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

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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.

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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% GoldSilverCopper
    El MorroCL$21.95094%6%2.75 M oz         984.95 K t    
    Cerro San Pedro MineMX$21.94037%63%6.60 M oz    178.84 M oz         
    New AftonCA$18.75080%20%2.11 M oz    6.64 M oz    861.82 K t    
    MesquiteUS$12.24093%7%5.23 M oz              
    Peak Gold MinesAU$3.90076%24%1.15 M oz    1.69 M oz    72.63 K t    
    Amapari MineBR$0.00000               
 
GoldMinerPulse Metrics - Total All Projects/Deposits by Metal, prices from 2010-Mar-12
Metric / MetalGoldSilverCopper
    Metal Totals17.84 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 Value53.02%    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.


Amapari Mine    -  ^top^

(NI) 43-101 Report:

Title: Readdressed Technical Report Amapari Mine Amapa, Brazil
Date: 2008-05-26 (186 pages)

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

Project Location: Amapa State, Brazil

Map View: View project on a Google Map.


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
MetalMVpShContained Metal QuantityOre GradeOre 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
MetalMVpShContained Metal QuantityOre GradeOre 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
MetalMVpShContained Metal QuantityOre GradeOre 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
MetalMVpShContained Metal QuantityOre GradeOre 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
MetalMVpShContained Metal QuantityOre GradeOre 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
MetalMVpShContained Metal QuantityOre GradeOre 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
MetalMVpShContained Metal QuantityOre GradeOre 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
MetalMVpShContained Metal QuantityOre GradeOre 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
MetalMVpShContained Metal QuantityOre GradeOre 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
MetalMVpShContained Metal QuantityOre GradeOre 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
MetalMVpShContained Metal QuantityOre GradeOre 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
MetalMVpShContained Metal QuantityOre GradeOre 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
MetalMVpShContained Metal QuantityOre GradeOre 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
MetalMVpShContained Metal QuantityOre GradeOre 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
MetalMVpShContained Metal QuantityOre GradeOre 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.

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