New Gold Inc. (NGD)

[Tommy]

$NGD - New Gold Announces Third Quarter Results with Lowest Costs in Company's History - Updates 2013 Outlook

http://www.newgold.com/investors/NewGoldNews/PressReleaseDetail/2013/New-Gold-Announces-Third-Quarter-Results-with-Lowest-Costs-in-Companys-History---Updates-2013-Outlook/default.aspx

... "VANCOUVER, Oct. 29, 2013 /CNW/ - New Gold Inc. ("New Gold") (TSX:NGD) and (NYSE MKT:NGD) today announces financial and operational results for the third quarter of 2013. The company previously released its quarterly operational results on October 21, 2013.

Third Quarter 2013 Highlights

All-in sustaining costs(1) of $779 per ounce
Total cash costs(2) of $280 per ounce compared to $443 per ounce in the prior year period
Gold production of 94,038 ounces compared to 104,577 ounces in the third quarter of 2012
Copper production increased by 67% to 23.7 million pounds from 14.2 million pounds
Adjusted net earnings(4) of $20 million, or $0.04 per share
Adjusted net cash generated from operations(3) of $54 million
New Afton reached targeted throughput increase to over 12,000 tonnes per day three months ahead of schedule
Cash and cash equivalents of $429 million at September 30, 2013
Completed take-over of Rainy River Resources Ltd. ("Rainy River") on October 15, 2013
Increased gold reserves per share by 44%
El Morro's environmental permit reinstated on October 22, 2013
Updated 2013 outlook: 390,000 to 400,000 ounces of gold production at all-in sustaining costs(1) of approximately $900 per ounce
and total cash costs(2) of approximately $375 per ounce

"The strong performance of New Afton, our largest cash flow generator, and the successful acquisition of Rainy River during the quarter were very important milestones for our company," stated Randall Oliphant , Executive Chairman. "We are, however, disappointed that the operational challenges at Cerro San Pedro and Mesquite led us to update our outlook for the first time in the company's history. Importantly, our foundation of low costs, a solid balance sheet, and organic growth pipeline in favourable jurisdictions continues to be strong. As originally scheduled, the fourth quarter should be our highest production quarter of the year and we look forward to a strong finish to 2013."

During the third quarter, the company produced 94,038 ounces of gold at all-in sustaining costs(1) of $779 per ounce and total cash costs(2) of $280 per ounce, representing the lowest cost quarter in the company's history on both measures. For the three month period ended September 30, 2013, New Gold generated revenue of $196 million, earnings from mine operations of $51 million, net earnings of $12 million, or $0.02 per share, and net cash generated from continuing operations of $36 million. Adjusted net earnings(4) were $20 million, or $0.04 per share, and adjusted net cash generated from continuing operations(3) was $54 million." ...