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New Gold achieves 2020 guidance, production drops 10%

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(Kitco News) - New Gold (TSX and NYSE American: NGD) reported today that it has achieved the mid-range of the revised 2020 annual production guidance.

The company stated that its total production for the fourth quarter was 120,567 gold equivalent (gold eq.) ounces (83,096 ounces of gold, 199,428 ounces of silver and 18.5 million pounds of copper).

For the year, production was 437,617 gold eq. ounces (293,139 ounces of gold, 636,952 ounces of silver and 72.1 million pounds of copper), achieving mid-range of the revised annual production guidance (415,000 – 455,000 gold eq. ounces).

Compared to 2019, New Gold’s production declined by 10% (486,141 gold eq. ounces).

The company said that the Rainy River mine achieved the higher end of the revised annual gold equivalent production guidance and continued to meet, or exceed, all key operational and cost targets.

The New Afton mine achieved the mid-range of the revised annual gold equivalent production guidance (copper production achieved the mid-range and gold production achieved the lower end).

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. The company also holds an 8% gold stream on the Artemis Gold Blackwater project located in British Columbia and a 6% equity stake in Artemis. The company also operates the Cerro San Pedro mine in Mexico (in reclamation).

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