This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

New Gold CEO Discusses Q2 2012 Results - Earnings Call Transcript

We are also very excited to have Ernie become part of our management team. He has a tremendous amount of experience with both, operating and development stage projects. Ernie was most recently President of Inmet Mining's Panamanian operations and prior to that, worked in progressive more senior roles with Falconbridge, Noranda and Xstrata. Ernie will oversee the company's four currently producing mines. We feel fortunate knowing our operations are in good hands.

During the quarter, our operating mines combined produced over 95,000 ounces of gold at a cash cost of $472 an ounce. After providing shareholders with an average realized margin of over $1,000 an ounce for the first time in 2011, we are proud to have maintained this level for both the first and second quarters of 2012.

A few very important milestones were achieved during the quarter. We announced the successful start at New Afton, delivering on the targeted June timeline laid out over three years ago. The first ore was processed through the mill on June 28. Since that time, the team has done a wonderful job in steadily ramping up the operation. It is to their credit that we are able to announce that we have achieved commercial production ahead of schedule.

In the month of July, we processed an average of 7,428 tons per day through the mill, representing 68% nameplate capacity. Over the last five days, the mill has produced over 11,000 tons a day and is thus running at nameplate capacity as we speak.

In June, we won the El Morro lawsuit, as the Ontario Superior Court of Justice dismissed Barrick's claims questioning the validity of the exercise of the right of first refusal. As the timeframe to appeal the decision as now lapsed, we look forward to moving ahead with Goldcorp. as our partner with the continued development of this great project.

3 of 4

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

DOW 18,050.51 -75.61 -0.42%
S&P 500 2,115.34 -5.45 -0.26%
NASDAQ 5,093.4210 -4.5550 -0.09%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs