Gold Third Quarter Highlights

 

·         Quarterly gold sales increased to 93,028 ounces from 89,692 ounces in the same period in 2010

·          

·         Net cash generated from operations increased by 105% to $71 million

·          

·         Underground mine production commenced at New Afton with first drawbell blasts successfully initiating the caving process

·          

·         $433 million of cash at September 30, 2011

·          

·         Updated NI 43-101 compliant mineral resource estimate for the Blackwater Project (100% basis):

·          

o    Indicated gold resource: 165 million tonnes at an average grade of 1.01 g/t containing 5.4 million ounces of gold

o     

o    Inferred gold resource: 39 million tonnes at an average grade of 0.94 g/t containing 1.2 million ounces of gold

o     

"The third quarter saw New Gold continue to build on its momentum, particularly through the start of underground mining at New Afton and the significant growth in gold resources at Blackwater," stated Randall Oliphant, Executive Chairman. "While our quarterly cash costs were impacted by certain operational challenges, the performance of our mines in the first nine months of the year has allowed us to maintain a very strong financial footing. It is from this solid foundation that we advance our three exciting projects which provide our company with an even more promising future."

 

2011 Third Quarter Operations Overview

 

New Gold 2011 Third Quarter Consolidated - Summary Operational Results 

 

Three months ended

 

Nine months ended

 

 

 

September 30,

 

 

September 30,

 

 

2011

2010

 

2011

2010

Gold

 

 

 

 

 

 

Sales (thousand ounces)

 

93.0

89.7

 

292.3

252.1

Production (thousand ounces)

 

90.4

91.3

 

286.5

258.5

Average realized price ($ per ounce)

 

$1,570

$1,181

 

$1,430

$1,137

 

 

 

 

 

 

 

Silver

 

 

 

 

 

 

Sales (thousand ounces)

 

379.6

748.7

 

1,567.8

1,447.6

Production (thousand ounces)

 

380.6

733.5

 

1,536.3

1,487.2

Average realized price ($ per ounce)

 

$37.71

$19.25

 

$36.25

$18.66

 

 

 

 

 

 

 

Copper

 

 

 

 

 

 

Sales (million pounds)

 

4.9

2.3

 

12.4

9.3

Production (million pounds)

 

2.6

3.1

 

9.4

11.1

Average realized price ($ per pound)

$3.39

$3.33

 

$3.84

$3.28

 

 

 

 

 

 

 

Total cash cost(1) - net of by-product sales ($ per ounce)

$528

$422

 

$409

$456

Average realized margin ($ per ounce)

$1,042

$759

 

$1,021

$681

 

 

The company's portfolio of three operating mines delivered another strong quarter of gold production and sales, however, total cash cost(1) per ounce sold, net of by-product sales, increased when compared to the prior year quarter. While the reasons for the total cash cost(1) increases at the individual operations are discussed further in the mine-by-mine results below, the primary driver was the increase in total cash cost(1) at the Peak Mines. Peak's costs were negatively impacted by a combination of higher labour and foreign exchange rates and lower mill recoveries, particularly for copper. Further, as Peak's concentrate inventory was sold at the end of September, the realized copper price was below the prevailing average copper price during the third quarter of 2011 thus resulting in a lower copper by-product revenue.

 

During the third quarter, each of New Gold's three large development projects continued to advance. New Afton, the company's most immediate development project, is now just eight months from production. The third quarter marked the official beginning of underground mine production at New Afton as caving was initiated through the blasting of the first drawbells. With both surface construction and underground development progressing well, New Afton remains on track for its targeted mid-2012 production start. At El Morro, the company's 70% partner Goldcorp Inc. ("Goldcorp"), continued to oversee the update of the 2008 feasibility study where the technical work on the update was completed during the third quarter and is now under Goldcorp management's review. The company's newest project, Blackwater, progressed significantly during the quarter as highlighted by the company's September 19, 2011 announcement regarding the project's updated mineral resource estimate. On a 100% basis, the updated resource, which included holes drilled through the end of July 2011, contained 5.4 million ounces of indicated gold mineral resources and an additional 1.2 million ounces of inferred gold mineral resources. Further, New Gold has continued to upgrade the mine camp at Blackwater to facilitate the addition of more drills and has held multiple positive meetings with the local First Nations, communities, governments and other regulatory bodies. Subsequent to the end of the third quarter, on October 17th, the company announced offers to acquire both Silver Quest Resources Ltd. ("Silver Quest") and Geo Minerals Ltd. ("Geo"). Upon closing, these acquisitions would both consolidate New Gold'sownership of 100% of the Blackwater Project and add to New Gold's already significant landholdings in the area surrounding the current Blackwater mineral resource.

 

"The third quarter saw our operating teams deliver another strong quarter of gold production and while our costs increased, I am pleased with how the teams worked proactively to minimize the overall impact on our results," stated Robert Gallagher, President and Chief Executive Officer. "While the cash cost increase at Peak during the quarter was compounded due to the timing of the concentrate sale, the cost pressures and recovery challenges at the mine remain a core focus for us as we move into the fourth quarter and into 2012."

 

2011 Third Quarter Consolidated Financial Results

 

New Gold 2011 Third Quarter Consolidated - Summary Financial Results 

 

Three months ended

 

Nine months ended

Figures in US$ millions, expect per share amounts

 

September 30,

 

 

September 30,

 

 

2011

2010

 

2011

2010

Revenue

 

175.5

127.1

 

518.3

341.1

Average realized gold price ($ per ounce)

 

1,570

1,181

 

1,430

1,137

Average margin per ounce ($ per ounce)

1,042

759

 

1,021

681

Earnings from mine operations

 

76.1

47.1

 

240.0

120.4

 

 

 

 

 

 

 

Net earnings from continuing operations

40.7

44.8

 

144.0

31.8

Net earnings per share from continuing operations

0.09

0.11

 

0.34

0.08

Adjusted net earnings from continuing operations

49.5

29.3

 

145.7

58.7

Adjusted net earnings per share

 

0.11

0.07

 

0.34

0.15

 

 

 

 

 

 

 

Pre-tax cash generated from operations

93.0

49.3

 

240.8

125.9

Net cash generated from operations

70.7

34.5

 

163.6

97.8

 

 

The combination of increased gold sales and higher average realized gold prices resulted in New Gold reporting increases in key financial categories during the quarter. Importantly, despite the increase in total cash cost(1) during the quarter, the company was able to provide shareholders with an average margin of over $1,000 per ounce for the second straight quarter. Increased gold sales at higher average realized gold prices led to a 38% increase in revenue during the third quarter of 2011, which, in turn, resulted in a 61% increase in earnings from mine operations to $76 million.

 

Net earnings from continuing operations in the third quarter of 2011 were $41 million, or $0.09 per share. Adjusted net earnings from continuing operations(2)were $49 million, or $0.11 per share, during the quarter compared to $29 million, or $0.07 per share, in the third quarter of 2010. Net earnings has been adjusted and tax affected for the group of costs in "Other gains (losses)" on the condensed consolidated income statement. The most significant adjustment is the fair value change of the company's share purchase warrants and convertible debentures in the third quarter of 2011 which was a pre-tax loss of $35 million, relative to a pre-tax loss of $10 million in the same period of the prior year. See the notes at the end of the release for a reconciliation of Adjusted net earnings.

 

Net cash generated from operations increased by 105% to $71 million when compared to the prior year quarter. Cash flow during the quarter benefitted from strong earnings and New Gold's ability to reduce working capital.

 

Mesquite Mine Increases Production and Earnings from Mine Operations

 

Mesquite

 

Three months ended

 

Nine months ended

 

 

 

September 30,

 

 

September 30,

 

 

2011

2010

 

2011

2010

Gold

 

 

 

 

 

 

Sales (thousand ounces)

 

32.5

30.9

 

117.5

119.2

Production (thousand ounces)

 

31.8

30.2

 

114.4

113.0

 

 

 

 

 

 

 

Average realized prices

 

 

 

 

 

 

Gold ($ per ounce)

 

1,311

1,079

 

1,259

1,067

Total cash cost(1) ($ per ounce)

 

732

670

 

628

600

Earnings from mine operations ($ millions)

13.7

7.5

 

57.7

34.3

 

 

Gold sales and production at Mesquite increased by 5% in the third quarter of 2011 and were relatively consistent in the year-to-date period, when compared to the same periods of the prior year. During the quarter and through 2011, the operating team has remained focused on cost control despite year-over-year input cost pressures, most notably from increased diesel prices. By working to offset some of the impact of input cost pressures on total cash cost(1) and through the increase in the average realized gold price, Mesquite increased earnings from mine operations by 83% to $14 million during the third quarter of 2011. Similarly, in the first nine months of 2011, earnings from mine operations increased by 68% to $58 million when compared to the same period of the prior year.

 

The increases in gold production and sales during the third quarter were a result of greater ore tonnes being placed on the leach pad at grades and recoveries consistent with those realized in the third quarter of 2010. Year-to-date gold production and sales were consistent with the prior year as the benefit of mining at grades closer to reserve grade offset the impact of fewer ore tonnes being placed on the pad. The change in total cash cost(1) was primarily driven by increased inputs costs, such as diesel fuel, where prices have been approximately 40% higher than in both the third quarter and year-to-date periods of 2010. The higher diesel prices were partially offset by a lower strip ratio resulting in lower waste tonnes moved during the third quarter and increased operator efficiencies.

 

Based on Mesquite's strong performance through the first nine months of 2011 and the forecast for the fourth quarter, it is anticipated that Mesquite should achieve the upper end of its 2011 gold production guidance of 145,000 to 155,000 ounces. In addition, depending on the movements in the diesel price in the final months of the year, Mesquite should be lower than the total cash cost(1) guidance range of $660 to $680 per ounce of gold sold.

 

Cerro San Pedro Mine Continues On Path to Best Year in its History

 

Cerro San Pedro

 

Three months ended

 

Nine months ended

 

 

 

September 30,

 

 

September 30,

 

 

2011

2010

 

2011

2010

Gold

 

 

 

 

 

 

Sales (thousand ounces)

 

34.4

38.1

 

109.7

76.0

Production (thousand ounces)

 

34.3

37.5

 

109.6

79.8

 

 

 

 

 

 

 

Silver

 

 

 

 

 

 

Sales (thousand ounces)

 

379.6

748.7

 

1,567.8

1,447.6

Production (thousand ounces)

 

380.6

733.5

 

1,536.3

1,487.2

 

 

 

 

 

 

 

Average realized prices

 

 

 

 

 

 

Gold ($ per ounce)

 

1,693

1,234

 

1,531

1,205

Silver ($ per ounce)

 

37.71

19.25

 

36.25

18.66

Total cash cost(1) - net of by-product sales ($ per ounce)

193

151

 

73

277

Earnings from mine operations ($ millions)

45.1

29.5

 

135.2

47.4

 

 

Cerro San Pedro had another strong quarter, increasing earnings from mine operations by 53% to $45 million, despite lower gold and silver production and sales when compared to the third quarter of 2010. For the nine months ended September 30, 2011, the combination of a 44% increase in gold sales, higher realized gold prices and a $204 per ounce decrease in total cash cost(1) per ounce of gold sold, net of by-product sales, led to a 185% increase in earnings from mine operations to $135 million when compared to the same period of the prior year.

 

Gold and silver production and sales during the third quarter of 2011 were lower than the prior year period due to a combination of lower ore grades and leach pad recoveries. The lower grades were a result of mine sequencing while the lower recoveries were driven by reduced cyanide supply. Cerro San Pedro'scyanide supplier experienced production issues at its plant during the quarter, which resulted in Cerro San Pedro and various other mining operations receiving only a partial allotment of their usual cyanide supply. The team successfully minimized the impact of the cyanide shortage by placing more ore tonnes on the pad thus leading Cerro San Pedro to another strong quarter. The cyanide supply issues have now been resolved and Cerro San Pedro is receiving its full cyanide allotment. Gold and silver production and sales increased in the year-to-date period due to a 57% increase in ore tonnes placed on the leach pad. The increase in total cash cost(1) during the third quarter was primarily due to lower silver by-product revenue. The decrease in total cash cost(1) in the year-to-date period was largely a result of higher silver by-product revenues driven by both higher silver sales and prices.

 

Cerro San Pedro remains on track to achieve the best year in its history with year-to-date earnings from mine operations of $135 million already well exceeding the 2010 full year total, despite the cyanide supply issues during the third quarter. Cerro San Pedro is forecast to meet its 2011 gold production guidance of 135,000 to 145,000 ounces and also remains well positioned as the company's lowest cost producer. As a result of lower third quarter silver sales volumes and the time required for the leach pad to reach historical silver recoveries, the company anticipates Cerro San Pedro's 2011 total cash cost(1) per ounce of gold sold, net of by-product sales, could be slightly above the guidance range of $90 to $110 per ounce.

 

Peak Mines' Costs Negatively Impacted by Stronger Australian Dollar and Operating Cost Inflation

 

Peak Mines

 

Three months ended

 

Nine months ended

 

 

 

September 30,

 

 

September 30,

 

 

2011

2010

 

2011

2010

Gold

 

 

 

 

 

 

Sales (thousand ounces)

 

26.2

20.7

 

65.1

56.9

Production (thousand ounces)

 

24.4

23.7

 

62.5

65.6

 

 

 

 

 

 

 

Copper

 

 

 

 

 

 

Sales (million pounds)

 

4.9

2.3

 

12.4

9.3

Production (million pounds)

 

2.6

3.1

 

9.4

11.1

 

 

 

 

 

 

 

Average realized prices

 

 

 

 

 

 

Gold ($ per ounce)

 

1,731

1,234

 

1,568

1,194

Copper ($ per pound)

 

3.39

3.33

 

3.84

3.28

Total cash cost(1) - net of by-product sales ($ per ounce)

715

549

 

580

393

Earnings from mine operations ($ millions)

17.1

10.1

 

47.2

38.7

Gold and copper sales at Peak Mines increased in the third quarter of 2011 and year-to-date periods as Peak was able to sell down the majority of its concentrate inventory during the quarter. As a result of the increases in gold sales and average realized gold prices, and despite the increase in total cash cost(1), Peak Mines increased earnings from mine operations by 69% and 22% in the third quarter of 2011 and year-to-date, respectively, when compared to the same periods of the prior year.

 

While gold production during the third quarter of 2011 and year-to-date periods remained similar with that of the prior year periods, copper production declined due to lower copper grades and recoveries. Recoveries were negatively impacted by the slower than anticipated commissioning of a new floatation plant during the quarter. The start-up issues associated with the floatation plant are being resolved with recoveries increasing towards historic levels.

 

The increase in total cash cost(1) during the third quarter of 2011 and year-to-date periods resulted primarily from a combination of higher labour and foreign exchange rates and the lower mill recoveries. The appreciation of the Australian dollar and inflationary cost pressures each contributed approximately $200 per ounce to the increase in total cash cost(1) when comparing the third quarter of 2011 with the prior year quarter. These cost increases were partially offset by higher by-product revenues from the increased copper sales volumes reducing total cash cost(1) by approximately $225 per ounce when compared to the prior year quarter. The increase in total cash cost(1) in the year-to-date period is for similar reasons to those noted for the third quarter. While labour and exchange rate pressures continue to be a factor in Australia, they are largely a result of Australia being a desired place to operate and a politically secure country to invest in mining.

 

In September, the company was able to sell down its concentrate inventory as additional rail cars became available for New Gold to ship greater than its usual allotment of concentrate to the port. While the inventory reduction was positive as it reduced New Gold's working capital and increased the company's cash flow, the timing of the inventory sale at the end of the quarter also contributed to the increased costs. The combination of lower copper recoveries and production in the quarter and the fact the concentrate sale occurred in late September when the copper price declined well below its quarterly and year-to-date average levels, meant the aforementioned increases in costs did not have as significant a by-product offset as anticipated. Had Peak realized the quarterly average copper price of $4.08 per pound, total cash cost(1) would have been lower by approximately $125 per ounce and more in line with the prior year quarter.

 

Based on Peak's performance through the first nine months of 2011 and the forecast for the fourth quarter, it is anticipated that the Peak Mines should achieve the lower end of the 2011 gold production guidance of 90,000 to 100,000 ounces. As both the year-to-date realized copper price and the current copper price are below the forecast assumption of $4.00 per pound and the Australian dollar remains above the assumed parity level, it is anticipated that Peak's 2011 total cash cost(1) per ounce of gold sold, net of by-product sales, will remain above the guidance range of $410 to $430 per ounce. The year-to-date total cash cost(1) of $580 per ounce is representative of Peak's current 2011 full year cost forecast.

 

New Afton Officially Commences Underground Operations

 

New Gold's most immediate development project continued on schedule during the third quarter of 2011 with multiple areas of development and construction being advanced or completed. Both the underground development work and surface construction activities continue on schedule for the targeted mid-2012 production start. New Afton will be an underground mine and concentrator which is expected to produce an annual average of 85,000 ounces of gold and 75 million pounds of copper at low operating costs.

 

The third quarter marked the commencement of underground mine production at New Afton as the first drawbell was blasted on September 9th, with the second and third drawbells being blasted on October 2nd and 21st, respectively. The New Afton team is pleased with these initial blasts as the drawbell structure, related rock behaviour and the ore flow have been consistent with expectations. The process of removing ore from the first drawbell commenced during the quarter and with additional drawbell blasts scheduled in the fourth quarter, the surface stockpile should continue to grow consistently through the mid-2012 production start. It is anticipated that there will be approximately three months of ore stockpiled on surface by start-up.

 

New Afton Third Quarter Underground Highlights

 

·         First drawbell blasted on September 9th

·          

o    Removed ~3,500 tonnes from drawbell opening by the end of the quarter

o     

·         Second and third drawbells blasted in October with fourth drawbell in progress

·          

·         ~139,000 tonnes of ore moved to surface stockpile as at September 30, 2011

·          

·         Continued blasting/development of undercut and extraction levels

·          

·         ~2,210 metres of underground advance completed

·          

·         Completed raise boring of two ore passes and one extraction level ventilation raise

·          

·         Underground development crusher assembled - concrete foundation 85% completed

·          

New Afton Third Quarter Surface Construction Highlights

 

·         Erection of interior steel in mill building over 75% complete

·          

·         Final grading for pipes and surface road in tailings corridor underway

·          

·         Earthworks for tailings storage facility over 80% complete

·          

·         Overhead electrical lines installed on site

·          

In the third quarter of 2011, project spending at New Afton was $66 million, excluding capitalized interest. On a year-to-date basis, project spending has been$182 million, excluding capitalized interest. Capitalized interest was $6 million and $19 million during the third quarter and year-to-date periods, respectively.

 

In addition to the significant progress being made at the site, off-take agreements are now in place for 100% of the projected concentrate production. The company has also established an agreement for storage and ship loading of concentrate at the Vancouver wharves. The key terms of the contract for trucking of concentrate from New Afton to the wharves have also been established and it is anticipated this contract should be executed prior to the end of the year.

 

The company is very pleased with the continued progress at New Afton and looks forward to additional milestones being achieved through the end of 2011 and into 2012. With the remaining capital through the mid-2012 production start now at approximately $200 million, New Gold continues to have a cash balance well in excess of the remaining capital required. Once in production, New Afton is expected to contribute significantly to New Gold's current portfolio of operating assets driving gold production growth at lower costs. At current commodity prices, the mine is expected to approximately double the company's cash flow.

 

El Morro Costs and Timeline Updated - New Gold Fully Carried

 

El Morro is an advanced stage, world-class gold/copper project in northern Chile, one of the most attractive mining jurisdictions in the world. New Gold is a 30 percent partner in the project, with Goldcorp, the project developer and operator, holding the remaining 70 percent. The project is located in the Atacama region of Chile approximately 80 kilometres east of the city of Vallenar and comprises a large, 36-square kilometre land package with significant potential for organic growth through further exploration. Two principal zones of gold-copper mineralization have been identified to date - the El Morro and La Fortuna zones - and several additional targets have also been identified through a regional exploration plan. Currently, New Gold's attributable 30% share of proven and probable reserves contains 2.6 million ounces of gold and 1.8 billion pounds of copper. Future exploration efforts will also test the potential for bulk-mineable gold and copper production below the bottom of the current design pit. New Gold's attributable 30% share of the inferred mineral resource below the open pit contains 1.3 million ounces of gold and 0.6 billion pounds of copper.

 

As reported by Goldcorp on October 26th, during the third quarter, progress continued on an update to the project's 2008 feasibility study. The update is aimed at evaluating the optimum location of the project's primary infrastructure items as well as a reassessment of technical aspects, cost and schedule of the project. While the results of the study are currently undergoing Goldcorp's review, preliminary results have indicated a total capital cost of approximately $3.9 billion and a production start date in mid-2017. Under the terms of New Gold's joint venture agreement with Goldcorp, Goldcorp is responsible for funding New Gold's 30% share of capital costs, or approximately $1.2 billion. The carried funding will accrue interest at a fixed rate of 4.58%. New Gold will repay its share of capital plus accumulated interest out of 80% of its 30% share of the project's cash flow with New Gold retaining 20% of its 30% share of cash flow from the time production commences.

 

Condemnation drilling continues at El Morro with two rigs on site and an additional two rigs to be added during the fourth quarter of 2011. In addition, construction permits to authorize construction of specific facilities are expected to be approved by the middle of the fourth quarter.

 

On a 100% basis, capital expenditures, excluding capitalized interest, during the three months ended September 30, 2011 amounted to $32 million, with year-to-date expenditures totalling $56 million. Goldcorp is responsible for funding New Gold's 30% share of capital costs.

 

As disclosed on January 13, 2010, New Gold received a Statement of Claim filed by Barrick Gold Corporation ("Barrick") in the Ontario Superior Court of Justice, against New Gold, Goldcorp and affiliated subsidiaries. The claim relates to the transactions announced on January 7, 2010, the ultimate completion of which resulted in New Gold and Goldcorp becoming partners at El Morro. Barrick also subsequently filed a motion to amend its claim to add various Xstrata entities as defendants. The trial started in June 2011 and continued in October 2011, with closing arguments expected in early 2012 and a decision expected three to six months thereafter. New Gold continues to believe that the claim is without merit.

 

Blackwater Resource Grows - Drilling Continues to Accelerate

 

On June 1, 2011, New Gold closed the acquisition of Richfield Ventures Corp. thus adding the exciting Blackwater Project, located in central British Columbia, to the company's pipeline. In mid-September the company updated the Blackwater mineral resource estimate to include drilling completed from the beginning of the year through the end of July 2011, thus incorporating an additional 71 holes (24,660 metres) beyond that of the initial March 2011 resource estimate. The project's updated September mineral resource estimate included 5.4 million ounces of indicated gold resources and an additional 1.2 million ounces of inferred gold resources. New Gold is targeting the completion of an additional 75 holes from the end of July through the end of 2011.

 

New Gold was very active in the Blackwater area both during and subsequent to the third quarter, highlights of which include:

 

Blackwater Third Quarter Highlights

 

·         Completed updated mineral resource estimate in September

·          

·         Added sixth drill rig in mid-September

·          

·         Completed over 22,000 metres of drilling during the third quarter (56 holes)

·          

·         Drilled seven dedicated core holes for metallurgical testing

·          

·         Continued camp expansion for accelerated drill program

·          

·         Continued engineering trade-off studies in preparation for project's Preliminary Economic Assessment targeted for the second quarter of 2012

·          

·         Continued implementation of sustainability program including interaction with local communities, local First Nations, government and regulatory officials

·          

·         Continued environmental baseline program

·          

·         On October 17th, announced two separate offers to acquire Silver Quest and Geo in an effort to consolidate the ownership of 100% of the Blackwater Projectand add further to New Gold's significant landholdings in the broader Blackwater area

·          

·         On October 26th, the company acquired an additional 580 hectares of land to the southwest of the Blackwater Project from two private individuals

·          

The map below shows a portion of New Gold's landholdings around the Blackwater Project area. The Blackwater joint venture ground which is currently owned 25% by Silver Quest and 75% by New Gold and the Geo Minerals ground would become 100%-owned by New Gold upon closing of the above noted October 17th transactions, while ownership of the private claims has now been transferred to New Gold.

 

http://preview1.newswire.ca/media/2011/11/03/20111103-549191-6152-8f9deef4-1932-400d-b9e5-cd729afe38ff.pdf

 

Key Financial Information

 

New Gold's cash balance at September 30, 2011 was $433 million. The company had $241 million of debt outstanding at the end of the third quarter comprised of $173 million of 10% senior secured notes due in 2017 (face value of C$187 million), $43 million of 5% convertible debentures due in 2014 (face value of C$55 million and C$9.35 conversion price) and $25 million in El Morro project funding loans.

 

Management Changes

 

New Gold today also announces changes to its senior management team as Executive Vice President and Chief Operating Officer, Jim Currie, will be leaving the company. Mr. Currie joined New Gold shortly after the company's three-way merger in mid-2008 and has been a key contributor in New Gold's evolution since that time. He has successfully led the operating teams to an enviable record of achieving production and cost guidance over the past three years and has also played an important role in the development of New Afton.

 

"Over the last three years Jim has done a wonderful job of integrating new mines and projects into New Gold's portfolio while creating a strong performance culture among both our operating and development teams who will continue to deliver strong results," stated Robert Gallagher, President and Chief Executive Officer. "On behalf of the Board and entire New Gold team, I thank Jim for all that he has done for the company and wish him success in his future endeavours."

 

Robert Gallagher will assume Mr. Currie's responsibilities until a comprehensive search process to identify his successor is completed.

 

2011 Outlook

 

Through the first nine months of 2011, New Gold has produced 286,484 ounces of gold at total cash cost(1), net of by-product sales, of $409 per ounce. New Gold is pleased to reiterate the 2011 production guidance the company set at the beginning of the year for gold production of 380,000 to 400,000 ounces.New Gold's initial guidance for 2011 total cash cost(1) per ounce sold, net of by-product sales, was $430 to $450 per ounce. In May of 2011, based on the rapid appreciation of silver and copper prices, New Gold lowered its total cash cost(1) guidance for the year to $390 to $410 per ounce. Among other assumptions, this cost guidance range was based upon a $4.00 per pound copper price. Taking into account the year-to-date realized copper price and assuming $3.50 per pound copper in the fourth quarter, total cash cost(1) per ounce sold, net of by-product sales, for the year may be nominally above the company's reduced guidance range of $390 to $410 per ounce. New Gold should finish the year as one of the lowest cost producers in the industry. In addition to the three operating mines, the company's three development projects should continue to advance meaningfully with multiple catalysts anticipated in late 2011 and early 2012.

 

Conference Call and Webcast

 

New Gold will hold a conference call and webcast on Friday, November 4th, 2011 at 10:00 am Eastern Time to discuss the company's third quarter 2011 financial results. Participants may join the conference by calling             1-647-427-7450       or toll-free             1-888-231-8191       in North America. To listen to a recorded playback of the call after the event, please call             1-416-849-0833       or toll-free             1-855-859-2056      in North America - Passcode 19823451.

 

A live and archived webcast will also be available at www.newgold.com.

 

About New Gold Inc.

 

New Gold is an intermediate gold mining company. The company has a portfolio of three producing assets and three significant development projects. The Mesquite Mine in the United States, the Cerro San Pedro Mine in Mexico and Peak Gold Mines in Australia are expected to produce between 380,000 and 400,000 ounces of gold in 2011. The fully-funded New Afton project in Canada is scheduled to add further growth in 2012. In addition, New Gold owns 30% of the world-class El Morro project located in Chile and, in June 2011, New Gold acquired the exciting Blackwater project in Canada. For further information on the company, please visit www.newgold.com.

 

Cautionary Note Regarding Forward-Looking Statements

 

Certain information contained in this news release, including any information relating to New Gold's future financial or operating performance may be deemed "forward looking". All statements in this news release, other than statements of historical fact, that address events or developments that New Gold expects to occur, are "forward-looking statements". Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "does not expect", "plans", "anticipates", "does not anticipate", "believes", "intends", "estimates", "projects", "potential", "scheduled", "forecast", "budget" and similar expressions, or that events or conditions "will", "would", "may", "could", "should" or "might" occur. All such forward-looking statements are based on the opinions and estimates of management as of the date such statements are made and are subject to important risk factors and uncertainties, many of which are beyond New Gold's ability to control or predict. Forward-looking statements are necessarily based on estimates and assumptions (including that the business of Richfield will be integrated successfully in the New Gold organization) that are inherently subject to known and unknown risks, uncertainties and other factors that may cause actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking statements. Such factors include, without limitation: significant capital requirements; fluctuations in the international currency markets and in the rates of exchange of the currencies of Canada, the United States, Australia, Mexico and Chile; price volatility in the spot and forward markets for commodities; impact of any hedging activities, including margin limits and margin calls; discrepancies between actual and estimated production, between actual and estimated reserves and resources and between actual and estimated metallurgical recoveries; changes in national and local government legislation in Canada, the United States, Australia, Mexico and Chile or any other country in which New Gold currently or may in the future carry on business; taxation; controls, regulations and political or economic developments in the countries in which New Gold does or may carry on business; the speculative nature of mineral exploration and development, including the risks of obtaining and maintaining the validity and enforceability of the necessary licenses and permits and complying with the permitting requirements of each jurisdiction that New Gold operates, including, but not limited to, Mexico, whereNew Gold is involved with ongoing challenges relating to its environmental impact statement for the Cerro San Pedro Mine; the lack of certainty with respect to the Mexican and other foreign legal systems, which may not be immune from the influence of political pressure, corruption or other factors that are inconsistent with the rule of law; the uncertainties inherent to current and future legal challenges the company is or may become a party to, including the third party claim related to the El Morro transaction with respect to New Gold's exercise of its right of first refusal on the El Morro copper-gold project in Chile and its partnership with Goldcorp Inc., which transaction and third party claim were announced by New Gold in January 2010; diminishing quantities or grades of reserves; competition; loss of key employees; additional funding requirements; actual results of current exploration or reclamation activities; changes in project parameters as plans continue to be refined; accidents; labour disputes; defective title to mineral claims or property or contests over claims to mineral properties. In addition, there are risks and hazards associated with the business of mineral exploration, development and mining, including environmental hazards, industrial accidents, unusual or unexpected formations, pressures, cave-ins, flooding and gold bullion losses (and the risk of inadequate insurance or inability to obtain insurance to cover these risks) as well as "Risk Factors" included in New Gold's disclosure documents filed on and available atwww.sedar.com. Forward-looking statements are not guarantees of future performance, and actual results and future events could materially differ from those anticipated in such statements. All of the forward-looking statements contained in this news release are qualified by these cautionary statements. New Goldexpressly disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, events or otherwise, except in accordance with applicable securities laws.

 

Cautionary Note to U.S. Readers Concerning Estimates of Measured, Indicated and Inferred Mineral Resources

 

Information concerning the properties and operations discussed herein has been prepared in accordance with Canadian standards under applicable Canadian securities laws, and may not be comparable to similar information for United States companies. The terms "Mineral Resource", "Measured Mineral Resource", "Indicated Mineral Resource" and "Inferred Mineral Resource" used in this news release are Canadian mining terms as defined in accordance with NI 43-101 under guidelines set out in the Canadian Institute of Mining, Metallurgy and Petroleum ("CIM") Standards on Mineral Resources and Mineral Reserves adopted by the CIM Council on December 11, 2005. While the terms "Mineral Resource", "Measured Mineral Resource", "Indicated Mineral Resource" and "Inferred Mineral Resource" are recognized and required by Canadian regulations, they are not defined terms under standards of the United States Securities and Exchange Commission. Under United States standards, mineralization may not be classified as a "reserve" unless the determination has been made that the mineralization could be economically and legally produced or extracted at the time the reserve calculation is made. As such, certain information contained in this news release concerning descriptions of mineralization and resources under Canadian standards is not comparable to similar information made public byUnited States companies subject to the reporting and disclosure requirements of the United States Securities and Exchange Commission. An "Inferred Mineral Resource" has a great amount of uncertainty as to its existence and as to its economic and legal feasibility. It cannot be assumed that all or any part of an "Inferred Mineral Resource" will ever be upgraded to a higher category. Under Canadian rules, estimates of Inferred Mineral Resources may not form the basis of feasibility or other economic studies. Readers are cautioned not to assume that all or any part of Measured or Indicated

 

Resources will ever be converted into Mineral Reserves. Readers are also cautioned not to assume that all or any part of an "Inferred Mineral Resource" exists, or is economically or legally mineable. In addition, the definitions of "Proven Mineral Reserves" and "Probable Mineral Reserves" under CIM standards differ in certain respects from the standards of the United States Securities and Exchange Commission.

 

Technical Information

 

The Blackwater Project resource estimate was prepared by Mr. Ronald Simpson, P. Geo, President of Geosim Services Inc., an independent "Qualified Person" under NI 43-101 National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101") and a NI 43-101 technical report in respect of the mineral resource estimate disclosed has been filed on SEDAR. The El Morro Project reserves and resources were prepared by Ms. Maryse Belanger, P. Geo and Ms. Sophie Bergeron, Ing. both of Goldcorp, each a "Qualified Person" under NI 43-101.

 

The scientific and technical information in this news release has been reviewed by Mark Petersen, a Qualified Person under National Instrument 43-101 and employee of New Gold.

 

(1) TOTAL CASH COST
"Total cash cost" per ounce figures are calculated in accordance with a standard developed by The Gold Institute, which was a worldwide association of suppliers of gold and gold products and included leading North American gold producers. The Gold Institute ceased operations in 2002, but the standard is widely accepted as the standard of reporting cash cost of production in North America. Adoption of the standard is voluntary and the cost measures presented may not be comparable to other similarly titled measures of other companies. New Gold reports total cash cost on a sales basis. Total cash cost includes mine site operating costs such as mining, processing, administration, royalties and production taxes, but is exclusive of amortization, reclamation, capital and exploration costs. Total cash cost is reduced by any by-product revenue and is then divided by ounces sold to arrive at the total by-product cash cost of sales. The measure, along with sales, is considered to be a key indicator of a company's ability to generate operating earnings and cash flow from its mining operations. This data is furnished to provide additional information and is a non-IFRS measure. Total cash cost presented do not have a standardized meaning prescribed by IFRS and may not be comparable to similar measures presented by other mining companies. It should not be considered in isolation as a substitute for measures of performance prepared in accordance with IFRS and is not necessarily indicative of operating costs presented under IFRS.  A reconciliation will be provided in the MD&A accompanying the quarterly financial statements.

 

(2) RECONCILIATION OF ADJUSTED NET EARNINGS FROM CONTINUING OPERATIONS

 

New Gold 2011 Third Quarter Consolidated - Adjusted Net Earnings Reconciliation

 

Three months ended

 

Nine months ended

Figures in US$ millions, except per share amounts

 

September 30,

 

 

September 30,

 

 

2011

2010

 

2011

2010

Net earnings from continuing operations

40.7

44.8

 

144.0

31.8

Net earnings per share from continuing operations

0.09

0.11

 

0.34

0.08

 

 

 

 

 

 

 

    Adjustments:

 

 

 

 

 

 

 

 

 

 

 

 

 

    Fair value of derivative - Senior notes

(9.7)

(10.9)

 

(10.5)

(11.6)

    Fair value of derivative - Warrants/Convertibles

34.6

10.5

 

28.9

49.9

    Gain/(loss) on foreign exchange 

 

(18.0)

4.2

 

(20.0)

9.2

    Other

 

0.8

(2.0)

 

5.4

(4.6)

    Tax impact of adjustments

 

1.1

(17.2)

 

(2.0)

(16.0)

 

 

8.8

(15.4)

 

1.7

26.9

 

 

 

 

 

 

 

Adjusted net earnings from continuing operations

49.5

29.3

 

145.7

58.7

Adjusted net earnings per share

 

0.11

0.07

 

0.34

0.15

 

New Gold Inc. 

 

 

 

 

 

Condensed consolidated income statements

 

 

 

Three and nine month periods ended September 30

 

(Expressed in thousands of U.S. dollars, except share and per share amounts) 

 

(Unaudited) 

 

 

 

 

 

 

  Three months ended

 

  Nine months ended

 

2011

2010

 

2011

2010

 

 $ 

 $ 

 

 $ 

 $ 

 

 

 

 

 

 

Revenues

175,501

127,116

 

518,349

341,095

Operating expenses

83,550

58,874

 

225,209

167,933

Depreciation and depletion

15,901

21,122

 

53,122

52,791

Earnings from mine operations

76,050

47,120

 

240,018

120,371

 

 

 

 

 

 

Corporate administration expenses

6,214

4,977

 

17,392

16,584

Share-based payment expenses

3,567

1,418

 

8,986

5,265

Exploration and corporate development expenses

1,413

4,939

 

7,747

9,925

 

 

 

 

 

 

Income from operations

64,856

35,786

 

205,893

88,597

 

Finance income

962

1,188

 

2,930

1,840

 

Finance costs

(1,311)

(333)

 

(3,968)

(1,180)

 

Other gains (losses)

(7,618)

(1,819)

 

(3,596)

(42,961)

 

 

 

 

 

 

Earnings before taxes

56,889

34,822

 

201,259

46,296

Income tax (expense) recovery

(16,180)

9,932

 

(57,229)

(14,506)

 

 

 

 

 

 

Net earnings from continuing operations 

40,709

44,754

 

144,030

31,790

Loss from discontinued operations

-

-

 

-

(9,886)

Net earnings

40,709

44,754

 

144,030

21,904

 

 

 

 

 

 

Earnings per share from continuing operations

 

 

 

 

 

 

Basic

0.09

0.11

 

0.34

0.08

 

Diluted 

0.09

0.11

 

0.33

0.08

 

 

 

 

 

 

Loss per share from discontinued operations

 

 

 

 

 

 

Basic

-

-

 

-

(0.03)

 

Diluted 

-

-

 

-

(0.02)

 

 

 

 

 

 

Earnings per share from continuing and discontinued operations

 

 

 

 

Basic

0.09

0.11

 

0.34

0.05

 

Diluted 

0.09

0.11

 

0.33

0.06

 

 

 

 

 

 

Weighted average number of shares outstanding

 

 

 

 

(in thousands)

 

 

 

 

 

 

Basic

450,138

391,686

 

422,135

390,186

 

Diluted 

456,499

401,564

 

433,789

399,628

 

New Gold Inc. 

 

 

 

 

Condensed consolidated statements of financial position

(Expressed in thousands of U.S. dollars)

 

 

 

 

(Unaudited)

 

 

 

 

 

 

September 30

 

December 31

 

 

2011

 

2010

 

 

 $ 

 

 $ 

Assets

 

 

 

 

Current assets

 

 

 

 

 

Cash and cash equivalents

 

433,113

 

490,754

 

Trade and other receivables

 

20,616

 

11,929

 

Inventories

 

122,073

 

103,055

 

Prepaid expenses and other

 

6,624

 

7,325

Total current assets

 

582,426

 

613,063

 

 

 

 

 

Investments

 

-

 

7,533

Mining interests

 

2,413,101

 

1,767,240

Deferred tax assets

 

21,728

 

10,058

Other

 

33,740

 

31,295

Total assets

 

3,050,995

 

2,429,189

 

 

 

 

 

Liabilities

 

 

 

 

Current liabilities

 

 

 

 

 

Trade and other payables

 

90,438

 

69,245

 

Current derivative liabilities

 

53,068

 

40,072

 

Current non-hedged derivative liabilities

 

14,656

 

-

 

Current tax liabilities

 

31,053

 

31,392

Total current liabilities

 

189,215

 

140,709

 

 

 

 

 

Reclamation and closure obligations

 

41,431

 

34,173

Provisions

 

17,979

 

9,227

Non-current derivative liabilities

 

111,642

 

113,303

Non-current non-hedged derivative liabilities

 

159,336

 

155,365

Deferred tax liabilities 

 

136,699

 

179,180

Long-term debt

 

241,055

 

229,884

Deferred benefit

 

46,276

 

46,276

Other

 

765

 

577

Total liabilities

 

944,398

 

908,694

 

 

 

 

 

Equity

 

 

 

 

Common shares

 

2,356,107

 

1,845,886

Contributed surplus

 

79,425

 

81,176

Other reserves

 

(118,311)

 

(51,913)

Deficit

 

(210,624)

 

(354,654)

 

 

(328,935)

 

(406,567)

Total equity

 

2,106,597

 

1,520,495

Total liabilities and equity

 

3,050,995

 

2,429,189

 

New Gold Inc. 

 

 

 

 

 

 

Condensed consolidated statements of cash flows

 

 

 

 

Three and nine month periods ended September 30

 

 

 

 

(Expressed in thousands of U.S. dollars)

 

 

 

 

 

 

(Unaudited)

 

 

 

 

 

 

 

 

  Three months ended

 

  Nine months ended

 

 

2011

2010

 

2011

2010

 

 

 $ 

 $ 

 

 $ 

 $ 

Operating activities

 

 

 

 

 

 

 

Net earnings

 

40,709

44,754

 

144,030

21,904

 

Loss from discontinued operations

 

-

-

 

-

9,886

 

Adjustments for:

 

 

 

 

 

 

 

 

Unrealized gain on gold contracts

 

(2,259)

(2,013)

 

(6,469)

(6,178)

 

 

Unrealized loss on fuel contracts

 

-

55

 

-

238

 

 

Unrealized foreign exchange (gain) loss

 

(18,048)

4,237

 

(20,029)

9,189

 

 

Unrealized and realized gain on investments

 

-

(2,126)

 

(1,349)

(7,018)

 

 

Unrealized loss on non-hedged derivatives

 

34,576

10,487

 

28,895

49,892

 

 

Loss on disposal of assets

 

396

32

 

648

1,449

 

 

Depreciation and depletion

 

15,770

21,044

 

52,625

52,806

 

 

Equity-settled share-based payment expense

 

1,778

1,340

 

5,498

5,064

 

 

Unrealized gain on embedded derivative contract

 

(9,670)

(10,916)

 

(10,520)

(11,568)

 

 

Unrealized loss on cash flow hedging items

 

481

-

 

4,167

-

 

 

Income tax expense (recovery)

 

16,180

(9,932)

 

57,229

14,506

 

 

Finance income

 

(962)

(1,188)

 

(2,930)

(1,840)

 

 

Finance costs

 

1,311

333

 

3,968

1,180

 

 

80,262

56,107

 

255,763

139,510

 

Change in non-cash operating working capital 

 

12,723

(6,794)

 

(15,003)

(13,565)

Cash generated from operations

 

92,985

49,313

 

240,760

125,945

 

Income taxes paid

 

(22,298)

(14,832)

 

(77,116)

(28,106)

Net cash generated from operations

 

70,687

34,481

 

163,644

97,839

Cash used in discontinued operations

 

-

-

 

-

(1,696)

 

 

 

 

 

 

 

Investing activities

 

 

 

 

 

 

 

Mining interests

 

(112,009)

(34,159)

 

(255,094)

(82,621)

 

Interest paid

 

-

(22)

 

(11,412)

(10,523)

 

Recovery (contribution) of reclamation deposits

 

-

(2)

 

8,147

(45)

 

Cash acquired in asset acquisition, net of transaction costs

 

-

-

 

18,589

-

 

Cash received in El Morro transaction, net of transaction costs

 

-

-

 

-

46,276

 

Investment in El Morro

 

-

-

 

-

(463,000)

 

Proceeds from sale of investments

 

-

-

 

8,927

48,112

 

Interest received

 

980

785

 

2,521

1,577

 

Proceeds from disposal of assets

 

285

243

 

500

272

Cash used in continuing operations

 

(110,744)

(33,155)

 

(227,822)

(459,952)

Cash generated from discontinued operations

 

-

-

 

-

34,410

 

 

 

 

 

 

 

Financing activities

 

 

 

 

 

 

 

Exercise of options to purchase common stock

 

2,408

379

 

15,001

6,789

 

Exercise of warrants to purchase common stock

 

65

-

 

65

-

 

El Morro loan

 

-

-

 

-

463,000

 

Repayment of long-term debt

 

-

-

 

-

(27,235)

Cash generated by financing activities

 

2,473

379

 

15,066

442,554

Cash generated from (used in) discontinued operations

 

-

-

 

-

-

 

 

 

 

 

 

 

Effect of exchange rate changes on cash and cash equivalents

 

(19,749)

13,207

 

(8,529)

5,497

 

 

 

 

 

 

 

(Decrease) increase in cash and cash equivalents

 

(57,333)

14,912

 

(57,641)

118,652

Cash and cash equivalents, beginning of period

 

490,446

376,092

 

490,754

272,352

Cash and cash equivalents, end of period

 

433,113

391,004

 

433,113

391,004

 

 

 

 

 

 

 

Cash and cash equivalents are comprised of

 

 

 

 

 

 

 

Cash

 

267,466

120,133

 

267,466

120,133

 

Short-term money market instruments

 

165,647

270,871

 

165,647

270,871

 

 

433,113

391,004

 

433,113

391,004

 

 

Data and Statistics for these countries : Chile | All
Gold and Silver Prices for these countries : Chile | All

New Gold Inc.

PRODUCER
CODE : NGD
ISIN : CA6445351068
CUSIP : 644535106
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New Gold is a gold producing company based in Canada.

New Gold produces gold, copper, lead, silver and zinc in Australia and in Mexico, develops copper, gold and silver in Brazil, in Canada and in Chile, and holds various exploration projects in Canada.

Its main assets in production are PEAK MINES in Australia and CERRO SAN PEDRO, MESQUITE and CERRO SAN PEDRO in Mexico, its main assets in development are AMAPARI in Brazil, NEW AFTON in Canada and EL MORRO in Chile and its main exploration properties are AJAX - PYTHON, BUCK CLAIMS, 3TS, SIZZLER, CC PROPERTY, VO PROPERTY, TAK PROPERTY, MOUSE MOUNTAIN, G-SOUTH, CHUBBY BEAR, LIBERTY BELL, BOULEVARD, BOUVETTE, WIT YUKON, RAM, SLATE FALLS, PROSPECTOR MOUNTAIN, MAYO, DAVIDSON, BLACKWATER, BOULDER CREEK, CAPOOSE, NATIONAL, CORRAL CANYON and RUDE CREEK in Canada and RIO FIGUEROA in Chile.

New Gold is listed in Canada, in Germany and in United States of America. Its market capitalisation is US$ 1.7 billions as of today (€ 1.5 billions).

Its stock quote reached its highest recent level on January 07, 2011 at US$ 9.99, and its lowest recent point on March 20, 2020 at US$ 0.39.

New Gold has 575 460 032 shares outstanding.

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7/18/2012New Gold to Discuss Second Quarter Financial Results on Augu...
5/3/2012New Gold Announces 2012 First Quarter Results Continuing its...
4/25/2012New Gold Provides Notice of Annual General and Special Meeti...
3/1/2012New Gold Announces Record Financial Results in 2011 with 212...
8/5/2011New Gold Announces 2011 Second Quarter Results with Gold Sal...
5/4/2011New Gold Announces 2011 First Qu =?ISO-8859-1?Q?arter=20Gold...
3/13/2011New Gold Announces Fourth Quarter and 2010 Year End Results ...
7/17/20092009 Second Quarter Production and Cash Cost Results
11/7/2008Third Quarter Results on November 13, 2008
11/13/2008(New Afton)Announces Revised New Afton Development Schedule and Third Q...
8/14/2008Announces Second Quarter Results & Management Appointment
5/14/2008First Quarter 2008 Financial Results
3/31/20082007 Financial Results, Project Cost Update and Project Upda...
11/13/2007Third Quarter 2007 Financial Results
Project news of New Gold Inc.
9/7/2016New Gold updates on the construction of its Rainy River proj...
4/27/2016New Gold delivers 2016 first quarter production at significa...
10/7/2014Chile's top court halts Goldcorp's El Morro mine
2/19/2014Marathon Drills New Gold Zone at Sprite Hitting 2.20 g/t Au ...
2/17/2014Safia Prospect - 30 Strike Kms of New Gold Targets
2/14/2014New Gold Files Technical Report for Rainy River Project
1/23/2014(Blackwater)New Gold Files Technical Report for Blackwater Project
1/21/2014Robex Resources inc./East Nampala: A Potential New Gold Zone
11/5/2013Virginia discovers a new gold-bearing corridor at Wabamisk a...
10/16/2013New Gold Successfully Completes Acquisition of Rainy River
8/28/2013(Cerro San Pedro)New Gold Announces Pit Wall Movement at Cerro San Pedro Mine
7/23/2013Significant New Gold Results in Auger Drilling at Balogo
6/18/2013New Gold Commences Formal Take-Over Bid to Acquire Rainy Riv...
5/31/2013New Gold Agrees to Acquire Rainy River Resources Growing Gol...
2/5/2013New Gold 2012 Operational Results Extend History of Deliveri...
1/21/2013Silver Predator Outlines Potential New Gold Systems at Taylo...
10/22/2012Rainy River Resources Identifies New Gold-Silver Zone One Ki...
9/25/2012Independence Gold Discovers New Gold Zone on the YCS Propert...
9/20/2012(Blackwater)New Gold Announces Preliminary Economic Assessment at Blackw...
9/19/2012Belvedere Resources Makes Significant New Gold Discovery on ...
9/12/2012Outstanding New Gold Results at Lorena Gold Project
8/20/2012Artemis Resources - Yandal New Gold Zones
7/27/2012Copper targets identified at Yellow Mountain
7/18/2012(Blackwater)New Gold Continues to Grow Blackwater Project's Gold Resourc...
6/27/2012(El Morro)Ontario Superior Court of Justice Rejects Barrick's El Morro...
4/23/2012Boungou Prospect - New Gold Discovery
4/18/2012(Blackwater)New Gold Provides Development and Exploration Update on New ...
4/18/2012(New Afton)New Gold Provides Development and Exploration Update on New ...
3/22/2012(Blackwater)New Gold Acquires Additional 223 Square Kilometres of Prospe...
3/8/2012discovery in the Hemlo Region of Ontario
1/9/2012Aurion Acquires New Gold Projects in Mexico
1/9/2012(El Morro)New Gold Provides Update on El Morro Project
12/21/2011(Blackwater)New Gold Closes Acquisition of Geo Minerals - Adds to Land P...
9/22/2011(Blackwater)New Gold Announces Significant Increase in Gold Resources at...
8/9/2011(Blackwater)New Gold Intersects 278 Metres of 2.8 Grams per Tonne Gold a...
6/27/2011(Blackwater)New Gold Announces Results for 22 Holes at Blackwater Projec...
6/15/2011(Blackwater)New Gold Targets Over 40,000 Metres of Drilling at Blackwat...
3/17/2011(El Morro)New Gold Announces Approval of El Morro Environmental Impact...
2/10/2011(El Morro)New Gold Announces Higher El Morro Reserves and Resources
2/2/2011(Amapari)New Gold Announces Highest GoldProduction and Lowest Cash Co...
2/2/2011(Mesquite)New Gold Announces Highest GoldProduction and Lowest Cash Co...
2/2/2011(Cerro San Pedro)New Gold Announces Highest GoldProduction and Lowest Cash Co...
12/4/2009(Cerro San Pedro)on Cerro San Pedro Mining Activities
3/3/2009(Cerro San Pedro)Reports Consolidated Reserve & Resource Statements
1/2/2009(Amapari) Places the Amapari Mine on Temporary Care and Maintenance
7/24/2008(New Afton)Announces Q2 Production, Cash Cost and New Afton Project Upd...
3/24/2008(New Afton) and Kamloops Division sign Participation Agreement with res...
1/9/2008(New Afton)Additional Caving Expertise Added David Nicholls Joins New A...
11/1/2007(Afton)New Afton Mine Permit Approved
9/19/2007ROCMEC INTERSECTS NEW GOLD ZONES AT ROCMEC 1
Corporate news of New Gold Inc.
7/27/2017New Gold Announces 2017 Second Quarter Results; Rainy River ...
7/27/2016New Gold reports 2Q loss
7/27/2016New Gold Delivers Higher 2016 Second Quarter Cash Flow and S...
1/26/2016Rising Equities Put a Dent in Gold
1/26/2016Should You Worry about Intermediate Gold Miners’ Liquidity?
1/26/2016AngloGold, Gold Fields Have Relatively Higher Financial Leve...
1/22/2016Gold Is on a Winning Streak as Global Markets Slump
1/21/2016How Do Intermediate Gold Miners Rank Based on Their Costs?
1/12/2016GLD Witnessed an Inflow: What Does It Mean for Investors?
1/12/2016Gold Miners’ Geographic Exposure Impacts Growth Prospects
1/12/2016Intermediate Gold Miners Fell in 2015 and Beyond
1/12/2016AngloGold, Gold Fields Have Relatively Higher Financial Leve...
1/7/2016How the Fed’s Decision and Oil Prices Are Impacting Gold
12/30/2015Exploring how Gold Investments Can Depend on Inflation
12/18/2015Aftermath of the Rate Hike: US Dollar Rose, Precious Metals ...
12/16/2015Gold Relaxes before the Fed Gives Its Verdict
10/28/20155:09 pm New Gold misses by $0.02, misses on revs; updates gu...
9/28/2015New Gold to discuss 2015 third quarter financial results on ...
9/14/2015New Gold provides Rainy River project development update and...
8/27/2015New Gold Announces Sale of El Morro Interest for $90 Million...
7/28/2015New Gold beats 2Q profit forecasts
7/22/2015Royal Gold Enters into $175M Agreement with New Gold - Analy...
7/21/2015Blues for the Yellow Metal: 3 Dull Gold Stocks - Analyst Blo...
7/21/2015This Stock Could Very Easily Triple Or Even Quadruple
7/20/2015Mid-Morning Market Update: Markets Mostly Flat; Morgan Stanl...
7/10/2015Why New Gold (NGD) Could Be Positioned for a Slump - Tale of...
4/29/20154:49 pm New Gold misses by $0.02, misses on revs
3/23/2015Increased Earnings Estimates Seen for New Gold (NGD): Can It...
3/17/2015New Gold (NGD): Strong Industry, Solid Earnings Estimate Rev...
2/19/2015New Gold Generates Record Cash Flow in 2014
2/10/2015New Gold to Discuss 2014 Fourth Quarter and Year-End Financi...
2/4/2015New Gold to Discuss Fourth Quarter and Full Year 2014 Operat...
2/4/2015New Gold Receives Environmental Approvals for Rainy River Pr...
2/4/2015New Gold Finishes 2014 Further Solidifying its Low-Cost Posi...
1/30/2015New Gold Receives Environmental Approvals for Rainy River Pr...
1/26/2015New Gold to Discuss Fourth Quarter and Full Year 2014 Operat...
1/20/2015The 15 Lowest Cost Producers Of Precious & Industrial Metals...
2/17/2014lodes discovered at Pampalo
2/6/2014New Gold Finishes 2013 with Lowest Costs in its History, Inc...
1/29/2014Bantou Project - New Gold Targets & Gold Nuggets
12/12/2013(Blackwater)New Gold Announces Blackwater Feasibility Study Results
10/21/2013(New Afton)New Gold Achieves Targeted Throughput Increase at New Afton ...
9/24/2013Randall Oliphant Elected New Chairman of World Gold Council
9/9/2013MedGold finds new gold zone at Boticas
8/9/2013New Gold Successfully Completes Offer with 97% of Rainy Rive...
7/25/2013New Gold Acquires 86% of Rainy River and Extends Offer to Au...
5/15/2013New Gold Eliminates Legacy Gold Hedges
5/6/2013Mineralised Structures Discovered - Bantou & Tankoro Prospec...
5/1/2013(New Afton)New Gold Announces 2013 First Quarter Results - Increases Go...
4/11/2013Natoougou Deposit - Significant New Gold Discovery
4/4/2013(Blackwater)New Gold Announces Increased Gold Resources at Blackwater Pr...
3/21/2013Anomalies Outlined at Yako, Burkina Faso
3/15/2013Prospect
1/28/2013Victoria Identifies New Gold Targets on the Dublin Gulch Pro...
11/8/2012New Gold Announces Pricing of $500 Million Senior Notes Offe...
11/8/2012New Gold Announces Launch of $500 Million Senior Notes Offer...
10/12/2012New Gold Announces Redemption of 5% Subordinated Convertible...
8/1/2012(New Afton)New Gold Achieves Strong Operational and Financial Performan...
7/26/2012Marathon Gold Discovers New Gold Bearing Quartz Veins in Ext...
7/3/2012Belvedere Resources Limited- New Gold Zone Intersected at Hi...
6/29/2012(New Afton)New Gold Announces Start of Production at New Afton Mine in ...
6/18/2012Anomalies Outlined at Sebba, Burkina Faso
4/27/2012Exciting New Gold Company
4/5/2012New Gold Announces Closing of $300 Million Senior Notes Offe...
4/3/2012New Gold Announces Pricing of $300 Million Senior Notes Offe...
3/27/2012New Gold Announces Launch of $300 Million Senior Notes Offer...
3/26/2012Targets Identified at Rattlesnake Hills Project
2/12/2012Crater Mountain - Extensive new gold mineralised zone
2/2/2012New Gold Announces Record Gold Production in 2011, 25% Incre...
2/2/2012New Gold Announces Record Gold Production in 2011, 25% Incre...
12/16/2011Shareholders of Silver Quest Resources Ltd. Approve Plan of ...
6/1/2011New Gold Closes Acquisition of Richfield
5/31/2011Richfield Securityholders Approve Arrangement Transaction In...
4/5/2011New Gold Agrees to Acquire Richfield Ventures Corp=2E - Adds...
12/1/2010New Gold Monetizes Equity Position in Beadell for Net Procee...
6/1/2009Completes Cdn$1.2 Billion Business Combination with Western ...
5/14/2009aims for major producer status - Midas Letter and Aheadofthe...
5/13/2009Shareholder Approval of Business Combination and Q1 Results
2/27/2009Winston updates New Gold
2/18/2009WTM Discovers Large New Gold System on Hwy 144 Property, Tim...
2/5/2009has a strong beta to gold says GoldSeek.com
1/16/2009Reinhard updates New Gold
1/9/2009Reduces Debt Position by C$50 Million
12/16/2008Shareholder Letter
12/3/2008Struthers has New Gold on his shopping list
9/3/2008Winston updates New Gold Inc.
8/8/2008Allan Barry Laboucan recommends New Gold Inc on BNN's "The S...
6/18/2008Shareholders of Metallica Resources, New Gold and Peak Gold ...
5/12/2008Metallica Resources, New Gold and Peak Gold Announce Signing...
5/9/2008Noteholders Extraordinary Resolution Passed - Meeting Cancel...
5/9/2008Noteholders approve indenture changes
4/25/2008Meeting of the Noteholders Called
3/31/2008Announce Proposed US$1.6 Billion Business Combination to
3/25/2008, Abacus Mining and Exploration Corp. and Teck Cominco Limit...
10/30/2007 Sign Letters of Intent to Ensure Co-Operation
10/25/2007 Completes Acquisisiton of New Afton Surface Rights
7/30/2007Exercise of Over-Allotment Option, Gross Proceeds of Offerin...
7/6/2007Another Milestone in Development of New Afton Project, EP Co...
6/28/2007Announces Closing of Financing Gross Proceeds of C$375 Milli...
6/14/2007Announces Pricing of C$275 Million Debt Financing
5/30/2007Announces Terms of Underwritten Offering
5/30/2007Prospectus Filed For Financing to Fund Development of New Af...
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