New Gold (NGD 5.31%) reported fourth-quarter and full-year operational results before the opening bell today. The gold miner finished the year with its lowest costs in history while increasing its gold reserves per share by 127%. The fourth quarter was also its highest production quarter of the year as New Gold produced 106,520 ounces of gold and 24.0 million pounds of copper.

New Gold finished the year strong as it was able to push its total cash costs down to $316 per ounce and all-in sustaining costs to $883 per ounce in the quarter. For the full year, total cash costs were $377 per ounce, which was the lowest in New Gold's history. Meanwhile, full-year all-in sustaining costs were $899 per ounce.

The company also met its full-year outlook as it produced 397,688 ounces of gold, 85.4 million pounds of copper and 1.6 million ounces of silver. New Gold ended the year with 18.5 million ounces of gold in reserves, which as a 127% increase when compared to the end of 2012.

Looking ahead to 2014, New Gold expects further cost reductions will push its total cash costs down to a target of $320 to $340 per ounce, while its all-in sustaining costs will fall to $815 to $825 per ounce. The company expects to deliver gold production in a range of 380,000 to 420,000 ounces in 2014. New Gold expects to achieve this target as lower production at its Cerro San Pedro mine will be offset by a 23% production increase from its low-cost New Afton Mine, which is the company's biggest cash flow generator.