New Afton, an exciting project currently under construction in Western Canada. At today's gold and copper prices, New Afton will be an important cash flow generator; and
El Morro, a joint project with owner-operator Goldcorp Inc., in which New Gold has 30% interest. El Morro entered the permitting stage in November 2008, with delivery of the project's Environmnetal Impact Statement to the Chilean Authorities. Permitting is expected to take from 12 to 18 months, after which development activities could proceed.

Amapari was placed on care and maintenance on January 2, 2009, due to the depletion of ore suitable for treatment at the existing facilities. In early 2010, we announced an agreement to sell Amapari to Beadell Resources Inc., an Australian miner with interests in Brazil. In April 2010, New Gold received $37 million in cash and $16 million in Beadell shares for total consideration of $53 million from the sale of Amapari, resulting in New Gold holding approximately 19.5% of Beadell's shares outstanding.