GoldMinerPulse Report: New Gold Inc. Metal Value

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New Gold Inc. (NGD) NI 43-101 Metal Value Report

Caution: This New Gold report is prepared assuming the Richfield Venture completes per the April 4, 2011 news release.

The New Gold Inc. website is at newgold.com.

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GoldMinerPulse Metrics Summary

This report is based on NI 43-101 resource and reserve disclosures and fully diluted share counts available on 2011-09-16.

The GoldMinerPulse metrics, presented below in table format, are based on all projects and all in situ metals and are updated daily with closing market prices.

New Gold Inc. Metric Summary
General MetricValue on 2012-02-03
In Situ Metal Value per Share (MVpSh)US$140.12
Average Ore Value per TonneUS$50.47
Metal Value Leverage (MVL)11.68
Market Capitalization as a Percentage of Metal Value8.6%
Recent Closing Stock PriceC$11.92
[note 1]
Fully Diluted Share Count460.08 M
[note 2]
Percentage In Situ Proven + Probable Reserve0%
Percentage In Situ Measured + Indicated Resource74%
Percentage In Situ Inferred Resource26%
Gold Specific Metrics
MetricValue on 2012-02-03
Gold Reserves + Resources23.60 M oz
Average Gold Ore Grade0.6 g/t
Market Capitalization per oz of Gold In SituUS$233.97
( C$232.38 )
Gold Equivalent Ounces Estimate37.35 M oz
Market Capitalization per oz of Gold EquivalentUS$147.82
( C$146.82 )
 

GoldMinerPulse Most Optimistic Resource Estimate Summary (MORE)

All metal counts in this section are based on the combined Proven + Probable reserves plus the Measured + Indicated and Inferred resources.

Metal Summary Based on Closing Prices on 2012-02-03
Metric / MetalGoldSilverCopper
Total Counts (reserves + resources)23.60 M oz216.33 M oz1.92 M t
Metal Prices in US$ (from 2012-02-03)$1,725.90 / oz$33.63 / oz$3.89 / lb
Metal Value per Share (MVpSh)
Shown in US$. Based on fully diluted share count		$88.53$15.81$35.78
Percentage of Total Metal Value63.18%11.29%25.53%
Metal Value Percentage Proven + Probable0%0%0%
Metal Value Percentage Measured + Indicated72%50%87%
Metal Value Percentage Inferred28%50%13%

The above metal value totals derive from the following projects.

Project/Deposit/Mine Summary Based on Closing Prices on 2012-02-03
Project Location Metal Value per
share (% total) 		Average
Ore Value
US$/t 		GoldSilverCopperPP%MI%I%
Cerro San Pedro MineState of San Luis Potosi, Mexico$37.83 ( 27.0% )US$35.286.60 M oz178.84 M oz 037%63%
El MorroRegion III, Chile$28.67 ( 20.5% )US$70.822.75 M oz 984.95 K t094%6%
New AftonBritish Columbia, Canada$24.46 ( 17.5% )US$124.782.11 M oz6.64 M oz861.82 K t080%20%
BlackwaterBritish Columbia, Canada$23.75 ( 17.0% )US$60.765.76 M oz29.16 M oz 082%18%
MesquiteCalifornia, USA$19.61 ( 14.0% )US$28.225.23 M oz 093%7%
Peak Gold MinesNew South Wales, Australia$5.80 ( 4.1% )US$330.861.15 M oz1.69 M oz72.63 K t075%25%
Amapari MineAmapa State, Brazil$0.00 ( 0.0% )  000
 

Amapari Mine

Latest NI43-101 Report: Readdressed Technical Report Amapari Mine Amapa, Brazil
2008-05-26 (186 pages).

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

Project Location: Amapa State, Brazil. View project on a Google Map.

 

Blackwater

The Blackwater Project is a bulk-tonnage gold project located in central British Columbia and is approximately 450 kilometres north of New Gold’s New Afton Project. The project area covers 23,670 hectares, with Richfield owning 100% of the southern claims and 75% of the adjacent northern claims. Silver Quest Resources Ltd. owns the remaining 25% of the northern Davidson claims. [Source: April 4, 2011 News Release]

Latest NI43-101 Report: TECHNICAL REPORT BLACKWATER GOLD PROJECT Omineca Mining Division British Columbia, Canada
2011-11-02 (79 pages).

Project Location: British Columbia, Canada.

Average Ore Value (all estimate types): US$60.76

Indicated

MetalMVpShContained Metal QuantityOre GradeOre Quantity
Gold$17.744.73 M oz1.010 g/t165.16 M t
Silver$1.7523.88 M oz5.100 g/t165.16 M t

Estimate notes:
Resource quantities adjusted for ownership percentage of 88.2%.
0.4 g/t Au Cut-off grade.

Inferred

MetalMVpShContained Metal QuantityOre GradeOre Quantity
Gold$3.881.03 M oz0.940 g/t38.76 M t
Silver$0.395.28 M oz4.800 g/t38.76 M t

Estimate notes:
Resource quantities adjusted for ownership percentage of 88.2%.

 

Cerro San Pedro Mine

Latest NI43-101 Report: 2007 Mineral Reserve Update Cerro San Pedro Project State of San Luis Potosi, Mexico
2007-03-31 (79 pages).

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

Project Location: State of San Luis Potosi, Mexico. View project on a Google Map.

Average Ore Value (all estimate types): US$35.28

Measured + Indicated

MetalMVpShContained Metal QuantityOre GradeOre Quantity
Gold$5.111.36 M oz0.460 g/t92.12 M t
Silver$3.7651.47 M oz17.380 g/t92.12 M t

Estimate notes: Oxides, inclusive of Proven and Probable.

Measured + Indicated

MetalMVpShContained Metal QuantityOre GradeOre Quantity
Gold$3.39902.83 K oz0.460 g/t61.05 M t
Silver$1.9326.34 M oz13.420 g/t61.05 M t
Lead$0.4491.57 K t  1,500.000 g/t61.05 M t
Zinc$2.09451.74 K t  7,400.000 g/t61.05 M t

Estimate notes: Sulphides also see Measured + Indicated above.

Inferred

MetalMVpShContained Metal QuantityOre GradeOre Quantity
Gold$0.63167.18 K oz0.290 g/t17.93 M t
Silver$0.415.59 M oz9.690 g/t17.93 M t

Estimate notes: Oxides, inside Mineral Resources Pit - also see Measured + Indicated above.

Inferred

MetalMVpShContained Metal QuantityOre GradeOre Quantity
Gold$0.83222.42 K oz0.330 g/t20.96 M t
Silver$0.425.76 M oz8.540 g/t20.96 M t
Lead$0.0510.48 K t  500.000 g/t20.96 M t
Zinc$0.1225.58 K t  1,220.000 g/t20.96 M t

Estimate notes: Sulphides, inside Mineral Resources Pit - also see Measured + Indicated above.

Inferred

MetalMVpShContained Metal QuantityOre GradeOre Quantity
Gold$2.80747.47 K oz0.270 g/t86.11 M t
Silver$1.3919.05 M oz6.880 g/t86.11 M t

Estimate notes: Oxides, outside Mineral Resources Pit - also see Measured + Indicated above.

Inferred

MetalMVpShContained Metal QuantityOre GradeOre Quantity
Gold$10.932.91 M oz0.430 g/t210.67 M t
Silver$3.9654.19 M oz8.000 g/t210.67 M t
Lead$0.71147.47 K t  700.000 g/t210.67 M t
Zinc$4.38948.01 K t  4,500.000 g/t210.67 M t

Estimate notes: Sulphides, outside Mineral Resources Pit - also see Measured + Indicated above.

Inferred

MetalMVpShContained Metal QuantityOre GradeOre Quantity
Gold$1.07284.55 K oz1.980 g/t4.47 M t
Silver$1.2016.46 M oz114.500 g/t4.47 M t
Lead$0.3571.97 K t  16,100.000 g/t4.47 M t
Zinc$1.28275.80 K t  61,700.000 g/t4.47 M t

Estimate notes: Manto Sulphides - also see Measured + Indicated above.

 

El Morro

Latest NI43-101 Report: Feasibility NI 43-101 Technical Report for the El Morro Copper-Gold Project, Region III, Chile
2008-05-09 (136 pages).

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

Project Location: Region III, Chile. View project on a Google Map.

Average Ore Value (all estimate types): US$70.82

Measured + Indicated

MetalMVpShContained Metal QuantityOre GradeOre Quantity
Gold$9.902.64 M oz0.490 g/t558.41 M t
Copper$17.17921.37 K t  5,500.000 g/t558.41 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

MetalMVpShContained Metal QuantityOre GradeOre Quantity
Gold$0.41108.22 K oz0.180 g/t62.34 M t
Copper$1.1963.58 K t  3,400.000 g/t62.34 M t

Estimate notes: See Measured + Indicated above.
Resource quantities adjusted for ownership percentage of 30.0%.

 

Mesquite

Latest NI43-101 Report: TECHNICAL REPORT ON THE MESQUITE MINE EXPANSION FEASIBILITY STUDY, IMPERIAL COUNTY, CALIFORNIA.
2009-08-25 (99 pages).

Updates: New Gold Press Release January 25, 2010.

Project Location: California, USA. View the Mesquite gold open pit mine on a Google Map.

Average Ore Value (all estimate types): US$28.22

Measured + Indicated

MetalMVpShContained Metal QuantityOre GradeOre Quantity
Gold$18.264.87 M oz0.510 g/t296.94 M t

Estimate notes: New Gold Press Release January 25, 2010. Measured + Indicated are inclusive of Proven + Probable.

Inferred

MetalMVpShContained Metal QuantityOre GradeOre Quantity
Gold$1.35359.25 K oz0.490 g/t22.80 M t

Estimate notes: See Measured + Indicated notes.

 

New Afton

Latest NI43-101 Report: TECHNICAL REPORT ON THE NEW AFTON PROJECT, BRITISH COLUMBIA, CANADA
2009-12-31 (194 pages).

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

Project Location: British Columbia, Canada. View project on a Google Map.

Average Ore Value (all estimate types): US$124.78

Measured + Indicated

MetalMVpShContained Metal QuantityOre GradeOre Quantity
Gold$6.271.67 M oz0.800 g/t65.00 M t
Silver$0.385.27 M oz2.520 g/t65.00 M t
Copper$12.96695.50 K t  10,700.000 g/t65.00 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

MetalMVpShContained Metal QuantityOre GradeOre Quantity
Gold$1.64437.51 K oz0.540 g/t25.20 M t
Silver$0.101.38 M oz1.700 g/t25.20 M t
Copper$3.10166.32 K t  6,600.000 g/t25.20 M t

Estimate notes: See Measured + Indicated notes above.

 

Peak Gold Mines

Latest NI43-101 Report: Technical Report on Peak Gold Mines, New South Wales, Australia
2009-01-01 (342 pages).

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

Project Location: New South Wales, Australia. View project on a Google Map.

Average Ore Value (all estimate types): US$330.86

Measured + Indicated

MetalMVpShContained Metal QuantityOre GradeOre Quantity
Gold$3.19850.46 K oz4.360 g/t6.07 M t
Silver$0.101.37 M oz7.000 g/t6.07 M t
Copper$1.0757.64 K t  9,500.000 g/t6.07 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

MetalMVpShContained Metal QuantityOre GradeOre Quantity
Gold$1.13302.07 K oz4.700 g/t2.00 M t
Silver$0.02321.35 K oz5.000 g/t2.00 M t
Copper$0.2814.99 K t  7,500.000 g/t2.00 M t

Estimate notes: See Measured + Indicated notes above.

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