 | New Gold Inc. - NGD.t is an intermediate gold mining company with a portfolio of four producing assets and two significant development projects. The company produced 435,718 ounces in 2015 at AISC of $ 809 per oz. |  |
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New Gold Inc. ("New Gold") (TSX:NGD) (NYSE MKT:NGD) announces that the company has filed its management information circular, including the nominees for election to New Gold's board of directors.
The director nominees include Ian Pearce, a proposed new independent director. Mr. Pearce has over 25 years of experience in the mining industry. From 1993 to 2003, Mr. Pearce held progressively more senior engineering and project management roles with Fluor Inc. From 2003 to 2006, he held executive roles at Falconbridge Limited, including Chief Operating Officer, and he subsequently served as Chief Executive Officer of Xstrata Nickel, a subsidiary of Xstrata plc, from 2006 to 2013. Mr. Pearce is currently a partner of X2 Resources, a private partnership focused on building a mid-tier diversified mining and metals group.
The nominees also include Robert Gallagher, New Gold's President and Chief Executive Officer. As previously announced, Mr. Gallagher will be retiring as an officer of New Gold on June 30, 2016. Mr. Gallagher, currently a director of New Gold, intends to continue as a director of the company following his planned retirement.
Pierre Lassonde, currently a director of the company, will not be standing for re-election at the meeting. Since joining the New Gold board in June 2008, Mr. Lassonde has made a significant and highly valued contribution to the development and success of New Gold. On July 30, 2015, Mr. Lassonde was appointed as Chair of the Board of Directors of the Canada Council for the Arts, Canada's national public arts funder.
"My retirement from the New Gold board will allow me to devote more time to my responsibilities with the Canada Council for the Arts as well as other philanthropic causes," stated Mr. Lassonde. "I have greatly enjoyed working with the board and management of New Gold over the past eight years. I am very excited about New Gold's future, including the ongoing construction of the Rainy River mine. I will remain a strong supporter of the company and look forward to continuing as a significant shareholder of New Gold."
" New Gold Inc. ("New Gold") (TSX:NGD) (NYSE MKT:NGD) today announces its 2015 fourth quarter and full-year financial results, provides an update on its portfolio of development projects, including
2015 FULL-YEAR HIGHLIGHTS
- Record full-year gold production of 435,718 ounces, exceeded the guidance range of 390,000 to 430,000 ounces and delivered a 15% increase in production over 2014
- All-in sustaining costs(1) of
$809 per ounce, including total cash costs(2) of$443 per ounce - Cash generated from operations of
$263 million relative to$269 million in 2014 - Cash generated from operations before changes in non-cash operating working capital(3) of
$265 million compared to$310 million in the prior year - Adjusted net loss(4) of
$11 million , or$0.02 per share - Net loss of
$201 million , or$0.40 per share, including a$99 million non-cash, after-tax loss associated with the company's sale of its 30% interest in the El Morro project - Year-end cash balance of
$336 million
2015 FOURTH QUARTER HIGHLIGHTS
- Record quarterly production with 131,719 ounces of gold and 29 million pounds of copper
- Record low all-in sustaining costs(1) of
$613 per ounce, including total cash costs(2) of$389 per ounce - Cash generated from operations increased by 21% to
$85 million compared to$70 million in the fourth quarter of 2014 - Cash generated from operations before changes in non-cash operating working capital(3) of
$77 million relative to$70 million in the fourth quarter of 2014 - Adjusted net earnings(4) of
$3 million , or$0.01 per share - Net loss of
$10 million , or$0.02 per share
DEVELOPMENT PROJECTS
Rainy River remains on schedule for mid-2017 production start with total estimated development capital of$877 million at the company's updated 2016 guidance exchange rate assumption ofC$1.40 /US$- New Afton C-zone feasibility study completed, which demonstrates the potential to extend the mine's life by over five years
MINERAL RESERVES AND RESOURCES
- 2015 year-end mineral reserves of 15.0 million ounces of gold, 1.2 billion pounds of copper and 76 million ounces of silver
- New Afton's gold and copper mineral reserve estimates increased by 62% and 42%, respectively, with the addition of the C-zone to the mine's reserves
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http://canadastockjournal.blogspot.com/2013/05/new-gold-inc-ngdt.html
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