The Blackwater project is estimated to generate an average annual gold production of 507,000oz gold and silver production of 2,039,000oz over the first 15 years of mine life, the production of which is scheduled to start in 2017.
The company will sell the ore at $536 an oz, generating an estimated 5% net present value of $1.1bn.
Construction is set to commence in 2015 and the mine will produce 60,000t a day once production is underway.
Blackwater has indicated gold and silver resources of 6.2 and 18.6 million oz respectively and inferred resources of 1.8 and 13.5 million oz respectively.
New Gold executive chairman Randall Oliphant said, "Our flagship property is expected to produce over half a million ounces of gold per year at low cash costs in a great jurisdiction."
New Gold president and CEO Robert Gallagher added, "The completion of the PEA and upcoming filing of our Project Description allow us to formally begin the permitting process for Blackwater."
