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New Gold's Management Presents At Bank Of America Merrill Lynch 18th Annual Canada Mining Conference (Transcript)

Most recently we successfully commissioned New Afton. It hit commercial production earlier than we said, it would and that continues to ramp up. It’s target is l1,000 tons a day and its that we expect to get to by probably October or November and that’s what is its processing out today. We have other world class assets that we are developing. We believe that we can double our gold production, with the projects that we have in hand. We can do that with internally generated cash. We’re not dependent on the capital markets to be able to realize our growth aspirations. But we’ve got a decent track record of growing on net asset value per share. I think I will be able to demonstrate to you how we can – believe that we will be able to continue to do that.

Now, this has enabled our company over the course of there is a sense of frustration as you can see with the bottom three lines of the, these are all the various gold indices relative to the gold prices that’s been up 74% over the course of the past three years or so. And how our stock has done. And we believe by continuing to execute the way that we have by developing quality assets in politically secured jurisdiction that we’ll be able to outperform the gold price going forward.

I referred to operational execution, what we show for each of the last few years, is what our production guidance was sort of the green colored bars I guess and then the brown ones being what we actually delivered, and every single year, we deliver what we promise, from a production perspective, and in fact our cost have also been lower than what we projected. You can see for 2012, we estimate 405,000 to 445,000 ounces of production and we’re well on track to that. And from a cost perspective to $410 to $430 an ounce, and we’re also tracking well towards that number.

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