2008 Highlights and Future Goals
2008 Highlights (1)
Produced 272,046 gold ounces, exceeding guidance by 22,046 ounces(2)
Total cash costs of $549 per ounce (net of by-product sales)(2)
Adjusted net earnings of $19.2 million or $0.13 per share
Cash flow from operation of $66.1 million(2)
Year-end cash and cash equivalents of $185.7 million
Executed a smooth ramp-up to full production at Cerro San Pedro, including receipt of a prestigious safety award
and achieving ISO 14001 certification of its environmental management system, all in its first full year of operation
Achieved a milestone at Peak Mines, producing its two millionth ounce of gold since the commissioning of the mine
Completed the feasibility study and the environmental impact study at El Morro, the joint venture
development project with Xstrata. The project entered the permitting stage in November; and
Revised the New Afton project construction schedule, with start up now scheduled for the second half of 2012

(1) Includes 12 months commercial operations for Peak Mines, Cerro San Pedro and Amapari
(2) Proforma results



Year Ended December 31 (2)
(US dollars in thousands, except where indicated otherwise)
Operating Information:

Gold Production (oz)272,000150,000
Gold Sales (oz)237,589155,351
Average Realized Price (US$/oz)$863$721
Total Cash Cost (US$/oz), (net of by product sales)$569$349
Proven and Probable Reserves (million oz)4.85.2
Financial Information:

Earnings (loss) from Operations($181,290)14,110
Net Earnings (loss)($102,679)$14,613
Cash Flow from Operations$24,685$26,620
Cash and Cash Equivalents$185,668$149,924
Share Data:

Earnings (loss) per share($0.69)$0.03
Cash flow from operations per share$0.17$0.39
Share price at December 31, 2008 (TSX)1.77n/a
Weighted shares outstanding at December 31, 2008 (fully diluted, in 000s)140,12668,226


(2) Due to the business combination between New Gold, Peak Gold and Metallica which closed on June 30, 2008, the consolidated financial statements of the company are presented on the basis that Peak Gold is the acquirer for accounting purposes. Therefore consolidated income and cash flow statements for January 1 through December 31, 2008 include results of Peak Gold for the period of January 1 to December 31, and results of Metallica and New Gold assets from July 1 to December 31. The consolidated balance sheet at December 31, 2008 reflects the balances of the merged entity. The operating highlights, including total cash costs, include results from the operations of the three entities.


Vision and Future Goals
To become a million ounce, low cost gold producer by 2012.
Future Goals
 Deliver on operational targets Pursue internal growth 
  • Safety
  • Project development at New Afton and El Morro
  • Cost
  • Production
  • Environment and Social Responsibility
     Maintain a strong financial positionPursue external growth 
  • Maintain a solid balance sheet
  • Continued consolidation with junior gold producers
  • Continue prudent financial management strategies