(All dollar figures are in US dollars unless otherwise indicated)
TORONTO, Feb. 20, 2018 /PRNewswire/ - New Gold Inc. ("New Gold" or the "Company") (TSX:NGD) (NYSE American:NGD) today announces its 2017 fourth quarter and full-year financial results and updates its year-end reserve and resource estimates. The Company previously announced its preliminary 2017 operational results and 2018 guidance on January 16, 2018.
As the Company expects the sale of Peak Mines to close in the first quarter of 2018, Peak Mines has been classified as a discontinued operation. The below operational results are disclosed on a total basis and thus include Peak Mines for 2017 (unless otherwise noted). References to results from continuing operations exclude Peak Mines.
2017 Full Year
2017 Fourth Quarter
Mineral Reserves and Resources
"Together, our five mines delivered very solid operating results in 2017," stated Hannes Portmann, President and Chief Executive Officer. "With production at the high end of guidance and costs below guidance, New Gold generated the highest annual cash flow in our Company's history."
"Despite this record 2017 cash flow, our earnings were impacted by an impairment charge driven by the previously disclosed cost increases at Rainy River. Looking forward, our focus will be building upon our strong 2017 operational results and further optimizing the performance of our mines to deliver on our targeted per share growth in production, EBITDA and free cash flow," added Mr. Portmann.
Source: New Gold Inc.