VANCOUVER, Aug. 1, 2012 /CNW/ - New Gold Inc. ("New Gold") (TSX and NYSE MKT:NGD) today announces financial and operational results for the second quarter of 2012, with gold production of 95,158 ounces at a total cash cost(1) per ounce sold, net of by-product sales, of $472 per ounce. The company's solid gold production, below average costs and the continued strength of gold prices, led New Gold to another quarter of solid financial results, including an average realized margin of over $1,000 per ounce. During the quarter, earnings from mine operations were $76 million, net earnings were $24 million, or $0.05 per share, and adjusted net earnings were $46 million, or $0.10 per share. In key milestones, New Gold delivered on the targeted June production start at its New Afton mine and today announces that the mine has reached commercial production. The company also received a ruling from the Ontario Superior Court of Justice in late June confirming the company's partnership with Goldcorp Inc. ("Goldcorp") at the El Morro project. "Our company continued to build momentum in the second quarter, realizing strong operational and financial results and delivering on key objectives at our development projects that position us well for the future," stated Randall Oliphant , Executive Chairman.

Second Quarter 2012 Highlights

New Afton production started on June 28th with processing of ore from underground and surface stockpile and achieved commercial production on July 31st, ahead of schedule
Average daily milling rate in month of July of 7,428 tonnes per day, or 68% of 11,000 tonne per day nameplate capacity
Gold production increased by 8% to 95,158 ounces from 88,478 ounces in the same period of the prior year
Total cash cost(1) per ounce sold, net of by-product sales, of $472 per ounce, well below industry average
Earnings from mine operations of $76 million
Adjusted net earnings of $46 million, or $0.10 per share
Ontario Superior Court of Justice's publicly released decision on June 27, 2012 affirmed New Gold's partnership at El Morro
Blackwater - updated National Instrument 43-101 compliant mineral resource estimate subsequent to end of quarter, which includes:
Indicated gold resource: 230 million tonnes at an average grade of 0.96 grams per tonne containing 7.1 million ounces of gold at a 0.40 gold-equivalent gram per tonne cut-off grade
Inferred gold resource: 98 million tonnes at an average grade of 0.77 grams per tonne containing 2.5 million ounces of gold at a 0.40 gold-equivalent gram per tonne cut-off grade
Closed a $300 million 7.0% senior notes offering on April 5th
"I believe we may ultimately look back at the second quarter of 2012 as one of the most important in the company's history," added Mr. Oliphant. "We started New Afton on time, we won the El Morro lawsuit, we increased our financial flexibility and we found more gold at Blackwater. We are very proud of these achievements as well as our continued track record of delivering operationally."

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