GMP Latin American Mining Conference | Panama November 14-16, 2012
2 GMP Latin American Mining Conference | Panama | November 14-16, 2012 2
Cautionary statement
All monetary amounts in U.S. dollars unless otherwise stated
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
Certain information contained in this presentation, including any information relating to New Gold's future financial or operating performance may be deemed "forward looking". All statements
in this presentation, other than statements of historical fact, that address events or developments that New Gold expects to occur, are "forward-looking statements. Forward-looking statements
are statements that are not historical facts and are generally, but not always, identified by the use of forward-looking terminology such as "plans", "expects", "is expected", "budget",
"scheduled", "estimates", "forecasts", "intends", "anticipates", “projects”, “potential”, "believes" or variations of such words and phrases or statements that certain actions, events or results
"may", "could", "would", “should”, "might" or "will be taken", "occur" or "be achieved" or the negative connotation. All such forward-looking statements are based on the opinions and estimates
of management as of the date such statements are made and are subject to important risk factors and uncertainties, many of which are beyond New Gold's ability to control or predict.
Forward-looking statements are necessarily based on estimates and assumptions that are inherently subject to known and unknown risks, uncertainties and other factors that may cause
actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking statements. Such factors include, without
limitation: significant capital requirements; fluctuations in the international currency markets and in the rates of exchange of the currencies of Canada, the United States, Australia, Mexico and
Chile; price volatility in the spot and forward markets for commodities; impact of any hedging activities, including margin limits and margin calls; discrepancies between actual and estimated
production, between actual and estimated reserves and resources and between actual and estimated metallurgical recoveries; changes in international, national and local government
legislation in Canada, the United States, Australia, Mexico and Chile or any other country in which New Gold currently or may in the future carry on business; taxation; controls, regulations and
political or economic developments in the countries in which New Gold does or may carry on business; the speculative nature of mineral exploration and development, including the risks of
obtaining and maintaining the validity and enforceability of the necessary licenses and permits and complying with the permitting requirements of each jurisdiction that New Gold operates,
including, but not limited to obtaining the necessary permits for the Blackwater project, in Mexico where the Cerro San Pedro mine has a history of ongoing legal challenges related to our EIS
and Chile where the courts have temporarily suspended the approval of the environmental permit for the El Morro project; the lack of certainty with respect to foreign legal systems, which may
not be immune from the influence of political pressure, corruption or other factors that are inconsistent with the rule of law; the uncertainties inherent to current and future legal challenges the
company is or may become a party to,; diminishing quantities or grades of reserves; competition; loss of key employees; additional funding requirements; actual results of current exploration or
reclamation activities; changes in project parameters as plans continue to be refined; accidents; labour disputes; defective title to mineral claims or property or contests over claims to mineral
properties. In addition, there are risks and hazards associated with the business of mineral exploration, development and mining, including environmental hazards, industrial accidents, unusual
or unexpected formations, pressures, cave-ins, flooding and gold bullion losses (and the risk of inadequate insurance or inability to obtain insurance to cover these risks) as well as "Risk
Factors" included in New Gold's disclosure documents filed on and available at www.sedar.com. Forward-looking statements are not guarantees of future performance, and actual results and
future events could materially differ from those anticipated in such statements. All of the forward-looking statements contained in this presentation are qualified by these cautionary statements.
New Gold expressly disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, events or otherwise, except in accordance
with applicable securities laws.
3 GMP Latin American Mining Conference | Panama | November 14-16, 2012 3
Cautionary statement (cont’d)
CAUTIONARY NOTE TO U.S. READERS CONCERNING ESTIMATES OF MEASURED, INDICATED AND INFERRED RESOURCES
Information concerning the properties and operations discussed in this presentation has been prepared in accordance with Canadian standards under applicable Canadian securities laws, and
may not be comparable to similar information for United States companies. The terms "Mineral Resource", "Measured Mineral Resource", "Indicated Mineral Resource" and "Inferred Mineral
Resource" used in this presentation are Canadian mining terms as defined in accordance with NI 43-101 under guidelines set out in the Canadian Institute of Mining, Metallurgy and Petroleum
("CIM") Standards on Mineral Resources and Mineral Reserves adopted by the CIM Council on December 11, 2005. While the terms "Mineral Resource", "Measured Mineral Resource",
"Indicated Mineral Resource" and "Inferred Mineral Resource" are recognized and required by Canadian regulations, they are not defined terms under standards of the United States
Securities and Exchange Commission. Under United States standards, mineralization may not be classified as a "reserve" unless the determination has been made that the mineralization
could be economically and legally produced or extracted at the time the reserve calculation is made. As such, certain information contained in this presentation concerning descriptions of
mineralization and resources under Canadian standards is not comparable to similar information made public by United States companies subject to the reporting and disclosure requirements
of the United States Securities and Exchange Commission. An "Inferred Mineral Resource" has a great amount of uncertainty as to its existence and as to its economic and legal feasibility. It
cannot be assumed that all or any part of an "Inferred Mineral Resource" will ever be upgraded to a higher category. Under Canadian rules, estimates of Inferred Mineral Resources may not
form the basis of feasibility or other economic studies. Readers are cautioned not to assume that all or any part of Measured or Indicated Resources will ever be converted into Mineral
Reserves. Readers are also cautioned not to assume that all or any part of an "Inferred Mineral Resource" exists, or is economically or legally mineable. In addition, the definitions of "Proven
Mineral Reserves" and "Probable Mineral Reserves" under CIM standards differ in certain respects from the standards of the United States Securities and Exchange Commission.
TECHNICAL INFORMATION
The scientific and technical information in this presentation has been reviewed by Mark Petersen, a Qualified Person under National Instrument 43-101 and an employee of New Gold.
(1) TOTAL CASH COSTS
“Total cash costs” per ounce figures are calculated in accordance with a standard developed by The Gold Institute, which was a worldwide association of suppliers of gold and gold products
and included leading North American gold producers. The Gold Institute ceased operations in 2002, but the standard is widely accepted as the standard of reporting cash cost of production in
North America. Adoption of the standard is voluntary and the cost measures presented may not be comparable to other similarly titled measures of other companies. New Gold reports total
cash costs on a sales basis. Total cash costs includes mine site operating costs such as mining, processing, administration, royalties and production taxes, but is exclusive of amortization,
reclamation, capital and exploration costs. Total cash costs are reduced by any by-product revenue and are then divided by ounces sold to arrive at the total by-product cash costs of sales.
The measure, along with sales, is considered to be a key indicator of a company’s ability to generate operating earnings and cash flow from its mining operations. This data is furnished to
provide additional information and is a non-IFRS measure. Total cash costs presented does not have a standardized meaning prescribed by IFRS and may not be comparable to similar
measures presented by other mining companies. It should not be considered in isolation as a substitute for measures of performance prepared in accordance with IFRS and is not necessarily
indicative of operating costs presented under IFRS. A reconciliation will be provided in the MD&A accompanying the quarterly financial statements.
(2) PEA – ADDITIONAL CAUTIONARY NOTE
This note regarding the preliminary economic assessment (PEA) is in addition to cautionary language already included within the presentation as required under NI 43-101. The Blackwater
PEA is preliminary in nature and includes Inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable
them to be categorized as mineral reserves, and there is no certainty that the PEA based on these mineral resources will be realized. Mineral resources that are not mineral reserves do not
have demonstrated economic viability.
4 GMP Latin American Mining Conference | Panama | November 14-16, 2012 4
The evolution of New Gold
History of accretive growth
Track record of delivering on plans
Successfully commissioning New
Afton
Lowering costs, expanding margins
and increasing cash flow
Growing resources
Further strengthening team
Increasing net asset value
Doubling gold production
organically
Developing world-class assets
Blackwater – Summer 2012
5 GMP Latin American Mining Conference | Panama | November 14-16, 2012 5
0%
50%
100%
150%
200%
250%
300%
350%
400%
450%
500%
1-J
un
-09
17
-Oct-
09
4-M
ar-
10
20
-Ju
l-1
0
5-D
ec-1
0
22
-Ap
r-1
1
7-S
ep-1
1
23
-Ja
n-1
2
9-J
un
-12
25
-Oct-
12
NGD Gold Price S&P/TSX Gold Index FTSE Gold Mines Index HUI Index
6-N
ov-1
2
Completed $1.2bn business
combination with Western Goldfields
Closing of Richfield
acquisition
History of accretive growth
+267%
+3%
(1%)
+76%
+20%
Source: 1. Bloomberg. All amounts in USD.
Note: 2. S&PTSX Gold Index includes 59 gold companies in various stages of development/production.
3. FTSE Gold Mines Index includes 26 gold producing companies.
4. HUI Index includes 15 of the major global gold producers.
6 GMP Latin American Mining Conference | Panama | November 14-16, 2012 6
$566
$465$418
$446$410-430
$0
$100
$200
$300
$400
$500
$600
233
302
383 387405-445
0
50
100
150
200
250
300
350
400
450
Project development and operational execution
Notes: 1. Refer to Cautionary Statement and note on Total cash cost.
2. 2009 and 2008 costs shown based on Canadian GAAP.
Gold production(1) (000s ounces)
Total cash cost(1)(2) ($/oz)
2008
Actual
2009
Guidance
2009
Actual
2010
Guidance
2010
Actual
2008
Actual
2009
Guidance
2009
Actual
2010
Guidance
2010
Actual
2011
Guidance
2011
Actual
2011
Actual
2011
Guidance
2012
Guidance
2012
Guidance
Successfully brought Cerro San Pedro, Mesquite and New Afton into production on, or ahead of, schedule
7 GMP Latin American Mining Conference | Panama | November 14-16, 2012 7
Management and Board of Directors
EXECUTIVE MANAGEMENT TEAM BOARD OF DIRECTORS
• Board and Management hold 15 million
shares of Company
– ~$160 million investment
Randall Oliphant, Executive Chairman
Robert Gallagher, President & CEO
Brian Penny, Executive VP and CFO
James Estey, Former Chairman UBS Securities Canada
Robert Gallagher, President & CEO
Vahan Kololian, Founder Terra Nova Partners
Martyn Konig, Former Executive Chairman European Goldfields
Pierre Lassonde, Chairman Franco-Nevada
Randall Oliphant, Executive Chairman
Raymond Threlkeld, CEO Rainy River Resources
David Emerson, Former Canadian Cabinet Minister
Ernie Mast, VP Operations
8 GMP Latin American Mining Conference | Panama | November 14-16, 2012 8
-
10
20
30
40
50
2009 2010 2011 Today
Growing resource base in solid jurisdictions
Operating assets
Development projects
Notes: 1. Excludes resources from Amapari which was sold in April 2010.
2. Refer to Appendix 6 for detailed disclosure on Reserve and Resource calculations. Measured and Indicated Resources inclusive of Reserves, and Capoose Indicated Resources of 384koz.
3. New Gold holds a fully carried 30% interest in the El Morro project.
Peak Mines
Cerro San
Pedro
El Morro(3)
New Afton
Blackwater
Mesquite
M&I Resources(2): 20.9 Moz Measured & Indicated Gold Resources per 1,000 shares
Track record of increasing M&I gold
resources on a ‘per share’ basis
(1)
9 GMP Latin American Mining Conference | Panama | November 14-16, 2012 9
$566
$465
$418
$446
$410-$430
$464$478
$557
$643
2008 2009 2010 2011 2012E
Cost trends: New Gold versus industry(1)(2)
Notes: 1. Industry data per GFMS reports calculated net of by-product credits.
2. Refer to Cautionary Statement and note on Total cash cost.
Gold price
(US$/oz)
$700
$600
$500
$300
$400 To
tal C
ash
Co
sts
(U
S$/o
z)(
2)
$297 Margin
(US$/oz)
$863
$1,014
$1,460 +69%
+241%
New Gold provides leverage to gold price
10 GMP Latin American Mining Conference | Panama | November 14-16, 2012 10
$1,032 $1,014
$1,117
$600
$900
$1,200
Q1'12 Q2'12 Q3'12
$543
$472$443
$200
$400
$600
Q1'12 Q2'12 Q3'12
Key metrics trending in the right direction
2012 Gold Production (thousand ounces)
2012 Total Cash Costs, net of by-product sales ($/ounce)(1)
2012 Average Realized Margin ($/ounce)(2)
• New Afton production start
and strong performance of
three other operations
drives best quarter of 2012
• Fourth quarter should be
even stronger
• Company, once again, on
track to achieve both
production and cost
guidance
Notes: 1. Refer to Cautionary Statement and note on Total cash cost.
2. Margin per ounce calculated as average realized gold price in 2012 third quarter less total cash cost per ounce during 2012 third quarter.
99 95105
-
20
40
60
80
100
120
Q1'12 Q2'12 Q3'12
11 GMP Latin American Mining Conference | Panama | November 14-16, 2012 11
2012 third quarter operating results
2012 Third Quarter
Gold sales
(000s ounces)
Cash cost(1)
($/oz)
$722 32
$218 34
$796 22
$443 95
Mesquite
Peak Mines
Cerro San Pedro
Note: 1. Refer to Cautionary Statement and note on Total cash cost.
Earning from
Mine Operations
($mm)
$13
$41
$15
$77
2012 Nine Months
Gold sales
(000s ounces)
Cash cost(1)
($/oz)
$664 113
$205 103
$772 64
$486 286
Earning from
Mine Operations
($mm)
$58
$123
$42
$231
($955) 7 New Afton $8 ($955) 7 $8
12 GMP Latin American Mining Conference | Panama | November 14-16, 2012 12
Highlights
• Located 10 kilometres from Kamloops, British
Columbia
• Dedicated labour force
• Commercial and full production achieved ahead
of schedule
• ~One year of active underground operations
• Potential to double New Gold’s cash flow at
today’s prices
New Afton - Successfully commissioned
2012 Production(2)
Gold
35-45Koz
Copper
30-35Mlbs
2012 Cash Costs(3)
~($1,250)/oz
~$640/oz
~$1.40/lb co-product(4)
by-product
LOM Production
Gold
85Koz
Copper
75Mlbs
LOM Cash Costs(3)
($1,750)/oz
$525/oz
$1.15/lb
by-product
Gold
1 Moz
Copper
1 Blbs
Reserves(1)
Production and Costs
co-product(4)
Extracting ore from underground
Notes: 1. Refer to Appendix 6 for detailed disclosure on Reserve and Resource calculations.
2. Production includes all production including the gold and copper produced prior to commercial production.
3. Refer to Cautionary Statement and note on Total cash cost.
4. Co-product cash cost calculated based on relative percentage of gold and copper revenue, respectively.
13 GMP Latin American Mining Conference | Panama | November 14-16, 2012 13
New Afton – Looking to unlock additional value
C-Zone exploration
Mill optimization beyond 11,000 tpd
Regional exploration – 111km2 land package
Value Enhancement Opportunities
Ore stockpile Conveyor
Mill building
14 GMP Latin American Mining Conference | Panama | November 14-16, 2012 14
El Morro (30%) – A world class project
El Morro (30%)
Location Chile
Mine type Open Pit
Reserves1 – Gold/Copper (Moz/Mlbs) 2.5/1,868
Resources1 – Gold/Copper (Moz/Mlbs) 3.0/2,193
Estimate mine life 17 years
LOM production/yr (Au koz/Cu Mlbs)2 90/85
LOM cash cost/oz co-product (Au/Cu)3 $550/$1.45
Copper Reserve(1)
1.9 Blbs
Gold Reserve(1)
2.5 Moz
• On June 27, 2012 Ontario Superior Court of Justice
validated New Gold/Goldcorp partnership at El
Morro
• Capital fully-funded by 70% partner Goldcorp
• 1.2 Moz inferred gold resource at higher gold and
copper grades in deeper portion of La Fortuna
deposit
• Current Resource entirely within La Fortuna deposit
• Neighbouring El Morro deposit underexplored
• Addressing recent temporary suspension of
environmental permit
Notes: 1. Refer to Appendix 6 for detailed disclosure on Reserve and Resource calculations. Measured and Indicated Resources inclusive of Reserves. El Morro Reserves and Resources shown on attributable 30% basis.
2. Refer to Cautionary Statements.
3. Refer to Cautionary Statements and note on Total cash cost. Life of mine co-product costs based $1,200/oz gold and $2.75/lb copper.
15 GMP Latin American Mining Conference | Panama | November 14-16, 2012 15
Blackwater – A robust project
Blackwater
Location Canada
Proposed mine type Open Pit
M&I Resources1 – Gold/Silver (Moz) 7.5/36.9
Inferred Resources1 – Gold/Silver (Moz) 2.7/28.3
Targeted production2 2017
Average Annual Gold Production(3)
507,000 ounces
Indicated/Inferred Gold Resource(1)
7.5 Moz/ 2.7 Moz
• Consolidated significant land position – 1,000km2
• Year-round accessibility for drilling/development
• Central British Columbia near infrastructure
• Ability to fund continued exploration/development
internally
– Development capital $1.8 billion including 24%,
or $346 million contingency
• Tax synergies with New Afton
Notes: 1. Refer to Appendix 6 for detailed disclosure on Reserve and Resource calculations.
2. Blackwater start date based on indicative timeline which is dependent on continued exploration success, environmental approvals and the determination that the deposit is economically viable.
3. Averages based on first 15 years of production. Refer to Cautionary Statement and note on Total cash costs and PEA additional cautionary note.
Average Total Cash Costs(3)
$536 per ounce
Preliminary Economic Assessment
16 GMP Latin American Mining Conference | Panama | November 14-16, 2012 16
• Start of production in 2017
• Conventional truck and shovel open pit mine with 60,000 tonnes per day processing plant
• Life-of-mine strip ratio of 2.36 to 1
• Low grade stockpiling strategy
• Simple, conventional flowsheet using whole ore leach process
• Life-of-mine gold and silver recoveries of 87% and 53%, respectively
• Conventional waste rock and Tailings Storage Facility
• Power supply from the hydroelectric power grid, via 133 kilometre transmission line
• Minimal off-site infrastructure required
– Good existing access road; water supply within 15 kilometres
• Low environmental risk and facility designed for closure
Blackwater – Project overview
17 GMP Latin American Mining Conference | Panama | November 14-16, 2012 17
Preliminary Economic Assessment (“PEA”) in review(1)
Gold Price (US$/oz) $1,275 $1,600 $1,775 $1,800
Silver Price (US$/oz) $22.50 $30.00 $34.50 $35.00
US$/CDN$ Foreign Exchange 0.94 0.97 1.00 1.00
5% NPV ($ billions) (2015)
Pre-tax NPV 1.7 3.3 4.2 4.3
After-tax NPV 1.1 2.2 2.8 2.9
IRR (%)
Pre-tax IRR 16.4 25.9 30.4 31.1
After-tax IRR 14.0 22.0 25.8 26.4
Payback period (years)
Pre-tax payback period 4.7 3.0 2.6 2.5
After-tax payback Period 4.8 3.1 2.7 2.6
Highlights
• Initial gold production targeted for 2017
• First five years – average annual gold production of 569,000 ounces at total cash costs(1) per ounce sold,
net of by product sales, of $467 per ounce
Note: 1. Refer to Cautionary Statement and note on Total cash costs and PEA additional cautionary note.
Blackwater expected to generate solid economic returns in current capital cost environment, even when
using a long-term gold price assumption of US$1,275 per ounce
Base Case Spot Case
September 20, 2012
18 GMP Latin American Mining Conference | Panama | November 14-16, 2012 18
Blackwater – Area map
~160km to
Prince George
~112km to
Vanderhoof
Blackwater
Project
50km
80km
Capoose
Resource
Current
resource grid
19 GMP Latin American Mining Conference | Panama | November 14-16, 2012 19
Blackwater – Indicative timeline
Notes: 1. Indicative timeline is dependent on permit approvals. There is no assurance this timeline will be achieved nor that the deposit will ever reach the production stage.
Development activity
First Nations & Public Consultation
Preliminary Economic Assessment
Base Line Environmental Studies
Feasibility Study
Engineering Procurement
Production Target
Drilling
Project Description/Terms of Reference
Environmental Assessment Reports
Provincial Approval
Federal Approval
Construction
H1 H2 H1 H2 H1 H2H1 H2 H1 H2 H1 H2
2012 2013 2014 2015 2016 2017
• Remains unchanged from mid-2011 targeted timeline
Reflects critical path in timeline
20 GMP Latin American Mining Conference | Panama | November 14-16, 2012 20
A future of growth
• El Morro and Blackwater expected to more than double New Gold’s gold production by 2017
at low cost
387405 - 445
~450 - 500
200
400
600
800
1,000
2011A 2012E 2013E 2017E
Go
ld p
rod
ucti
on
(th
ou
san
d o
un
ces)
21 GMP Latin American Mining Conference | Panama | November 14-16, 2012 21
$1.00
$3.00
$5.00
$7.00
$9.00
$11.00
$13.00
$15.00
1-J
un-0
9
17
-Oct-
09
4-M
ar-
10
20
-Ju
l-1
0
5-D
ec-1
0
22
-Ap
r-1
1
7-S
ep-1
1
23
-Ja
n-1
2
9-J
un-1
2
25
-Oct-
12
Share price
NAVPS
P/NAV
Completed $1.2bn business combination with Western Goldfields
Closing of Richfield acquisition
High~1.5x
High~1.5x
High~1.5x
High~1.5x
Low~0.7x
Current~1.0x
6-N
ov-1
2
Net asset value per share appreciation
US
$ N
AV
an
d S
hare
pri
ce
Source: Broker Reports, Company Estimates and Announcements, Bloomberg.
Notes: 1. Street consensus NAV.
2. Current street consensus NAV for El Morro; Includes $50mm cash payment received from Goldcorp as part of transaction consideration.
3. New Gold purchased Richfield for C$480 million and Silver Quest for C$110 million. The deals closed on June 1, 2011 and December 23, 2011, respectively.
6/1/09 Today
363% increase in NAVPS
267% increase in share price
Mesquite, Cerro San Pedro, Peak
New Afton
El Morro(2)
~ $875 $1,800
~ $120 $1,462
~ $40 $728
Net Asset Value(1)
Blackwater(3)
$-- $1,454
22 GMP Latin American Mining Conference | Panama | November 14-16, 2012 22
2012 – A year of catalysts
Blackwater resource update
New Afton production start
El Morro litigation decision
Further Blackwater PEA resource update
New Afton commercial production
Blackwater PEA
New Afton mill achieving design capacity
El Morro engineering/development planning
Blackwater/New Afton exploration
23 GMP Latin American Mining Conference | Panama | November 14-16, 2012 23
The New Gold investment thesis
EXPERIENCED BOARD AND MANAGEMENT
FULLY FUNDED COMPANY WITH STRONG BALANCE SHEET
DIVERSIFIED ASSET BASE IN MINING FRIENDLY JURISDICTIONS
ORGANIC GROWTH OPPORTUNITIES/METAL OPTIONALITY
PRODUCTION GROWTH/MARGIN EXPANSION
INCREASING UNDERLYING ASSET VALUE
MULTIPLE CATALYSTS
COMPELLING INVESTMENT PROPOSITION
24 GMP Latin American Mining Conference | Panama | November 14-16, 2012 24
Appendix
Appendices
Page
1. Financial information 25
2. Operating performance 31
3. New Afton 34
4. El Morro 39
5. Blackwater 42
6. Reserves and resource notes 61
7. Commodity price/foreign 66
exchange assumptions
25 GMP Latin American Mining Conference | Panama | November 14-16, 2012 25
0
1
2
3
4
5
6
7
8
2008 2009 2010 2011
Capitalization and liquidity
Average Daily Trading(3)
Millio
n s
hare
s
~7.3mm ~7.0mm
~5.5mm
~1.0mm
Notes: 1. Cash and debt positions as of September 30, 2012.
2. See Appendix 1 for detailed breakdown of components of debt.
3. Averages based on combination of all trading platforms including: TSX, Alpha, Pure and NYSE Amex.
April 2012 Senior Note Financing
• Completed $300 million 7% unsecured note
financing on April 5th and announced
redemption of C$187 million 10% senior
secured notes
• Multiple benefits
– Lower interest rate – 7% vs. 10%
– Extended term – 2020 vs. 2017
– Enhanced flexibility – ability to institute
dividend; notes are unsecured
– Additional $90 million cash on balance
sheet post redemption/costs
Cash and equivalents - $148 million(1)
Debt - $398 million(1)(2)
Appendix 1
26 GMP Latin American Mining Conference | Panama | November 14-16, 2012 26
Summary of debt
Undrawn Credit
Facility Senior Notes
Convertible
Debentures El Morro Funding Loan
Face Value $150 million(1) $300 million C$55 million $56 million
Maturity 3 years with annual
extensions permitted
April 15, 2020 June 28, 2014 n/a
Interest Rate See ‘Key features’ 7% 5% 4.58%
Payable Revolving credit Semi-annually Semi-annually Upon start of production
Conversion price n/a n/a C$9.35 n/a
Current trading value n/a ~106 ~$115 n/a
Key features Normal financial
covenants
Interest Rate
• 3% over LIBOR based
on ratios
• Standby fee of 0.75%
• Senior unsecured
• Redeemable after
April 15, 2016 at
103.5% down to
100% of face after
2018
• Unlimited dividends
if leverage ratio
below 2:1
Redeemable after
January 1, 2012 with
between 30 and 60
days notice provided
shares trading over
C$11.69
New Gold to repay
Goldcorp out of 80% of
its 30% share of cash
flow once El Morro starts
production
Notes: 1. $30 million currently allocated for Letters of Credit.
Appendix 1
27 GMP Latin American Mining Conference | Panama | November 14-16, 2012 27
Trend of expanding margins continues
Appendix 1
$566
$465$428 $446
$543$472 $443
$297
$522
$766
$1,014
$1,032
$1,014$1,117
$0
$200
$400
$600
$800
$1,000
$1,200
$1,400
$1,600
$1,800
2008A 2009A 2010A 2011A Q1'12 Q2'12 Q3'12
Note: 1. Refer to Cautionary Statement and note on Total cash cost.
Realized gold price
(US$/oz)
$863
Cash Cost(1)
(US$/oz)
Margin
(US$/oz)
$987
$1,194
$1,460
US
$/o
z
$1,575
$1,486 $1,560
28 GMP Latin American Mining Conference | Panama | November 14-16, 2012 28
2012 third quarter financial highlights
Adjusted Net Earnings per Share
($ per share)
Earnings from Mine Operations
($ millions)
Net Cash Generated from Operations
($ millions)
Cash Generated from Operations before Working Capital
($ millions)
$77 $76 $78 $76
-
$25
$50
$75
$100
Q3'12 Q2'12 Q1'12 Q3'11
$0.09$0.10 $0.10
$0.11
-
$0.05
$0.10
$0.15
Q3'12 Q2'12 Q1'12 Q3'11
$91$80 $82 $80
-
$25
$50
$75
$100
Q3'12 Q2'12 Q1'12 Q3'11
$47 $46$37
$71
-
$25
$50
$75
$100
Q3'12 Q2'12 Q1'12 Q3'11
Appendix 1
29 GMP Latin American Mining Conference | Panama | November 14-16, 2012 29
32.7
40.8
$0.26
$0.48 $0.53
2009 2010 2011
$0.12
$0.30
$0.44
2009 2010 2011
Track record of per share growth outperforming gold
Adjusted earnings per share Net cash generated from operations per share
Net asset value per share(1)(2) Measured & Indicated gold resource per 1,000 shares(3)
$2.46
$6.68
$11.02
12/31/10 12/31/11 6/1/09 12/31/10 12/31/11
Notes: 1. Net asset value as at June 1, 2009 based on New Gold and Western Goldfields business combination.
2. Based on average of consensus net asset value per share ascribed by analysts covering New Gold.
3. Measured and Indicated gold resource shown inclusive of reserves.
267% 104%
25%
348%
Average gold price increased by 62% from 2009 through 2011
Appendix 1
30 GMP Latin American Mining Conference | Panama | November 14-16, 2012 30
2012 guidance
Notes: 1. Refer to Cautionary Statement and note on Total cash cost.
Gold production(1)
405 - 445Koz
Total cash cost(1)
$410 - $430/oz
2012 cash cost estimate assumes:
• $30.00 per ounce silver
• $3.50 per pound copper
• Parity Australian dollar
• Parity Canadian dollar
Total company cash cost subject to following sensitivities:
• +/- $1.00 per ounce silver ~ +/- $5 per ounce
• +/- $0.25 per pound copper ~ +/- $25 per ounce
• +/- $0.05 AUD FX ~ +/- $10 per ounce
• +/- $0.05 CDN FX ~ +/- $5 per ounce
Gold production (ounces)
Total cash cost(1)
($/oz)
Mesquite 140,000 - 150,000 $710 - $730
Cerro San Pedro 140,000 - 150,000 $250 - $270
Peak Mines 90,000 - 100,000 $640 - $660
New Afton 35,000 - 45,000 ($1,200) - ($1,300)
Total 405,000 - 445,000 $410 - $430
2012 Guidance
Appendix 1
31 GMP Latin American Mining Conference | Panama | November 14-16, 2012 31
Mesquite
Gold production (ounces)
140,000 - 150,000
Total cash cost ($ per ounce)
$710 - $730
Tonnes processed
(000 tonnes) 11,733 12,500 – 13,500
Tonnes mined
(000 tonnes) 45,973 45,000 – 47,000
Grade - gold (g/t) 0.57 0.50 – 0.55
Capital
($ million) 19 ~14
2011 Actual & 2012 Guidance
Key assumptions and sensitivities
• Diesel comprises ~20% of Mesquite’s total costs
• Rack diesel price most correlated to Brent oil price
− Brent oil price increased by 13% since
beginning of 2011
• Every 10% change in diesel price has ~$15 per
ounce impact on costs
2011A versus 2012E
• Lower strip ratio to result in higher ore tonnes
processed
• Gold grade is expected to decline from 2011
levels
• Increase in costs primarily driven by lower
gold production
2011A 2012E
Notes: 1. Mesquite life-of-mine recovery continues to track at ~75% for oxide; ~35% for sulphides.
Appendix 2
32 GMP Latin American Mining Conference | Panama | November 14-16, 2012 32
Cerro San Pedro
Gold production (ounces)
140,000 - 150,000
Total cash cost ($ per ounce)
$250 - $270
Tonnes processed
(000 tonnes) 16,763 14,000 – 15,000
Tonnes mined
(000 tonnes) 33,276 31,000 – 33,000
Grade - gold (g/t) 0.48 0.55 – 0.60
Grade – silver (g/t) 24 20 – 25
Capital
($ million) 7 ~16
Key assumptions and sensitivities
• Silver price - $30 per ounce (2011A - $35.15/oz)
• Mexican Peso: U.S. foreign exchange – 13:1
• $1.00 per ounce change in silver equals ~$15 per
ounce change in Cerro San Pedro cash cost
• 1.0 change in Mexican Peso equals ~$15 per
ounce change in Cerro San Pedro cash cost
2011A versus 2012E
• Expected production of gold and silver consistent
with 2011
• Decrease in tonnes processed offset by
grade and recovery movements
• Increase in costs primarily driven by lower silver
by-product price assumption
Silver production (million ounces)
1.9 - 2.1
2011 Actual & 2012 Guidance
2011A 2012E
Notes: 1. Cerro San Pedro life-of-mine recovery continues to track at: Gold – ~60%, Silver – ~30%.
Appendix 2
33 GMP Latin American Mining Conference | Panama | November 14-16, 2012 33
Peak Mines
Tonnes processed
(000 tonnes) 783 780 – 800
Tonnes mined
(000 tonnes) 755 780 – 800
Grade - gold (g/t) 3.94 4.0 – 4.2
Grade – copper (%) 0.93 0.88 – 0.90
Recovery – gold (%) 89 88 – 90
Recovery – copper (%) 82 85 - 87
Capital
($ million) 50 ~60
Key assumptions and sensitivities
• Copper price - $3.50 per pound (2011A - $3.78/lb)
• Australian dollar: U.S. foreign exchange – 1:1
• $0.25 per pound change in copper equals ~$35 per
ounce change in Peak cash cost
• 0.01 change in Australian dollar equals ~$10 per
ounce change in Peak cash cost
2011A versus 2012E
• Increased gold production driven by increases in
tonnes processed, gold grades and recoveries
• Similar copper production a result of increased
tonnes processed and copper recoveries offset
by lower copper grades
Gold production (ounces)
90,000 - 100,000
Total cash cost ($ per ounce)
$640 - $660
Copper production (million pounds)
12 - 14
2011 Actual & 2012 Guidance
2011A 2012E
Appendix 2
34 GMP Latin American Mining Conference | Panama | November 14-16, 2012 34
Block cave mines
Appendix 3
35 GMP Latin American Mining Conference | Panama | November 14-16, 2012 35
-
2,500
5,000
7,500
10,000
12,500
15,000
January March May July September November January March
Mine tpd Mill feed tpd
New Afton – 2012 production start-up
Mill reaches 11,000
tpd
Mill starts in June and reaches
6,600 tpd commercial rate in
August
Period of drawdown
of stockpile inventory
Mining/milling rate
reach 11,000 tpd run-
rate level
• The combination of over six months of active underground mining and the existence of the ore stockpile led
to an efficient mill start-up
• Mill started on June 28, 2012
• Commercial production achieved on July 31, 2012
2012 2013
Tonnes per day
Appendix 3
36 GMP Latin American Mining Conference | Panama | November 14-16, 2012 36
Production and sales
• Difference between production and sales
a result of pre-commercial production
commodity sales being net against capital
costs and timing of certain concentrate
sales
Gold production (ounces)
35,000 - 45,000
Copper production (million pounds)
30 - 35
Gold sales (ounces)
20,000 - 30,000
Copper sales (million pounds)
20 - 25
Tonnes processed (000 tonnes) 1,900 – 2,200
Grade - gold (g/t) 0.75 – 0.85
Grade - copper (%) 0.85 – 0.95
Recovery – gold (%) 88 – 90
Recover – copper (%) 88 – 90
New Afton 2012 Guidance
Appendix 3
37 GMP Latin American Mining Conference | Panama | November 14-16, 2012 37
Processing Mining G&A
Operating costs
• Operating costs ~$25 per tonne in first five months of commercial production(1)
– Life-of-mine average ~$18 - $22 per tonne
2012 by-product cash cost(2)
($1,200) - ($1,300) per ounce
2012 co-product cash cost(3)
$630 - $650 per ounce,
$1.35 - $1.45 per pound
• Costs expected to be lower in future years as ‘per tonne’ cost reaches steady-state level
– Life-of-mine average by-product cost ~($1,750)(4)
– Life-of-mine average co-product costs(4) of ~$525 per ounce gold and ~$1.15 per pound copper
Notes: 1. Includes treatment and refining charges and assumes parity Canadian/U.S. dollar foreign exchange rate.
2. Assumes $3.50 per pound copper price and parity Canadian/U.S. dollar foreign exchange rate.
3. Co-product costs calculated on a percentage of revenue basis and assume a gold price of $1,600 per ounce.
4. Based on assumption of $1,600 per ounce gold, $3.50 per pound copper and a parity foreign exchange rate.
~$4.60/t ~$6.20/t
~$9.20/t
Appendix 3
38 GMP Latin American Mining Conference | Panama | November 14-16, 2012 38
Cross
Section Looking East
Long Section Looking South
• 3 phase underground core drilling program totaling 40,000 meters commencing Q3 2012
• Phase 1: ~15,000 meters to delineate eastern limits of C-zone and assess potential to lower block cave
extraction level for B3 reserve block - estimated completion by end Q1’13
• Phases 2 & 3: ~25,000 meters to explore extensions to west and at depth - estimated completion Q4’13
C Zone Resource (2010)
Tonnes
000’s
Au
g/t
Cu
%
Gold
Koz
Copper
Mlbs
M&I 3,637 0.78 0.96 92 76
Inferred 11,317 0.60 0.75 218 186
New Afton – C Zone exploration
Appendix 3
39 GMP Latin American Mining Conference | Panama | November 14-16, 2012 39
El Morro (30%) – funding structure(1)
Appendix 4
• New Gold’s 30% share of development capital 100% carried
– Interest fixed at 4.58%
Notes: 1. Based on 2011 Feasibility Study.
Total Capital
100%
~ $3.9 billion
100% Average annual
cash flow
70% 30%
70% ~ $2.7 billion
Funded by
$1.2 billion
interest at 4.58%
30%
80%
20%
Carried funding repayment
40 GMP Latin American Mining Conference | Panama | November 14-16, 2012 40
Selected porphyry gold/copper deposits/mines(1)
Appendix 4
$51/t
$49/t
$42/t$38/t
$29/t
$27/t
$24/t
$40/t
--
0.10
0.20
0.30
0.40
0.50
0.60
0.70
0.80
0.10% 0.20% 0.30% 0.40% 0.50% 0.60% 0.70%
Source: Company disclosure.
Notes: 1. Circle sizes are representative of contained metal value of the reserves per tonne of reserve. Contained metal value calculated using Street research consensus long-term commodity pricing.
2. Includes “Cadia East Underground” and “Ridgeway Underground” reserves as indicated in Newcrest’s February 10, 2012 press release; does not include “Other” Cadia province reserves.
El Morro
Gold
Grade
(g/t)
Copper
Grade
(%)
Agua Rica Alumbrera Cadia-Ridgeway Cerro Casale
Chapada Cobre Panama El Morro Mt. Milligan
(2)
41 GMP Latin American Mining Conference | Panama | November 14-16, 2012 41
AssetGold Reserves
(Moz)Asset Gold Equivalent
(2)
(Moz)
Penasquito 16.5 Penasquito 45.2
Pueblo Viejo 10.1 El Morro 15.4
Los Filos 7.8 Pueblo Viejo 11.8
El Morro 5.8 Los Filos 8.7
Cerro Negro 4.5 Cerro Negro 5.2
El Morro relative positioning(1)
Appendix 4
Notes: 1. Based on Goldcorp’s December 31, 2011 year-end resource statements.
2. Gold equivalent calculated based on the following commodity prices: Gold - $1,595/oz; Silver - $28.75/oz; Copper - $3.50/lb; Lead - $0.88/lb; Zinc - $0.86/lb.
El Morro within Goldcorp portfolio
42 GMP Latin American Mining Conference | Panama | November 14-16, 2012 42
March 2011
Initial Resource
September 2011
Resource update
Year-end 2011
Resource update
March 2012
Resource update
December 31, 2010 77 24,563
July 31, 2011 148 49,223
November 30, 2011 218 67,848
December 31, 2011 261 89,460
March 5, 2012 328 115,950
May 14, 2012 449 149,739
Drilling cut-off date Cumulative number
of holes
Cumulative number
of metres
April 2012
2012 assays received
Blackwater drill program
Appendix 5
July 2012
Resource update
43 GMP Latin American Mining Conference | Panama | November 14-16, 2012 43
PEA resource summary
• The deposit contains an Indicated mineral resource of 267 Mt at 0.88 g/t Au and 4.3 g/t Ag and an Inferred
mineral resource of 121 Mt at 0.69 g/t Au and 7.3 g/t Ag at a base case lower cut-off of 0.30 gram per tonne
gold equivalent
• Mineral estimate is CIM 2010 compliant and prepared under Canadian National Instrument 43-101
– Based upon geologic block model that incorporated over 147,282 individual assays from 168,709
metres of diamond drill core in 449 drill holes
– Average drill hole spacing of approximately 50 metres is sufficient to support mineral resource
estimation up to the Indicated category
• Mineral resource includes drill data received through May 14, 2012
Notes:
1. Mineral Resource Estimate has an effective date of July 27, 2012 and was prepared by Ronald G. Simpson, P Geo.
2. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.
3. Mineral Resources are amenable to open pit mining methods as defined by a Lerchs-Grossmann optimized pit simulation.
4. The Lerchs-Grossmann optimized pit is based on assumptions that include US$/CDN$ parity foreign exchange rate, 83.6% Au recovery, 44.9% Ag recovery,
$1.52/tonne mining cost, $1.90/tonne waste mining cost, $10.52/tonne process and G&A cost. No allowances have been made for mining losses and dilution. The
average pit slope angle is assumed to be 40°.
5. The base case gold equivalent (AuEq) cut-off (bolded) is greater than the conceptual marginal cut-off of 0.23 g/t.
6. AuEq = $24/oz Ag x 44.9% / $1,300/oz x 83.6%.
7. Gold analyses are performed by fire assay/AA finish methods and silver analyses are performed by Induction Coupled Plasmaspectrometry (ICP). Silver ICP
analyses are not known with the same precision and do not have the same quality control support as gold fire assay analyses.
8. Rounding as required by reporting guidelines has been used, and totals may not sum.
AuEq
Cut-off
(g/t)
Tonnes
(Mt)
Au
(g/t)
Ag
(g/t)
Au
(Moz)
Ag
(Moz)
AuEq
Cut-off
(g/t)
Tonnes
(Mt)
Au
(g/t)
Ag
(g/t)
Au
(Moz)
Ag
(Moz)
0.25 280.4 0.85 4.2 7.64 37.9 0.25 128.6 0.66 7.0 2.72 28.9
0.30 267.1 0.88 4.3 7.52 36.9 0.30 120.5 0.69 7.3 2.66 28.3
0.40 230.6 0.96 4.6 7.14 34.1 0.40 98.9 0.77 7.8 2.45 24.8
Blackwater Project PEA Mineral Resource Estimate
Indicated Mineral Resource Inferred Mineral Resource
Appendix 5
44 GMP Latin American Mining Conference | Panama | November 14-16, 2012 44
Project Development Capital Costs
Description Cost ($ million)
Direct Costs
Mining & Pre-production Development $208
On Site Infrastructure $181
Process $539
Tailing and Water Reclaim $74
Infrastructure (Power, Water, Road) $85
Total Direct Costs $1,087
Owner's and Indirect Costs
Owner's Costs $54
EPCM $112
Other Indirects $215
Total Owner's and Indirect Costs $381
Subtotal $1,468
Contingency (24%) $346
Total Project $1,814
• Project is located 112 kilometres southwest
from Vanderhoof and has access to low cost
hydroelectric power
• Development capital estimate of $1.8 billion is
inclusive of a 24% or $346 million
contingency
• Development capital estimated based on the
current cost environment
– A parity foreign exchange rate was
assumed and the capital estimate was
held constant in the economic analysis
• Sustaining capital of $537 million, reclamation
and closure costs of $95 million and $72 million
in equipment salvage value
Blackwater PEA costs - Capital
Total development and sustaining
capital estimated at $294 per
recoverable gold ounce
Appendix 5
45 GMP Latin American Mining Conference | Panama | November 14-16, 2012 45
Project Operating Costs
Area Unit Cost (C$/t milled) $ per gold ounce produced
Mining $6.21 $259
Processing $7.59 $317
General and Administrative $0.95 $40
Royalty (0.6%) $0.18 $8
Refining $0.23 $9
Silver by-product sales at $22.50 per ounce silver ($2.16) ($90)
Total cash costs(1) net of by-product sales $13.01 $543
44%
24%
17%
8%6%
1% Reagents
GrindingMedia/linersElectricity
Labour
Maint materials
Water Supply
59%
11%
9%
6%
4%
4% 4%2%Hauling
Auxiliary
Blasting
G&A
Drilling
Loading
General Maint.
General Mine
Blackwater PEA costs - Operating
Processing Costs
Mining Costs
Blackwater’s location near infrastructure, low stripping ratio, access to low cost power and silver
by-product revenue expected to result in the Project having well below industry average cash costs
Note: 1. Refer to Cautionary Statement and note on Total cash costs and PEA additional cautionary note.
Total Cash Costs(1) Schedule
Production Years $ per gold ounce produced
Years 1 through 5 $467
Years 1 through 15 $536
Years 16 through 17 $678
Life-of-mine $543
Appendix 5
46 GMP Latin American Mining Conference | Panama | November 14-16, 2012 46
-
$0.50
$1.00
$1.50
$2.00
$2.50
$3.00
$3.50
$4.00
- 30 60 90 120 150
Min
ing
co
st
pe
r to
nn
e m
ov
ed
(U
S$
/t)
1,000 tonnes per day
Haile Hycroft Prosperity Blackwater
Rosemont Detour (LOM) Mt. Milligan
Open pit mining cost
Note: 1. Company technical reports and investor presentations.
2. Malartic mining cost shown during start-up phase and life-of-mine estimate from technical report on May 10, 2011.
3. Detour mining cost shown for first ten years and life-of-mine based on updated mine plan from September 4, 2012 news release.
Malartic (start-up)
Donlin Creek
Cerro San Pedro Marigold Rainy River Morelos
Copper Mountain Mesquite La India Young Davidson Pinos Altos
Malartic (technical report)
Detour (first ten years)
Appendix 5
Blackwater
Cerro San Pedro
Mesquite
47 GMP Latin American Mining Conference | Panama | November 14-16, 2012 47
Production and cash costs profile
Years 1 through 5
Gold production – 569koz
Total cash costs - $467/oz
Years 1 through 15
Gold production – 507koz
Total cash costs - $536/oz
Years 16 through 17
Gold production – 296koz
Total cash costs - $678/oz
Life-of-mine
Gold production – 489koz
Total cash costs - $543/oz
(1)
Note: 1. Refer to Cautionary Statement and note on Total cash costs and PEA additional cautionary note.
-
$250
$500
$750
$1,000
-
100
200
300
400
500
600
700
2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033
To
tal C
ash
Co
sts
($/o
z)
Go
ld p
rod
uc
tio
n (
tho
us
an
d o
un
ces)
Gold production Base Case cash costs
Appendix 5
48 GMP Latin American Mining Conference | Panama | November 14-16, 2012 48
$0
$150
$300
$450
$600
$750
$900
2017 2018 2019 2020 2021
Op
era
tin
g c
ash
flo
w
Base Case Spot Case
PEA highlights(1)
Operating cash flow ($ millions)
• Average spot case
cash flow during first
five years of ~$655
million
• Cumulative spot case
cash flow during first
five years of ~$3.3
billion
Note: 1. Refer to Cautionary Statement and note on Total cash costs and PEA additional cautionary note.
PEA Results Base Case Spot Case
Gold Price (US$/oz) $1,275 $1,775
Silver Price (US$/oz) $22.50 $34.50
US$/CDN$ Foreign Exchange 0.94 1.00
After-tax NPV(5%) ($ billions) $1.1 $2.8
After-tax IRR 14.0% 25.8%
After-tax payback period (years) 4.8 2.7
Appendix 5
49 GMP Latin American Mining Conference | Panama | November 14-16, 2012 49
• Blackwater development capital
cost of $1.8 billion inclusive of 24%,
or $346 million, contingency
– $227 per recoverable ounce
• Costed in mid-2012 capital
environment assuming parity
foreign exchange rate
• Capital intensity may be abating
• Large diversified companies,
accounting for ~55% of global
capital, delaying certain projects
• Oil sands project expansions also
being delayed
Perspectives on capital costs
After-tax IRR (%)(1)(2)
$1.8
$1.7
$1.6
$1.5
$1,275 $1,600 $1,775
18.1% 27.5% 31.8%
16.6% 25.4% 29.6%
15.2% 23.6% 27.6%
14.0% 22.0% 25.8%
Gold price ($/oz)
Dev
elo
pm
en
t cap
ital ($
billio
ns)
New Gold could benefit from announced delays in capital projects of major companies
$1,800
32.5%
30.2%
28.2%
26.4%
Note: 1. Refer to Cautionary Statement and note on Total cash costs and PEA additional cautionary note.
2. IRR calculated to beginning of construction period in 2015.
• Each $100 million change in development capital equates
to a ~$100 million change in NPV
Appendix 5
50 GMP Latin American Mining Conference | Panama | November 14-16, 2012 50
Total
($mm)$ Per Ounce(2)
Total Acquisition costs to date $602 $75
Development capital $1,814 $227
Life-of-mine sustaining capital $537 $67
Life-of-mine average cash costs ($/oz)(3) $543
Total acquisition cost ($/oz) $912
Spot gold price ($/oz) $1,775
(Discount)/Premium to spot gold (49%)
Break-even gold price $912
Total acquisition cost (“TAC”)
• Acquisition costs of $602(1) million
based on:
– Richfield - $470 million
– Silver Quest - $114 million
– Geo Minerals - $18 million
• Total acquisition cost of $912 per
ounce below recent industry
comparable transactions
– Further potential to decrease
break-even gold price with
continued resource expansion
Total Acquisition Cost per Ounce
Notes: 1. Per 2011 Annual financial statements.
2. Per ounce calculations based on 6.2 million ounces from the Indicated category and 1.8 million ounces from the Inferred category.
3. Refer to Cautionary Statement and note on Total cash costs and PEA additional cautionary note.
Appendix 5
51 GMP Latin American Mining Conference | Panama | November 14-16, 2012 51
Areas of optimization
Potential for expansion of the resource to the north and to depth
Further geotechnical drilling to assess the possibility of steepening pit slopes
Potential to reduce mining costs through mine plan optimization
Optimizing process flowsheet
Appendix 5
52 GMP Latin American Mining Conference | Panama | November 14-16, 2012 52
Blackwater Resource Growth – July 2012
Appendix 5
July 2012
Indicated Inferred
Mt Au g/t Mt Au g/t
267 0.88 121 0.69
7.5 Moz 2.7 Moz
Cumulative Drilling
Holes Metres
449 147,282
53 GMP Latin American Mining Conference | Panama | November 14-16, 2012 53
Blackwater – July 2012 drill results
July 18, 2012
Notes: 1. For complete summary of 2012 assay results, refer to New Gold website at www.newgold.com.
Appendix 5
54 GMP Latin American Mining Conference | Panama | November 14-16, 2012 54
Blackwater Block Model – July 2012
Appendix 5
NW Silver Zone
55 GMP Latin American Mining Conference | Panama | November 14-16, 2012 55
BW Section 5892,800N – July 2012 Block Model
Appendix 5
56 GMP Latin American Mining Conference | Panama | November 14-16, 2012 56
BW Section 375,500E – July 2012 Block Model
Appendix 5
Silver Zone
57 GMP Latin American Mining Conference | Panama | November 14-16, 2012 57
Blackwater regional exploration
Appendix 5
17
58 GMP Latin American Mining Conference | Panama | November 14-16, 2012 58
Sxn 5893,500N
Sxn 375,000E
Blackwater PEA mineral resource
NW Silver Zone
SW
Breccia
Pipe
Appendix 5
59 GMP Latin American Mining Conference | Panama | November 14-16, 2012 59
Blackwater exploration upside opportunities
Section 5893,500N Section 375,000E Gold
NW ‘Silver Zone’
SW Breccia Pipe
Appendix 5
60 GMP Latin American Mining Conference | Panama | November 14-16, 2012 60
Blackwater exploration upside opportunities (cont’d)
Section 5893,500N Section 375,000E Silver
SW Breccia Pipe
NW ‘Silver Zone’
Appendix 5
61 GMP Latin American Mining Conference | Panama | November 14-16, 2012 61
Reserves and resource notes
Tonnes
000's
Gold
g/t
Silver
g/t
Copper
%
Gold
Koz
Silver
Koz
Copper
Mlbs
Mesquite
Proven 14,548 0.67 - - 313 - -
Probable 138,796 0.55 - - 2,448 - -
Mesquite P&P 153,345 0.56 - - 2,762 - -
Cerro San Pedro
Proven 23,972 0.58 16.99 - 447 13,091 -
Probable 35,267 0.49 15.30 - 559 17,352 -
Cerro San Pedro P&P 59,239 0.53 15.98 - 1,006 30,443 -
Peak
Proven 1,608 6.33 8.4 0.82 327 434 29
Probable 1,811 4.80 6.7 0.92 279 390 37
Peak P&P 3,419 5.50 7.5 0.87 606 824 66
New Afton
Proven - - - - - - -
Probable 47,900 0.64 2.0 0.90 986 3,080 954
New Afton P&P 47,900 0.64 2.0 0.90 986 3,080 954
El Morro 30%
Proven 308,036 0.58 - 0.57 1,716 - 1,153
Probable 212,167 0.38 - 0.51 787 - 715
El Morro P&P 520,024 0.50 - 0.54 2,503 - 1,868
Metal grade Contained metal
Mineral Reserves statement as at December 31, 2011
100%
Appendix 6
62 GMP Latin American Mining Conference | Panama | November 14-16, 2012 62
Reserves and resource notes (cont’d)
Appendix 6
Tonnes
000's
Gold
g/t
Silver
g/t
Copper
%
Zinc
%
Lead
%
Gold
Koz
Silver
Koz
Copper
Mlbs
Zinc
Mlbs
Lead
Mlbs
Mesquite
Measured - oxide 19,182 0.51 - - - - 316 - - - -
Indicated - oxide 269,872 0.39 - - - - 3,407 - - - -
Mesquite M&I - oxide 289,054 0.40 - - - - 3,723 - - - -
Measured - non oxide 4,688 0.91 - - - - 137 - - - -
Indicated - non oxide 79,851 0.65 - - - - 1,674 - - - -
Mesquite M&I - non oxide 84,539 0.66 - - - - 1,811 - - - -
Total Mesquite 373,594 0.46 - - - - 5,534 - - - -
Cerro San Pedro
Measured - open pit oxide 25,722 0.44 15.36 - - - 367 12,706 - - -
Indicated - open pit oxide 55,647 0.31 12.28 - - - 546 21,976 - - -
CSP M&I - open pit oxide 81,369 0.35 13.26 - - - 913 34,682 - - -
Measured - open pit sulphide 13,317 0.54 13.60 - 0.64 0.10 232 5,823 - 187 29
Indicated - open pit sulphide 46,697 0.44 10.23 - 0.55 0.08 667 15,355 - 566 77
CSP M&I - open pit sulphide 60,014 0.47 10.98 - 0.57 0.08 899 21,178 - 753 106
Total CSP M&I - open pit 1,812 55,860
Peak
Measured 3,092 4.89 7.3 1.14 - - 486 726 78 - -
Indicated 3,697 3.89 7.1 1.09 - - 462 844 89 - -
Peak M&I 6,789 4.30 7.2 1.11 - - 948 1,570 167 - -
New Afton
Measured 36,500 0.90 2.7 1.24 - - 1,058 3,194 1,002 - -
Indicated 33,300 0.64 2.1 0.80 - - 685 2,276 584 - -
New Afton M&I 69,800 0.78 2.4 1.03 - - 1,742 5,470 1,586 - -
Blackwater
Blackwater Indicated 267,145 0.88 4.3 - - - 7,524 36,932 - - -
Capoose Indicated 31,216 0.38 26.5 - - - 384 26,594 - - -
El Morro
Measured - open pit 343,088 0.55 - 0.54 - - 1,836 - 1,233 - -
Indicated - open pit 333,312 0.35 - 0.44 - - 1,117 - 960 - -
El Morro M&I - open pit 676,400 0.45 - 0.49 - - 2,954 - 2,193 - -
Metal grade
100% 30%
Measured and Indicated mineral Resource statement (inclusive of Reserves) as at December 31, 2011
Contained metal
63 GMP Latin American Mining Conference | Panama | November 14-16, 2012 63
Reserves and resource notes (cont’d)
Appendix 6
Tonnes
000's
Gold
g/t
Silver
g/t
Copper
%
Zinc
%
Lead
%
Gold
Koz
Silver
Koz
Copper
Mlbs
Zinc
Mlbs
Lead
Mlbs
Mesquite 38,633 0.41 - - - - 512 - - - -
Cerro San Pedro
Inferred - open pit oxide 40,355 0.17 8.55 - - - 214 11,091 - - -
Inferred - open pit sulphide 24,736 0.47 7.40 - 0.50 0.07 374 5,882 - 271 39
588 16,972 - 271 39
Manto Underground sulphides 6,270 1.83 94.51 - 3.09 1.09 368 19,052 - 427 151
Peak 3,147 2.56 4.8 1.54 - - 259 486 107 - -
New Afton 29,200 0.51 1.6 0.61 - - 483 1,478 390 - -
Blackwater
Blackwater 120,478 0.69 7.3 - - - 2,661 28,276 - - -
Capoose 37,256 0.37 24.6 - - - 443 29,518 - - -
100% 30%
El Morro
Open pit 637,495 0.10 - 0.25 - - 605 - 1,045 - -
Underground 128,280 0.97 - 0.78 - - 1,205 - 660 - -
El Morro Inferred 1,810 1,705
Inferred Resource statement as at December 31, 2011
Metal grade Contained metal
64 GMP Latin American Mining Conference | Panama | November 14-16, 2012 64
Reserves and resource notes (cont’d)
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 as defined by a technical feasibility study. Inferred mineral resources are not known with the same degree of certainty as measured and indicated resources, do not have demonstrated
economic viability, and are exclusive of mineral reserves. Mineral Reserves have been estimated and reported in accordance with the CIM Standards and National Instrument 43-101, or the
AusIMM JORC equivalent.
1) Mineral Reserves for the company’s mining operations and development projects have been calculated based on the following metal prices and lower cut-off criteria:
Mineral Property Gold (US$/oz) Silver (US$/oz) Copper (US$/lb) Lower Cut-off
Mesquite $1,200 - - 0.21 g/t Au – Oxide reserves
0.41 g/t Au – Non-oxide reserves
Cerro San Pedro $1,200 $20.00 - US$3.49/t NSR
Peak Mines $1,300 $25.00 $2.75 A$130 – 184/t NSR
New Afton $1,200 $20.00 $2.50 US$24/t NSR
El Morro $1,200 - $2.75 0.20% Cu
Appendix 6
65 GMP Latin American Mining Conference | Panama | November 14-16, 2012 65
Reserves and resource notes (cont’d)
2) Mineral Resources for the company’s mining operations and development projects have been calculated based on the following metal prices and lower cut-off criteria:
Mineral resources have been estimated and reported in accordance with the standards of the Canadian Institute of Mining, Metallurgy and Petroleum and National Instrument 43-101, or the
AusIMM JORC equivalent.
Mineral Property Gold
(US$/oz)
Silver
(US$/oz)
Copper
(US$/lb)
Zinc
(US$/lb)
Lead
(US$/lb)
Lower Cut-off
Mesquite $1,300 - - - - 0.11 g/t Au – Oxide resources
0.22 g/t Au – Non-oxide resources
Cerro San Pedro $1,300 $24.00 - $1.00 $1.00 0.1g/t AuEq – Oxide resources
0.4g/t AuEq – Open pit Sulphide resources
2.5g/t AuEq – Underground manto resources
Peak Mines $1,300 $24.00 $2.75 $0.85 $0.65 A$103 - 137/t NSR
New Afton $1,300 $24.00 $2.75 - - 0.40% CuEq – All resources
El Morro $1,350 - $3.25 - - 0.15% Cu – Open pit resources
0.20% Cu – Underground resources
Blackwater $1,300 - - - - 0.30 g/t AuEq – All resources
Capoose $1,025 - - - - 0.40 g/t AuEq – All resources
3) Mineral resources are classified as measured, indicated and inferred resources and are reported based on technical and economic parameters consistent with the methods most suitable for
their potential extraction and mineral processing. Where different mining and/or processing methods might be applied to different portions of a mineralized system or metal deposit, the
designators ‘open pit’ and ‘underground’ have been applied to indicate likely mining method. Likewise the designators ‘oxide’, ‘non-oxide’ and ‘sulfide’ have been applied to indicate the type of
mineralization as it applies to appropriate mineral processing method and expected payable metal recoveries. Additional details regarding mineral resource estimation, classification and
reporting parameters for each of New Gold’s mines and projects are provided in the respective NI 43-101 Technical Reports and available on SEDAR.
4) Qualified Person: The preparation of New Gold’s mineral reserve and resource statements has been done by Qualfied Persons as defined under Canadian under National Instrument 43-101
under the oversight and review of Mark Petersen, a Qualified Person under National Instrument 43-101 and employee of New Gold.
Appendix 6
66 GMP Latin American Mining Conference | Panama | November 14-16, 2012 66
Commodity price/foreign exchange assumptions
Guidance/consensus:
Spot:
2012 2013 2014
Gold price ($/oz) 1,600 1,760 1,600
Silver price ($/oz) 30.00 34.38 30.00
Copper price ($/oz) 3.50 3.85 3.50
USD/AUD 1.00 1.01 0.96
USD/CAD 1.00 1.00 1.01
USD/MXN 13.00 12.35 12.50
Spot
Gold price ($/oz) 1,715
Silver price ($/oz) 32.00
Copper price ($/oz) 3.50
USD/AUD 1.04
USD/CAD 1.00
USD/MXN 12.95
Appendix 7
67 GMP Latin American Mining Conference | Panama | November 14-16, 2012 67
Contact information
Investor Relations
Hannes Portmann
Vice President, Corporate Development
416-324-6014
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