(Based on IFRS, all
figures are in US dollars unless otherwise indicated)
VANCOUVER, March
1, 2012 /CNW/ - New Gold Inc. ("New Gold") (TSX and
NYSE AMEX:NGD) today announces financial and operational results for the
fourth quarter and year ended 2011, with record annual earnings and cash
flow. The company, once again, met its production guidance achieving record
annual production of 387,155 ounces during 2011 at a total cash cost(1) per
ounce sold, net of by-product sales, of $446 per ounce. The
combination of increased gold production, well below industry average total
cash cost(1) and continued strength in commodity prices led New
Gold to the strongest financial performance in the company's history.
When compared to 2010, earnings from mine operations increased by 54% to $315
million, net earnings increased by 212% to $179 million, or $0.42 per
share, and net cash generated from operations increased by 23% to $230
million. New Gold is also pleased to reiterate its guidance for
2012 with the targeted start of the New Afton Mine in June set to
increase gold production further to 405,000 to 445,000 ounces at a lower
annual total cash cost(1) per ounce sold, net of by-product
sales, of $410 to $430 per ounce.
Fourth Quarter and Full Year 2011
Highlights
·
Fourth quarter gold production of
100,671 ounces
·
·
Fourth quarter net earnings increased by
37% to $35 million, or $0.08 per share
·
·
Fourth quarter net cash generated from
operations of $66 million
·
·
2011 gold sales increased by 6% to
391,890 ounces from 369,077 ounces in 2010
·
·
Earnings from mine operations in 2011
increased by 54% to $315 million from $204 million in
2010
·
·
2011 net earnings increased by 212% to $179
million, or $0.42 per share, from $57 million, or $0.15 per
share, in 2010
·
·
Net cash generated from operations in
2011 increased by 23% to $230 million from $187 million in
2010
·
·
Eight drawbells completed at New Afton
with caving progressing as anticipated
·
·
300,000 tonnes of ore stockpiled on
surface at New Afton at the end of 2011
·
"We are very
proud of our company's successes in 2011. In addition to our three producing
mines, we feel fortunate to have three exciting organic growth projects
providing New Gold with an even more promising future," stated Randall
Oliphant, Executive Chairman. "With New Afton's anticipated June
production start set to increase gold production further at lower costs and
each of New Afton, El Morro and Blackwater having significant resource growth
potential, we look forward to making even more progress during 2012 and the
years ahead."
Fourth Quarter and Full Year 2011
Operations Overview
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New Gold 2011 Fourth
Quarter/Full Year Consolidated - Summary Operational Results
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Three months ended
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Twelve months ended
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December 31,
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December 31,
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2011
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2010
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2011
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2010
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Gold
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Production (thousand ounces)
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100.7
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124.4
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387.2
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382.9
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Sales (thousand ounces)
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99.6
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117.0
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391.9
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369.1
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Average realized price ($ per ounce)
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$
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1,549
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$
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1,316
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$
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1,460
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$
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1,194
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Silver
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Production (thousand ounces)
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453.0
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701.0
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1,989.3
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2,188.2
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Sales (thousand ounces)
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440.0
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696.2
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2,007.8
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2,143.7
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Average realized price ($ per ounce)
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$
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31.26
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$
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26.91
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$
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35.15
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$
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21.40
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Copper
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Production (million pounds)
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3.3
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4.2
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12.7
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15.3
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Sales (million pounds)
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2.9
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4.7
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15.3
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14.1
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Average realized price ($ per pound)
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$
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3.56
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$
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3.89
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$
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3.78
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$
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3.48
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Total cash cost(1) - net of
by-product sales ($ per ounce)
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$
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553
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$
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343
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$
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446
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$
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418
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Average realized margin ($ per ounce)
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$
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996
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$
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973
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$
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1,014
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$
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776
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During 2011, the
company once again delivered on its production guidance of 380,000 to 400,000
ounces of gold, producing 387,155 ounces - a record for New Gold.
Importantly, the company was able to deliver this gold production while at
the same time achieving a margin of over $1,000per ounce during the
year. New Gold finished the year with a solid fourth quarter
despite production being lower than the prior year period as the fourth
quarter of 2010 benefitted from higher grades being mined at all of the operations,
with grades at both Mesquite and Cerro San Pedro being above
reserve grade during the prior year quarter. Total cash cost(1) in
the quarter was higher than that of the prior year quarter due to a
combination of lower by-product revenues and lower gold production.
While the three
operations had another strong year, New Gold's three significant
development projects each made equally important progress. At New Afton,
underground block caving was initiated. The commencement of caving and
continued build-up of the surface ore stockpile has positioned New Afton well
for its targeted production start in June of 2012 with commercial production
expected in August. As announced in early January, New Gold's 70%
partner, Goldcorp Inc.'s ("Goldcorp") Board of Directors
officially approved the construction of El Morro, with pre-construction activities
having now started. While Blackwater was advanced on many levels, including
infrastructure development, environmental baseline work and First Nations,
community and government relations, the most significant achievement was the
increase in the project's gold mineral resource. Today the resource includes
5.4 million ounces of indicated gold mineral resources and 1.9 million ounces
of inferred gold mineral resources, making the resource almost twice the size
compared to when New Gold acquired it in June of 2011. An
additional 43 holes totaling 21,612 metres have been completed since the
cut-off for this resource estimate and will be incorporated into the next
update which is expected in the coming weeks.
"I would like to
thank our operational, development and exploration teams for all of their
efforts in making 2011 a strong year for our company," stated Robert
Gallagher, President and Chief Executive Officer. "While we are pleased
with our 2011 results, 2012 should be even more transformational for New
Gold with production from New Afton set to drive record production,
construction at El Morro advancing and continued exploration and development
at Blackwater."
Fourth Quarter and Full Year 2011
Consolidated Financial Results
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New Gold 2011 Fourth
Quarter/Full Year Consolidated - Summary Financial Results
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Three months ended
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Twelve months ended
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Figures in US$ millions, except per share amounts
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December 31,
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December 31,
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2011
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2010
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2011
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2010
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Revenue
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177.6
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189.4
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695.9
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530.5
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Average realized gold price ($ per ounce)
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1,549
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1,316
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1,460
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1,194
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Average margin per ounce ($ per ounce)
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996
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973
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1,014
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776
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Earnings
from mine operations
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75.2
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83.9
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315.2
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204.3
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Net earnings from continuing operations
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35.0
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25.6
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179.0
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57.3
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Net earnings per share from continuing operations
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0.08
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0.07
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0.42
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0.15
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Adjusted net earnings from continuing operations
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42.2
|
57.0
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187.8
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115.7
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Adjusted net earnings per share from continuing
operations
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0.09
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0.15
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0.44
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0.30
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Pre-tax cash generated from operations
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87.2
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102.4
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327.9
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228.4
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Net cash generated from operations
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65.9
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88.7
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229.5
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186.5
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As a result of the
company's strong operational performance and the continued strength of
commodity prices, New Gold reported record results in all of the
following categories during 2011: gold production, gold sales, revenue,
average margin per ounce, earnings from mine operations, net earnings, net
cash generated from operations and year-end gold mineral resources. Increased
gold sales and higher average realized prices led to a 31% increase in
revenue during the year which, when combined with the company's low total
costs, helped drive a 54% increase in earnings from mine operations.
Net earnings from
continuing operations in 2011 increased by 212% to $179 million, or $0.42 per
share, from $57 million, or $0.15 per share, in 2010. Adjusted
net earnings from continuing operations also increased by 62% to $188
million, or $0.44 per share. Net earnings has been adjusted and tax
affected for the group of costs in "Other gains (losses)" on the
condensed consolidated income statement and the impairment of exploration
assets recorded in 2010. See notes at the end of the release for a
reconciliation of adjusted net earnings2.
The company's strong
earnings underpinned a 23% increase in net cash generated from operations to $230
million from $187 million in 2011.
The company's fourth
quarter revenue and earnings from mine operations were down compared to the
prior year quarter primarily due to production of gold, silver and copper in
the fourth quarter of 2010 all being benefitted by above average grades due
to mine sequencing. The company benefitted from higher average realized gold
and silver prices during the fourth quarter of 2011.
Net earnings from
continuing operations in the fourth quarter increased by 37% to $35
million, or $0.08 per share, from $26 million, or $0.07 per
share, in 2010.
Mesquite Mine Increases Earnings from
Mine Operations for Fourth Straight Year Since Re-start
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Mesquite
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Three months ended
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Twelve months ended
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December 31,
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December 31,
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2011
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2010
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2011
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2010
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Gold
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Production (thousand ounces)
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43.6
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56.0
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158.0
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169.0
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Sales (thousand ounces)
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43.7
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50.4
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161.2
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169.6
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Average
realized prices
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Gold ($ per ounce)
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1,398
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1,234
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1,297
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1,117
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Total cash cost(1) ($ per ounce)
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691
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518
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645
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575
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Earnings from mine operations ($ millions)
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22.0
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26.8
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79.7
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61.1
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Mesquite had another
strong year with fourth quarter gold production leading the mine to exceed
its 2011 guidance range of 145,000 to 155,000 ounces. When combining the
solid production results with the increase in average realized gold prices
during 2011 and the team's ability to control costs, Mesquite increased
earnings from mine operations by 30% when compared to 2010, despite the
appreciation of the diesel price.
Earnings from mine
operations were lower in the fourth quarter than the same period of the prior
year due to lower gold production, primarily as a result of lower grade ore
being placed on the leach pad consistent with the mine schedule. Mesquite
benefitted from the increase in average realized gold price during the fourth
quarter of 2011.
Mesquite's capital
expenditures during the full year and fourth quarter of 2011 were $19 and $9
million, respectively. The expenditures related primarily to the replacement
of major truck and shovel components as well as the purchase of two
additional haul trucks which positions the mine well over its remaining
13-year life.
The Mesquite mine is
forecast to produce 140,000 to 150,000 ounces of gold in 2012 at total cash
cost(1) per ounce sold of $710 to $730 per ounce.
2012 estimated production is impacted by the scheduled mining of ore below
reserve grade. The increase in forecasted total cash cost(1) is
driven primarily by the lower gold production as well as certain increased
input costs.
Cerro San Pedro Increases Earnings
Contribution by 107%
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Cerro San Pedro
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Three months ended
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Twelve months ended
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December 31,
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December 31,
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2011
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2010
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2011
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2010
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Gold
|
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|
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Production (thousand ounces)
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34.1
|
38.9
|
|
143.7
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118.7
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Sales (thousand ounces)
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33.3
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38.7
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143.0
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114.7
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Silver
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Production (thousand ounces)
|
|
453.0
|
701.0
|
|
1,989.3
|
2,188.2
|
|
|
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Sales (thousand ounces)
|
|
440.0
|
696.2
|
|
2,007.8
|
2,143.7
|
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Average
realized prices
|
|
|
|
|
|
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Gold ($ per ounce)
|
|
1,673
|
1,373
|
|
1,564
|
1,262
|
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Silver ($ per ounce)
|
|
31.26
|
26.91
|
|
35.15
|
21.40
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total cash cost(1) - net of
by-product sales ($ per ounce)
|
|
253
|
138
|
|
115
|
230
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings from mine operations ($ millions)
|
|
37.6
|
36.2
|
|
172.7
|
83.6
|
|
|
|
Cerro San Pedro achieved
record financial results in 2011 through a combination of a 21% increase in
gold production, a 50% reduction total cash cost(1) and a 24%
increase in average realized gold price. During 2011, Cerro San Pedro's earnings
from mine operations increased by 107% to$173 million.
Earnings from mine
operations during the fourth quarter increased to $38 million from $36
million in the prior year period as higher average realized gold prices
more than offset the slight decrease in gold production and increase in total
cash cost(1).
Cerro San Pedro's capital
expenditures during the full year and fourth quarter of 2011 were $7 and $2
million, respectively. 2011 expenditures included a leach pad and plant
expansion as well as certain mining equipment that should contribute to Cerro
San Pedro's continued strong operating performance.
Cerro San Pedro is
forecast to produce 140,000 to 150,000 ounces of gold and 1.9 to 2.1 million
ounces of silver in 2012 at a total cash cost(1) per ounce
sold, net of by-product sales, of $250 to $270 per ounce. The total
cash cost(1) assumes a $30 per ounce silver price
and a foreign exchange rate of 13.00 Mexican peso to U.S. dollar. The
majority of the forecast cost increase in 2012 is attributable to the lower
silver price assumption when compared to the realized price in 2011.
Peak Mines Makes Steady Contribution
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Peak Mines
|
|
|
Three
months ended
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Twelve
months ended
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December
31,
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December
31,
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|
2011
|
2010
|
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2011
|
2010
|
|
Gold
|
|
|
|
|
|
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Production (thousand
ounces)
|
|
22.9
|
29.6
|
|
85.4
|
95.2
|
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Sales (thousand
ounces)
|
|
22.6
|
27.9
|
|
87.7
|
84.8
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|
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Copper
|
|
|
|
|
|
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Production (million
pounds)
|
|
3.3
|
4.2
|
|
12.7
|
15.3
|
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Sales (million
pounds)
|
|
2.9
|
4.7
|
|
15.3
|
14.1
|
|
|
|
|
|
|
|
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Average realized prices
|
|
|
|
|
|
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|
Gold ($
per ounce)
|
|
1,656
|
1,385
|
|
1,591
|
1,257
|
|
Copper ($
per pound)
|
|
3.56
|
3.89
|
|
3.78
|
3.48
|
|
|
|
|
|
|
|
|
|
Total cash cost(1) - net of
by-product sales ($ per ounce)
|
|
726
|
312
|
|
618
|
361
|
|
|
|
|
|
|
|
|
|
Earnings from mine operations ($ millions)
|
|
15.7
|
21.0
|
|
62.8
|
59.6
|
|
Peak Mines earnings
from mine operations were slightly higher than 2010 as increased gold sales
and higher average realized gold prices offset the increase in total cash
cost(1) when compared to the prior year. Gold and copper
sales were higher during 2011, despite lower production levels, as Peak was
able to draw down its concentrate inventory.
Earnings from mine
operations were lower in the fourth quarter compared to the same period of
the prior year due to lower gold production and higher total cash cost(1).
Peak benefitted from higher average realized gold prices. Both gold and
copper production were lower in the quarter as the fourth quarter of 2010
benefitted from mining in particularly high grade zones per the mine plan.
Peak Mines' capital
expenditures during the full year and fourth quarter of 2011 were $50 and $15
million, respectively. The expenditures at Peak included continued mine
development, loader and truck purchases and capitalized exploration which
positions the operation well to continue its history of reserve and resource
replacement.
Peak Mines is forecast
to produce 90,000 to 100,000 ounces of gold and 12 to 14 million pounds of
copper in 2012 at a total cash cost(1) per ounce sold, net of
by-product sales, of $640 to $660 per ounce. The anticipated
increase in gold production is due to mine sequencing moving to higher grade
areas and the continued improvement in recoveries as seen in the fourth
quarter. The total cash cost(1) assumes a $3.50 per
pound copper price and a foreign exchange rate of $1.00 Australian
to U.S. dollar.
2011 Development Work Positions New
Afton for August 2012 Commercial Production Start
New Afton, the
company's most immediate development project is on schedule for a June
2012 production start with the ramp-up to commercial production expected
to take approximately two months resulting in an August 2012 commercial
production start. The fourth quarter saw the continued advancement in caving
of the ore body and further build-up of the ore stockpile on surface. Through
the end of February 2012, approximately 400,000 tonnes of ore had been
stockpiled on surface.
2012 Milestones
·
April - SAG and Ball Mill 'dry
commissioning' to commence
·
·
End of May - ~900,000 tonnes of ore
stockpiled on surface
·
·
June - First ore through mill
·
·
End of June -26 drawbells developed to
support 6,600 tonne per day mining rate
·
·
July - First concentrate shipment
·
·
July - Achieve mining rate of 6,600
tonnes per day compared to current ~3,000 tonnes per day
·
·
August - Achieve commercial production
of 6,600 tonnes per day processed
·
·
September - Start utilizing gyratory
crusher thus enabling mining rate to move towards design capacity of 11,000
tonnes per day
·
·
October - Mill to reach design capacity
of 11,000 tonnes per day
·
·
End of December - Complete a total of 48
drawbells to support 11,000 tonne per day mining rate
·
Total project spending
at New Afton in 2011 was $291 million, excluding capitalized interest.
In 2012, the remaining development capital for New Afton through the start of
commercial production in August is forecast to be $150 million,
excluding capitalized interest and including an estimated$40 million in
offsetting revenue from gold and copper sales prior to commercial production
which have been netted against the underground development costs.
Once in full
production, the 11,000 tonne per day underground block cave mine and
concentrator is expected to produce an annual estimated average of 85,000
ounces of gold and 75 million pounds of copper at low operating costs. The
company looks forward to New Afton's production start as at today's prices,
once in full production, New Afton has the potential to generate
approximately $300 million in life-of-mine average annual cash
flow.
An additional benefit
of the completion of underground development at New Afton is that it provides
greater access for New Gold's exploration team to continue drilling
the C-zone block of mineralization that lies below and to the side of the New
Afton reserve blocks. New Gold has budgeted $5 million for
exploration at New Afton in the second half of 2012 to work towards further
delineating the C-zone.
New Afton is forecast
to produce 35,000 to 45,000 ounces of gold and 30 to 35 million pounds of
copper in 2012 at a total cash cost(1) per ounce sold, net of
by-product sales, of ($1,200) to ($1,300) per ounce.
On a co-product basis,
total cash cost(1) per ounce sold are forecast to be $630
to $650 per ounce of gold and $1.35 to $1.45 per pound of
copper. Production is expected to start in June with commercial production
scheduled for August. With the operation hitting its full capacity in 2013,
cash costs are expected to come down meaningfully. The total cash cost(1) assumes
a $3.50 per pound copper price and a foreign exchange rate of$1.00 Canadian
to U.S. dollar.
Pre-Construction Activities Start at El
Morro
El Morro is an
advanced stage, world-class copper/gold project in northern Chile, one
of the most attractive mining jurisdictions in the world. The company is a 30
percent partner in the project, with Goldcorp, the project developer and
operator, holding the remaining 70 percent. In early January of 2012, Goldcorp's Board
officially approved commencement of construction of El Morro. While some of
the more significant construction is targeted to commence later this year,
pre-construction activities have started including mobilization of the road
construction contractor. In addition, the current focus is on completion of
detailed engineering, negotiation of power contracts and drilling.
Under the terms of New
Gold's agreement with Goldcorp, Goldcorp is responsible
for funding New Gold's 30% share of capital costs. 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 share
of the project's cash flow with New Gold retaining 20% of its share
of cash flow from the time production commences.
The closing arguments
related to the litigation involving Barrick Gold Corporation, Xstrata
Plc, Goldcorp and New Gold and their respective
subsidiaries regarding the El Morro Project have now been
completed. It is anticipated that a decision will be rendered by mid-2012.
Blackwater Moving Forward Quickly
After acquiring the Blackwater
Project in June of 2011, New Gold has made significant strides
in advancing the project. The multi-disciplined teams at Blackwater have
primarily been focused on: continued exploration drilling, upgrading of the
camp and related infrastructure, environmental baseline studies, discussions
with First Nations, the community as well as local, Provincial and Federal
regulatory agencies and scoping of the key parameters related to the upcoming
PEA.
Blackwater Fourth Quarter and 2011 Highlights
·
Completed the construction of a 150
person camp at site
·
·
Completed installation of an all season
drill water supply system
·
·
Increased number of drills from four in
June to nine at the end of 2011
·
o A
10th drill has been added subsequent to the year-end
o
·
Closed the acquisitions of Silver
Quest Resources Ltd. and Geo Minerals Ltd. - consolidating the
ownership of the Blackwater Project and increasing land position in
the region to over 670km2
·
·
Completed two mineral resource updates,
the first in September 2011 and the second announced February
2, 2012 which included:
·
o Indicated
gold resource: 164 million tonnes at an average grade of 1.03 g/t containing
5.42 million ounces
o
o Inferred
gold resource: 69 million tonnes at an average grade of 0.84 g/t containing
1.86 million ounces
o
Total capital spending
at Blackwater, including exploration and infrastructure-related expenditures,
from June through the end of 2011 was $46 million.
The company looks forward
to a number of important milestones throughout 2012 including: a further
resource update in the first quarter, the completion of a Preliminary
Economic Assessment in the third quarter and the submission of a Project
Description towards the end of the year. New Gold is targeting
approximately 210,000 metres of drilling in the Blackwater area during 2012
which is more than double the amount of historical drilling that has been
completed at the project.
New Gold looks
forward to providing further updates on the continued advancement of
Blackwater through 2012.
Key Financial Information
New Gold finished
2011 with a cash balance of $309 million. The consolidated debt position
of the company at December 31, 2011 was $252 million and
includes: $177 million of 10% senior secured notes (face value of C$187
million), $45 million of 5% convertible debentures (face value of C$55
million) and $30 million in El Morro funding loans. The senior
secured notes are due in 2017 and the convertible debentures are due in 2014
and have a C$9.35 conversion price. The company had 461 million
basic shares outstanding at December 31, 2011.
2012 Guidance
New Gold is
pleased to report that with the start of production at New Afton in June, the
company anticipates an approximate 10% increase in gold production with total
cash cost(1) per ounce sold, net of by-product sales,
expected to be approximately $30 per ounce below the 2011 level.
|
New Gold 2012 Production and
Cost Guidance
|
|
|
|
|
|
|
|
Gold
|
|
Silver
|
|
Copper
|
|
|
|
(000 Ounces)
|
|
(000 Ounces)
|
|
(Million pounds)
|
|
Total Cash Cost(1)
|
|
|
|
|
|
|
|
|
Mesquite
|
140-150
|
|
--
|
|
--
|
|
$710-$730
|
Cerro
San Pedro
|
140-150
|
|
1,900-2,100
|
|
--
|
|
$250-$270
|
Peak
Mines
|
90-100
|
|
--
|
|
12-14
|
|
$640-$660
|
New
Afton
|
35-45
|
|
--
|
|
30-35
|
|
($1,200)-($1,300)
|
|
|
|
|
|
|
|
|
New Gold Total
|
405-445
|
|
1,900-2,100
|
|
42-49
|
|
$410-$430
|
|
|
|
|
|
|
|
|
Note: New Afton production range includes gold and copper produced
between mill start-up and achievement of commercial production. The revenue
from this pre-commercial production will be offset against capital costs.
New Afton gold and copper sales from the point of commercial production
forward are expected to be 20,000 to 30,000 ounces and 20 to 25
million pounds, respectively.
|
Assumptions used in
the 2012 guidance include gold, silver and copper prices of $1,600 per
ounce, $30.00 per ounce and $3.50 per pound,
respectively, and Canadian dollar, Australian dollar and Mexican peso
exchange rates of $1.00, $1.00 and $13.00 to the
U.S. dollar, respectively. The diesel price assumed for 2012 is $3.30 per
gallon, which reflects recent prices paid at Mesquite. The price movements in
the diesel used at Mesquite are most directly correlated with the movements
in the Brent oil price.
As New Afton's
production start is scheduled for June, with commercial production in August, New
Gold's quarterly gold production and total cash cost(1) are
expected to vary on a quarter-over-quarter basis during 2012. Gold production
should be fairly consistent in the first two quarters of the year, with an
increase from New Afton in the second half of 2012.
Based on the
conservative by-product price assumptions used for 2012, total cash cost(1) are
expected to be highest in the first quarter of 2012 after which they will
steadily decline in the subsequent three quarters of the year as Cerro
San Pedro and Peak move into higher grade areas of their respective ore
bodies and New Afton starts commercial production.
The 2012 total cash
cost(1) guidance is subject to the following sensitivities:
|
Total Cash Cost(1) Sensitivities
|
|
|
|
|
Category
-
|
Silver Price
|
Copper Price
|
AUD/USD
|
CDN/USD
|
MXN/USD
|
Diesel
|
Base
Assumption -
|
$30.00
|
$3.50
|
1.00
|
1.00
|
13.00
|
$3.30
|
Sensitivity
-
|
+/-$1.00
|
+/-$0.25
|
+/-0.05
|
+/-0.05
|
+/-0.50
|
+/-10%
|
|
|
|
|
|
|
|
|
Total cash cost(1) impact
|
Mesquite
|
--
|
--
|
--
|
--
|
--
|
+/-$15
|
Cerro
San Pedro
|
+/-$15
|
--
|
--
|
--
|
+/-$15
|
--
|
Peak
|
--
|
+/-$35
|
+/-$50
|
--
|
--
|
--
|
New
Afton
|
--
|
+/-$200
|
--
|
+/-$65
|
--
|
--
|
|
|
|
|
|
|
|
New Gold Total
|
+/-$5
|
+/-$25
|
+/-$10
|
+/-$5
|
+/-$5
|
+/-$5
|
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. New Gold's most immediate development
project, New Afton, is scheduled to begin production in mid-2012 and together
with theMesquite Mine in the United States, the Cerro San
Pedro Mine in Mexico and Peak Gold Mines in Australia,
the company is forecasting between 405,000 and 445,000 ounces of gold
production in 2012. In addition, New Gold owns 30% of the
world-class El Morro project located in Chile and 100% of 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 press release, including
any information relating to New Gold's future financial or
operating performance may be deemed "forward looking". All
statements in this press 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 use of forward-looking terminology such as
"plans", "expects", "is expected",
"budget", "scheduled", "estimates",
"forecasts", "intends", "anticipates",
"projects", "potential", "believes" or
variations of such words and phrases or statements that certain actions,
events or results "may", "could",
"would", "should", "might" or "will
be taken", "occur" or "be achieved" or the negative
connotation. 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 various transactions 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, where New Gold is
involved with ongoing challenges relating to its environmental impact
statement for theCerro 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 press release are qualified by these cautionary statements. New
Gold expressly 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
in this press release 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 press 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 Statesstandards,
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 press release concerning
descriptions of mineralization and resources under Canadian standards is not
comparable to similar information made public by United 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 scientific and technical information in this press 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 does 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 Fourth Quarter/Full Year Consolidated
- Adjusted Net Earnings Reconciliation
|
|
Three months ended
|
|
Twelve months ended
|
Figures
in US$ millions, except per share amounts
|
December 31,
|
|
December 31,
|
|
2011
|
2010
|
|
2011
|
2010
|
|
|
|
|
|
|
Net
earnings from continuing operations
|
35.0
|
25.6
|
|
179.0
|
57.3
|
Net
earnings per share from continuing operations
|
0.08
|
0.07
|
|
0.42
|
0.15
|
|
|
|
|
|
|
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
Impairment
of exploration assets
|
-
|
15.7
|
|
-
|
15.7
|
|
Fair
value of derivative - Senior notes
|
(0.6)
|
3.9
|
|
(11.1)
|
(7.7)
|
|
Gain
on FVTPL financial assets
|
-
|
(41.8)
|
|
(1.3)
|
(48.8)
|
|
Ineffectiveness
on hedging instruments
|
2.4
|
-
|
|
6.6
|
-
|
|
Fair
value of derivative - Warrants/Convertibles
|
(10.5)
|
63.4
|
|
18.3
|
113.3
|
|
(Gain)
Loss on foreign exchange
|
12.9
|
0.5
|
|
(7.1)
|
9.7
|
|
Other
|
0.1
|
1.3
|
|
2.5
|
3.8
|
|
Tax
impact of adjustments
|
2.9
|
(11.6)
|
|
0.9
|
(27.6)
|
|
7.2
|
31.4
|
|
8.8
|
58.4
|
|
|
|
|
|
|
Adjusted net
earnings from continuing operations
|
42.2
|
57.0
|
|
187.8
|
115.7
|
Adjusted
net earnings per share
|
0.09
|
0.15
|
|
0.44
|
0.30
|
|
|
|
|
|
|
New Gold Inc.
|
|
|
|
|
|
Consolidated
income statements
|
|
|
|
|
|
Years
ended December 31
|
|
|
|
|
|
(Expressed
in thousands of U.S. dollars, except share and per share amounts)
|
|
|
|
|
|
|
|
Three months ended
|
|
Years ended
|
|
2011
|
2010
|
|
2011
|
2010
|
|
$
|
$
|
|
$
|
$
|
|
|
|
|
|
|
Revenues
|
177,590
|
189,355
|
|
695,939
|
530,450
|
Operating
expenses
|
78,569
|
79,840
|
|
303,778
|
247,773
|
Depreciation
and depletion
|
23,813
|
25,583
|
|
76,935
|
78,374
|
Earnings
from mine operations
|
75,208
|
83,932
|
|
315,226
|
204,303
|
|
|
|
|
|
|
Corporate
administration expenses
|
8,880
|
7,550
|
|
26,272
|
24,134
|
Share-based
payment expenses
|
2,154
|
1,612
|
|
11,140
|
6,877
|
Exploration
expenses
|
2,274
|
2,909
|
|
10,021
|
12,834
|
Impairment
of exploration assets
|
-
|
15,728
|
|
-
|
15,728
|
|
|
|
|
|
|
Income
from operations
|
61,900
|
56,133
|
|
267,793
|
144,730
|
|
Finance
income
|
659
|
1,418
|
|
3,589
|
3,258
|
|
Finance
costs
|
(1,174)
|
(1,191)
|
|
(5,142)
|
(2,371)
|
|
Other
gains (losses)
|
(4,258)
|
(27,300)
|
|
(7,854)
|
(70,261)
|
|
|
|
|
|
|
Earnings
before taxes
|
57,127
|
29,060
|
|
258,386
|
75,356
|
Income
tax expense
|
(22,129)
|
(3,503)
|
|
(79,358)
|
(18,009)
|
|
|
|
|
|
|
Net
earnings from continuing operations
|
34,998
|
25,557
|
|
179,028
|
57,347
|
Earnings
from discontinued operations, net of tax
|
-
|
-
|
|
-
|
(9,886)
|
Net earnings
|
34,998
|
25,557
|
|
179,028
|
47,461
|
|
|
|
|
|
|
Earnings
(loss) per share from continuing operations
|
|
|
|
|
|
|
Basic
|
0.08
|
0.07
|
|
0.42
|
0.15
|
|
Diluted
|
0.07
|
0.06
|
|
0.40
|
0.15
|
|
|
|
|
|
|
Earnings
(loss) per share from discontinued operations
|
|
|
|
|
|
|
Basic
|
-
|
-
|
|
-
|
(0.03)
|
|
Diluted
|
-
|
-
|
|
-
|
(0.03)
|
|
|
|
|
|
|
|
Earnings
(loss) per share from continuing and discontinued operations
|
|
|
|
|
|
|
Basic
|
0.08
|
0.07
|
|
0.42
|
0.12
|
|
Diluted
|
0.07
|
0.06
|
|
0.40
|
0.12
|
|
|
|
|
|
|
Weighted
average number of shares outstanding
|
|
|
|
|
|
(in
thousands)
|
|
|
|
|
|
|
Basic
|
451,717
|
392,952
|
|
429,591
|
390,883
|
|
Diluted
|
464,920
|
398,828
|
|
441,009
|
395,233
|
|
|
|
|
|
|
New Gold Inc.
|
|
|
|
|
|
Consolidated
statements of financial position
|
|
|
|
|
|
(Expressed
in thousands of United States dollars)
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31
|
|
December 31
|
|
January 1
|
|
2011
|
|
2010
|
|
2010
|
|
$
|
|
$
|
|
$
|
Assets
|
|
|
|
|
|
Current
assets
|
|
|
|
|
|
|
Cash
and cash equivalents
|
309,406
|
|
490,754
|
|
271,526
|
|
Trade
and other receivables
|
37,572
|
|
11,929
|
|
10,345
|
|
Inventories
|
106,490
|
|
103,055
|
|
86,299
|
|
Current
derivative assets
|
-
|
|
-
|
|
706
|
|
Prepaid
expenses and other
|
7,928
|
|
7,325
|
|
6,933
|
|
Current
assets of operations held for sale
|
-
|
|
-
|
|
10,298
|
Total
current assets
|
461,396
|
|
613,063
|
|
386,107
|
|
|
|
|
|
|
Investments
|
1,823
|
|
7,533
|
|
45,890
|
Non-current
inventories
|
20,253
|
|
-
|
|
-
|
Mining
interests
|
2,695,297
|
|
1,767,240
|
|
1,664,563
|
Deferred
tax assets
|
8,924
|
|
10,058
|
|
11,098
|
Non-current
non-hedged derivative asset
|
18,797
|
|
7,679
|
|
-
|
Reclamation
deposits and other
|
14,912
|
|
23,616
|
|
17,646
|
Assets
of operations held for sale
|
-
|
|
-
|
|
78,989
|
Total
assets
|
3,221,402
|
|
2,429,189
|
|
2,204,293
|
|
|
|
|
|
|
Liabilities and equity
|
|
|
|
|
|
Current
liabilities
|
|
|
|
|
|
|
Trade
and other payables
|
100,437
|
|
69,245
|
|
37,999
|
|
Current
tax liabilities
|
20,495
|
|
31,392
|
|
13,711
|
|
Current
derivative liabilities
|
49,184
|
|
40,072
|
|
19,206
|
|
Current
non-hedged derivative liabilities
|
53,288
|
|
-
|
|
-
|
|
Current
portion of long-term debt
|
-
|
|
-
|
|
12,088
|
|
Current
liabilities of operations held for sale
|
-
|
|
-
|
|
10,414
|
Total
current liabilities
|
223,404
|
|
140,709
|
|
93,418
|
|
|
|
|
|
|
Reclamation
and closure cost obligations
|
50,713
|
|
34,173
|
|
24,764
|
Provisions
|
12,646
|
|
9,227
|
|
4,541
|
Non-current
derivative liabilities
|
92,407
|
|
113,303
|
|
76,780
|
Non-current
non-hedged derivative liabilities
|
114,296
|
|
155,365
|
|
37,542
|
Long-term
debt
|
251,664
|
|
229,884
|
|
225,456
|
Deferred
tax liabilities
|
146,880
|
|
179,180
|
|
245,969
|
Deferred
benefit
|
46,276
|
|
46,276
|
|
-
|
Other
|
747
|
|
577
|
|
814
|
Liabilities
of operations held for sale
|
-
|
|
-
|
|
19,890
|
Total
liabilities
|
939,033
|
|
908,694
|
|
729,174
|
|
|
|
|
|
|
Equity
|
|
|
|
|
|
Common
shares
|
2,463,968
|
|
1,845,886
|
|
1,810,039
|
Contributed
surplus
|
80,394
|
|
81,176
|
|
82,984
|
Share
purchase warrants
|
-
|
|
-
|
|
11,850
|
Other
reserves
|
(86,367)
|
|
(51,913)
|
|
(27,639)
|
Deficit
|
(175,626)
|
|
(354,654)
|
|
(402,115)
|
|
(261,993)
|
|
(406,567)
|
|
(429,754)
|
Total
equity
|
2,282,369
|
|
1,520,495
|
|
1,475,119
|
Total
liabilities and equity
|
3,221,402
|
|
2,429,189
|
|
2,204,293
|
|
|
|
|
|
|
New Gold Inc.
|
|
|
|
|
|
Condensed
consolidated statements of cash flows
|
|
|
|
|
|
Years
ended December 31
|
|
|
|
|
|
(Expressed
in thousands of U.S. dollars)
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended
|
|
Years ended
|
|
2011
|
2010
|
|
2011
|
2010
|
|
$
|
$
|
|
$
|
$
|
Operating activities
|
|
|
|
|
|
|
Net
earnings
|
34,998
|
25,557
|
|
179,028
|
47,461
|
|
Loss
from discontinued operations
|
-
|
-
|
|
-
|
9,886
|
|
Adjustments
for:
|
|
|
|
|
|
|
|
Realized
gain on gold contracts
|
(2,324)
|
(2,247)
|
|
(8,793)
|
(8,425)
|
|
|
Realized
loss on fuel contracts
|
-
|
102
|
|
-
|
340
|
|
|
Realized
and unrealized foreign exchange (gain) loss
|
12,907
|
486
|
|
(7,122)
|
9,675
|
|
|
Realized
and unrealized gain on investments
|
-
|
(41,820)
|
|
(1,349)
|
(48,838)
|
|
|
Unrealized
loss on non-hedged derivatives
|
(11,146)
|
67,333
|
|
7,229
|
105,657
|
|
|
Loss
on disposal of assets
|
(139)
|
489
|
|
509
|
1,938
|
|
|
Impairment
of exploration asset
|
-
|
15,728
|
|
-
|
15,728
|
|
|
Depreciation
and depletion
|
23,618
|
25,966
|
|
76,243
|
78,772
|
|
|
Equity
settled share-based payment expense
|
1,694
|
1,476
|
|
7,192
|
6,540
|
|
|
Unrealized
loss on cash flow hedging items
|
2,444
|
-
|
|
6,611
|
-
|
|
|
Income
tax expense
|
22,129
|
3,503
|
|
79,358
|
18,009
|
|
|
Finance
income
|
(659)
|
(1,418)
|
|
(3,589)
|
(3,258)
|
|
|
Finance
costs
|
1,174
|
1,191
|
|
5,142
|
2,371
|
|
84,696
|
96,346
|
|
340,459
|
235,856
|
|
|
|
|
|
|
|
Change
in non-cash operating working capital
|
2,465
|
6,066
|
|
(12,538)
|
(7,499)
|
Cash
generated from operations
|
87,161
|
102,412
|
|
327,921
|
228,357
|
|
|
|
|
|
|
|
Income
taxes paid
|
(21,275)
|
(13,749)
|
|
(98,391)
|
(41,855)
|
Net
cash generated from continuing operations
|
65,886
|
88,663
|
|
229,530
|
186,502
|
Cash
used in discontinued operations
|
-
|
-
|
|
-
|
(1,696)
|
|
|
|
|
|
|
Investing activities
|
|
|
|
|
|
|
Mining
interests
|
(158,526)
|
(51,468)
|
|
(413,620)
|
(134,089)
|
|
Recovery
of (contribution to) reclamation deposits
|
241
|
(1,545)
|
|
8,388
|
(1,590)
|
|
Cash
acquired in asset acquisition, net of transaction costs - Richfield
|
62
|
-
|
|
18,651
|
-
|
|
Asset
acquisition costs, net of cash received - Silver Quest
|
(7,979)
|
-
|
|
(7,979)
|
-
|
|
Asset
acquisition costs, net of cash received - Geo Minerals
|
(18,053)
|
-
|
|
(18,053)
|
-
|
|
Purchase
of available-for-sale securities
|
(3,684)
|
-
|
|
(3,684)
|
-
|
|
Cash
received in El Morro transaction, net of transaction costs
|
-
|
-
|
|
-
|
46,276
|
|
Investment
in El Morro
|
-
|
-
|
|
-
|
(463,000)
|
|
Proceeds
from sale of investments
|
-
|
58,364
|
|
8,927
|
106,476
|
|
Interest
received
|
679
|
-
|
|
3,200
|
1,577
|
|
Proceeds
from disposal of assets
|
321
|
167
|
|
821
|
439
|
Cash
used in continuing operations
|
(186,939)
|
5,518
|
|
(403,349)
|
(443,911)
|
Cash
generated from discontinued operations
|
-
|
-
|
|
-
|
34,410
|
|
|
|
|
|
|
Financing activities
|
|
|
|
|
|
|
Exercise
of options to purchase common stock
|
1,374
|
8,860
|
|
16,375
|
15,649
|
|
Exercise
of warrants to purchase common stock
|
-
|
-
|
|
65
|
-
|
|
Interest
paid
|
(10,452)
|
(10,372)
|
|
(21,864)
|
(20,895)
|
|
El
Morro loan
|
-
|
-
|
|
-
|
463,000
|
|
Revolving
credit facility initiation costs
|
-
|
(4,225)
|
|
-
|
(4,225)
|
|
Repayment
of long-term debt
|
-
|
-
|
|
-
|
(27,235)
|
Cash
generated by financing activities
|
(9,078)
|
(5,737)
|
|
(5,424)
|
426,294
|
|
|
|
|
|
|
Effect
of exchange rate changes on cash and cash equivalents
|
6,424
|
11,306
|
|
(2,105)
|
16,803
|
|
|
|
|
|
|
(Decrease)
increase in cash and cash equivalents
|
(123,707)
|
99,750
|
|
(181,348)
|
218,402
|
Cash
and cash equivalents, beginning of period
|
433,113
|
391,004
|
|
490,754
|
272,352
|
Cash and cash equivalents,
end of period
|
309,406
|
490,754
|
|
309,406
|
490,754
|
|
|
|
|
|
|
Cash
and cash equivalents are comprised of
|
|
|
|
|
|
|
Cash
|
179,023
|
191,844
|
|
179,023
|
191,844
|
|
Short-term
money market instruments
|
130,383
|
298,910
|
|
130,383
|
298,910
|
|
309,406
|
490,754
|
|
309,406
|
490,754
|
|