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New Gold reports gold production growth in Q1 2022 while copper output down 41%

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(Kitco News) - New Gold (TSX: NGD) announced today that in Q1 2022, the company produced 87,696 gold equivalent ounces (Q1 2021: 96,026 oz), consisting of 68,101 oz of gold (Q1 2021: 66,650 oz) and 8.2 Mlbs of copper (Q1 2021: 13.8 Mlbs).

New Gold said that at Rainy River, the company achieved quarter over quarter production growth (58,834 gold oz in Q1 2022 vs. 54,656 oz in Q1 2021) despite lower tonnes mined as a result of an increase in COVID-19 cases at site in the first part of the quarter, which impacted equipment utilization, and the cold weather affecting drilling productivity.

The milling rate at Rainy River was also impacted during the quarter due to mechanical maintenance on the SAG mill and crusher, and weather conditions impacting stockpile movement.

The company added that New Afton produced 27,800 gold equivalent oz in Q1 2022 (Q1 2021: 39,512 oz), consisting of 9,267 oz of gold (Q1 2021: 11,994 oz) and 8.2 Mlbs of copper (Q1 2021: 13.8 Mlbs).

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The company noted that at New Afton, the planned closure of the Lift 1 cave was completed with the exception of the recovery level, commissioning of the thickened and amended tailings facility was completed, and that it continued to advance the B3 ramp-up and C-Zone development.

New Gold is a Canadian-focused intermediate 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 a 5% equity stake in Artemis Gold and other Canadian-focused investments.

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