New Gold reports lowest costs in its history, investors not impressed.

The gold miner's share price dropped more than 6% to trade at $6 per share on Thursday after the company released its full-year results for 2013 and its 2014 outlook.

Throughout 2013 the company achieved its lowest-ever total cash costs: $377 per ounce.

However, all-in sustaining costs – which include exploration expense, head office costs, and sustaining capital - were $899 per ounce, below its initial estimate of $875.

The miner is targeting additional cash cost reductions in 2014 with a goal of below $340 per ounce. The all-in sustaining costs target is between $815 and $835 per ounce.

New Gold's 2013 year-end gold reserves increased by 10.7 million ounces to total 18.5 million – an increase of 127% per share when compared with the end of 2012. Silver reserves rose by 173%.

Read More: www.mining.com/new-gold-reports-lowest-costs-in-its-history-investors-not-impressed-16958/