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NYSE MKT: NGD 3.20 -0.10 -3.03% Volume: 3,592,313 April 24, 2015
TSX: NGD 3.89 -0.10 -2.51% Volume: 1,373,933 April 24, 2015
GOLD: US $ 1,179.50 -14.43 -1.21% Volume: April 24, 2015
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  • Mineral reserves
  • Mineral reserves
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Reserves and Resources

SUMMARY OF MINERAL RESERVE AND MINERAL RESOURCE ESTIMATES

On February 4, 2015, the Company reported consolidated Mineral Reserve and Mineral Resource estimates for its mines and development projects as at December 31, 2014. A consolidated summary of total gold, silver and copper contained within New Gold’s global Mineral Reserves and Mineral Resources is set out in the table below. New Gold’s Mineral Reserve and Mineral Resource estimate as at December 31, 2013, which was included in New Gold’s annual information form for the year ended December 31, 2013, had included Mineral Reserves in Mineral Resources, as permitted by NI 43-101. New Gold has revised its approach to the reporting of Measured and Indicated Mineral Resources. Measured and Indicated Mineral Resources are now reported exclusive of Mineral Reserves. As a result, in the Mineral Reserve and Mineral Resource estimates presented below, Mineral Resources do not include Mineral Reserves.

New Gold’s Mineral Reserve and Mineral Resource estimates have been reviewed and approved by Mr. Mark A. Petersen, a Qualified Person as defined under NI 43-101.

MINERAL RESERVES AND MINERAL RESOURCES SUMMARY TABLE


 
Gold
Koz
Silver
Moz
Copper
Mlbs
Proven and Probable Reserves 17,646 82 2,821
New Afton 760 3 781
Mesquite 1,679 - -
Peak Mines 375 1 89
Cerro San Pedro 215 8 -
Rainy River 3,772 9 -
Blackwater 8,170 61 -
El Morro (30%) 2,675 - 1,951
Measured and Indicated Resources (exclusive of Reserves) 8,094 34 1,728
Inferred Resources 3,488 21 1,746

Notes to the Mineral Reserve and Mineral Resource estimates are provided below.

 

MINERAL RESERVES

Mineral Reserve estimates for the New Afton Mine, Mesquite Mine, Peak Gold Mines, Cerro San Pedro Mine, Rainy River Project, Blackwater Project and El Morro Project as at December 31, 2014, are presented in the following table.

MINERAL RESERVE ESTIMATES
    Metal grade Contained metal


 
Tonnes
000s
Gold
g/t
Silver
g/t
Copper
%
Gold
Koz
Silver
Koz
Copper
Mlbs
NEW AFTON            
Proven - - - - - - -
Probable 42,026 0.56 2.3 0.84 760 3,119 781
Total New Afton P&P 42,026 0.56 2.3 0.84 760 3,119 781
MESQUITE              
Proven 16,330 0.48 - - 250 - -
Probable 77,392 0.57 - - 1,429 - -
Total Mesquite P&P 93,722 0.56 - - 1,679 - -
PEAK MINES              
Proven 1,520 4.35 7.2 1.21 213 351 41
Probable 1,800 2.79 6.5 1.23 162 377 49
Total Peak Mines P&P 3,330 3.51 6.8 1.22 375 728 89
CERRO SAN PEDRO              
Proven 4,616 0.55 18.8 - 82 2,798 -
Probable 7,514 0.55 21.2 - 133 5,126 -
Total CSP P&P 12,130 0.55 20.3 - 215 7,924 -
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 0.39 2.0 - 462 2,390 -
Total P&P              
Proven 22,682 1.14 1.9 - 830 1,370 -
Probable 81,594 1.12 3.1 - 2,942 8,040 -
Total Rainy River P&P 104,276 1.13 2.8 - 3,772 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) 294,200 0.79 4.7 - 7,520 44,400 -
Stockpile material              
Proven 20,100 0.50 3.6 - 325 2,300 -
Probable 30,100 0.34 14.6 - 325 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         17,646 81,981 2,821

Notes to the Mineral Reserve estimates are provided below.

MINERAL RESOURCES
Mineral Resource estimates for the New Afton Mine, Mesquite Mine, Peak Gold Mines, Cerro San Pedro Mine, and El Morro Project, as at December 31, 2014, and for the Rainy River Project and Blackwater Project as at March 10, 2015, in each case exclusive of Mineral Reserves, are presented in the following tables:

MEASURED AND INDICATED MINERAL RESOURCE ESTIMATES (EXCLUSIVE OF MINERAL RESERVES)
    Metal grade Contained metal
  Tonnes
000s
Gold
g/t
Silver
g/t
Copper
%
Gold
Koz
Silver
Koz
Copper
Mlbs
NEW AFTON              
A&B Zones              
Measured 15,878 0.76 2.3 0.95 390 1,183 334
Indicated 9,031 0.50 2.4 0.75 146 705 149
A&B Zone M&I 24,909 0.67 2.3 0.88 535 1,878 483
C-Zone              
Measured 10,187 1.11 2.5 1.18 364 819 266
Indicated 27,766 0.76 2.1 0.90 682 1,848 548
C-Zone M&I 37,953 0.86 2.2 0.97 1,046 2,672 814
HW Lens              
Measured - - - - - - -
Indicated 10,180 0.52 2.1 0.45 170 691 100
HW Lens M&I 10,180 0.52 2.1 0.45 170 691 100
Total New Afton M&I 73,042 0.75 2.2 0.87 1,751 5,235 1,397
MESQUITE              
Measured 6,571 0.45 - - 94 - -
Indicated 80,613 0.44 - - 1,153 - -
Total Mesquite M&I 87,184 0.44 - - 1,242 - -
PEAK MINES              
Measured 1,700 3.77 5.5 0.77 210 300 29
Indicated 2,100 2.97 7.2 1.00 200 480 46
Total Peak Mines M&I 3,800 3.33 6.4 0.90 410 780 75
CERRO SAN PEDRO              
Measured - - - - - - -
Indicated - - - - - - -
Total CSP M&I - - - - - - -
RAINY RIVER              
Direct processing material              
Open Pit              
Measured 3,416 1.35 1.8 - 148 199 -
Indicated 36,899 1.30 3.6 - 1,548 4,284 -
Open Pit M&I (direct processing) 40,315 1.31 3.5 - 1,696 4,483 -
Underground              
Measured - - - - - - -
Indicated 5,595 3.99 15.2 - 718 2,728 -
Underground M&I (direct processing) 5,595 3.99 15.2 - 718 2,728 -
Total M&I Direct Processing 45,910 1.64 4.9 - 2,414 7,211 -
               
Stockpile material              
Open Pit              
Measured 1,232 0.35 1.2 - 14 49 -
Indicated 34,118 0.43 2.5 - 468 2,739 -
Open Pit M&I (stockpile) 35,350 0.42 2.5 - 482 2,788 -
Total M&I              
Measured 4,648 1.08 1.7 - 162 248 -
Indicated 76,612 1.11            3.9 - 2,734 9,751 -
Total Rainy River M&I 81,260 1.11 3.8 - 2,896 9,999 -
BLACKWATER              
Direct processing material              
Measured 293 1.38 6.7 - 13 63 -
Indicated 36,411 0.85 4.6 - 999 5,385 -
M&I (direct processing) 36,703 0.86 4.6 - 1,011 5,448 -
Stockpile material              
Measured - - - - - - -
Indicated 12,659 0.31 3.9 - 124 1,587 -
M&I (stockpile) 12,659 0.31 3.9 - 124 1,587 -
Total Blackwater M&I 49,362 0.72 4.4 - 1,136 7,035 -
CAPOOSE              
Indicated 16,071 0.57 21.7 - 293 11,233 -
EL MORRO             100% Basis 30% Basis
Measured 19,790 0.53 - 0.51 102 - 67
Indicated 72,563 0.38 - 0.39 265 - 189
Total El Morro M&I 92,353 0.41 - 0.42 366 - 256
Total M&I         8,094 34,283 1,728

Notes to the Mineral Resource estimates (exclusive of Mineral Reserves) are provided below. 

INFERRED MINERAL RESOURCE

INFERRED MINERAL RESOURCE ESTIMATES
    Metal grade Contained metal
  Tonnes
000s
Gold
g/t
Silver
g/t
Copper
%
Gold
Koz
Silver
Koz
Copper
Mlbs
NEW AFTON              
A&B-Zone 6,154 0.35 1.4 0.37 69 269 50
C-Zone 6,965 0.47 1.5 0.53 105 329 82
HW Lens 966 0.69 1.5 0.46 21 45 10
New Afton Inferred 14,085 0.43 1.4 0.46 195 643 142
MESQUITE 6,619 0.33 - - 70 - -
PEAK MINES 1,600 1.77 6.2 1.33 92 320 47
CERRO SAN PEDRO 199 0.56 19.1 - 4 122 -
RAINY RIVER              
Direct processing              
Open Pit 7,785 0.82 2.7 - 206 665 -
Underground 2,609 4.20 7.6 - 352 635 -
Total Direct Processing 10,394 1.67 3.9 - 558 1,300 -
Stockpile              
Open Pit 7,694 0.32 4.2 - 79 1,036 -
Rainy River Inferred 18,088 1.10 4.0 - 637 2,336 -
BLACKWATER              
Direct processing 8,915 0.81 3.5 - 233 1,003 -
Stockpile 1,881 0.32 3.3 - 19 200 -
Blackwater Inferred 10,796 0.73 3.5 - 252 1,203 -
CAPOOSE 19,776 0.48 26.2 - 302 16,670 -
El MORRO   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         3,488 21,294 1,746

Notes to the Inferred Mineral Resource Estimates are provided below.

1.      New Gold’s Mineral Reserves and Mineral Resources have been estimated in accordance with the CIM Standards, which are incorporated by reference in NI 43-101.

2.      Year-end 2014 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

$/ounce

Silver

$/ounce

Copper

$/pound

Lower cut-off

New Afton $1,200 $18.00 $3.00 $21.00/t B1 & B2 Zone; $24.00/t B3 Zone
Mesquite $1,200 -- -- 0.21 g/t Au – Oxide and transition reserves
0.41 g/t Au – Non-oxide reserves
Peak Mines $1,200 $18.00 $3.00 A$88 to A$142/t NSR
Cerro San Pedro $1,200 $18.00 -- $4.00/t
Rainy River $1,200 $18.00 -- Open Pit direct processing: 0.30 – 0.70 g/t AuEq
Open Pit stockpile: 0.30 g/t AuEq
Underground: 3.50 g/t AuEq
Blackwater $1,200 $18.00 -- Direct processing: 0.26 – 0.38 g/t AuEq
Stockpile: 0.32 g/t AuEq
El Morro $1,300 -- $3.00 0.20% CuEq

3.      New Gold reports its Measured and Indicated Mineral Resources exclusive of 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, economic and legal feasibility, do not have demonstrated economic viability, and are likewise exclusive of Mineral Reserves.

4.      Year-end 2014 Mineral Resources for the Company’s mineral properties (other than the Mineral Resource estimates for the Rainy River Project and Blackwater Project, which are effective March 10, 2015) have been estimated based on the following metal prices and lower cut-off criteria:

Mineral Property

Gold

$/ounce

Silver

$/ounce

Copper

$/pound

Lower cut-off

New Afton $1,300 $20.00 $3.25 0.40% CuEq
Mesquite $1,300 -- -- 0.12 g/t Au – Oxide and transition resources
0.24 g/t Au – Non-oxide resources
Peak Mines $1,300 $20.00 $3.25 A$93 to A$133/t NSR
Cerro San Pedro $1,300 $20.00 -- 0.10 g/t AuEq – Open Pit oxide resources
0.30 g/t AuEq – Open Pit sulphide resources
Rainy River $1,300 $20.00 -- Open Pit direct processing: 0.30 – 0.45 g/t AuEq
Open Pit stockpile: 0.30 g/t AuEq
Underground: 2.50 g/t AuEq
Blackwater $1,300 $20.00 -- Direct processing: 0.40 g/t AuEq
Stockpile:  0.30 – 0.40 g/t AuEq
Capoose $1,300 $20.00 -- 0.40 g/t AuEq
El Morro $1,500 -- $3.50 0.20% CuEq

5.      Mineral Resources are classified as Measured, Indicated and Inferred 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. Mineral Reserves and Mineral Resources may be materially affected by environmental, permitting, legal, title, taxation, sociopolitical, marketing and other risks and relevant issues. Additional details regarding Mineral Reserve and Mineral Resource estimation, classification, reporting parameters, key assumptions and associated risks for each of New Gold’s material properties are provided in the respective NI 43-101 Technical Reports which are available at www.sedar.com.

6.      All Mineral Resource and Mineral Reserve estimates for New Gold’s operating properties and El Morro Project are effective December 31, 2014. For the Rainy River and Blackwater Projects, the Mineral Resource estimates are effective March 10, 2015 and the Mineral Reserve estimates are effective December 31, 2014.  For the Rainy River Project, the Mineral Resource estimate reflects New Gold’s acquisition of Bayfield, which was effective January 1, 2015.

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