Rainy River Mine Life Extended to 2031

(All amounts are in U.S. dollars unless otherwise indicated)

TORONTO, March 31, 2022 /CNW/ - New Gold Inc. ("New Gold" or the "Company") (TSX: NGD) (NYSE American: NGD) reports the filing of a Technical Report for the Company's Rainy River Mine (the "Technical Report"). The Technical Report was prepared in compliance with National Instrument 43-101 ("NI 43-101") and has an effective date of March 28, 2022.

The primary objective of the Technical Report is to provide an update on the open pit and expanded underground mine plans. The life of mine ("LOM") has extended to 2031 with the conversion of an additional 569,000 gold ounces in the underground main zones to Mineral Reserves. The remaining open pit will be mined using an optimized selective mining approach which, combined with stockpile movement, leads to both a smoother and sustainable mill grade and gold production profile, before transitioning to a cost-effective batch processing underground operation. The updated Technical Report was prepared using the Mineral Reserves and Mineral Resources as at December 31, 2021 and assuming metal prices of $1,400 per gold ounce and $19.00 per silver ounce, and a foreign exchange rate of $1.25 Canadian dollars to $1.00 US dollar.

Rainy River Updated Technical Report Highlights

Units 2022 NI 43-101 (LOM 2022-2031)
Production Summary
Mine Life Years 10
Open Pit Tonnes Ore Mined kt 43,755
se & read more on
https://newgold.com/news-events/news/news-details/2022/New-Gold-Files-Updated-Technical-Report-For-The-Rainy-River-Mine/default.aspx