New Gold Incorporated
New Gold Inc. is an intermediate gold producer with cash flow positiive operating assets in the United States, Mexico and Australia and development projects in Canada and Chile. The company has a solid platform for profitable growth with a strong financial position to fund itsgrowth strategy and a talented management team and Board of Directors who have the experience to continue to execute on New Gold’s vision of becoming a million ounce, low cost gold producer. NewGold Inc. is listed on the Toronto Stockk Exchange (TSX) and the New York Stock Exchange (NYSE AMEX) under the symbol NGD.
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Properties:
Producing Properties
New Gold has three operating properties.
Mesquite
Mesquite is a 100% owned gold mining operation in Imperial County, California, which commenced production in 2008. It is an open pit, run-of-mine heap leaching operation. In2009, the operation is forecasting production ranging from 140,000 to 150,000 ounces of gold at an estimated total cash cost between $530 and $540 per ounce. Capital expenditures in 2009 are expected to be approximately $1.5 million.
Peak Mines
Peak Mines is an underground mine/mill operation located in New South Wales, Australia that commenced production in 1992. The ore bodies being mined at Peak are: Peak, New Cobar and Chesney, with the Perseverance D operation reportedly coming online later this year. Peak Mines achieved a milestone in 2008, producing its two millionth ounce of gold since commissioning. It has consistently replaced annual depletion over the last 16years.
Cerro San Pedro Mine
Cerro San Pedro is agold and silver, open pit, run-of-mine heap leach operation located in central Mexico, 20 kilometers outside the state capital of San Luis Potosí. Production in its first full year of operation was notable with 84,561 goldounces and 1.1 million silver ounces in 2008. Cerro San Pedro reportedly will produce an annual average of 90,000 gold ounces and 2.25 million silver ouncesover the ten-year life of mine.
In 2009, New Gold is forecasting between 330,000and 360,000 ounces of gold production, 1.1 million and 1.3 million ouncesof silver and 13 and 15 million pounds of copper. The 2009 total cash cost forecast is between $490 and $510 per ounce, net of by-product sales.
Development Projects
Currently, New Gold has two developmentprojects:
New Afton,is currently under construction in Western Canada. At today's gold and copper prices, New Afton will be an important cash flow generator.
El Morro, a joint projectwith owner-operator Xstrata, in which New Gold has 30%interest. El Morro entered the permitting stage in November 2008, withdelivery of the project's Environmental Impact Statement to the Chilean Authorities. Permitting is expected to take from 12 to 18 months, afterwhich development activities could proceed.
EXPLORATION
Reserves are a vital part of the plans for NewGold. New Gold is currently leading four exploration projects in three different countries. These projects include: Ajax-Python, Rio Figueroa and Liberty Bell.
Financials
Three months ending March 312009. Cash and cash equivalents: $136,610,000. Net Earnings were .06 per sharediluted.
SHARE STRUCTURE
June 1, 2009.
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Shares Issued and Outstanding
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355,702,033
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Stock Options
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16,686,708
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Warrants
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66,192,212
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Organizational Structure
Board of Directors
Randall Oliphant,Executive Chairman
Past Chairman,of WesternGoldfields (2006-2009)
President & CEO, Barrick GoldCorporation (1999 –2003)
Robert Gallagher, ChiefExecutive Officer & Director President & CEO, Peak Gold Ltd. (2008) V.P., Asia Pacific, Newmont Mining (2000–2007)
James Estey,Director Chairman, President and Head of Sales, UBS Securities
Canada Inc. (2002 –2008)
VahanKololian,Director Managing Partner of Terra Nova Partners L.P. (since 2003)
Chairman, of the Precinda Corporation(since 2002)
MartynKonig,Director CEO, Blackfish Capital (since 2005)
Director, NM Rothschild(1981-1996)
S.V. P., Goldman Sachs andUBS (1996-1999)
Pierre Lassonde,Director Chairman, Franco-Nevada (since 2007)
Chairman, World Gold Council (2005-2008)
Vice-Chairman, Director andPresident, Newmont (2002 –2006)
Craig Nelsen,Director President & CEO, Avanti Mining Corporation (since 2007)
Chairman, New Gold Inc.(2008-2009)
Chairman, Metallica ResourcesLtd. (1999 –2008)
Paul Sweeney,Director V.P., Business Development, Plutonic Power Corp. (since 2007) CFO,CanicoResource Corporation (1999 –2005)
Ian Telfer,Director Chairman, Goldcorp (since 2007)
President & CEO, WheatonRiver Minerals (2001 –2005)
Raymond Threlkeld,Director President & CEO, Western Goldfields (2006-2009)
Senior Roles, BarrickGold Corp.& Coeur D’Alene (1996-2005)
Management Team
Randall Oliphant,Executive Chairman Mr. Oliphant is also the President and CEO of Silver BearResources Inc. Mr. Oliphant is on the Advisory Board of Metalmark Capital LLC(formerly Morgan Stanley Capital Partners), and serves on the boards ofWesternZagrosLtd. and Franco-Nevada Corporation. Since 2003, Mr. Oliphant
has served on the boards of anumber of public and private companies and not-for-profit
organizations. From 1999 to 2003,he was the President and CEO of Barrick Gold Corporation. Mr. Oliphant is aChartered Accountant.
Robert Gallagher,President Chief Executive Officer, and Director
Mr. Gallagher has been Presidentand CEO of New Gold since June 2008 and was previously President and CEO of PeakGold from February to June 2008. Before that time, he spent 15 years withPlacer Dome from June 1977 to October 1993 and seven years with Newmont Mining Corporation from August 2000 to December 2007, most recently as Vice President Operations, Asia Pacific. Mr. Gallagher is a mining engineer who has worked inthe mining industry for over 30 years.
Brian Penny, ExecutiveVP and Chief Financial Officer Mr. Penny has over 20 years of experience in mine finance and accounting. While serving as Chief Financial Officer with Kinross Gold Company, Mr. Penny was responsible for all finance, banking,hedging and financial reporting activities including the financial duediligence surrounding a U.S. $1.3 billion merger with TVX Gold Inc. and EchoBay Mines Ltd. Mr. Penny is a Certified Management Accountant.
James (Jim) Currie,Executive VP and Chief Operating Officer Mr. Currie is a mining engineer with30 years of experience in the mining industry, having worked on projects inNorth and South America, Asia and Africa. Previously he was Vice President Operations for Miramar Mining Corp. in Vancouver and was responsible for the development of their 10 million ounce gold resource at Hope Bay in the CanadianArctic. Prior to that, Mr. Currie held the position of General Manager of Mauritanian Copper Mines SA. Brian "Boot" Boutilier
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