GoldMinerPulse.com -- New Gold Inc.: (NI) 43-101 Metal Valuation Report

New Gold Inc. (NGD)

Company Web Site: newgold.com
(NI) 43-101 reports from projects located in: Canada (CA)
This report is based on NI 43-101 disclosures and fully diluted share counts available on: 2010-01-28. Metrics have been updated with stock price and metal prices in effect at the close of Canadian markets on 2010-03-12.
External Links: Yahoo News and Quotes  |  Yahoo Message Board  |  StockCharts  |  Stockhouse
More External Links: Knobias  |  SmartMoney  |  MFFAIS  |  Canadian Insider Trading
Recent Production
2010 : Forecast gold production expected to increase further to 330,000 to 360,000 ounces at total cash cost of $445 to $465 per ounce sold, net of byproduct sales.
2009 : Full year production was 292,407 oz gold and 1,496,958 oz silver.
2008 : Full year production was 237,586 oz gold and 572,575 oz silver.
Source(s): 2008, 2009 full year production data and 2010 forecasts were taken from a January 25, 2010 Press Release.
Hedge Notes:
Quote from p. 18 of 27 in the September 30, 2008 MD&A:
The Company does not presently have a metals hedging policy nor has it conducted any metals hedging in the past.
GoldMinerPulse Most Optimistic Resource Estimate Summary (MORE):
Metrics last with prices in effect at the TSX/TSXV close on 2010-03-12
Project/Deposit CC MVpSh PP% MI% I% Gold Silver Copper
    El Morro CL $21.95 0 94% 6% 2.75 M oz          984.95 K t
    Cerro San Pedro Mine MX $21.94 0 37% 63% 6.60 M oz     178.84 M oz
    New Afton CA $18.75 0 80% 20% 2.11 M oz     6.64 M oz     861.82 K t
    Mesquite US $12.24 0 93% 7% 5.23 M oz
    Peak Gold Mines AU $3.90 0 76% 24% 1.15 M oz     1.69 M oz     72.63 K t
    Amapari Mine BR $0.00 0 0 0

GoldMinerPulse Metrics - Total All Projects/Deposits by Metal, prices from 2010-Mar-12
Metric / Metal Gold Silver Copper
    Metal Totals 17.84 M oz     187.17 M oz     1.92 M t
    Metal Prices in US$ (from 2010-03-12) $1,102.60 per oz     $17.07 per oz     $3.36350 per lb
    Metal Value per Share (MVpSh)
(Shown in US$ and based on fully diluted share count shown below) $41.77     $6.79     $30.23
    Percentage of Total Metal Value 53.02%     8.61%     38.37%
    PP% | MI% | I% 0 | 69% | 31%     0 | 45% | 55%     0 | 87% | 13%

GoldMinerPulse Metrics - All Metals from All Projects/Deposits and Prices from 2010-Mar-12
    Metal Value per Share (MVpSh)    US$78.79
    Average Ore Value per Tonne    US$33.8
    Metal Value Leverage (MVL)    17.63
    Market Capitalization as % of Metal Value    5.7%
    Recent Stock Price    C$4.55   (TSX/TSXV close on 2010-03-12.)
Conversion rate used: 1 Cnd$ = 0.982172 US$ )
    Fully Diluted Share Count    470.80 M    ( Fully diluted share count estimate based on the Outstanding Shares section of the MD&A for September 30, 2009 (the estimate was as of November 3, 2009). )
    PP% | MI% | I%    0 | 74% | 26%
Gold Metrics-- all Projects/Deposits
    Average Gold Ore Grade    0.505 g/t
    Market Capitalization
    per oz of Gold In Ground    $117.96   US$  |   120.10   C$
    Gold Eq Oz Estimate    33.64 M oz   ( 17.84 M oz are in ground)
    Market Capitalization
    per oz of Gold Equilavent    $62.54   US$  |   63.67   C$

See terms for more about GoldMinerPulse metrics.
Additional Notes:
Proven + Probable Reporting Method    -    New Gold Reserves and Resources web page viewed September 2009.
Notes to Mineral Reserve & Resource Statements
1) Mineral reserves are contained within measured and indicated mineral resources. Measured and indicated mineral resources that are not mineral reserves do not have demonstrated economic viability.

Note: Proven and Probable reserves have NOT been reported separately since New Gold has elected to report Measured + Indicated inclusive of Proven + Probable. However, for the Mesquite mine, Proven + Probable are reported separately in this report.

The total gold ounce count in this report should be compared with the Measured + Indicated + Inferred counts on Reserves and Resources.

As a result of the Proven + Probable reporting practise, the PP% in this report under report New Gold's Proven + Probable reserves.
GoldMinerPulse Coverage Status:
GoldMinerPulse coverage of New Gold Inc. is complete pending a final internal review.

Project/Deposit	CC	MVpSh	PP%	MI%	I%	Gold	Silver	Copper
El Morro	CL	$21.95	0	94%	6%	2.75 M oz		984.95 K t
Cerro San Pedro Mine	MX	$21.94	0	37%	63%	6.60 M oz	178.84 M oz
New Afton	CA	$18.75	0	80%	20%	2.11 M oz	6.64 M oz	861.82 K t
Mesquite	US	$12.24	0	93%	7%	5.23 M oz
Peak Gold Mines	AU	$3.90	0	76%	24%	1.15 M oz	1.69 M oz	72.63 K t
Amapari Mine	BR	$0.00	0	0	0

GoldMinerPulse Metrics - Total All Projects/Deposits by Metal, prices from 2010-Mar-12
Metric / Metal	Gold	Silver	Copper
Metal Totals	17.84 M oz	187.17 M oz	1.92 M t
Metal Prices in US$ (from 2010-03-12)	$1,102.60 per oz	$17.07 per oz	$3.36350 per lb
Metal Value per Share (MVpSh) (Shown in US$ and based on fully diluted share count shown below)	$41.77	$6.79	$30.23
Percentage of Total Metal Value	53.02%	8.61%	38.37%
PP% \| MI% \| I%	0 \| 69% \| 31%	0 \| 45% \| 55%	0 \| 87% \| 13%

GoldMinerPulse Metrics - All Metals from All Projects/Deposits and Prices from 2010-Mar-12
Metal Value per Share (MVpSh)	US$78.79
Average Ore Value per Tonne	US$33.8
Metal Value Leverage (MVL)	17.63
Market Capitalization as % of Metal Value	5.7%
Recent Stock Price	C$4.55 (TSX/TSXV close on 2010-03-12.) Conversion rate used: 1 Cnd$ = 0.982172 US$ )
Fully Diluted Share Count	470.80 M ( Fully diluted share count estimate based on the Outstanding Shares section of the MD&A for September 30, 2009 (the estimate was as of November 3, 2009). )
PP% \| MI% \| I%	0 \| 74% \| 26%
Gold Metrics-- all Projects/Deposits
Average Gold Ore Grade	0.505 g/t
Market Capitalization per oz of Gold In Ground	$117.96 US$ \| 120.10 C$
Gold Eq Oz Estimate	33.64 M oz ( 17.84 M oz are in ground)
Market Capitalization per oz of Gold Equilavent	$62.54 US$ \| 63.67 C$

See terms for more about GoldMinerPulse metrics.

Cerro San Pedro Mine - ^top^

(NI) 43-101 Report:

Title: 2007 Mineral Reserve Update Cerro San Pedro Project State of San Luis Potosi, Mexico
Date: 2007-03-31 (79 pages)

Updates: New Gold Reserves and Resources Press Release, January 25, 2010..

Project Location: State of San Luis Potosi, Mexico

Map View: View project on a Google Map.

Most Optimistic Resource Estimates (MORE):

•Measured + Indicated

Metal MVpSh Contained Metal Quantity Ore Grade Ore Quantity
Gold $3.19 1.36 M oz 0.460 g/t 92.12 M t
Silver $1.87 51.47 M oz 17.380 g/t 92.12 M t
Estimate notes: Oxides, inclusive of Proven and Probable.

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$3.19	1.36 M oz	0.460 g/t	92.12 M t
Silver	$1.87	51.47 M oz	17.380 g/t	92.12 M t
Estimate notes: Oxides, inclusive of Proven and Probable.

•Measured + Indicated

Metal MVpSh Contained Metal Quantity Ore Grade Ore Quantity
   Gold $2.11    902.83 K oz     0.460 g/t     61.05 M t
   Silver $0.95    26.34 M oz     13.420 g/t     61.05 M t
   Lead $0.43    91.57 K t       1,500.000 g/t     61.05 M t
   Zinc $2.13    451.74 K t       7,400.000 g/t     61.05 M t
Estimate notes: Sulphides also see Measured + Indicated above.

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$2.11	902.83 K oz	0.460 g/t	61.05 M t
Silver	$0.95	26.34 M oz	13.420 g/t	61.05 M t
Lead	$0.43	91.57 K t	1,500.000 g/t	61.05 M t
Zinc	$2.13	451.74 K t	7,400.000 g/t	61.05 M t
Estimate notes: Sulphides also see Measured + Indicated above.

•Inferred

Metal MVpSh Contained Metal Quantity Ore Grade Ore Quantity
Gold $0.39 167.18 K oz 0.290 g/t 17.93 M t
Silver $0.20 5.59 M oz 9.690 g/t 17.93 M t
Estimate notes: Oxides, inside Mineral Resources Pit - also see Measured + Indicated above.

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$0.39	167.18 K oz	0.290 g/t	17.93 M t
Silver	$0.20	5.59 M oz	9.690 g/t	17.93 M t
Estimate notes: Oxides, inside Mineral Resources Pit - also see Measured + Indicated above.

•Inferred

Metal MVpSh Contained Metal Quantity Ore Grade Ore Quantity
   Gold $0.52    222.42 K oz     0.330 g/t     20.96 M t
   Silver $0.21    5.76 M oz     8.540 g/t     20.96 M t
   Lead $0.05    10.48 K t       500.000 g/t     20.96 M t
   Zinc $0.12    25.58 K t       1,220.000 g/t     20.96 M t
Estimate notes: Sulphides, inside Mineral Resources Pit - also see Measured + Indicated above.

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$0.52	222.42 K oz	0.330 g/t	20.96 M t
Silver	$0.21	5.76 M oz	8.540 g/t	20.96 M t
Lead	$0.05	10.48 K t	500.000 g/t	20.96 M t
Zinc	$0.12	25.58 K t	1,220.000 g/t	20.96 M t
Estimate notes: Sulphides, inside Mineral Resources Pit - also see Measured + Indicated above.

•Inferred

Metal MVpSh Contained Metal Quantity Ore Grade Ore Quantity
Gold $1.75 747.47 K oz 0.270 g/t 86.11 M t
Silver $0.69 19.05 M oz 6.880 g/t 86.11 M t
Estimate notes: Oxides, outside Mineral Resources Pit - also see Measured + Indicated above.

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$1.75	747.47 K oz	0.270 g/t	86.11 M t
Silver	$0.69	19.05 M oz	6.880 g/t	86.11 M t
Estimate notes: Oxides, outside Mineral Resources Pit - also see Measured + Indicated above.

•Inferred

Metal MVpSh Contained Metal Quantity Ore Grade Ore Quantity
   Gold $6.82    2.91 M oz     0.430 g/t     210.67 M t
   Silver $1.96    54.19 M oz     8.000 g/t     210.67 M t
   Lead $0.70    147.47 K t       700.000 g/t     210.67 M t
   Zinc $4.46    948.01 K t       4,500.000 g/t     210.67 M t
Estimate notes: Sulphides, outside Mineral Resources Pit - also see Measured + Indicated above.

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$6.82	2.91 M oz	0.430 g/t	210.67 M t
Silver	$1.96	54.19 M oz	8.000 g/t	210.67 M t
Lead	$0.70	147.47 K t	700.000 g/t	210.67 M t
Zinc	$4.46	948.01 K t	4,500.000 g/t	210.67 M t
Estimate notes: Sulphides, outside Mineral Resources Pit - also see Measured + Indicated above.

•Inferred

Metal MVpSh Contained Metal Quantity Ore Grade Ore Quantity
   Gold $0.67    284.55 K oz     1.980 g/t     4.47 M t
   Silver $0.60    16.46 M oz     114.500 g/t     4.47 M t
   Lead $0.34    71.97 K t       16,100.000 g/t     4.47 M t
   Zinc $1.30    275.80 K t       61,700.000 g/t     4.47 M t
Estimate notes: Manto Sulphides - also see Measured + Indicated above.

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$0.67	284.55 K oz	1.980 g/t	4.47 M t
Silver	$0.60	16.46 M oz	114.500 g/t	4.47 M t
Lead	$0.34	71.97 K t	16,100.000 g/t	4.47 M t
Zinc	$1.30	275.80 K t	61,700.000 g/t	4.47 M t
Estimate notes: Manto Sulphides - also see Measured + Indicated above.

El Morro - ^top^

(NI) 43-101 Report:

Title: Feasibility NI 43-101 Technical Report for the El Morro Copper-Gold Project, Region III, Chile
Date: 2008-05-09 (136 pages)

Updates: New Gold Reserves and Resources Press Release, January 25, 2010.

Project Location: Region III, Chile

Map View: View project on a Google Map.

Most Optimistic Resource Estimates (MORE):

•Measured + Indicated

Metal MVpSh Contained Metal Quantity Ore Grade Ore Quantity
Gold $6.18 2.64 M oz 0.490 g/t 558.41 M t
Copper $14.51 921.37 K t 5,500.000 g/t 558.41 M t
Estimate notes: Measured + Indicated are inclusive of Proven + Probable. See New Gold Reserves and Resources Press Release, January 25, 2010.
Resource quantities adjusted for ownership percentage of 30.0%.

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$6.18	2.64 M oz	0.490 g/t	558.41 M t
Copper	$14.51	921.37 K t	5,500.000 g/t	558.41 M t
Estimate notes: Measured + Indicated are inclusive of Proven + Probable. See New Gold Reserves and Resources Press Release, January 25, 2010. Resource quantities adjusted for ownership percentage of 30.0%.

•Inferred

Metal MVpSh Contained Metal Quantity Ore Grade Ore Quantity
Gold $0.25 108.22 K oz 0.180 g/t 62.34 M t
Copper $1.00 63.58 K t 3,400.000 g/t 62.34 M t
Estimate notes: See Measured + Indicated above.
Resource quantities adjusted for ownership percentage of 30.0%.

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$0.25	108.22 K oz	0.180 g/t	62.34 M t
Copper	$1.00	63.58 K t	3,400.000 g/t	62.34 M t
Estimate notes: See Measured + Indicated above. Resource quantities adjusted for ownership percentage of 30.0%.

Mesquite - ^top^

(NI) 43-101 Report:

Title: TECHNICAL REPORT ON THE MESQUITE MINE EXPANSION FEASIBILITY STUDY, IMPERIAL COUNTY, CALIFORNIA.
Date: 2009-08-25 (99 pages)

Updates: New Gold Press Release January 25, 2010.

Project Location: California, USA

Map View: View the Mesquite gold open pit mine on a Google Map.

Most Optimistic Resource Estimates (MORE):

•Measured + Indicated

Metal MVpSh Contained Metal Quantity Ore Grade Ore Quantity
Gold $11.40 4.87 M oz 0.510 g/t 296.94 M t
Estimate notes: New Gold Press Release January 25, 2010. Measured + Indicated are inclusive of Proven + Probable.

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$11.40	4.87 M oz	0.510 g/t	296.94 M t
Estimate notes: New Gold Press Release January 25, 2010. Measured + Indicated are inclusive of Proven + Probable.

•Inferred

Metal MVpSh Contained Metal Quantity Ore Grade Ore Quantity
Gold $0.84 359.25 K oz 0.490 g/t 22.80 M t
Estimate notes: See Measured + Indicated notes.

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$0.84	359.25 K oz	0.490 g/t	22.80 M t
Estimate notes: See Measured + Indicated notes.

New Afton - ^top^

(NI) 43-101 Report:

Title: New Afton Project NI 43-101 Independent Technical Report
Date: 2007-06-22 (186 pages)

Updates: New Gold Reserves and Resources Press Release, January 25, 2010.

Project Location: British Columbia, Canada

Map View: View project on a Google Map.

Most Optimistic Resource Estimates (MORE):

•Measured + Indicated

Metal MVpSh Contained Metal Quantity Ore Grade Ore Quantity
   Gold $3.92    1.67 M oz     0.800 g/t     65.00 M t
   Silver $0.19    5.27 M oz     2.520 g/t     65.00 M t
   Copper $10.95    695.50 K t       10,700.000 g/t     65.00 M t
Estimate notes: Measured + Indicated contain some Probable. Probable are not reported exclusive of Measured + Indicated are therefore included in this count. See New Gold Reserves and Resources Press Release, January 25, 2010.
Mineral Reserve estimates for the New Afton Project were calculated using a gold price of $475 per ounce and a copper price of $1.45 per pound. Cut-off at $15 per tonne of ore.

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$3.92	1.67 M oz	0.800 g/t	65.00 M t
Silver	$0.19	5.27 M oz	2.520 g/t	65.00 M t
Copper	$10.95	695.50 K t	10,700.000 g/t	65.00 M t
Estimate notes: Measured + Indicated contain some Probable. Probable are not reported exclusive of Measured + Indicated are therefore included in this count. See New Gold Reserves and Resources Press Release, January 25, 2010. Mineral Reserve estimates for the New Afton Project were calculated using a gold price of $475 per ounce and a copper price of $1.45 per pound. Cut-off at $15 per tonne of ore.

•Inferred

Metal MVpSh Contained Metal Quantity Ore Grade Ore Quantity
   Gold $1.02    437.51 K oz     0.540 g/t     25.20 M t
   Silver $0.05    1.38 M oz     1.700 g/t     25.20 M t
   Copper $2.62    166.32 K t       6,600.000 g/t     25.20 M t
Estimate notes: See Measured + Indicated notes above.

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$1.02	437.51 K oz	0.540 g/t	25.20 M t
Silver	$0.05	1.38 M oz	1.700 g/t	25.20 M t
Copper	$2.62	166.32 K t	6,600.000 g/t	25.20 M t
Estimate notes: See Measured + Indicated notes above.

Peak Gold Mines - ^top^

(NI) 43-101 Report:

Title: Technical Report on Peak Gold Mines, New South Wales, Australia
Date: 2009-01-01 (342 pages)

Updates: New Gold Reserves and Resources Press Relase, January 25, 2010.

Project Location: New South Wales, Australia

Map View: View project on a Google Map.

Most Optimistic Resource Estimates (MORE):

•Measured + Indicated

Metal MVpSh Contained Metal Quantity Ore Grade Ore Quantity
   Gold $1.99    850.46 K oz     4.360 g/t     6.07 M t
   Silver $0.05    1.37 M oz     7.000 g/t     6.07 M t
   Copper $0.91    57.64 K t       9,500.000 g/t     6.07 M t
Estimate notes: Grade adjusted to align contained gold quantity with web page. Measured + Indicated contains Proven + Probable.
Tonnes and grade of Mineral Reserves are stated on the basis of delivery to plant.

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$1.99	850.46 K oz	4.360 g/t	6.07 M t
Silver	$0.05	1.37 M oz	7.000 g/t	6.07 M t
Copper	$0.91	57.64 K t	9,500.000 g/t	6.07 M t
Estimate notes: Grade adjusted to align contained gold quantity with web page. Measured + Indicated contains Proven + Probable. Tonnes and grade of Mineral Reserves are stated on the basis of delivery to plant.

•Inferred

Metal MVpSh Contained Metal Quantity Ore Grade Ore Quantity
   Gold $0.71    302.07 K oz     4.700 g/t     2.00 M t
   Silver $0.01    321.35 K oz     5.000 g/t     2.00 M t
   Copper $0.24    14.99 K t       7,500.000 g/t     2.00 M t
Estimate notes: See Measured + Indicated notes above.

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$0.71	302.07 K oz	4.700 g/t	2.00 M t
Silver	$0.01	321.35 K oz	5.000 g/t	2.00 M t
Copper	$0.24	14.99 K t	7,500.000 g/t	2.00 M t
Estimate notes: See Measured + Indicated notes above.


PartyCasino is the online casino operated by PartyGaming Plc. PartyGaming Plc is listed on the London Stock Exchange and is part of the FTSE 250 in the Travel & Leisure sector.