Commodity Online
New Gold Inc. (TSE:NGD) has announced Q1 2009 Financial results with net earnings of $12.1 million or $0.06/share growing by 23% against $9.8 million or $0.13/share in Q1 2008.

New Gold Inc. is a Vancouver based intermediate gold producer with a portfolio of global assets in Mexico, Canada, Australia, Brazil, Chile and the United States.



NGD reported cash-flow from operations of $7.7 million while gold production of 54,938 ounces for Q1 2009. Gold sales amounted to 55,397 ounces at a total cash cost of $513/ounce net of by-product sales whereas Cash and cash equivalents were $137 million.

New Gold Q1 2009 revenue stood at $58.8 million against $56.2 million in Q1 2008 with higher volume sold offsetting lower realized price.

Notably, New Gold Inc. has formally announced a business combination with Western Goldfields Inc. (AMEX:WGW) which on approval targets the combined gold production forecast at 330,000 ounces.

NGD gained 1.18% at Toronto Stock Exchange on Wednesday and was last traded at 2.58. It touched a 52-week high of 10 and low of 0.94 whereas it gained 16.74% in preceding 30 days.

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