All figures are in US dollars unless otherwise indicated)

VANCOUVER, Feb. 5, 2013 /CNW/ - New Gold Inc. ("New Gold") (TSX and NYSE MKT:NGD) today announces fourth quarter and full year 2012 operational results as well as 2013 guidance, combining continued operational execution with gold production growth and declining total cash costs(1). The company finished 2012 with gold production of 411,892 ounces at total cash costs(1) per ounce sold, net of by-product sales, of $421 per ounce. After delivering 6% gold production growth and a $25 per ounce decrease in total cash costs(1) per ounce sold, net of by-product sales, during 2012, New Gold's 2013 guidance outlines continued gold production growth coupled with a further decline in costs. For 2013, the company forecasts gold production of 440,000 to 480,000 ounces at total cash costs(1) per ounce sold, net of by-product sales, of $265 to $285 per ounce. "We are very pleased with our operational performance in 2012 as our teams continued to execute," stated Randall Oliphant, Executive Chairman. "Looking forward, a full year of operations at New Afton allows us to, once again, combine gold production growth with substantially lower costs, which I believe is one of the key differentiators of our company."

Fourth Quarter and Full Year 2012 Highlights
Strong finish to 2012 with fourth quarter gold production of 112,883 ounces at total cash costs(1), net of by-product sales, of $254 per ounce, the lowest in the company's history

Met annual operational guidance for fourth consecutive year

2012 gold production increased by 6% to 411,892 ounces from 387,155 ounces

2012 total cash costs(1) per ounce sold, net of by-product sales, decreased to $421 per ounce from $446 per ounce

2012 year end Measured and Indicated gold resources of 21.4 million ounces, an increase of 10% per share when compared to the prior year end

New Afton mine life extended by two years from 12 to 14 years through exploration efforts

Simplified balance sheet finishing 2012 with highest ever year end cash balance of $688 million and all corporate debt due in 2020 or beyond.

2013 Outlook Highlights
Targeting further ~12% gold production growth to between 440,000 and 480,000 ounces
A forecasted doubling of copper production to drive total cash costs(1)per ounce sold, net of by-product sales, down by approximately $145 per ounce to $265 to $285 per ounce
2013 all-in sustaining cash costs(2) estimated to be $875 per ounce
New Afton mill throughput expected to reach sustainable 12,000 tonnes per day, or 9% increase over nameplate capacity, by end of 2013
Exploration team to build upon successful drill results at New Afton C-zone and further test the new targets identified on the company's 1,000 square kilometre land position at Blackwater
Blackwater Feasibility Study to be completed in late 2013

The preliminary information provided for production, sales and total cash costs(1) are approximate figures and may differ slightly from the final results included in the 2012 annual audited financial statements and MD&A.

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