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Decline | Accept

NYSE MKT: NGD 4.99 +0.00 +0% Volume: 2,804,800 April 16, 2014
TSX: NGD 5.50 +0.00 +0% Volume: 1,990,800 April 16, 2014
GOLD: US $ 1,297.99 -4.23 -0.32% Volume: April 17, 2014
 
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Reserves and Resources

Mineral Reserves statement as at December 31, 2013
    Metal grade Contained metal
  Tonnes
000's
Gold
g/t
Silver
g/t
Copper
%
Gold
Koz
Silver
Koz
Copper
Mlbs
New Afton              
Proven - - - - - - -
Probable 48,821 0.56 2.2 0.84 879 3,500 904
Total New Afton P&P 48,821 0.56 2.2 0.84 879 3,500 904
Mesquite              
Proven 3,809 0.70 - - 86 - -
Probable 112,094 0.60 - - 2,152 - -
Total Mesquite P&P 115,903 0.60 - - 2,237 -                      -
Peak Mines              
Proven 1,820 4.35 6.7 1.16 255 390 47
Probable 1,820 2.69 7.4 1.27 157 430 51
Total Peak Mines P&P 3,640 3.52 7.1 1.22 412 820                   98
Cerro San Pedro              
Proven 12,982 0.47 17.5 - 197 7,311 -
Probable 13,714 0.44 18.7 - 195 8,239 -
Total CSP P&P 26,696 0.46 18.1 - 392 15,550 -
Rainy River              
Direct processing material              
Open Pit              
Proven 15,839 1.47 2.0 - 746 1,038 -
Probable 46,866 1.26 3.1 - 1,896 4,594 -
Open Pit P&P (direct processing) 62,705 1.31 2.8 - 2,642 5,632 -
Underground              
Proven - - - - - - -
Probable 4,187 4.96 10.3 - 668 1,388 -
Underground P&P (direct processing) 4,187 4.96 10.3 - 668 1,388 -
Stockpile material              
Open Pit              
Proven 6,843 0.38 1.5 - 84 332 -
Probable 30,541 0.39 2.1 - 378 2,058 -
Open Pit P&P (stockpile) 37,384 0.38 2.0 - 462 2,390 -
Total P&P              
Proven 22,681 1.14 1.9 - 830 1,370 -
Probable 81,594 1.12 3.1 - 2,943 8,040 -
Total Rainy River P&P 104,275 1.13 2.8 - 3,773 9,410                      -
Blackwater              
Direct processing material              
Proven 124,500 0.95 5.5 - 3,790 22,100 -
Probable 169,700 0.68 4.1 - 3,730 22,300 -
P&P (direct processing) 294,300 0.79 4.7 - 7,510 44,400 -
Stockpile material              
Proven 20,100 0.50 3.6 - 330 2,300 -
Probable 30,100 0.34 14.6 - 330 14,100 -
P&P (stockpile) 50,200 0.40 10.2 - 650 16,400 -
Total Blackwater P&P 344,400 0.74 5.5 - 8,170 60,800 -
El Morro 100% Basis 30% Basis
Proven 321,814 0.56 - 0.55 1,746 -             1,163
Probable 277,240 0.35 - 0.43 929 - 788
Total El Morro P&P 599,054 0.46 - 0.49 2,675 - 1,951
Total P&P         18,538 90,080 2,953


Measured and Indicated mineral Resource statement (inclusive of Reserves) as at December 31, 2013  
    Metal grade Contained metal  
  Tonnes
000's
Gold
g/t
Silver
g/t
Copper
%
Gold
Koz
Silver
Koz
Copper
Mlbs
 
New Afton                
A&B Zones                
Measured 41,059 0.79 2.7 1.09 1,041 3,624 984  
Indicated 26,966 0.44 2.1 0.65 384 1,777 384  
A&B Zone M&I 68,025 0.65 2.5 0.91 1,425 5,401 1,368  
C-Zone                
Measured 618 0.75 1.5 0.91 15 30 12  
Indicated 25,223 0.84 2.0 0.91 678 1,589 504  
C-Zone M&I 25,842 0.83 2.0 0.91 693 1,620 516  
HW Lens                
Measured - - - - - - -  
Indicated 11,035 0.50 2.2 0.43 179 763 104  
HW Lens M&I 11,035 0.50 2.2 0.43 179 763 104  
Total New Afton M&I 104,901 0.68 2.3 0.86 2,297 7,786 1,988  
Mesquite                
Measured 9,070 0.66 - - 191 - -  
Indicated 304,081 0.48 - - 4,713 - -  
Total Mesquite M&I 313,151 0.49 - - 4,904 - -  
Peak Mines                
Measured 3,000 4.69 6.7 1.06 450 650 70  
Indicated 3,400 3.29 6.7 1.18 360 730 88  
Peak Mines M&I 6,400 3.95 6.7 1.12 810 1,380 158  
Cerro San Pedro                
Measured 13,387 0.46 17.3 - 199 7,459 -  
Indicated 14,311 0.43 18.4 - 198 8,489 -  
Total CSP M&I 27,698 0.45 17.9 - 397 15,948 -  
Rainy River                
Direct processing material                
Open Pit                
Measured 20,282 1.45 1.9 - 947 1,261 -  
Indicated 80,411 1.35 2.6 - 3,486 6,584 -  
Open Pit M&I (direct processing) 100,693 1.37 2.4 - 4,433 7,846 -  
Underground                
Measured 89 4.95 2.8 - 14 8 -  
Indicated 5,469 4.53 11.3 - 796 1,994 -  
Underground M&I (direct processing) 5,558 4.53 11.2 - 810 2,002 -  
Stockpile material                
Open Pit                
Measured 6,294 0.37 1.3 - 74 262 -  
Indicated 64,816 0.44 2.2 - 919 4,526 -  
Open Pit M&I (stockpile) 71,110 0.43 2.1 - 993 4,788 -  
Total M&I                
Measured 26,665 1.21 1.8 - 1,035 1,531 -  
Indicated 150,696 1.07 2.7 - 5,202 13,104 -  
Total Rainy River M&I 177,361 1.09 2.6 - 6,236 14,635 -  
Blackwater                
Direct processing material                
Measured 116,955 1.04 5.6 - 3,900 21,060 -  
Indicated 189,044 0.78 6.0 - 4,730 36,470 -  
M&I (direct processing) 305,999 0.88 5.8 - 8,620 57,520 -  
Stockpile material                
Measured 26,521 0.30 4.1 - 260 3,500 -  
Indicated 64,382 0.30 4.4 - 620 9,110 -  
M&I (stockpile) 90,904 0.30 4.3 - 870 12,600 -  
Total Blackwater M&I 396,903 0.74 5.5 - 9,500 70,130 -  
Capoose                
Indicated 20,280 0.50 22.4 - 320 14,620 -  
El Morro 100% Basis 30% Basis  
Measured 341,604 0.56 - 0.54 1,848 - 1,230  
Indicated 349,803 0.35 - 0.42 1,193 - 977  
Total El Morro M&I 691,407 0.46 - 0.48 3,041 - 2,207  
Total M&I         27,505 124,499 4,353  


Inferred Resource statement as at December 31, 2013
    Metal grade Contained metal
  Tonnes
000's
Gold
g/t
Silver
g/t
Copper
%
Gold
Koz
Silver
Koz
Copper
Mlbs
New Afton              
A&B-Zone 5,607 0.32 1.5 0.38 59 272 46
C-Zone 11,288 0.63 1.7 0.64 227 602 159
HW Lens 818 0.56 1.3 0.42 15 33 7
New Afton Inferred 17,713 0.53 1.6 0.54 301 907 212
Mesquite 17,550 0.42 - - 238 - -
Peak Mines             2,000                 2.34                    4.7                 1.17                  150                  300                     51
CSP 1,174 0.34 11.6 - 13 436 -
Rainy River              
Direct processing              
Open Pit 9,388 0.97 2.3 - 292 687 -
Underground 2,641 4.46 8.3 - 379 707 -
Total Direct Processing 12,029 1.74 3.6 - 671 1,394 -
Stockpile              
Open Pit 8,626 0.37 1.2 - 102 323 -
Rainy River Inferred 20,655 1.16 2.6 - 773 1,717 -
Blackwater              
Direct processing 13,815 0.76 4.1 - 340 1,820 -
Stockpile 3,785 0.31 3.6 - 40 440 -
Blackwater Inferred 17,600 0.66 4.0 - 380 2,260 -
Capoose          29,263                 0.39                 26.3                        -                  370             24,740                        -
  100% Basis 30% Basis
El Morro - Open Pit 564,217 0.16 - 0.26 871 - 970
El Morro - Underground 113,840 0.97 - 0.78 1,065 - 587
Total Inferred         4,161 30,360 1,821

New Gold reports its Measured and Indicated mineral resources inclusive of its mineral reserves. Measured and Indicated mineral resources that are not mineral reserves do not have demonstrated economic viability. Inferred mineral resources have a greater amount of uncertainty as to their existence and economic and legal feasibility, do not have demonstrated economic viability, and are exclusive of mineral reserves. Mineral reserves have been estimated in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum (“CIM”) definition standards and National Instrument 43-101 (“NI 43-101”).

1) Mineral Reserves for the company’s mineral properties have been estimated based on the following metal prices and lower cut-off criteria:

Mineral Property Gold (US$/oz) Silver (US$/oz) Copper (US$/lb) Lower Cut-off
New Afton $1,300 $22.00 $3.00 US$21.00/t NSR
Mesquite $1,300 - - 0.21 g/t Au – Oxide and transition reserves 0.41 g/t Au – Non-oxide reserves
Peak Mines $1,300 $22.00 $3.00 A$88 – 134/t NSR
Cerro San Pedro $1,300 $22.00 - US$3.00/t
Rainy River    $800 $1,300 $25.00 $22.00 - Open Pit: 0.3 – 0.7 g/t Au Underground: 3.5 g/t Au
Blackwater $1,300 $22.00 - Direct processing: 0.26 – 0.38 g/t AuEq Stockpile: 0.32 g/t AuEq
El Morro $1,300 - $3.00 0.20% Cu

2) Mineral Resources for the company’s mineral properties have been estimated based on the following metal prices and lower cut-off criteria:

Mineral Property Gold (US$/oz) Silver (US$/oz) Copper (US$/lb) Lower Cut-off
New Afton $1,400 $24.00 $3.25 0.40% CuEq
Mesquite $1,400 - - 0.11 g/t Au – Oxide and transition resources 0.22 g/t Au – Non-oxide resources
Peak Mines $1,400 $24.00 $3.25 A$92 - 125/t NSR
Cerro San Pedro $1,400 $24.00 - 0.10 g/t AuEq – Open pit oxide resources 0.30 g/t AuEq – Open pit sulphide resources
Rainy River $1,400 $24.00 - Open Pit: 0.3 – 0.45 g/t Au Underground: 2.5 g/t Au
Blackwater $1,400 $24.00 - Direct processing: 0.40 g/t AuEq Stockpile: 0.30 – 0.40 g/t AuEq
Capoose $1,400 $24.00 - 0.40 g/t AuEq
El Morro $1,300 - $3.00 0.20% Cu

3) Mineral resources are classified as Measured, Indicated and Inferred resources and are reported based on technical and economic parameters consistent with the methods most suitable for their potential commercial exploitation. Where different mining and/or processing methods might be applied to different portions of a mineral resource, the designators ‘open pit’ and ‘underground’ have been applied to indicate envisioned mining method. Likewise the designators ‘oxide’, ‘non-oxide’ and ‘sulphide’ have been applied to indicate the type of  mineralization as it relates to appropriate mineral processing method and expected payable metal recoveries. Additional details regarding mineral resource estimation, classification, reporting parameters, key assumptions and associated risks for each of New Gold’s mineral properties, other than Rainy River, are provided in the respective NI 43-101 Technical Reports which are available at www.sedar.com. Refer to the supplementary information below regarding the mineral reserve and mineral resource estimates for Rainy River.

Rainy River Mineral Reserves:

1. Open pit mineral reserves have been estimated using an optimized pit shell based on metal prices of $800 per ounce gold and $25 per ounce silver, a foreign exchange rate of C$1.05 to US$1.00, gold recovery of 89.9% (non-CAP Zone) and 74.3% (CAP Zone) and a silver recovery of 67.1% (non-CAP Zone) and 69.5% (CAP Zone). The cut-off grade is based on a gold price of $1,200. Underground reserves have been estimated from mining shapes generated using a cut-off grade of 3.5 g/t gold-equivalent. Development material from stope access drives above a cut-off grade of 1.5 g/t gold-equivalent is also assumed to be sent to the mill for processing. Underground breakeven cut-off grade is calculated at 2.75 g/t gold-equivalent based on metal prices of $1,300 per ounce gold and $22 per ounce silver, a foreign exchange rate of CAD $1.05 to USD $1.00, gold recovery of 95% and a silver recovery of 75%.

2. Open pit reserves have been estimated using a dilution of 4% at 0.21 g/t Au and 1.19 g/t Ag, and underground reserves have been estimated using an overall dilution of 8.3%, inclusive of both rock and backfill dilution. Open pit and underground reserves have been estimated using a mining recovery of 95% and 96.5%, respectively.

3. Open pit direct processing material is defined as mineralization likely to be mined and processed directly and above a variable cut-off grade ranging from 0.3-0.7 Au g/t.

4. Stockpile material includes all material within designed open pit between variable cut-offs described above in Note 3, as well as material within the CAP Zone (code 500) that is suitable for stockpiling and future processing.

5. Mineral Reserves for the open pit are derived from the resource model effective November 2, 2013. Models for the underground reserves were derived from the August 2013 and September 2013 models for the main ODM zone and Intrepid Zone, respectively. Models were prepared by Dorota El-Rassi, P.Eng. (APEO #100012348) and Glen Cole, P.Geo. (APGO #1416), of SRK, both independent “Qualified Persons" as that term is defined in National Instrument 43-101. Rainy River’s exploration program in Richardson Township is being supervised by Mark A. Petersen, (AIPG Certified Professional Geologist #10563), Vice President, Exploration for New Gold and a “Qualified Person” as defined in National Instrument 43-101. New Gold continues to implement a rigorous QA/QC program to ensure best practices in drill core sampling, analysis and data management.

6. Qualified persons - The open pit portion of the mineral reserve statement was prepared under the supervision of Patrice Live (OIQ #38991) of BBA, and the underground portion of the mineral reserve statement was prepared by Colm Keogh, P.Eng. (APEGBC #37433) of AMC Mining Consultants (Canada) Ltd., both independent “Qualified Persons" as that term is defined in National Instrument 43-101.

7. The mineral reserve estimate may be materially affected by environmental, permitting, legal, title, taxation, sociopolitical, marketing, and other relevant issues.

Rainy River Mineral Resources:

1. Mineral resources are reported in relation to conceptual pit shells and are inclusive of the Intrepid zone. Vertical limit of -150m msl.

2. Open pit mineral resources are reported at a cut-off grade of 0.30 gpt gold, underground mineral resources are reported at a cut-off grade of 2.5 gpt gold based on a gold price of $1,400 per ounce, a silver price of $24.00 per ounce, a foreign exchange rate of C$1.10 to US$1.00, gold recovery of 88% for open pit resources and 90% for underground resources with silver recovery at 75%.

3. Direct processing material is defined as mineralization above a cut-off of 0.45 g/t gold and likely to be mined and processed directly.

4. Stockpile material includes all material within conceptual pit shells in the gold grade range 0.30 – 0.45 gpt as well as all material within the CAP zone that is suitable for stockpiling and future processing based on average metallurgical recoveries of 88% gold and 75% silver.

5. Qualified Persons – The mineral resource statement was prepared by Dorota El-Rassi, P. Eng. (APEO #100012348) and Glen Cole (APGO #1416) from SRK, both independent "Qualified Persons" as that term is defined in National Instrument 43-101.

6. Mineral resources are inclusive of mineral reserves.  Mineral resources that are not mineral reserves do not have demonstrated economic viability.

7. The mineral resource estimate may be materially affected by environmental, permitting, legal, title, taxation, sociopolitical, marketing and other relevant issues.

4) Qualified Person: The preparation of New Gold's mineral reserve and mineral resource statements has been done by Qualified Persons as defined under National Instrument 43-101 under the supervision of Mark A. Petersen, a Qualified Person under National Instrument 43-101 and an officer of New Gold.

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