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SUMMARY OF MINERAL RESERVE AND MINERAL RESOURCE ESTIMATES

As at December 31, 2018, New Gold reported Mineral Reserves and Resources for the Company as summarized in the table below.

Mineral reserves and mineral resources summary table

Mineral reserves and mineral resources summary table

Mineral reserves

Mineral reserve estimates table

Measured & indicated mineral resource estimates (exclusive of mineral reserves)

Mineral resources table

Inferred mineral resources

Inferred mineral resource estimates

Notes to mineral reserve and resource estimates

  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. All Mineral Reserve and Mineral Resource estimates for New Gold’s properties and projects are effective December 31, 2018.
  3. New Gold’s year-end 2018 Mineral Reserves and Mineral Resources have been estimated based on the following metal prices and foreign exchange (FX) rate criteria:

    Notes to mineral reserve and resource estimates table6

  4. Lower cut-offs for the Company’s Mineral Reserves and Mineral Resources are outlined in the following table:

    Notes to mineral reserve and resource estimates table7

  5. 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 and technical feasibility, do not have demonstrated economic viability, and are likewise exclusive of mineral reserves. Numbers may not add due to rounding.
  6. Mineral resources are classified as measured, indicated and inferred based on relative levels of confidence in their estimation and on technical and economic parameters consistent with the methods considered to be most suitable to their potential commercial extraction. The designators ‘open pit’ and ‘underground’ may be used to indicate the envisioned mining method for different portions of a resource. Similarly the designators ‘direct processing’ and ‘lower grade material’ may be applied to differentiate material envisioned to be mined and processed directly from material to be mined and stored separately for future processing. 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 sedar.com.
  7. Rainy River Project: In addition to the criteria described above, mineral reserves and mineral resources for the Rainy River project are reported according to the following criteria: Underground mineral reserves are reported peripheral to and/or below the open pit mineral reserve pit shell, which has been designed and optimized based on a $1,275/oz gold price. Open pit and underground mineral resources are reported based on a $1,375/oz gold price. Open pit mineral resources are reported from within an open pit resource shell that extends to a depth of approximately 400 metres from surface. Underground mineral resources are reported below and peripheral to the mineral resource pit shell. Approximately forty percent (40%) of the gold metal content defined as underground mineral reserves is derived from material located between the mineral reserve pit shell and the mineral resource pit shell; the remaining sixty percent (60%) of the metal content defined as underground mineral reserves is derived from material located below the mineral resource pit shell. Open pit mineral resources exclude material reported as underground mineral reserves.
  8. The preparation of New Gold's consolidated statement and estimation of mineral reserves has been completed under the oversight and review of Mr. Nicholas Kwong, Director of Technical Services for the Company. Mr. Kwong is a Professional Engineer and member of the Professional Engineers of Ontario. Preparation of the New Gold’s consolidated statement and estimation of mineral resources has been completed under the oversight and review of Mr. Mark Petersen, a consultant to New Gold and former Vice President, Exploration for the Company. Mr. Petersen is an SME Registered Member, AIPG Certified Professional Geologist. Messrs. Kwong and Petersen are "Qualified Persons" as defined by NI 43-101.