New Gold Announces Q3 2016 Results and Provide Rainy River Update

https://www.juniorminingnetwork.com/junior-miner-news/press-releases/1255-tsx/ngd/26082-new-gold-announces-q3-2016-results-and-provide-rainy-river-update.html

TORONTO, Oct. 27, 2016 – New Gold Inc. (“New Gold”) (TSX: NGD) (NYSE MKT:NGD) today announces its 2016 third quarter results and provides an update on the construction of the company’s Rainy River project.

All dollar figures are in US dollars unless otherwise indicated)

2016 THIRD QUARTER HIGHLIGHTS

  • Gold production of 95,546 ounces and copper production of 25.5 million pounds
  • All-in sustaining costs(1) decreased to $682 per ounce, including total cash costs(2) of $350 per ounce
  • Cash generated from operations before changes in non-cash operating working capital(3)of $89 million, a 53% increase compared to 2015
  • Cash generated from operations of $90 million, a 76% increase from 2015
    • Highest quarterly cash flow since the fourth quarter of 2013
  • Adjusted net earnings(4) of $13 million, or $0.03 per share, relative to an adjusted net loss of $9 million, or $0.02 per share, in 2015
  • Net earnings of $5 million, or $0.01 per share, compared to a net loss of $158 million, or $0.31 per share, in 2015
  • Rainy River construction currently approximately 60% complete
  • September 30, 2016 cash and equivalents of $151 million

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