madras economic new gold mine mining equipment price

california gold fever still reigns. new prospectors seek to reopen giant mine

california gold fever still reigns. new prospectors seek to reopen giant mine

The rush of prospectors and the blasting of ore have given way to small towns comfortable in the quiet of the foothills. The glory of the Mother Lode today lives largely in history museums, local tourism ads and an occasional bar named the Mine Shaft or Golden Era.

For the past four years, a Canadian mining company has been in Nevada County, about 60 miles northeast of Sacramento, collecting samples of what it suspects is one of the worlds highest-grade underground gold deposits, potentially worth billions.

Theres some really good targets that they left behind, President and CEO Ben Mossman said, as he stood in his office in Grass Valley recently, looking at a map of the long-shuttered mine and its 73 miles of underground tunnels. The fact that they planned to double production here before they closed says to us that they thought there would be a lot more gold.

As Mossman turns to the task of getting approvals to unseal and activate the abandoned mine just east of Grass Valleys city limits, however, the idea of reviving the regions signature industry is beginning to meet resistance.

The legacy of gold, while widely celebrated, is not something that many in this area, now home to more retirees and Bay Area transplants than men in hard hats and overalls, want to revisit. Mining may have given rise to this community, and more notably, lifted the entire state from frontier to financial powerhouse, but the scars it left on the landscape remain visible, and unwanted.

Creeks still get mucked up with iron and sulfuric acid from old mines. Soils contain arsenic left over from drilling. The occasional driveway or hillside falls into an uncovered and previously unknown mine vent.

Why does anyone in the world think its OK to bring back this toxic business? said Christy Hubbard, 63, whose yard backs up to the Idaho-Maryland Mine and is part of the growing opposition. We have an established residential community here now, and were talking about putting a gold mine right in the middle of it? ... They could be mining 200 feet under my house.

Representatives of Rise Gold assure neighbors that todays mining is not the trade of dusty caves, loud explosives and heavy-metal runoff. Most of the work would be hundreds, if not thousands, of feet below ground, they say, and undetectable.

A consulting firm is working with the county to prepare an environmental impact report on the project. Its designed to detail what modern mining would look like for the community and help the county Board of Supervisors decide whether to let Rise Gold push forward with an evocative piece of the past.

Its one of several parcels in the county that his company has spent $3.9 million acquiring since 2017. Rise Gold, headquartered in Vancouver, British Columbia, also has secured 2,585 acres of mineral rights, which cover the sprawling tunnels beneath the land as well as additional underground terrain extending below part of Grass Valley.

From the road, what little remains on the mines surface is hardly noticeable. The exception is a concrete silo that soars above the wooded property and covers a shaft that plunges more than 3,000 feet into the earth.

When the site was operational, as many as 1,000 workers came and went, helping make the Idaho-Maryland one of the most productive underground mines in California history. Its named after two of several mines that merged to form it.

The complex launched at end of the Gold Rush, in the 1860s. But the underground quartz veins that carry the gold and distinguish the regions high-value geology had a lot to offer here. The facility ran on and off through 1956, yielding a cumulative 2.4 million ounces of gold, worth more than $4 billion by todays prices.

Big mines like the Idaho-Maryland prospered into the 20th century but only until World War II. At that time, the federal government shut the gold mines to free up workers for military service. Most struggled to bounce back in the post-war economy, facing greater costs and increasing regulation.

The world changed, said John Clinkenbeard, a geologist formerly with the California Geological Survey and a leading expert on mining. It was costing more to produce an ounce of gold than you got back. Most mines closed in the mid-50s.

The gold industry moved to other states and continued abroad. Today, Nevada leads the United States in production, and like the handful of mines still operating in California, most gold is extracted from surface pits, not from costlier underground tunnels.

Theres a reason all of the mines here closed, said Mark Selverston, an archeologist with Sonoma State University who lives in Nevada County and lectures on mining history. Its hard to turn a profit. Theres still gold hidden here. But that it doesnt mean its worth getting.

As Mossman walked across his mostly empty mining grounds, surrounded by pine trees and draped in mountain sun, he explained that the existing mine shaft and tunnels mean that much of the work getting the gold is already done.

A water treatment and dewatering facility needs to be built to empty the tunnels of groundwater and keep them dry. The underground workings must be equipped with hoists, electric transport vehicles, a ventilation system and an additional shaft to move people and equipment up and down. At the surface, a processing plant will have to be constructed to pry the gold from the mined rock.

Before targeting the area, the engineer and his mining colleagues set out across the continent to find opportunities to mine gold. With the worlds surface supplies dwindling, environmental regulations around the globe catching up with Californias strict policies and gold prices rising, the team identified the Sierra foothills as uniquely competitive.

Theyve since figured, through their core sampling, that the rock in the Idaho-Maryland Mine has gold concentrations that any prospector would envy: likely a third of an ounce of gold per ton of ore or higher. The existing tunnels run to rock with these concentrations, going to about 3,400 feet below the surface even as past mining occurred to only about 1,600 feet, according to Rise Gold. Old mining records show the last operator was planning to tap the deeper reserves and ramp up production.

The Idaho-Maryland, if opened, would be the first mine in Rise Golds portfolio. Mossman, though, has worked at several underground mines between the Yukon and British Columbia before joining the publicly traded company. His advisory team is staffed with other industry vets. Theyre operating locally as a subsidiary, Rise Grass Valley Inc.

In downtown Grass Valley, 2 miles from the Rise Gold property, most mention of mining still dwells on the past, whether its reference to a Gold Rush-era shop or saloon or a nearby state park honoring the historical Empire Mine or Malakoff Diggins.

Some merchants, however, have begun to speak optimistically about a mine in the future. The nostalgia, promise of an economic anchor for the town of 13,000 and an estimated 300 new jobs, they say, holds appeal.

It seems like a lot of the older residents like that kind of stuff, said Dave Williams, 70, who owns Williams Stationery and whose family has been selling newspapers, gifts and office supplies at the shop since 1949.

Williams remembers growing up in Grass Valley, hearing the whir of the mines and the whistle at shift change. Like many in the area, he traces his ancestry to Cornish miners who immigrated to California in search of new fortunes.

On the eastern edge of town, closer to the main mine grounds, the mood is different. Lawn signs dot the rural neighborhoods signaling the opposition: No Mine: Protect Our Air, Water, Quality of Life.

One of those signs sits in front of the home of Heidi Zimmerman, 58, who says when Rise Gold was drilling to get rock samples, she had to sleep in her living room because of the leaf-blower-like buzz spilling into her bedroom.

Shes among many near the mine who worry about vibration, noise and traffic. Underground blasting and surface rock crushing could take place 24 hours a day, seven days a week and trucks could roll in and out 16 hours every day if the site reopens. Theres also concern about the dewatering of the mine lowering the water table and causing those with wells to lose supplies.

Local environmentalists have been looking more broadly at the possibility of dust choking the areas blue skies and the dewatering washing harmful minerals into creeks. Some question the wisdom of clawing into the earth simply for a vanity metal.

Nevada County Supervisor Dan Miller, who represents the Grass Valley area, says hes waiting to see what the outside consultants say about the mine before weighing in. He doesnt want the community disrupted but, at the same time, thinks there could be benefits.

After the region lost much of its timber industry, Miller recalls, the county pinned its financial hopes on tourism, then tech, then marijuana. Nothing provided the year-round sustenance that residents were yearning.

Weve just kept looking for that pot of gold that was going to reinvigorate our economy, Miller said Were still looking for something to help us out. Were certainly going to take a hard look at this project.

Kurtis Alexander is a general assignment reporter for The San Francisco Chronicle, frequently writing about water, wildfire, climate and the American West. His recent work has focused on the impacts of drought, the widening rural-urban divide and state and federal environmental policy.

Before joining the Chronicle, Alexander worked as a freelance writer and as a staff reporter for several media organizations, including The Fresno Bee and Bay Area News Group, writing about government, politics and the environment.

cononish project : scotgold resources ltd

cononish project : scotgold resources ltd

Knowledge on the deposit grew from continued surface exploration and a diamond drilling campaign by successive potential operators, eventually culminating in the excavation of a 900m long exploration adit between 1989 and 1991. In 2002, the Loch Lomond and Trossachs National Park was established by the Scottish Government and the area surrounding the Cononish Mine subsequently incorporated into the precincts of the national park. The project passed through various ownerships, until 2007 when it was acquired by the then newly formed Scotgold Resources Limited

Between 2007 and 2012, Scotgold improved the mineral resource delineation at Cononish whilst also seeking to secure planning permission for the development of a mine, on-site processing plant and tailings management facility. A definitive bankable feasibility study conducted by AMEC in 2011 concluded that a profitable and safe gold mining operation could be established at Cononish. Following a revised Mineral Resource estimate by CSA Global in 2015, Bara Consulting completed a new Ore Reserve estimate and bankable feasibility study. Subsequently in 2017 Bara Consulting updated this study to include a change in tailings storage design from valley impoundment to dry-stack, and to evaluate the economic implications of a phased approach to the development of the project. The Company then adopted this approach which required significantly less capital to bring the project into production at half scale, with a subsequent expansion to full scale to be self-funded. A new planning application was submitted and on 19th October 2018 Notice of Planning Approval was received from the Loch Lomond and Trossachs National Park. In the interim Scotgold secured the required capital and upon satisfaction of the pre-start planning conditions, work commenced on site on the 18th December 2018.

The current reserve of gold is confined to a single narrow, near vertical quartz vein extending above and below the main access on 400m level, which was originally developed for exploration purposes between 1989 and 1991. The mining method selected for the orebody is retreat, sublevel open stoping. This involves the mining of multiple horizontal drives along the orebody at 15m vertical intervals. Long holes will then be drilled, up and down, between the drives and blasted out to form the stopes; loading out from the lowest level of each stope. Pillars will be left between stopes and at surface to ensure ground stability.

Current activities are focussed on enlarging of the exiting adit over a distance of 900m to accommodate the new larger mining equipment that has been adopted. The adit will then be extended a further 75 metres to the boundary of the currently estimated Ore Reserves, defined by the interpreted position of a geological fault. Ramps, up and down, will be mined to access reserves delineated some 160m above and 80m below the 400m level, with drill drives (or sub-levels) excavated on vein to the extremities of the Ore Reserve. These drill drives will be joined vertically by a series of raises, some of which will function as ore passes, while some will be used as airways and travelling ways between the levels. Slot raises will also be mined to demarcate the individual stopes and also serve as initial breaking faces for stoping.

Currently development ore, and ultimately stoping or, will be loaded by a Load Haul Dump machine (LHD or scooptram) into a dump truck and brought out of the mine via the 400 level access, where it will be stacked on surface prior to processing.

The mine employs a variety of equipment, both motorised and stationary. At peak production the mine will operate: 2 single boom drill rigs, 2 LHDs, 2 low profile dump trucks, in addition to a roof bolter and scaler:

Reported from 3D block model with grades estimated by Ordinary Kriging with 15 m SMU Local Uniform Conditioning adjustment. Minimum vein width is 1.2m. Totals may not appear to add up due to appropriate rounding

Scotgold is pleased to announce that construction activities have been completed with mining and processing ramping up in accordance with Government and sector guidelines. The Company is actively recruiting.

new gold inc. - new gold reports first quarter financial results

new gold inc. - new gold reports first quarter financial results

TORONTO--(BUSINESS WIRE)-- April 29, 2020 New Gold Inc. (New Gold or the Company) (TSX and NYSE American: NGD) reports first quarter results for the Company as of March 31, 2020. An earnings conference call and webcast will begin at 8:30 am Eastern Time to discuss the first quarter financial results. (Details provided at the end of this news release).

(For detailed information, please refer to the Companys First Quarter Managements Discussion and Analysis (MD&A) and Financial Statements that are available on the Companys website at www.newgold.com and on SEDAR at www.sedar.com. The Company uses certain non-GAAP financial performance measures throughout this press release. Please refer to the Non-GAAP Financial Performance Measures section of this press release and the MD&A. All amounts are in U.S. dollars unless otherwise indicated).

We are encouraged by the financial results for the quarter as they were impacted by the 2-week suspension at Rainy River in the latter part of March, and the enhanced COVID-19 safety protocols put in place at both operations. Following the close of a strategic $300 million partnership with the Ontario Teachers' Pension Plan, the Company now has a strong liquidity position of $600 million, which is more than adequate to fund our business during this COVID-19 period. stated Renaud Adams, CEO. Throughout this challenging time, New Gold will continue to prioritize the safety and well-being of our employees and local communities and we will continue to work with local governments as well as our Indigenous and community leaders to implement and coordinate actions to reduce the risk of the spread of COVID-19.

First Quarter 2020 Conference Call and Webcast The Company will host a webcast and conference call on Wednesday, April 29, 2020 at 8:30 am (EDT) to discuss the Companys first quarter financial and operating results.

About New Gold Inc. New Gold is a Canadian-focused intermediate gold mining company with a portfolio of two core producing assets in Canada, the Rainy River and New Afton Mines as well as the 100% owned Blackwater development project. The Company also operates the Cerro San Pedro Mine in Mexico (in reclamation). New Golds vision is to build a leading diversified intermediate gold company based in Canada that is committed to environment and social responsibility. For further information on the Company, visit www.newgold.com.

Certain information contained in this news release, including any information relating to New Golds future financial or operating performance are forward looking. All statements in this news release, other than statements of historical fact, which address events, results, outcomes or developments that New Gold expects to occur are forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the use of forward-looking terminology such as plans, expects, is expected, budget, scheduled, targeted, estimates, forecasts, intends, anticipates, projects, potential, believes or variations of such words and phrases or statements that certain actions, events or results may, could, would, should, might or will be taken, occur or be achieved or the negative connotation of such terms. Forward-looking statements in this news release include, among others, statements with respect to: the Companys anticipated course of action at the Rainy River mine and the gradual ramp-up of operations; the Companys ability to reduce the risk of the spread of COVID-19; the Companys review of lower than planned copper grades at New Afton; and the adequacy of the Companys liquidity position.

All forward-looking statements in this news release are based on the opinions and estimates of management as of the date such statements are made and are subject to important risk factors and uncertainties, many of which are beyond New Golds ability to control or predict. Certain material assumptions regarding such forward-looking statements are discussed in this news release, New Golds latest annual managements discussion and analysis (MD&A), its most recent annual information form and technical reports on the Rainy River Mine and New Afton Mine filed at www.sedar.com and on EDGAR at www.sec.gov. In addition to, and subject to, such assumptions discussed in more detail elsewhere, the forward-looking statements in this news release are also subject to the following assumptions: (1) there being no significant disruptions affecting New Golds operations other than as set out herein; (2) political and legal developments in jurisdictions where New Gold operates, or may in the future operate, being consistent with New Golds current expectations; (3) the accuracy of New Golds current mineral reserve and mineral resource estimates; (4) the exchange rate between the Canadian dollar and U.S. dollar, and to a lesser extent, the Mexican Peso, being approximately consistent with current levels; (5) prices for diesel, natural gas, fuel oil, electricity and other key supplies being approximately consistent with current levels; (6) equipment, labour and materials costs increasing on a basis consistent with New Golds current expectations; (7) arrangements with First Nations and other Aboriginal groups in respect of the New Afton Mine, Rainy River Mine and Blackwater project being consistent with New Golds current expectations, particularly in the context of the outbreak of COVID-19; (8) all required permits, licenses and authorizations being obtained from the relevant governments and other relevant stakeholders within the expected timelines and the absence of material negative comments during the applicable regulatory processes; (9) there being no cases of COVID-19 in the Companys workforce at either the Rainy River or New Afton Mine and the assumption that no additional members of the workforce are expected to be required to self-isolate due to cross-border travel to the United States or any other country; (10) the responses of the relevant governments to the COVID-19 outbreak being sufficient to contain the impact of the COVID-19 outbreak; (11) there being no material disruption to the Companys supply chains and workforce that would interfere with the Companys anticipated course of action at the Rainy River mine and the systematic ramp-up of operations; and (12) the long-term economic effects of the COVID-19 outbreak not having a material adverse impact on the Companys operations or liquidity position.

Forward-looking statements are necessarily based on estimates and assumptions that are inherently subject to known and unknown risks, uncertainties and other factors that may cause actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking statements. Such factors include, without limitation: significant capital requirements and the availability and management of capital resources; additional funding requirements; price volatility in the spot and forward markets for metals and other commodities; fluctuations in the international currency markets and in the rates of exchange of the currencies of Canada, the United States and, to a lesser extent, Mexico; discrepancies between actual and estimated production, between actual and estimated mineral reserves and mineral resources and between actual and estimated metallurgical recoveries; risks related to early production at the Rainy River Mine, including failure of equipment, machinery, the process circuit or other processes to perform as designed or intended; fluctuation in treatment and refining charges; changes in national and local government legislation in Canada, the United States and, to a lesser extent, Mexico or any other country in which New Gold currently or may in the future carry on business; taxation; controls, regulations and political or economic developments in the countries in which New Gold does or may carry on business; the speculative nature of mineral exploration and development, including the risks of obtaining and maintaining the validity and enforceability of the necessary licenses and permits and complying with the permitting requirements of each jurisdiction in which New Gold operates, the lack of certainty with respect to foreign legal systems, which may not be immune from the influence of political pressure, corruption or other factors that are inconsistent with the rule of law; the uncertainties inherent to current and future legal challenges New Gold is or may become a party to; diminishing quantities or grades of mineral reserves and mineral resources; competition; loss of key employees; rising costs of labour, supplies, fuel and equipment; actual results of current exploration or reclamation activities; uncertainties inherent to mining economic studies; changes in project parameters as plans continue to be refined; accidents; labour disputes; defective title to mineral claims or property or contests over claims to mineral properties; unexpected delays and costs inherent to consulting and accommodating rights of Indigenous groups; risks, uncertainties and unanticipated delays associated with obtaining and maintaining necessary licenses, permits and authorizations and complying with permitting requirements; there being cases of COVID-19 in the Companys workforce at either the Rainy River or New Afton Mine, or both; the Companys workforce at either the Rainy River Mine or the New Afton Mine, or both, being required to self-isolate due to cross-border travel to the United States or any other country; the responses of the relevant governments to the COVID-19 outbreak not being sufficient to contain the impact of the COVID-19 outbreak; disruptions to the Companys supply chain and workforce due to the COVID-19 outbreak; an economic recession or downturn as a result of the COVID-19 outbreak that materially adversely affects the Companys operations or liquidity position; difficulties in the gradual ramp-up of operations at the Rainy River Mine due to various factors, including lack of availability of manpower or equipment. In addition, there are risks and hazards associated with the business of mineral exploration, development and mining, including environmental events and hazards, industrial accidents, unusual or unexpected formations, pressures, cave-ins, flooding and gold bullion losses and risks associated with the ramp-up of production of a mine, such as Rainy River, (and the risk of inadequate insurance or inability to obtain insurance to cover these risks) as well as Risk Factors included in New Golds Annual Information Form, MD&A and other disclosure documents filed on and available at www.sedar.com and on EDGAR at www.sec.gov. Forward-looking statements are not guarantees of future performance, and actual results and future events could materially differ from those anticipated in such statements. All of the forward-looking statements contained in this news release are qualified by these cautionary statements. New Gold expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, events or otherwise, except in accordance with applicable securities laws.

The scientific and technical information contained herein has been reviewed and approved by Eric Vinet, Vice President, Technical Services of New Gold. Mr. Vinet is a Professional Engineer and member of the Ordre des ingnieurs du Qubec. He is a "Qualified Person" for the purposes of National Instrument 43-101 Standards of Disclosure for Mineral Projects (NI 43-101).

This news release was prepared in accordance with Canadian standards for reporting of mineral resource estimates, which differ in some respects from United States standards. In particular, and without limiting the generality of the foregoing, the terms inferred mineral resources, indicated mineral resources, measured mineral resources and mineral resources used or referenced in this news release are Canadian mineral disclosure terms as defined in accordance with NI 43-101 under the guidelines set out in the 2014 Canadian Institute of Mining, Metallurgy and Petroleum Standards for Mineral Resources and Mineral Reserves, Definitions and Guidelines, May 2014 (the CIM Standards). Until recently, the CIM Standards differed significantly from standards in the United States. The U.S. Securities and Exchange Commission (the SEC) has adopted amendments to its disclosure rules to modernize the mineral property disclosure requirements for issuers whose securities are registered with the SEC under the U.S. Securities Exchange Act of 1934, as amended (the Exchange Act). These amendments became effective February 25, 2019 (the SEC Modernization Rules) with compliance required for the first fiscal year beginning on or after January 1, 2021. The SEC Modernization Rules replace the historical property disclosure requirements for mining registrants that were included in SEC Industry Guide 7, which will be rescinded from and after the required compliance date of the SEC Modernization Rules. As a result of the adoption of the SEC Modernization Rules, the SEC now recognizes estimates of measured mineral resources, indicated mineral resources and inferred mineral resources. In addition, the SEC has amended its definitions of proven mineral reserves and probable mineral reserves to be substantially similar to the corresponding definitions under the CIM Standards, as required under NI 43-101. Accordingly, during this period leading up to the compliance date of the SEC Modernization Rules, information regarding mineral resources or mineral reserves contained or referenced in this news release may not be comparable to similar information made public by United States companies. Readers are cautioned that inferred mineral resources have a great amount of uncertainty as to their existence, and great uncertainty as to their economic and legal feasibility. It cannot be assumed that all or any part of an inferred mineral resource will ever be upgraded to a higher category. Under Canadian rules, estimates of inferred mineral resources may not form the basis of feasibility or other economic studies, except in limited circumstances. The term resource does not equate to the term reserves. Readers should not assume that all or any part of measured or indicated mineral resources will ever be converted into mineral reserves. Readers are also cautioned not to assume that all or any part of an inferred mineral resource exists or is economically or legally mineable.

All-in sustaining costs (AISC) per gold eq. ounce, total cash costs per gold eq. ounce, sustaining capital, sustaining lease and growth capital, Adjusted net earnings/(loss), operating cash flows generated from operations, before changes in non-cash operating working capital and average realized price are non-GAAP financial measures that do not have a standardized meaning under IFRS and may not be comparable to similar measures presented by other mining companies. It should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. The Company believes that these measures, together with measures determined in accordance with IFRS, provide investors with an improved ability to evaluate the underlying performance of the Company. In addition, certain non-GAAP measures are utilized, along with other measures, in the Company scorecard to set incentive compensation goals and assess performance of its executives.

"All-in sustaining costs per gold eq. ounce is a non-GAAP financial measure. Consistent with guidance announced in 2013 by the World Gold Council, an association of various gold mining companies from around the world New Gold defines "all-in sustaining costs" per ounce as the sum of total cash costs, capital expenditures that are sustaining in nature, corporate general and administrative costs, capitalized and expensed exploration that is sustaining in nature, lease payments that are sustaining in nature, and environmental reclamation costs, all divided by the ounces of gold eq. sold to arrive at a per ounce figure.

In addition to gold the Company produces copper and silver. Gold eq. ounces of copper and silver produced or sold in a quarter are computed by calculating the ratio of the average spot market copper and silver prices to the average spot market gold price in a quarter and multiplying this ratio by the pounds of copper and silver ounces produced or sold during that quarter. Gold eq. ounces produced or sold in a period longer than one quarter are calculated by adding the number of gold eq. ounces in each quarter of that period. In 2020 the Company will report gold eq. ounces using a consistent ratio. Notwithstanding the impact of copper and silver sales, as a Company focused on gold production, New Gold aims to assess the economic results of its operations in relation to gold, which is the primary driver of New Golds business.

New Gold believes this non-GAAP financial measure provides further transparency into costs associated with producing gold and assists analysts, investors and other stakeholders of the Company in assessing the Company's operating performance, its ability to generate free cash flow from current operations and its overall value. This data is furnished to provide additional information and is a non-GAAP financial measure. All-in sustaining costs presented do not have a standardized meaning under IFRS and may not be comparable to similar measures presented by other mining companies. It should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS and is not necessarily indicative of cash flow from operations under IFRS or operating costs presented under IFRS.

"Sustaining capital" is a non-GAAP financial measure as well as sustaining lease. New Gold defines sustaining capital as net capital expenditures that are intended to maintain operation of its gold producing assets. A sustaining lease is similarly a capital lease payment that is sustaining in nature. To determine sustaining capital expenditures, New Gold uses cash flow related to mining interests from its statement of cash flows and deducts any expenditures that are non-sustaining or growth capital. Management uses sustaining capital and other sustaining costs, to understand the aggregate net result of the drivers of all-in sustaining costs other than total cash costs. Sustaining capital and sustaining lease are intended to provide additional information only, does not have any standardized meaning under IFRS, and may not be comparable to similar measures presented by other mining companies. It should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS.

"Growth capital" is a non-GAAP financial measure. New Gold terms non-sustaining capital costs to be growth capital, which are capital expenditures to develop new operations or capital expenditures related to major projects at existing operations where these projects will materially increase production. To determine growth capital expenditures, New Gold uses cash flow related to mining interests from its statement of cash flows and deducts any expenditures that are sustaining capital. Growth capital is intended to provide additional information only, does not have any standardized meaning under IFRS, and may not be comparable to similar measures presented by other mining companies. It should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS.

"Total cash costs per gold eq. ounce" is a non-GAAP financial measure which is calculated in accordance with a standard developed by The Gold Institute, a worldwide association of suppliers of gold and gold products that ceased operations in 2002. Adoption of the standard is voluntary and the cost measures presented may not be comparable to other similarly titled measures of other companies. New Gold reports total cash costs on a sales basis. The Company believes that certain investors use this information to evaluate the Company's performance and ability to generate liquidity through operating cash flow to fund future capital expenditures and working capital needs. This measure, along with sales, is considered to be a key indicator of the Company's ability to generate operating earnings and cash flow from its mining operations. Total cash costs include mine site operating costs such as mining, processing and administration costs, royalties, production taxes, but are exclusive of amortization, reclamation, capital and exploration costs. Total cash costs per gold eq. ounce are divided by gold eq. ounces sold to arrive at a per ounce figure. Unless otherwise indicated, all total cash cost information in this news release is on a gold eq. ounce basis. Gold eq. ounces of copper and silver produced in a quarter are computed by calculating the ratio of the average spot market copper and silver prices to the average spot market gold price in a quarter and multiplying this ratio by the pounds of copper and silver ounces produced during that quarter. Gold eq. ounces produced in a period longer than one quarter are calculated by adding the number of gold eq. ounces in each quarter of that period. In 2020 the Company will report gold eq. ounces using a consistent ratio. This data is furnished to provide additional information and is a non-GAAP financial measure. Total cash costs presented do not have a standardized meaning under IFRS and may not be comparable to similar measures presented by other mining companies. It should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS and is not necessarily indicative of cash flow from operations under IFRS or operating costs presented under GAAP.

"Adjusted net earnings/(loss)" and "adjusted net earnings/(loss) per share" are non-GAAP financial measures. Net earnings/(loss) have been adjusted and tax affected for the group of costs in "Other gains and losses" on the condensed consolidated income statement and other nonrecurring items. The adjusted entries are also impacted for tax to the extent that the underlying entries are impacted for tax in the unadjusted net earnings/(loss) from continuing operations. The Company uses this measure for its own internal purposes. Management's internal budgets and forecasts and public guidance do not reflect items which are included in other gains and losses. Consequently, the presentation of adjusted net earnings and adjusted net earnings per share enables investors and analysts to better understand the underlying operating performance of our core mining business through the eyes of management. Management periodically evaluates the components of adjusted net earnings and adjusted net earnings per share based on an internal assessment of performance measures that are useful for evaluating the operating performance of our business and a review of the non-GAAP measures used by mining industry analysts and other mining companies. Adjusted net (loss)/earnings and adjusted net (loss)/earnings per share are intended to provide additional information only and do not have any standardized meaning under IFRS and may not be comparable to similar measures presented by other companies. They should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. The measures are not necessarily indicative of operating profit or cash flows from operations as determined under IFRS.

Operating cash flows generated from operations, before changes in non-cash operating working capital is a non-GAAP financial measure with no standard meaning under IFRS, which excludes changes in non-cash operating working capital. Management uses this measure to evaluate the Companys ability to generate cash from its operations before temporary working capital changes.

Operating cash flows generated from operations, before non-cash changes in working capital is intended to provide additional information only and does not have any standardized meaning under IFRS; it should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. Other companies may calculate this measure differently and this measure is unlikely to be comparable to similar measures presented by other companies.

"Average realized price per ounce or pound sold" is a non-GAAP financial measure with no standard meaning under IFRS. Management uses this measure to better understand the price realized in each reporting period for gold, silver, and copper sales. Average realized price is intended to provide additional information only and does not have any standardized definition under IFRS; it should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. Other companies may calculate this measure differently and this measure is unlikely to be comparable to similar measures presented by other companies.

For additional information with respect to the non-GAAP measures used by the Company, including reconciliation to the nearest IFRS measures, refer to the detailed non-GAAP performance measure disclosure in the Managements Discussion and Analysis for the three months ended March 31, 2020 filed at www.sedar.com and on EDGAR at www.sec.gov.

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Please note that you are now entering a website directly or indirectly maintained by a third party (the "External Site") and that you do so at your own risk. The terms of this disclaimer are supplemental to the Legal Notice maintained at www.newgold.com, which is applicable to your use of the External Site. References to the Company in this disclaimer include New Gold Inc. and all of its subsidiaries, affiliates and related companies.

The Company has no control over the External Site, any data or other content contained therein or any additional linked websites. The link to the External Site is provided for convenience purposes only. The information and other content on the External Site is not meant to modify, qualify, supplement or amend information disclosed by or on behalf of the Company under corporate, securities or other legislation in any jurisdiction, and should not be used to make investment decisions involving the Companys securities.

By clicking Accept you acknowledge and agree that neither the Company nor third party provider Virtua Research, Inc. (Virtua) is responsible, or accepts or assumes any responsibility or liability whatsoever for, the content, the data or the technical operation of the External Site. Further, by entering the External Site, you also acknowledge and agree that you completely and irrevocably waive any and all rights and claims against the Company and Virtua and further acknowledge and agree that in no event shall the Company or Virtua, its officers, employees, directors and agents be liable for any (i) indirect, consequential, incidental, special, compensatory or punitive damages, (ii) damages for loss of income, loss of business profits, business interruption, loss of data or business information, loss of or damage to property, (iii) claims of third parties, or (iv) other pecuniary loss, arising out of or related to the Legal Notice, this disclaimer or the External Site.

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Please note the information presented is deemed representative at the time of its original release. Changes in historical information may occur due to adjustments in accounting and reporting standards & procedures.

In addition to disclosing results determined in accordance with GAAP, the Company may also disclose certain non-GAAP (such as cash costs and all-in sustaining costs) results of operations, including certain ratios, operational and miscellaneous data, as well as net income, diluted earnings per share, operating expenses, and operating income that make certain adjustments or exclude certain charges and gains that are outlined in the schedules included in this website and other non-GAAP measures. Management of the Company believes that this non-GAAP information provides investors with additional information to assess the Companys operating performance by making certain adjustments or excluding costs or gains and assists investors in comparing the Companys operating performance to prior periods. Management uses this non-GAAP information, along with GAAP information, in evaluating its historical operating performance. Neither the Company nor Virtua takes any responsibility for third party pricing data provided for informational purposes and certain ratio results formulated from the provided third party pricing data. The non-GAAP information is not prepared in accordance with GAAP, have no standardized meaning under GAAP and may not be comparable to non-GAAP information used by other companies. The non-GAAP information should not be viewed as a substitute for, or superior to, other data prepared in accordance with GAAP. See the Companys cautionary statements in its latest interim and annual MD&As.

new gold announces receipt of the new afton b3 mines act permit

new gold announces receipt of the new afton b3 mines act permit

May 25, 2021-- New Gold Inc. ("New Gold" or the "Company") (TSX and NYSE American: NGD) is pleased to announce that the Mines Act permit enabling mining of the B3 zone was issued by the Ministry of Energy, Mines and Low Carbon Innovation.

"This is a significant milestone for the New Afton Mine," stated Renaud Adams, President & CEO. "With the receipt of the B3 permit, ore extraction activities will begin this quarter and ramp-up over the year. C-Zone development continues to advance with C-Zone extraction expected to begin in the second half of 2023."

As previously announced, the C-Zone permitting process was initiated during the first quarter with the submission of the pre-application package to the Ministry of Energy, Mines and Low Carbon Innovation, Ministry of Environment and Climate Change Strategy and Indigenous groups.

New Gold is a Canadian-focused intermediate gold mining Company with a portfolio of two core producing assets in Canada, the Rainy River gold mine, and the New Afton copper-gold mine. The Company also holds an 8% gold stream on the Artemis Gold Blackwater project located in Canada, a 6% equity stake in Artemis, and other Canadian-focused investments. The Company also owns the Cerro San Pedro Mine in Mexico (in reclamation). New Gold's vision is to build a leading diversified intermediate gold company based in Canada that is committed to the environment and social responsibility. For further information on the Company, visit www.newgold.com.

Certain information contained in this news release, including any information relating to New Golds future financial or operating performance are "forward-looking". All statements in this news release, other than statements of historical fact, which address events, results, outcomes or developments that New Gold expects to occur are "forward-looking statements". Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the use of forward-looking terminology such as "plans", "expects", "is expected", "budget", "scheduled", "targeted", "estimates", "forecasts", "intends", "anticipates", "projects", "potential", "believes" or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "should", "might" or "will be taken", "occur" or "be achieved" or the negative connotation of such terms. Forward-looking statements in this news release include, among others, statements with respect to expected permit approval timing.

All forward-looking statements in this news release are based on the opinions and estimates of management that, while considered reasonable as at the date of this press release in light of managements experience and perception of current conditions and expected developments, are inherently subject to important risk factors and uncertainties, many of which are beyond New Golds ability to control or predict. Certain material assumptions regarding such forward-looking statements are discussed in this news release, New Golds latest annual managements discussion and analysis ("MD&A"), its most recent annual information form and technical reports on the Rainy River Mine and New Afton Mine filed on SEDAR at www.sedar.com and on EDGAR at www.sec.gov. In addition to, and subject to, such assumptions discussed in more detail elsewhere, the forward-looking statements in this news release are also subject to the following assumptions: (1) there being no significant disruptions affecting New Golds operations other than as set out herein; (2) political and legal developments in jurisdictions where New Gold operates, or may in the future operate, being consistent with New Golds current expectations; (3) the accuracy of New Golds current mineral reserve and mineral resource estimates; (4) arrangements with First Nations and other Aboriginal groups in respect of the New Afton Mine and Rainy River Mine being consistent with New Golds current expectations; (5) all required permits, licenses and authorizations being obtained from the relevant governments and other relevant stakeholders within the expected timelines; and (6) the responses of the relevant governments to the COVID-19 outbreak being sufficient to contain the impact of the COVID-19 outbreak.

Forward-looking statements are necessarily based on estimates and assumptions that are inherently subject to known and unknown risks, uncertainties and other factors that may cause actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking statements. Such factors include, without limitation: significant capital requirements and the availability and management of capital resources; additional funding requirements; price volatility in the spot and forward markets for metals and other commodities; fluctuations in the international currency markets and in the rates of exchange of the currencies of Canada, the United States and, to a lesser extent, Mexico; volatility in the market price of the Companys securities; hedging and investment related risks; dependence on the Rainy River Mine and New Afton Mine; discrepancies between actual and estimated production, between actual and estimated mineral reserves and mineral resources and between actual and estimated metallurgical recoveries; risks related to early production at the Rainy River Mine, including failure of equipment, machinery, the process circuit or other processes to perform as designed or intended; risks related to construction, including changing costs and timelines; adequate infrastructure; fluctuation in treatment and refining charges; changes in national and local government legislation in Canada, the United States and, to a lesser extent, Mexico or any other country in which New Gold currently or may in the future carry on business; global economic and financial conditions; risks relating to New Golds debt and liquidity; the adequacy of internal and disclosure controls; taxation; impairment; conflicts of interest; risks relating to climate change; controls, regulations and political or economic developments in the countries in which New Gold does or may carry on business; the speculative nature of mineral exploration and development, including the risks of obtaining and maintaining the validity and enforceability of the necessary licenses and permits and complying with the permitting requirements of each jurisdiction in which New Gold operates; the lack of certainty with respect to foreign legal systems, which may not be immune from the influence of political pressure, corruption or other factors that are inconsistent with the rule of law; the uncertainties inherent to current and future legal challenges New Gold is or may become a party to; risks relating to proposed acquisitions and the integration thereof; information systems security threats; diminishing quantities or grades of mineral reserves and mineral resources; competition; loss of, or inability to attract, key employees; rising costs of labour, supplies, fuel and equipment; actual results of current exploration or reclamation activities; uncertainties inherent to mining economic studies; changes in project parameters as plans continue to be refined; accidents; labour disputes; defective title to mineral claims or property or contests over claims to mineral properties; unexpected delays and costs inherent to consulting and accommodating rights of Indigenous groups; risks, uncertainties and unanticipated delays associated with obtaining and maintaining necessary licenses, permits and authorizations and complying with permitting requirements; disruptions to the Companys workforce at either the Rainy River Mine or the New Afton Mine, or both, due to cases of COVID-19 or any required self-isolation (due to cross-border travel, exposure to a case of COVID-19 or otherwise); the responses of the relevant governments to the COVID-19 outbreak not being sufficient to contain the impact of the COVID-19 outbreak; disruptions to the Companys supply chain and workforce due to the COVID-19 outbreak; an economic recession or downturn as a result of the COVID-19 outbreak that materially adversely affects the Companys operations or liquidity position; there being further shutdowns at the Rainy River or New Afton Mines; the Company not being able to complete its construction projects at the Rainy River Mine or the New Afton Mine on the anticipated timeline or at all; the Company not being able to complete the exploration drilling program to be launched at the Rainy River Mine and Cherry Creek on the anticipated timeline or at all; Artemis Gold Inc. not being able to make the remaining C$50 million cash payment due in connection with its acquisition of the Blackwater Project on August 24, 2021. In addition, there are risks and hazards associated with the business of mineral exploration, development and mining, including environmental events and hazards, industrial accidents, unusual or unexpected formations, pressures, cave-ins, flooding and gold bullion losses (and the risk of inadequate insurance or inability to obtain insurance to cover these risks) as well as "Risk Factors" included in New Golds most recent annual information form, MD&A and other disclosure documents filed on and available on SEDAR at www.sedar.com and on EDGAR at www.sec.gov. Forward looking statements are not guarantees of future performance, and actual results and future events could materially differ from those anticipated in such statements. All forward-looking statements contained in this news release are qualified by these cautionary statements. New Gold expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, events or otherwise, except in accordance with applicable securities laws.

The U.S.-listed shares of several Chinese electric-vehicle makers were trading down on Wednesday after the Chinese government imposed restrictions on ride-hailing giant DiDi Global (NYSE: DIDI) following its initial public offering in New York. Li Auto (NASDAQ: LI) was down about 4.6%. NIO (NYSE: NIO) was down about 6.9%.

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Shares ofApple (NASDAQ: AAPL) rose 1.8% to a record closing high of $144.57 on Wednesday after a respected Wall Street investment bank issued bullish commentary on the popular tech stock. JPMorgan analyst Samik Chatterjee reiterated his overweight rating on Apple's stock yesterday and boosted his share price forecast from $165 to $170. JPMorgan's analysts are bullish on Apple.

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Workhorse Group (NASDAQ: WKHS) stock opened at $13.85, dropped to a low of $12.43 during the day and closed at $12.51, a one-day tumble of 9.61% on Wednesday. Shares in Workhorse, a maker of electric trucks, have been a favorite among retail investors and were as high as $17 last week. Workhorse, which lost out to Oshkosh Defense, a division of Oshkosh, on the contract to make the next-generation vehicles for the U.S. Postal Service, has lodged a formal complaint with the Federal Claims Court regarding the bid process.

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In fact, the June reading was 20% higher even than the highest the SKEW reached during the U.S. stock markets February-March 2020 waterfall decline. To illustrate, imagine there are two groups of investors: permabears, who more or less permanently think that stock prices are about to fall, and the mainstream consensus, which is bullish. Consider the Crash Confidence Index, a periodic survey introduced in 1989 by Yale University finance professor Robert Shiller.

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