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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 on page 22 of this Annual Report.

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