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<SEC-DOCUMENT>0001204459-09-000367.txt : 20090306
<SEC-HEADER>0001204459-09-000367.hdr.sgml : 20090306
<ACCEPTANCE-DATETIME>20090306160502
ACCESSION NUMBER:		0001204459-09-000367
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20090303
FILED AS OF DATE:		20090306
DATE AS OF CHANGE:		20090306

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			New Gold Inc. /FI
		CENTRAL INDEX KEY:			0000800166
		STANDARD INDUSTRIAL CLASSIFICATION:	METAL MINING [1000]
		IRS NUMBER:				000000000
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-31722
		FILM NUMBER:		09662867

	BUSINESS ADDRESS:	
		STREET 1:		3110 - 666 BURRARD ST.
		CITY:			VANCOUVER
		STATE:			A1
		ZIP:			V6C 2X8
		BUSINESS PHONE:		(604) 696-4100

	MAIL ADDRESS:	
		STREET 1:		3110 - 666 BURRARD ST.
		CITY:			VANCOUVER
		STATE:			A1
		ZIP:			V6C 2X8

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	DRC RESOURCES CORP                                      /FI
		DATE OF NAME CHANGE:	19860904
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>ngdf6k030509.htm
<DESCRIPTION>FORM 6-K
<TEXT>
<html>

<head>

<title>New Gold Inc.: Form 6-K - Prepared by TNT Filings Inc.</title>
</head>

<body>

<div style="border-top-style: solid; border-top-width: 1; padding-top: 1">
  <hr color="#000000" size="5">
</div>
<p style="text-align: center; margin-top: 14pt; margin-bottom: 0pt"><b>
<font size="5">UNITED STATES</font></b></p>
<p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><b>
<font size="5">SECURITIES AND EXCHANGE COMMISSION</font></b></p>
<p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><b>
<font size="2">Washington, D.C. 20549</font></b></p>
<p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;<b><font size="2">___________________</font></b></p>
<p style="text-align: center; margin-top: 6pt; margin-bottom: 0pt"><b>
<font size="5">FORM 6-K</font></b></p>
<p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><b>
<font size="2">REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR<br>
15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934</font></b></p>
<p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><b>
<font size="2">For the month of </font></b><font size="2"><b>March 2009</b></font></p>
<p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><b>
<font size="2">Commission File Number 001-31722</font></b></p>
<p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><b>
<font size="2">___________________</font></b></p>
<p style="text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><b>
<font size="6">New Gold Inc.</font></b></p>
<p style="text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt">
<font size="2">Park Place, 3110-666 Burrard Street</font></p>
<p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt">
<font size="2">Vancouver, British Columbia V6C 2X8</font></p>
<p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt">
<font size="2">Canada</font></p>
<p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt">
<font size="2">(</font><i><font size="2">Address of principal executive office</font></i><font size="2">)</font></p>
<p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><b>
<font size="2">___________________</font></b></p>
<p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="text-align: justify; margin-top: 0pt; margin-bottom: 0pt">
<font size="2">Indicate by check mark whether the registrant files or will file
annual reports under cover of Form 20-F or Form 40-F.<br>
&nbsp;</font></p>
<p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt">
<font size="2">Form 20-F</font> <font face="Wingdings 2" size="4">&#163;</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size="2">Form
40-F</font> <font face="Wingdings 2" size="4">Q</font></p>
<p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="text-align: justify; margin-top: 0pt; margin-bottom: 0pt">
<font size="2">Indicate by check mark if the registrant is submitting the Form
6-K in paper as permitted by Regulation S-T Rule 101(b)(1)</font>
<font face="Wingdings 2" size="4">&#163;</font></p>
<font face="Times New Roman" size="2"><b>
<p>Note</b>: Regulation S-T Rule 101(b)(1) only permits the submission in paper
of a Form 6-K if submitted solely to provide an attached annual report to
security holders. </p>
</font>
<p style="text-align: justify; margin-top: 0pt; margin-bottom: 0pt">
<font size="2">Indicate by check mark if the registrant is submitting the Form
6-K in paper as permitted by Regulation S-T Rule 101(b)(7)</font>
<font face="Wingdings 2" size="4">&#163;</font></p>
<font face="Times New Roman" size="2"><b>
<p align="justify">Note: </b>Regulation S-T Rule 101(b)(7) only permits the
submission in paper of a Form 6-K if submitted to furnish a report or other
document that the registrant foreign private issuer must furnish and make public
under the laws of the jurisdiction in which the registrant is incorporated,
domiciled or legally organized (the registrant's &quot;home country&quot;), or under the
rules of the home country exchange on which the registrant's securities are
traded, as long as the report or other document is not a press release, is not
required to be and has not been distributed to the registrant's security
holders, and, if discussing a material event, has already been the subject of a
Form 6-K submission or other Commission filing on EDGAR. </p>
</font>
<p style="text-align: justify; margin-top: 0pt; margin-bottom: 0pt">
<font size="2">Indicate by check mark whether the registrant by furnishing the
information contained in this Form is also thereby furnishing the information to
the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of
1934.)</font></p>
<p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt">
<font size="2">Yes</font> <font face="Wingdings 2" size="4">&#163;</font><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No</font>
<font face="Wingdings 2" size="4">Q</font></p>
<p style="text-indent: 0.25in; text-align: left; margin-top: 0pt; margin-bottom: 0pt">
&nbsp;</p>
<p style="text-align: justify; margin-top: 0pt; margin-bottom: 0pt">
<font size="2">If &quot;Yes&quot; is marked, indicate below the file number assigned to
the registrant in connection with Rule 12g3-2(b): 82- <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </u>.</font></p>
<p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<div title="EE+ Page Break" style="font-size: 1pt; page-break-after: always; width: 100%; height: 1px">
  <hr color="#000000" SIZE="5">
</div>
<p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><b>
<font size="2">DOCUMENTS FILED AS PART OF THIS FORM 6-K</font></b></p>
<p style="text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="text-align: left; margin-top: 0pt; margin-bottom: 0pt"><font size="2">
<a style="text-decoration: none" href="#EXHIBIT INDEX">See the Exhibit Index
hereto.</a></font></p>
<p style="text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><b>
<font size="2">SIGNATURES</font></b></p>
<p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="text-indent: 4%; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">
<font size="2">Pursuant to the requirements of the Securities Exchange Act of
1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned, thereunto duly authorized.</font></p>
<p style="text-align: justify; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<table style="border-collapse: collapse" borderColor="#111111" cellSpacing="0" cellPadding="0" width="100%" border="0">
  <tr>
    <td width="50%" colSpan="2">&nbsp;</td>
    <td width="50%"><b><small>NEW</small> <small>GOLD</small> <small>INC.</small></b></td>
  </tr>
  <tr>
    <td width="50%" colSpan="2">&nbsp;</td>
    <td width="50%">&nbsp;</td>
  </tr>
  <tr>
    <td width="50%" colSpan="2">&nbsp;</td>
    <td width="50%">&nbsp;</td>
  </tr>
  <tr>
    <td width="49%">&nbsp;</td>
    <td align="left" width="1%">
    <p style="margin-right: 15px"><font size="2">By: </font></td>
    <td style="border-bottom: 1px solid" width="50%"><font size="2">/s/ Susan
    Toews</font></td>
  </tr>
  <tr>
    <td width="49%">&nbsp;</td>
    <td align="left" width="1%">
    <p style="margin-right: 15px"><font size="2">Name:&nbsp;&nbsp; </font></td>
    <td style="border-top: 1px solid; border-bottom: medium none" width="50%">
    <font size="2">Susan Toews</font></td>
  </tr>
  <tr>
    <td width="49%">&nbsp;</td>
    <td align="left" width="1%">
    <p style="margin-right: 15px"><font size="2">Title: </font></td>
    <td style="border-top: medium none" width="50%"><font size="2">Corporate
    Secretary</font></td>
  </tr>
  <tr>
    <td width="50%" colSpan="2"><font size="2">Date: March 3, 2009</font></td>
    <td style="border-top: medium none" width="50%">&nbsp;</td>
  </tr>
</table>
<p style="text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt">
<font size="2">2</font></p>
<p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<div title="EE+ Page Break" style="font-size: 1pt; page-break-after: always; width: 100%; height: 1px">
  <hr color="#000000" SIZE="5">
</div>
<p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><b>
<font size="2"><a name="EXHIBIT INDEX">EXHIBIT INDEX</a></font></b></p>
<p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<table style="border-collapse: collapse" borderColor="#111111" height="43" cellSpacing="0" cellPadding="0" width="100%" border="0">
  <tr>
    <td width="14%" height="15"><u><b><font size="2">Exhibit</font></b></u></td>
    <td width="86%" height="15"><b><font size="2"><u>Description</u></font></b></td>
  </tr>
  <tr>
    <td width="14%" bgColor="#E9F1F8" height="15"><font size="2">&nbsp;</font></td>
    <td width="86%" bgColor="#E9F1F8" height="15"><font size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td width="14%" bgColor="#E9F1F8" height="13"><font size="2">
    <a style="text-decoration: none" href="nr030309.htm">99.1</a></font></td>
    <td width="86%" bgColor="#E9F1F8" height="13">
    <font face="Times New Roman" size="2">
    <a style="text-decoration: none" href="nr030309.htm">Press Release dated March
    3, 2009 </a></font></td>
  </tr>
</table>
<p style="text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt">
<font size="2">3</font></p>
<p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<hr color="#000000" SIZE="5">

</body>

</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>nr030309.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>



<HTML>
<HEAD>
   <TITLE> New Gold Inc.: Exhibit 99.1 - Prepared by TNT Filings Inc.</TITLE>
</HEAD>

<BODY style="font-size:10pt;">

<div style="border-top-style: solid; border-top-width: 1; padding-top: 1">
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<!--$$/page=--><A name=page_1></A>
<P align=right><b>Exhibit 99.1</b></P>
<P align=center>
<IMG src="nr030309x1x1.jpg" border=0 width="364" height="108"> </P>
<table CELLSPACING="0" BORDER="0" WIDTH="100%" style="border-collapse: collapse" bordercolor="#111111" cellpadding="0">
  <tr>
    <td align="center" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <p style="margin-top: 10; margin-bottom: 10"><b>PRESS RELEASE</b></td>
  </tr>
  <tr>
    <td align="center" style="border-bottom-style: solid; border-bottom-width: 1">
    <p style="margin-top: 10; margin-bottom: 0"><B>New Gold Reports Consolidated Reserve &amp; Resource
Statements</B></td>
  </tr>
</table>
<P align=justify><FONT size=2>March 3, 2009 </FONT><FONT size=2>&#150;</FONT><FONT
size=2> VANCOUVER, BC </FONT><FONT size=2>&#150;</FONT><FONT size=2> </FONT><FONT
size=2>New Gold Inc. (&#147;</FONT><FONT size=2>New Gold</FONT><FONT size=2>&#148;) (TSX
and </FONT><FONT size=2>NYSE Alternext US: NGD) today reports consolidated
mineral reserve and resource statements for its mines and development projects
as of December 31, 2008. These include updated mineral reserve and resource
statements for the Peak and Cerro San Pedro mines, an updated mineral resource
statement for the Amapari mine, and previously reported mineral reserve and
resource statements for the New Afton development project and the 30% owned El
Morro development project.</FONT></P>
<P align=justify><FONT size=2>A consolidated summary of total gold, silver and
copper contained within </FONT><FONT size=2>New Gold&#146;s</FONT><FONT size=2>
global mineral reserves and resources is provided in the table below.
</FONT></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-left-style:solid; border-left-width:1; border-top-style:solid; border-top-width:1" align=left colSpan=9 bordercolor="#000000">
    <p align="center"><B><FONT
      size=2>New Gold Mineral Reserves &amp; Resources Summary as of December
      31, 2008</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-right-style:solid; border-right-width:1; border-top-style:solid; border-top-width:1" align=left width="2%" bordercolor="#000000"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left style="border-left-style: solid; border-left-width: 1; border-right-style:solid; border-right-width:1" bordercolor="#000000">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-top-style:solid; border-top-width:1; border-left-style:solid; border-left-width:1" align=left width="1%" bordercolor="#000000"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-top-style:solid; border-top-width:1" align=left width="36%" bordercolor="#000000" colspan="7">
    <p align="center"><B><FONT size=2>Contained Metal</FONT></B></TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-right-style:solid; border-right-width:1" align=left width="2%" bordercolor="#000000"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left style="border-left-style: solid; border-left-width: 1; border-right-style:solid; border-right-width:1" bordercolor="#000000">&nbsp; </TD>
    <TD align=left width="1%" bordercolor="#000000" style="border-left-style: solid; border-left-width: 1" >&nbsp;</TD>
    <TD align=right width="10%" bordercolor="#000000"><B><FONT size=2>Gold</FONT></B> </TD>
    <TD align=left width="2%" bordercolor="#000000" style="border-right-style: solid; border-right-width: 1" >&nbsp;</TD>
    <TD align=left width="1%" bordercolor="#000000" style="border-left-style: solid; border-left-width: 1" >&nbsp;</TD>
    <TD align=right width="10%" bordercolor="#000000"><B><FONT size=2>Silver</FONT></B> </TD>
    <TD align=left width="2%" bordercolor="#000000" style="border-right-style: solid; border-right-width: 1" >&nbsp;</TD>
    <TD align=left width="1%" bordercolor="#000000" style="border-left-style: solid; border-left-width: 1" >&nbsp;</TD>
    <TD align=right width="10%" bordercolor="#000000"><B><FONT size=2>Copper</FONT></B> </TD>
    <TD align=left width="2%" style="border-right-style: solid; border-right-width: 1" bordercolor="#000000" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-left-style:solid; border-left-width:1; border-right-style:solid; border-right-width:1" align=left bordercolor="#000000">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-left-style:solid; border-left-width:1" align=left width="1%" bordercolor="#000000"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="10%" bordercolor="#000000"><B><FONT size=2>M oz</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-right-style:solid; border-right-width:1" align=left width="2%" bordercolor="#000000"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-left-style:solid; border-left-width:1" align=left width="1%" bordercolor="#000000"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="10%" bordercolor="#000000"><B><FONT size=2>M oz</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-right-style:solid; border-right-width:1" align=left width="2%" bordercolor="#000000"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-left-style:solid; border-left-width:1" align=left width="1%" bordercolor="#000000"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="10%" bordercolor="#000000"><B><FONT size=2>M lbs</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-right-style:solid; border-right-width:1" align=left width="2%" bordercolor="#000000"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff style="border-left-style: solid; border-left-width: 1; border-right-style:solid; border-right-width:1" bordercolor="#000000">
    <p style="margin-left: 10"><B><FONT
      size=2>Reserves</FONT></B><SUP><FONT size=2>1,3-6</FONT></SUP> </TD>
    <TD align=left width="1%"  bgColor=#e6efff bordercolor="#000000" style="border-left-style: solid; border-left-width: 1">&nbsp;</TD>
    <TD align=left width="10%" bgColor=#e6efff bordercolor="#000000">&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff bordercolor="#000000" style="border-right-style: solid; border-right-width: 1">&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff bordercolor="#000000" style="border-left-style: solid; border-left-width: 1">&nbsp;</TD>
    <TD align=left width="10%" bgColor=#e6efff bordercolor="#000000">&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff bordercolor="#000000" style="border-right-style: solid; border-right-width: 1">&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff bordercolor="#000000" style="border-left-style: solid; border-left-width: 1">&nbsp;</TD>
    <TD align=left width="10%" bgColor=#e6efff bordercolor="#000000">&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff style="border-right-style: solid; border-right-width: 1" bordercolor="#000000">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left style="border-left-style: solid; border-left-width: 1; border-right-style:solid; border-right-width:1" bordercolor="#000000">
    <p style="margin-left: 10">&nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2>Proven</FONT> </TD>
    <TD align=left width="1%" bordercolor="#000000" style="border-left-style: solid; border-left-width: 1" >&nbsp;</TD>
    <TD align=right width="10%" bordercolor="#000000"><FONT size=2>2,427</FONT> </TD>
    <TD align=left width="2%" bordercolor="#000000" style="border-right-style: solid; border-right-width: 1" >&nbsp;</TD>
    <TD align=left width="1%" bordercolor="#000000" style="border-left-style: solid; border-left-width: 1" >&nbsp;</TD>
    <TD align=right width="10%" bordercolor="#000000"><FONT size=2>49,929</FONT> </TD>
    <TD align=left width="2%" bordercolor="#000000" style="border-right-style: solid; border-right-width: 1" >&nbsp;</TD>
    <TD align=left width="1%" bordercolor="#000000" style="border-left-style: solid; border-left-width: 1" >&nbsp;</TD>
    <TD align=right width="10%" bordercolor="#000000"><FONT size=2>931</FONT> </TD>
    <TD align=left width="2%" style="border-right-style: solid; border-right-width: 1" bordercolor="#000000" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff style="border-left-style: solid; border-left-width: 1; border-right-style:solid; border-right-width:1" bordercolor="#000000">
    <p style="margin-left: 10">&nbsp; &nbsp; &nbsp; &nbsp;<FONT
      size=2>Probable</FONT> </TD>
    <TD align=left width="1%"  bgColor=#e6efff bordercolor="#000000" style="border-left-style: solid; border-left-width: 1">&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff bordercolor="#000000"><U><FONT
      size=2>2,394</FONT></U> </TD>
    <TD align=left width="2%"  bgColor=#e6efff bordercolor="#000000" style="border-right-style: solid; border-right-width: 1">&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff bordercolor="#000000" style="border-left-style: solid; border-left-width: 1">&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff bordercolor="#000000"><U><FONT
      size=2>4,753</FONT></U> </TD>
    <TD align=left width="2%"  bgColor=#e6efff bordercolor="#000000" style="border-right-style: solid; border-right-width: 1">&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff bordercolor="#000000" style="border-left-style: solid; border-left-width: 1">&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff bordercolor="#000000"><U><FONT
      size=2>1,819</FONT></U> </TD>
    <TD align=left width="2%"  bgColor=#e6efff style="border-right-style: solid; border-right-width: 1" bordercolor="#000000">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-left-style:solid; border-left-width:1; border-right-style:solid; border-right-width:1" align=left bordercolor="#000000">
    <p style="margin-left: 10">&nbsp; &nbsp;
      &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2>Total
      P&amp;P</FONT> </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-left-style:solid; border-left-width:1" align=left width="1%" bordercolor="#000000"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%" bordercolor="#000000"><FONT
      size=2>4,821</FONT> </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-right-style:solid; border-right-width:1" align=left width="2%" bordercolor="#000000"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-left-style:solid; border-left-width:1" align=left width="1%" bordercolor="#000000"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%" bordercolor="#000000"><FONT
      size=2>54,682</FONT> </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-right-style:solid; border-right-width:1" align=left width="2%" bordercolor="#000000"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-left-style:solid; border-left-width:1" align=left width="1%" bordercolor="#000000"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%" bordercolor="#000000"><FONT
      size=2>2,750</FONT> </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-right-style:solid; border-right-width:1" align=left width="2%" bordercolor="#000000"
    >&nbsp;</TD></TR>
  <TR>
    <TD bgColor=#e6efff style="border-left-style: solid; border-left-width: 1; border-right-style:solid; border-right-width:1" bordercolor="#000000">
    <p style="margin-left: 10">&nbsp; </TD>
    <TD width="1%"  bgColor=#e6efff bordercolor="#000000" style="border-left-style: solid; border-left-width: 1">&nbsp;</TD>
    <TD width="10%" bgColor=#e6efff bordercolor="#000000">&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff bordercolor="#000000" style="border-right-style: solid; border-right-width: 1">&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff bordercolor="#000000" style="border-left-style: solid; border-left-width: 1">&nbsp;</TD>
    <TD width="10%" bgColor=#e6efff bordercolor="#000000">&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff bordercolor="#000000" style="border-right-style: solid; border-right-width: 1">&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff bordercolor="#000000" style="border-left-style: solid; border-left-width: 1">&nbsp;</TD>
    <TD width="10%" bgColor=#e6efff bordercolor="#000000">&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff style="border-right-style: solid; border-right-width: 1" bordercolor="#000000">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left style="border-left-style: solid; border-left-width: 1; border-right-style:solid; border-right-width:1" bordercolor="#000000">
    <p style="margin-left: 10"><B><FONT size=2>Resources</FONT></B><SUP><FONT
      size=2>2,7-13</FONT></SUP> </TD>
    <TD align=left width="1%" bordercolor="#000000" style="border-left-style: solid; border-left-width: 1" >&nbsp;</TD>
    <TD align=left width="10%" bordercolor="#000000">&nbsp; </TD>
    <TD align=left width="2%" bordercolor="#000000" style="border-right-style: solid; border-right-width: 1" >&nbsp;</TD>
    <TD align=left width="1%" bordercolor="#000000" style="border-left-style: solid; border-left-width: 1" >&nbsp;</TD>
    <TD align=left width="10%" bordercolor="#000000">&nbsp; </TD>
    <TD align=left width="2%" bordercolor="#000000" style="border-right-style: solid; border-right-width: 1" >&nbsp;</TD>
    <TD align=left width="1%" bordercolor="#000000" style="border-left-style: solid; border-left-width: 1" >&nbsp;</TD>
    <TD align=left width="10%" bordercolor="#000000">&nbsp; </TD>
    <TD align=left width="2%" style="border-right-style: solid; border-right-width: 1" bordercolor="#000000" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff style="border-left-style: solid; border-left-width: 1; border-right-style:solid; border-right-width:1" bordercolor="#000000">
    <p style="margin-left: 10">&nbsp; &nbsp; &nbsp; &nbsp;<FONT
      size=2>Measured</FONT> </TD>
    <TD align=left width="1%"  bgColor=#e6efff bordercolor="#000000" style="border-left-style: solid; border-left-width: 1">&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff bordercolor="#000000"><FONT size=2>4,437</FONT> </TD>
    <TD align=left width="2%"  bgColor=#e6efff bordercolor="#000000" style="border-right-style: solid; border-right-width: 1">&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff bordercolor="#000000" style="border-left-style: solid; border-left-width: 1">&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff bordercolor="#000000"><FONT size=2>63,284</FONT> </TD>
    <TD align=left width="2%"  bgColor=#e6efff bordercolor="#000000" style="border-right-style: solid; border-right-width: 1">&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff bordercolor="#000000" style="border-left-style: solid; border-left-width: 1">&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff bordercolor="#000000"><FONT size=2>2,025</FONT> </TD>
    <TD align=left width="2%"  bgColor=#e6efff style="border-right-style: solid; border-right-width: 1" bordercolor="#000000">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left style="border-left-style: solid; border-left-width: 1; border-right-style:solid; border-right-width:1" bordercolor="#000000">
    <p style="margin-left: 10">&nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2>Indicated</FONT>
</TD>
    <TD align=left width="1%" bordercolor="#000000" style="border-left-style: solid; border-left-width: 1" >&nbsp;</TD>
    <TD align=right width="10%" bordercolor="#000000"><U><FONT size=2>3,528</FONT></U> </TD>
    <TD align=left width="2%" bordercolor="#000000" style="border-right-style: solid; border-right-width: 1" >&nbsp;</TD>
    <TD align=left width="1%" bordercolor="#000000" style="border-left-style: solid; border-left-width: 1" >&nbsp;</TD>
    <TD align=right width="10%" bordercolor="#000000"><U><FONT size=2>5,574</FONT></U> </TD>
    <TD align=left width="2%" bordercolor="#000000" style="border-right-style: solid; border-right-width: 1" >&nbsp;</TD>
    <TD align=left width="1%" bordercolor="#000000" style="border-left-style: solid; border-left-width: 1" >&nbsp;</TD>
    <TD align=right width="10%" bordercolor="#000000"><U><FONT size=2>1,612</FONT></U> </TD>
    <TD align=left width="2%" style="border-right-style: solid; border-right-width: 1" bordercolor="#000000" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff style="border-left-style: solid; border-left-width: 1; border-right-style:solid; border-right-width:1" bordercolor="#000000">
    <p style="margin-left: 10">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2>Total M&amp;I</FONT> </TD>
    <TD align=left width="1%"  bgColor=#e6efff bordercolor="#000000" style="border-left-style: solid; border-left-width: 1">&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff bordercolor="#000000"><FONT size=2>7,965</FONT> </TD>
    <TD align=left width="2%"  bgColor=#e6efff bordercolor="#000000" style="border-right-style: solid; border-right-width: 1">&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff bordercolor="#000000" style="border-left-style: solid; border-left-width: 1">&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff bordercolor="#000000"><FONT size=2>68,858</FONT> </TD>
    <TD align=left width="2%"  bgColor=#e6efff bordercolor="#000000" style="border-right-style: solid; border-right-width: 1">&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff bordercolor="#000000" style="border-left-style: solid; border-left-width: 1">&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff bordercolor="#000000"><FONT size=2>3,637</FONT> </TD>
    <TD align=left width="2%"  bgColor=#e6efff style="border-right-style: solid; border-right-width: 1" bordercolor="#000000">&nbsp;</TD></TR>
  <TR>
    <TD style="border-left-style: solid; border-left-width: 1; border-right-style:solid; border-right-width:1" bordercolor="#000000">
    <p style="margin-left: 10">&nbsp; </TD>
    <TD width="1%" bordercolor="#000000" style="border-left-style: solid; border-left-width: 1" >&nbsp;</TD>
    <TD width="10%" bordercolor="#000000">&nbsp; </TD>
    <TD width="2%" bordercolor="#000000" style="border-right-style: solid; border-right-width: 1" >&nbsp;</TD>
    <TD width="1%" bordercolor="#000000" style="border-left-style: solid; border-left-width: 1" >&nbsp;</TD>
    <TD width="10%" bordercolor="#000000">&nbsp; </TD>
    <TD width="2%" bordercolor="#000000" style="border-right-style: solid; border-right-width: 1" >&nbsp;</TD>
    <TD width="1%" bordercolor="#000000" style="border-left-style: solid; border-left-width: 1" >&nbsp;</TD>
    <TD width="10%" bordercolor="#000000">&nbsp; </TD>
    <TD width="2%" style="border-right-style: solid; border-right-width: 1" bordercolor="#000000" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-left-style:solid; border-left-width:1; border-right-style:solid; border-right-width:1" align=left
      bgColor=#e6efff bordercolor="#000000">
    <p style="margin-left: 10">&nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2>Inferred</FONT>
</TD>
    <TD style="border-bottom:1px solid #000000; border-left-style:solid; border-left-width:1" align=left width="1%"
     bgColor=#e6efff bordercolor="#000000">&nbsp;</TD>
    <TD style="border-bottom:1px solid #000000; " align=right width="10%"
    bgColor=#e6efff bordercolor="#000000"><FONT size=2>1,793</FONT> </TD>
    <TD style="border-bottom:1px solid #000000; border-right-style:solid; border-right-width:1" align=left width="2%"
     bgColor=#e6efff bordercolor="#000000">&nbsp;</TD>
    <TD style="border-bottom:1px solid #000000; border-left-style:solid; border-left-width:1" align=left width="1%"
     bgColor=#e6efff bordercolor="#000000">&nbsp;</TD>
    <TD style="border-bottom:1px solid #000000; " align=right width="10%"
    bgColor=#e6efff bordercolor="#000000"><FONT size=2>1,679</FONT> </TD>
    <TD style="border-bottom:1px solid #000000; border-right-style:solid; border-right-width:1" align=left width="2%"
     bgColor=#e6efff bordercolor="#000000">&nbsp;</TD>
    <TD style="border-bottom:1px solid #000000; border-left-style:solid; border-left-width:1" align=left width="1%"
     bgColor=#e6efff bordercolor="#000000">&nbsp;</TD>
    <TD style="border-bottom:1px solid #000000; " align=right width="10%"
    bgColor=#e6efff bordercolor="#000000"><FONT size=2>361</FONT> </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-right-style:solid; border-right-width:1" align=left width="2%"
     bgColor=#e6efff bordercolor="#000000">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="border-bottom:1px solid #000000; border-left-style:solid; border-left-width:1; " align=left colSpan=9 bordercolor="#000000">
    <p style="margin-left: 10"><I><FONT
      size=1>Notes to the mineral reserve and resource statements are provided
      in a separate table below.</FONT></I> </TD>
    <TD style="border-bottom:1px solid #000000; border-right-style:solid; border-right-width:1; " align=left width="2%" bordercolor="#000000"
    >&nbsp;</TD></TR></TABLE>
<P align=justify><FONT size=2>Further details of </FONT><FONT size=2>New Gold&#146;s
</FONT><FONT size=2>mineral reserves and resources for its mines and development
projects are provided below and are also available in the respective NI 43-101
Technical Reports referenced below.</FONT></P>
<P align=justify><B><I><FONT size=2>Mineral Reserves</FONT></I></B><BR></P>
<P align=justify><FONT size=2>The updated mineral reserve statements for the
Peak and Cerro San Pedro mines have been calculated based on long-term metal
prices of US$750/oz for gold, US$10.00/oz for silver and US$2.00/lb for copper
and updated costs for mining and processing at the respective mine operations.
The Peak Mines operation is located in New South Wales, Australia and the Cerro
San Pedro mine is located in San Luis Potos&#237;, Mexico.</FONT></P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_2></A>
<P align=justify><FONT size=2>Updated mineral reserve statements for the Peak
and Cerro San Pedro mines are presented in the table below: </FONT></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 8pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-left-style:solid; border-left-width:1; border-top-style:solid; border-top-width:1" align=left
      colSpan=22 bordercolor="#000000">
    <p align="center"><B><FONT size=2>Mineral Reserve Statement &#150; Peak and Cerro San Pedro Mines as of
      December 31, 2008</FONT></B> </TD>
    </TR>
  <TR vAlign=top>
    <TD align=left style="border-left-style: solid; border-left-width: 1" bordercolor="#000000">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-top-style:solid; border-top-width:1" align=left width="1%" bordercolor="#000000"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-top-style:solid; border-top-width:1" align=left width="7%" bordercolor="#000000">&nbsp;
    </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-right-style:solid; border-right-width:1; border-top-style:solid; border-top-width:1" align=left width="2%" bordercolor="#000000"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-left-style:solid; border-left-width:1; border-top-style:solid; border-top-width:1" align=left width="1%" bordercolor="#000000"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-top-style:solid; border-top-width:1" align=center width="27%" bordercolor="#000000" colspan="7"><B><FONT size=2>Metal Grade</FONT></B>
    </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-right-style:solid; border-right-width:1; border-top-style:solid; border-top-width:1" align=center width="2%" bordercolor="#000000"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-left-style:solid; border-left-width:1; border-top-style:solid; border-top-width:1" align=center width="1%" bordercolor="#000000"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-top-style:solid; border-top-width:1" align=center width="27%" bordercolor="#000000" colspan="7">&nbsp; <B><FONT size=2>Contained Metal</FONT></B></TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-right-style:solid; border-right-width:1" align=left width="2%" bordercolor="#000000"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left style="border-left-style: solid; border-left-width: 1; border-right-style: solid; border-right-width: 1" bordercolor="#000000">&nbsp; </TD>
    <TD align=left width="1%" bordercolor="#000000" style="border-left-style: solid; border-left-width: 1" >&nbsp;</TD>
    <TD align=right width="7%" bordercolor="#000000"><B><FONT size=2>Tonnes</FONT></B> </TD>
    <TD align=left width="2%" bordercolor="#000000" style="border-right-style: solid; border-right-width: 1" >&nbsp;</TD>
    <TD align=left width="1%" bordercolor="#000000" style="border-left-style: solid; border-left-width: 1" >&nbsp;</TD>
    <TD align=right width="7%" bordercolor="#000000"><B><FONT size=2>Gold</FONT></B> </TD>
    <TD align=left width="2%" bordercolor="#000000" style="border-right-style: solid; border-right-width: 1" >&nbsp;</TD>
    <TD align=left width="1%" bordercolor="#000000" style="border-left-style: solid; border-left-width: 1" >&nbsp;</TD>
    <TD align=right width="7%" bordercolor="#000000"><B><FONT size=2>Silver</FONT></B> </TD>
    <TD align=left width="2%" bordercolor="#000000" style="border-right-style: solid; border-right-width: 1" >&nbsp;</TD>
    <TD align=left width="1%" bordercolor="#000000" style="border-left-style: solid; border-left-width: 1" >&nbsp;</TD>
    <TD align=right width="7%" bordercolor="#000000"><B><FONT size=2>Copper</FONT></B> </TD>
    <TD align=left width="2%" bordercolor="#000000" style="border-right-style: solid; border-right-width: 1" >&nbsp;</TD>
    <TD align=left width="1%" bordercolor="#000000" style="border-left-style: solid; border-left-width: 1" >&nbsp;</TD>
    <TD align=right width="7%" bordercolor="#000000"><B><FONT size=2>Gold</FONT></B> </TD>
    <TD align=left width="2%" bordercolor="#000000" style="border-right-style: solid; border-right-width: 1" >&nbsp;</TD>
    <TD align=left width="1%" bordercolor="#000000" style="border-left-style: solid; border-left-width: 1" >&nbsp;</TD>
    <TD align=right width="7%" bordercolor="#000000"><B><FONT size=2>Silver</FONT></B> </TD>
    <TD align=left width="2%" bordercolor="#000000" style="border-right-style: solid; border-right-width: 1" >&nbsp;</TD>
    <TD align=left width="1%" bordercolor="#000000" style="border-left-style: solid; border-left-width: 1" >&nbsp;</TD>
    <TD align=right width="7%" bordercolor="#000000"><B><FONT size=2>Copper</FONT></B> </TD>
    <TD align=left width="2%" style="border-right-style: solid; border-right-width: 1" bordercolor="#000000" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-left-style:solid; border-left-width:1; border-right-style:solid; border-right-width:1" align=left bordercolor="#000000">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-left-style:solid; border-left-width:1" align=left width="1%" bordercolor="#000000"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="7%" bordercolor="#000000"><B><FONT size=2>000&#146;s</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-right-style:solid; border-right-width:1" align=left width="2%" bordercolor="#000000"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-left-style:solid; border-left-width:1" align=left width="1%" bordercolor="#000000"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="7%" bordercolor="#000000"><B><FONT size=2>g/t</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-right-style:solid; border-right-width:1" align=left width="2%" bordercolor="#000000"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-left-style:solid; border-left-width:1" align=left width="1%" bordercolor="#000000"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="7%" bordercolor="#000000"><B><FONT size=2>g/t</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-right-style:solid; border-right-width:1" align=left width="2%" bordercolor="#000000"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-left-style:solid; border-left-width:1" align=left width="1%" bordercolor="#000000"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="7%" bordercolor="#000000"><B><FONT size=2>%</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-right-style:solid; border-right-width:1" align=left width="2%" bordercolor="#000000"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-left-style:solid; border-left-width:1" align=left width="1%" bordercolor="#000000"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="7%" bordercolor="#000000"><B><FONT size=2>Koz</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-right-style:solid; border-right-width:1" align=left width="2%" bordercolor="#000000"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-left-style:solid; border-left-width:1" align=left width="1%" bordercolor="#000000"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="7%" bordercolor="#000000"><B><FONT size=2>Koz</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-right-style:solid; border-right-width:1" align=left width="2%" bordercolor="#000000"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-left-style:solid; border-left-width:1" align=left width="1%" bordercolor="#000000"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="7%" bordercolor="#000000"><B><FONT size=2>M lbs</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-right-style:solid; border-right-width:1" align=left width="2%" bordercolor="#000000"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff style="border-left-style: solid; border-left-width: 1; border-right-style: solid; border-right-width: 1" bordercolor="#000000">
    <p style="margin-left: 10"><FONT size=2>Peak Mine</FONT><SUP><FONT
      size=2>1,3,13</FONT></SUP> </TD>
    <TD align=left width="1%"  bgColor=#e6efff bordercolor="#000000" style="border-left-style: solid; border-left-width: 1">&nbsp;</TD>
    <TD align=left width="7%" bgColor=#e6efff bordercolor="#000000">&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff bordercolor="#000000" style="border-right-style: solid; border-right-width: 1">&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff bordercolor="#000000" style="border-left-style: solid; border-left-width: 1">&nbsp;</TD>
    <TD align=left width="7%" bgColor=#e6efff bordercolor="#000000">&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff bordercolor="#000000" style="border-right-style: solid; border-right-width: 1">&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff bordercolor="#000000" style="border-left-style: solid; border-left-width: 1">&nbsp;</TD>
    <TD align=left width="7%" bgColor=#e6efff bordercolor="#000000">&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff bordercolor="#000000" style="border-right-style: solid; border-right-width: 1">&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff bordercolor="#000000" style="border-left-style: solid; border-left-width: 1">&nbsp;</TD>
    <TD align=left width="7%" bgColor=#e6efff bordercolor="#000000">&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff bordercolor="#000000" style="border-right-style: solid; border-right-width: 1">&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff bordercolor="#000000" style="border-left-style: solid; border-left-width: 1">&nbsp;</TD>
    <TD align=left width="7%" bgColor=#e6efff bordercolor="#000000">&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff bordercolor="#000000" style="border-right-style: solid; border-right-width: 1">&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff bordercolor="#000000" style="border-left-style: solid; border-left-width: 1">&nbsp;</TD>
    <TD align=left width="7%" bgColor=#e6efff bordercolor="#000000">&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff bordercolor="#000000" style="border-right-style: solid; border-right-width: 1">&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff bordercolor="#000000" style="border-left-style: solid; border-left-width: 1">&nbsp;</TD>
    <TD align=left width="7%" bgColor=#e6efff bordercolor="#000000">&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff style="border-right-style: solid; border-right-width: 1" bordercolor="#000000">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left style="border-left-style: solid; border-left-width: 1; border-right-style: solid; border-right-width: 1" bordercolor="#000000">
    <p style="margin-left: 10">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT
      size=2>Proven</FONT> </TD>
    <TD align=left width="1%" bordercolor="#000000" style="border-left-style: solid; border-left-width: 1" >&nbsp;</TD>
    <TD align=right width="7%" bordercolor="#000000"><FONT size=2>1,048</FONT> </TD>
    <TD align=left width="2%" bordercolor="#000000" style="border-right-style: solid; border-right-width: 1" >&nbsp;</TD>
    <TD align=left width="1%" bordercolor="#000000" style="border-left-style: solid; border-left-width: 1" >&nbsp;</TD>
    <TD align=right width="7%" bordercolor="#000000"><FONT size=2>3.96</FONT> </TD>
    <TD align=left width="2%" bordercolor="#000000" style="border-right-style: solid; border-right-width: 1" >&nbsp;</TD>
    <TD align=left width="1%" bordercolor="#000000" style="border-left-style: solid; border-left-width: 1" >&nbsp;</TD>
    <TD align=right width="7%" bordercolor="#000000"><FONT size=2>-</FONT> </TD>
    <TD align=left width="2%" bordercolor="#000000" style="border-right-style: solid; border-right-width: 1" >&nbsp;</TD>
    <TD align=left width="1%" bordercolor="#000000" style="border-left-style: solid; border-left-width: 1" >&nbsp;</TD>
    <TD align=right width="7%" bordercolor="#000000"><FONT size=2>0.95</FONT> </TD>
    <TD align=left width="2%" bordercolor="#000000" style="border-right-style: solid; border-right-width: 1" >&nbsp;</TD>
    <TD align=left width="1%" bordercolor="#000000" style="border-left-style: solid; border-left-width: 1" >&nbsp;</TD>
    <TD align=right width="7%" bordercolor="#000000"><FONT size=2>133</FONT> </TD>
    <TD align=left width="2%" bordercolor="#000000" style="border-right-style: solid; border-right-width: 1" >&nbsp;</TD>
    <TD align=left width="1%" bordercolor="#000000" style="border-left-style: solid; border-left-width: 1" >&nbsp;</TD>
    <TD align=right width="7%" bordercolor="#000000"><FONT size=2>-</FONT> </TD>
    <TD align=left width="2%" bordercolor="#000000" style="border-right-style: solid; border-right-width: 1" >&nbsp;</TD>
    <TD align=left width="1%" bordercolor="#000000" style="border-left-style: solid; border-left-width: 1" >&nbsp;</TD>
    <TD align=right width="7%" bordercolor="#000000"><FONT size=2>22</FONT> </TD>
    <TD align=left width="2%" style="border-right-style: solid; border-right-width: 1" bordercolor="#000000" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff style="border-left-style: solid; border-left-width: 1; border-right-style: solid; border-right-width: 1" bordercolor="#000000">
    <p style="margin-left: 10">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT
      size=2>Probable</FONT> </TD>
    <TD align=left width="1%"  bgColor=#e6efff bordercolor="#000000" style="border-left-style: solid; border-left-width: 1">&nbsp;</TD>
    <TD align=right width="7%" bgColor=#e6efff bordercolor="#000000"><U><FONT
      size=2>2,557</FONT></U> </TD>
    <TD align=left width="2%"  bgColor=#e6efff bordercolor="#000000" style="border-right-style: solid; border-right-width: 1">&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff bordercolor="#000000" style="border-left-style: solid; border-left-width: 1">&nbsp;</TD>
    <TD align=right width="7%" bgColor=#e6efff bordercolor="#000000"><U><FONT size=2>4.60</FONT></U>
    </TD>
    <TD align=left width="2%"  bgColor=#e6efff bordercolor="#000000" style="border-right-style: solid; border-right-width: 1">&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff bordercolor="#000000" style="border-left-style: solid; border-left-width: 1">&nbsp;</TD>
    <TD align=right width="7%" bgColor=#e6efff bordercolor="#000000"><FONT size=2>-</FONT> </TD>
    <TD align=left width="2%"  bgColor=#e6efff bordercolor="#000000" style="border-right-style: solid; border-right-width: 1">&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff bordercolor="#000000" style="border-left-style: solid; border-left-width: 1">&nbsp;</TD>
    <TD align=right width="7%" bgColor=#e6efff bordercolor="#000000"><U><FONT size=2>0.96</FONT></U>
    </TD>
    <TD align=left width="2%"  bgColor=#e6efff bordercolor="#000000" style="border-right-style: solid; border-right-width: 1">&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff bordercolor="#000000" style="border-left-style: solid; border-left-width: 1">&nbsp;</TD>
    <TD align=right width="7%" bgColor=#e6efff bordercolor="#000000"><U><FONT size=2>380</FONT></U>
    </TD>
    <TD align=left width="2%"  bgColor=#e6efff bordercolor="#000000" style="border-right-style: solid; border-right-width: 1">&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff bordercolor="#000000" style="border-left-style: solid; border-left-width: 1">&nbsp;</TD>
    <TD align=right width="7%" bgColor=#e6efff bordercolor="#000000"><FONT size=2>-</FONT> </TD>
    <TD align=left width="2%"  bgColor=#e6efff bordercolor="#000000" style="border-right-style: solid; border-right-width: 1">&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff bordercolor="#000000" style="border-left-style: solid; border-left-width: 1">&nbsp;</TD>
    <TD align=right width="7%" bgColor=#e6efff bordercolor="#000000"><U><FONT size=2>54</FONT></U>
    </TD>
    <TD align=left width="2%"  bgColor=#e6efff style="border-right-style: solid; border-right-width: 1" bordercolor="#000000">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-left-style:solid; border-left-width:1; border-right-style:solid; border-right-width:1" align=left bordercolor="#000000">
    <p style="margin-left: 10">&nbsp; &nbsp;
      &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT
      size=2>Peak P&amp;P</FONT> </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-left-style:solid; border-left-width:1" align=left width="1%" bordercolor="#000000"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="7%" bordercolor="#000000"><FONT
      size=2>3,605</FONT> </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-right-style:solid; border-right-width:1" align=left width="2%" bordercolor="#000000"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-left-style:solid; border-left-width:1" align=left width="1%" bordercolor="#000000"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="7%" bordercolor="#000000"><FONT
      size=2>4.41</FONT> </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-right-style:solid; border-right-width:1" align=left width="2%" bordercolor="#000000"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-left-style:solid; border-left-width:1" align=left width="1%" bordercolor="#000000"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="7%" bordercolor="#000000"><FONT
      size=2>-</FONT> </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-right-style:solid; border-right-width:1" align=left width="2%" bordercolor="#000000"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-left-style:solid; border-left-width:1" align=left width="1%" bordercolor="#000000"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="7%" bordercolor="#000000"><FONT
      size=2>0.96</FONT> </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-right-style:solid; border-right-width:1" align=left width="2%" bordercolor="#000000"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-left-style:solid; border-left-width:1" align=left width="1%" bordercolor="#000000"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="7%" bordercolor="#000000"><FONT
      size=2>514</FONT> </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-right-style:solid; border-right-width:1" align=left width="2%" bordercolor="#000000"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-left-style:solid; border-left-width:1" align=left width="1%" bordercolor="#000000"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="7%" bordercolor="#000000"><FONT
      size=2>-</FONT> </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-right-style:solid; border-right-width:1" align=left width="2%" bordercolor="#000000"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-left-style:solid; border-left-width:1" align=left width="1%" bordercolor="#000000"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="7%" bordercolor="#000000"><FONT
      size=2>76</FONT> </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-right-style:solid; border-right-width:1" align=left width="2%" bordercolor="#000000"
    >&nbsp;</TD></TR>
  <TR>
    <TD bgColor=#e6efff style="border-left-style: solid; border-left-width: 1; border-right-style: solid; border-right-width: 1" bordercolor="#000000">
    <p style="margin-left: 10">&nbsp; </TD>
    <TD width="1%"  bgColor=#e6efff bordercolor="#000000" style="border-left-style: solid; border-left-width: 1">&nbsp;</TD>
    <TD width="7%" bgColor=#e6efff bordercolor="#000000">&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff bordercolor="#000000" style="border-right-style: solid; border-right-width: 1">&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff bordercolor="#000000" style="border-left-style: solid; border-left-width: 1">&nbsp;</TD>
    <TD width="7%" bgColor=#e6efff bordercolor="#000000">&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff bordercolor="#000000" style="border-right-style: solid; border-right-width: 1">&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff bordercolor="#000000" style="border-left-style: solid; border-left-width: 1">&nbsp;</TD>
    <TD width="7%" bgColor=#e6efff bordercolor="#000000">&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff bordercolor="#000000" style="border-right-style: solid; border-right-width: 1">&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff bordercolor="#000000" style="border-left-style: solid; border-left-width: 1">&nbsp;</TD>
    <TD width="7%" bgColor=#e6efff bordercolor="#000000">&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff bordercolor="#000000" style="border-right-style: solid; border-right-width: 1">&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff bordercolor="#000000" style="border-left-style: solid; border-left-width: 1">&nbsp;</TD>
    <TD width="7%" bgColor=#e6efff bordercolor="#000000">&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff bordercolor="#000000" style="border-right-style: solid; border-right-width: 1">&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff bordercolor="#000000" style="border-left-style: solid; border-left-width: 1">&nbsp;</TD>
    <TD width="7%" bgColor=#e6efff bordercolor="#000000">&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff bordercolor="#000000" style="border-right-style: solid; border-right-width: 1">&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff bordercolor="#000000" style="border-left-style: solid; border-left-width: 1">&nbsp;</TD>
    <TD width="7%" bgColor=#e6efff bordercolor="#000000">&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff style="border-right-style: solid; border-right-width: 1" bordercolor="#000000">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left style="border-left-style: solid; border-left-width: 1; border-right-style: solid; border-right-width: 1" bordercolor="#000000">
    <p style="margin-left: 10"><FONT size=2>Cerro San Pedro</FONT><SUP><FONT
      size=2>1,4,13</FONT></SUP> </TD>
    <TD align=left width="1%" bordercolor="#000000" style="border-left-style: solid; border-left-width: 1" >&nbsp;</TD>
    <TD align=left width="7%" bordercolor="#000000">&nbsp; </TD>
    <TD align=left width="2%" bordercolor="#000000" style="border-right-style: solid; border-right-width: 1" >&nbsp;</TD>
    <TD align=left width="1%" bordercolor="#000000" style="border-left-style: solid; border-left-width: 1" >&nbsp;</TD>
    <TD align=left width="7%" bordercolor="#000000">&nbsp; </TD>
    <TD align=left width="2%" bordercolor="#000000" style="border-right-style: solid; border-right-width: 1" >&nbsp;</TD>
    <TD align=left width="1%" bordercolor="#000000" style="border-left-style: solid; border-left-width: 1" >&nbsp;</TD>
    <TD align=left width="7%" bordercolor="#000000">&nbsp; </TD>
    <TD align=left width="2%" bordercolor="#000000" style="border-right-style: solid; border-right-width: 1" >&nbsp;</TD>
    <TD align=left width="1%" bordercolor="#000000" style="border-left-style: solid; border-left-width: 1" >&nbsp;</TD>
    <TD align=left width="7%" bordercolor="#000000">&nbsp; </TD>
    <TD align=left width="2%" bordercolor="#000000" style="border-right-style: solid; border-right-width: 1" >&nbsp;</TD>
    <TD align=left width="1%" bordercolor="#000000" style="border-left-style: solid; border-left-width: 1" >&nbsp;</TD>
    <TD align=left width="7%" bordercolor="#000000">&nbsp; </TD>
    <TD align=left width="2%" bordercolor="#000000" style="border-right-style: solid; border-right-width: 1" >&nbsp;</TD>
    <TD align=left width="1%" bordercolor="#000000" style="border-left-style: solid; border-left-width: 1" >&nbsp;</TD>
    <TD align=left width="7%" bordercolor="#000000">&nbsp; </TD>
    <TD align=left width="2%" bordercolor="#000000" style="border-right-style: solid; border-right-width: 1" >&nbsp;</TD>
    <TD align=left width="1%" bordercolor="#000000" style="border-left-style: solid; border-left-width: 1" >&nbsp;</TD>
    <TD align=left width="7%" bordercolor="#000000">&nbsp; </TD>
    <TD align=left width="2%" style="border-right-style: solid; border-right-width: 1" bordercolor="#000000" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff style="border-left-style: solid; border-left-width: 1; border-right-style: solid; border-right-width: 1" bordercolor="#000000">
    <p style="margin-left: 10">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT
      size=2>Proven</FONT> </TD>
    <TD align=left width="1%"  bgColor=#e6efff bordercolor="#000000" style="border-left-style: solid; border-left-width: 1">&nbsp;</TD>
    <TD align=right width="7%" bgColor=#e6efff bordercolor="#000000"><FONT size=2>69,640</FONT> </TD>
    <TD align=left width="2%"  bgColor=#e6efff bordercolor="#000000" style="border-right-style: solid; border-right-width: 1">&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff bordercolor="#000000" style="border-left-style: solid; border-left-width: 1">&nbsp;</TD>
    <TD align=right width="7%" bgColor=#e6efff bordercolor="#000000"><FONT size=2>0.55</FONT> </TD>
    <TD align=left width="2%"  bgColor=#e6efff bordercolor="#000000" style="border-right-style: solid; border-right-width: 1">&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff bordercolor="#000000" style="border-left-style: solid; border-left-width: 1">&nbsp;</TD>
    <TD align=right width="7%" bgColor=#e6efff bordercolor="#000000"><FONT size=2>22.3</FONT> </TD>
    <TD align=left width="2%"  bgColor=#e6efff bordercolor="#000000" style="border-right-style: solid; border-right-width: 1">&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff bordercolor="#000000" style="border-left-style: solid; border-left-width: 1">&nbsp;</TD>
    <TD align=right width="7%" bgColor=#e6efff bordercolor="#000000"><FONT size=2>-</FONT> </TD>
    <TD align=left width="2%"  bgColor=#e6efff bordercolor="#000000" style="border-right-style: solid; border-right-width: 1">&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff bordercolor="#000000" style="border-left-style: solid; border-left-width: 1">&nbsp;</TD>
    <TD align=right width="7%" bgColor=#e6efff bordercolor="#000000"><FONT size=2>1,231</FONT> </TD>
    <TD align=left width="2%"  bgColor=#e6efff bordercolor="#000000" style="border-right-style: solid; border-right-width: 1">&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff bordercolor="#000000" style="border-left-style: solid; border-left-width: 1">&nbsp;</TD>
    <TD align=right width="7%" bgColor=#e6efff bordercolor="#000000"><FONT size=2>49,929</FONT> </TD>
    <TD align=left width="2%"  bgColor=#e6efff bordercolor="#000000" style="border-right-style: solid; border-right-width: 1">&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff bordercolor="#000000" style="border-left-style: solid; border-left-width: 1">&nbsp;</TD>
    <TD align=right width="7%" bgColor=#e6efff bordercolor="#000000"><FONT size=2>-</FONT> </TD>
    <TD align=left width="2%"  bgColor=#e6efff style="border-right-style: solid; border-right-width: 1" bordercolor="#000000">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left style="border-left-style: solid; border-left-width: 1; border-right-style: solid; border-right-width: 1" bordercolor="#000000">
    <p style="margin-left: 10">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT
      size=2>Probable</FONT> </TD>
    <TD align=left width="1%" bordercolor="#000000" style="border-left-style: solid; border-left-width: 1" >&nbsp;</TD>
    <TD align=right width="7%" bordercolor="#000000"><U><FONT size=2>2,054</FONT></U> </TD>
    <TD align=left width="2%" bordercolor="#000000" style="border-right-style: solid; border-right-width: 1" >&nbsp;</TD>
    <TD align=left width="1%" bordercolor="#000000" style="border-left-style: solid; border-left-width: 1" >&nbsp;</TD>
    <TD align=right width="7%" bordercolor="#000000"><U><FONT size=2>0.52</FONT></U> </TD>
    <TD align=left width="2%" bordercolor="#000000" style="border-right-style: solid; border-right-width: 1" >&nbsp;</TD>
    <TD align=left width="1%" bordercolor="#000000" style="border-left-style: solid; border-left-width: 1" >&nbsp;</TD>
    <TD align=right width="7%" bordercolor="#000000"><U><FONT size=2>22.9</FONT></U> </TD>
    <TD align=left width="2%" bordercolor="#000000" style="border-right-style: solid; border-right-width: 1" >&nbsp;</TD>
    <TD align=left width="1%" bordercolor="#000000" style="border-left-style: solid; border-left-width: 1" >&nbsp;</TD>
    <TD align=right width="7%" bordercolor="#000000"><FONT size=2>-</FONT> </TD>
    <TD align=left width="2%" bordercolor="#000000" style="border-right-style: solid; border-right-width: 1" >&nbsp;</TD>
    <TD align=left width="1%" bordercolor="#000000" style="border-left-style: solid; border-left-width: 1" >&nbsp;</TD>
    <TD align=right width="7%" bordercolor="#000000"><U><FONT size=2>34</FONT></U> </TD>
    <TD align=left width="2%" bordercolor="#000000" style="border-right-style: solid; border-right-width: 1" >&nbsp;</TD>
    <TD align=left width="1%" bordercolor="#000000" style="border-left-style: solid; border-left-width: 1" >&nbsp;</TD>
    <TD align=right width="7%" bordercolor="#000000"><U><FONT size=2>1,512</FONT></U> </TD>
    <TD align=left width="2%" bordercolor="#000000" style="border-right-style: solid; border-right-width: 1" >&nbsp;</TD>
    <TD align=left width="1%" bordercolor="#000000" style="border-left-style: solid; border-left-width: 1" >&nbsp;</TD>
    <TD align=right width="7%" bordercolor="#000000"><FONT size=2>-</FONT> </TD>
    <TD align=left width="2%" style="border-right-style: solid; border-right-width: 1" bordercolor="#000000" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff style="border-left-style: solid; border-left-width: 1; border-right-style: solid; border-right-width: 1; border-bottom-style: solid; border-bottom-width: 1" bordercolor="#000000">
    <p style="margin-left: 10">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2>CSP
      P&amp;P</FONT> </TD>
    <TD align=left width="1%"  bgColor=#e6efff style="border-left-style: solid; border-left-width: 1; border-bottom-style: solid; border-bottom-width: 1" bordercolor="#000000">&nbsp;</TD>
    <TD align=right width="7%" bgColor=#e6efff style="border-bottom-style: solid; border-bottom-width: 1" bordercolor="#000000"><FONT size=2>71,694</FONT> </TD>
    <TD align=left width="2%"  bgColor=#e6efff style="border-right-style: solid; border-right-width: 1; border-bottom-style: solid; border-bottom-width: 1" bordercolor="#000000">&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff style="border-left-style: solid; border-left-width: 1; border-bottom-style: solid; border-bottom-width: 1" bordercolor="#000000">&nbsp;</TD>
    <TD align=right width="7%" bgColor=#e6efff style="border-bottom-style: solid; border-bottom-width: 1" bordercolor="#000000"><FONT size=2>0.55</FONT> </TD>
    <TD align=left width="2%"  bgColor=#e6efff style="border-right-style: solid; border-right-width: 1; border-bottom-style: solid; border-bottom-width: 1" bordercolor="#000000">&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff style="border-left-style: solid; border-left-width: 1; border-bottom-style: solid; border-bottom-width: 1" bordercolor="#000000">&nbsp;</TD>
    <TD align=right width="7%" bgColor=#e6efff style="border-bottom-style: solid; border-bottom-width: 1" bordercolor="#000000"><FONT size=2>22.3</FONT> </TD>
    <TD align=left width="2%"  bgColor=#e6efff style="border-right-style: solid; border-right-width: 1; border-bottom-style: solid; border-bottom-width: 1" bordercolor="#000000">&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff style="border-left-style: solid; border-left-width: 1; border-bottom-style: solid; border-bottom-width: 1" bordercolor="#000000">&nbsp;</TD>
    <TD align=right width="7%" bgColor=#e6efff style="border-bottom-style: solid; border-bottom-width: 1" bordercolor="#000000"><FONT size=2>-</FONT> </TD>
    <TD align=left width="2%"  bgColor=#e6efff style="border-right-style: solid; border-right-width: 1; border-bottom-style: solid; border-bottom-width: 1" bordercolor="#000000">&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff style="border-left-style: solid; border-left-width: 1; border-bottom-style: solid; border-bottom-width: 1" bordercolor="#000000">&nbsp;</TD>
    <TD align=right width="7%" bgColor=#e6efff style="border-bottom-style: solid; border-bottom-width: 1" bordercolor="#000000"><FONT size=2>1,266</FONT> </TD>
    <TD align=left width="2%"  bgColor=#e6efff style="border-right-style: solid; border-right-width: 1; border-bottom-style: solid; border-bottom-width: 1" bordercolor="#000000">&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff style="border-left-style: solid; border-left-width: 1; border-bottom-style: solid; border-bottom-width: 1" bordercolor="#000000">&nbsp;</TD>
    <TD align=right width="7%" bgColor=#e6efff style="border-bottom-style: solid; border-bottom-width: 1" bordercolor="#000000"><FONT size=2>51,441</FONT> </TD>
    <TD align=left width="2%"  bgColor=#e6efff style="border-right-style: solid; border-right-width: 1; border-bottom-style: solid; border-bottom-width: 1" bordercolor="#000000">&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff style="border-left-style: solid; border-left-width: 1; border-bottom-style: solid; border-bottom-width: 1" bordercolor="#000000">&nbsp;</TD>
    <TD align=right width="7%" bgColor=#e6efff style="border-bottom-style: solid; border-bottom-width: 1" bordercolor="#000000"><FONT size=2>-</FONT> </TD>
    <TD align=left width="2%"
  bgColor=#e6efff style="border-right-style: solid; border-right-width: 1; border-bottom-style: solid; border-bottom-width: 1" bordercolor="#000000">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#FFFFFF style="border-left-style: solid; border-left-width: 1; border-right-style: solid; border-right-width: 1; border-bottom-style: solid; border-bottom-width: 1" bordercolor="#000000" colspan="22">
    <p style="margin-left: 10"><I><FONT size=1>Notes to the mineral reserve statements are
provided in a separate table below.</FONT></I></TD>
    </TR></TABLE>
<P align=justify><FONT size=2>The updated mineral reserve statement for the Peak
Mines represents a 40% increase in total contained gold and a 175% increase in
total contained copper over mineral reserves reported previously in a March 2007
NI 43-101 Technical Report. These positive increases effectively offset reserve
depletion due to mine production during 2007 and 2008 and are due largely to
delineation drilling and improved mine design to convert mineral resources to
mineral reserves as well as the application of higher metals prices. An updated
NI 43-101 Technical Report for the Peak Mines will be filed within 45 days of
this press release. </FONT></P>
<P align=justify><FONT size=2>The updated mineral reserve statement for the
Cerro San Pedro mine represents a 17% decrease in both contained gold and silver
over mineral reserves reported previously in a March 2007 NI 43-101 Technical
Report. These decreases are due entirely to reserve depletion from mining since
commercial production commenced in May 2007, consistent with the Cerro San Pedro
life-of-mine plan. </FONT></P>
<P align=justify><FONT size=2>M</FONT><FONT size=2>ineral reserve statements for
the company&#146;s 100% owned New Afton and 30% owned El Morro </FONT><FONT
size=2>development projects are presented in the tables below.</FONT></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 8pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-left-style:solid; border-left-width:1; border-right-style:solid; border-right-width:1; border-top-style:solid; border-top-width:1" align=left
      colSpan=22 bordercolor="#000000">
    <p align="center"><B><FONT size=2>Mineral Reserve Statement &#150; New Afton and El Morro
      Projects</FONT></B></TD>
    </TR>
  <TR vAlign=top>
    <TD align=left bordercolor="#000000" style="border-left-style: solid; border-left-width: 1; border-right-style: none; border-right-width: medium">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-left-style:none; border-left-width:medium; border-top-style:solid; border-top-width:1" align=left width="1%" bordercolor="#000000"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-top-style:solid; border-top-width:1" align=left width="7%" bordercolor="#000000">&nbsp;
    </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-right-style:solid; border-right-width:1; border-top-style:solid; border-top-width:1" align=left width="2%" bordercolor="#000000"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-left-style:solid; border-left-width:1; border-top-style:solid; border-top-width:1" align=left width="1%" bordercolor="#000000"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-top-style:solid; border-top-width:1" align=left width="27%" bordercolor="#000000" colspan="7">
    <p align="center">&nbsp; <B><FONT size=2>Metal Grade</FONT></B>&nbsp;
    </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-right-style:solid; border-right-width:1" align=left width="2%" bordercolor="#000000"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-left-style:solid; border-left-width:1" align=left width="1%" bordercolor="#000000"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="27%" bordercolor="#000000" colspan="7">
    <p align="center">&nbsp; <B><FONT size=2>Contained Metal</FONT></B></TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-right-style:solid; border-right-width:1" align=left width="2%" bordercolor="#000000"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bordercolor="#000000" style="border-left-style: solid; border-left-width: 1; border-right-style: solid; border-right-width: 1">&nbsp; </TD>
    <TD align=left width="1%" bordercolor="#000000" style="border-left-style: solid; border-left-width: 1" >&nbsp;</TD>
    <TD align=right width="7%" bordercolor="#000000"><B><FONT size=2>Tonnes</FONT></B> </TD>
    <TD align=left width="2%" bordercolor="#000000" style="border-right-style: solid; border-right-width: 1" >&nbsp;</TD>
    <TD align=left width="1%" bordercolor="#000000" style="border-left-style: solid; border-left-width: 1" >&nbsp;</TD>
    <TD align=right width="7%" bordercolor="#000000"><B><FONT size=2>Gold</FONT></B> </TD>
    <TD align=left width="2%" bordercolor="#000000" style="border-right-style: solid; border-right-width: 1" >&nbsp;</TD>
    <TD align=left width="1%" bordercolor="#000000" style="border-left-style: solid; border-left-width: 1" >&nbsp;</TD>
    <TD align=right width="7%" bordercolor="#000000"><B><FONT size=2>Silver</FONT></B> </TD>
    <TD align=left width="2%" bordercolor="#000000" style="border-right-style: solid; border-right-width: 1" >&nbsp;</TD>
    <TD align=left width="1%" bordercolor="#000000" style="border-left-style: solid; border-left-width: 1" >&nbsp;</TD>
    <TD align=right width="7%" bordercolor="#000000"><B><FONT size=2>Copper</FONT></B> </TD>
    <TD align=left width="2%" bordercolor="#000000" style="border-right-style: solid; border-right-width: 1" >&nbsp;</TD>
    <TD align=left width="1%" bordercolor="#000000" style="border-left-style: solid; border-left-width: 1" >&nbsp;</TD>
    <TD align=right width="7%" bordercolor="#000000"><B><FONT size=2>Gold</FONT></B> </TD>
    <TD align=left width="2%" bordercolor="#000000" style="border-right-style: solid; border-right-width: 1" >&nbsp;</TD>
    <TD align=left width="1%" bordercolor="#000000" style="border-left-style: solid; border-left-width: 1" >&nbsp;</TD>
    <TD align=right width="7%" bordercolor="#000000"><B><FONT size=2>Silver</FONT></B> </TD>
    <TD align=left width="2%" bordercolor="#000000" style="border-right-style: solid; border-right-width: 1" >&nbsp;</TD>
    <TD align=left width="1%" bordercolor="#000000" style="border-left-style: solid; border-left-width: 1" >&nbsp;</TD>
    <TD align=right width="7%" bordercolor="#000000"><B><FONT size=2>Copper</FONT></B> </TD>
    <TD align=left width="2%" bordercolor="#000000" style="border-right-style: solid; border-right-width: 1" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-left-style:solid; border-left-width:1; border-right-style:solid; border-right-width:1" align=left bordercolor="#000000">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-left-style:solid; border-left-width:1" align=left width="1%" bordercolor="#000000"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="7%" bordercolor="#000000"><B><FONT size=2>000&#146;s</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-right-style:solid; border-right-width:1" align=left width="2%" bordercolor="#000000"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-left-style:solid; border-left-width:1" align=left width="1%" bordercolor="#000000"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="7%" bordercolor="#000000"><B><FONT size=2>g/t</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-right-style:solid; border-right-width:1" align=left width="2%" bordercolor="#000000"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-left-style:solid; border-left-width:1" align=left width="1%" bordercolor="#000000"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="7%" bordercolor="#000000"><B><FONT size=2>g/t</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-right-style:solid; border-right-width:1" align=left width="2%" bordercolor="#000000"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-left-style:solid; border-left-width:1" align=left width="1%" bordercolor="#000000"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="7%" bordercolor="#000000"><B><FONT size=2>%</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-right-style:solid; border-right-width:1" align=left width="2%" bordercolor="#000000"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-left-style:solid; border-left-width:1" align=left width="1%" bordercolor="#000000"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="7%" bordercolor="#000000"><B><FONT size=2>Koz</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-right-style:solid; border-right-width:1" align=left width="2%" bordercolor="#000000"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-left-style:solid; border-left-width:1" align=left width="1%" bordercolor="#000000"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="7%" bordercolor="#000000"><B><FONT size=2>Koz</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-right-style:solid; border-right-width:1" align=left width="2%" bordercolor="#000000"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-left-style:solid; border-left-width:1" align=left width="1%" bordercolor="#000000"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="7%" bordercolor="#000000"><B><FONT size=2>M lbs</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-right-style:solid; border-right-width:1" align=left width="2%" bordercolor="#000000"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff bordercolor="#000000" style="border-left-style: solid; border-left-width: 1; border-right-style: solid; border-right-width: 1">
    <p style="margin-left: 10"><FONT size=2>New Afton</FONT><SUP><FONT
      size=2>1,5,13</FONT></SUP> </TD>
    <TD align=left width="1%"  bgColor=#e6efff bordercolor="#000000" style="border-left-style: solid; border-left-width: 1">&nbsp;</TD>
    <TD align=left width="7%" bgColor=#e6efff bordercolor="#000000">&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff bordercolor="#000000" style="border-right-style: solid; border-right-width: 1">&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff bordercolor="#000000" style="border-left-style: solid; border-left-width: 1">&nbsp;</TD>
    <TD align=left width="7%" bgColor=#e6efff bordercolor="#000000">&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff bordercolor="#000000" style="border-right-style: solid; border-right-width: 1">&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff bordercolor="#000000" style="border-left-style: solid; border-left-width: 1">&nbsp;</TD>
    <TD align=left width="7%" bgColor=#e6efff bordercolor="#000000">&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff bordercolor="#000000" style="border-right-style: solid; border-right-width: 1">&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff bordercolor="#000000" style="border-left-style: solid; border-left-width: 1">&nbsp;</TD>
    <TD align=left width="7%" bgColor=#e6efff bordercolor="#000000">&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff bordercolor="#000000" style="border-right-style: solid; border-right-width: 1">&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff bordercolor="#000000" style="border-left-style: solid; border-left-width: 1">&nbsp;</TD>
    <TD align=left width="7%" bgColor=#e6efff bordercolor="#000000">&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff bordercolor="#000000" style="border-right-style: solid; border-right-width: 1">&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff bordercolor="#000000" style="border-left-style: solid; border-left-width: 1">&nbsp;</TD>
    <TD align=left width="7%" bgColor=#e6efff bordercolor="#000000">&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff bordercolor="#000000" style="border-right-style: solid; border-right-width: 1">&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff bordercolor="#000000" style="border-left-style: solid; border-left-width: 1">&nbsp;</TD>
    <TD align=left width="7%" bgColor=#e6efff bordercolor="#000000">&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff bordercolor="#000000" style="border-right-style: solid; border-right-width: 1">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bordercolor="#000000" style="border-left-style: solid; border-left-width: 1; border-right-style: solid; border-right-width: 1">
    <p style="margin-left: 10">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT
      size=2>Proven</FONT> </TD>
    <TD align=left width="1%" bordercolor="#000000" style="border-left-style: solid; border-left-width: 1" >&nbsp;</TD>
    <TD align=right width="7%" bordercolor="#000000"><FONT size=2>-</FONT> </TD>
    <TD align=left width="2%" bordercolor="#000000" style="border-right-style: solid; border-right-width: 1" >&nbsp;</TD>
    <TD align=left width="1%" bordercolor="#000000" style="border-left-style: solid; border-left-width: 1" >&nbsp;</TD>
    <TD align=right width="7%" bordercolor="#000000"><FONT size=2>-</FONT> </TD>
    <TD align=left width="2%" bordercolor="#000000" style="border-right-style: solid; border-right-width: 1" >&nbsp;</TD>
    <TD align=left width="1%" bordercolor="#000000" style="border-left-style: solid; border-left-width: 1" >&nbsp;</TD>
    <TD align=right width="7%" bordercolor="#000000"><FONT size=2>-</FONT> </TD>
    <TD align=left width="2%" bordercolor="#000000" style="border-right-style: solid; border-right-width: 1" >&nbsp;</TD>
    <TD align=left width="1%" bordercolor="#000000" style="border-left-style: solid; border-left-width: 1" >&nbsp;</TD>
    <TD align=right width="7%" bordercolor="#000000"><FONT size=2>-</FONT> </TD>
    <TD align=left width="2%" bordercolor="#000000" style="border-right-style: solid; border-right-width: 1" >&nbsp;</TD>
    <TD align=left width="1%" bordercolor="#000000" style="border-left-style: solid; border-left-width: 1" >&nbsp;</TD>
    <TD align=right width="7%" bordercolor="#000000"><FONT size=2>-</FONT> </TD>
    <TD align=left width="2%" bordercolor="#000000" style="border-right-style: solid; border-right-width: 1" >&nbsp;</TD>
    <TD align=left width="1%" bordercolor="#000000" style="border-left-style: solid; border-left-width: 1" >&nbsp;</TD>
    <TD align=right width="7%" bordercolor="#000000"><FONT size=2>-</FONT> </TD>
    <TD align=left width="2%" bordercolor="#000000" style="border-right-style: solid; border-right-width: 1" >&nbsp;</TD>
    <TD align=left width="1%" bordercolor="#000000" style="border-left-style: solid; border-left-width: 1" >&nbsp;</TD>
    <TD align=right width="7%" bordercolor="#000000"><FONT size=2>-</FONT> </TD>
    <TD align=left width="2%" bordercolor="#000000" style="border-right-style: solid; border-right-width: 1" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff bordercolor="#000000" style="border-left-style: solid; border-left-width: 1; border-right-style: solid; border-right-width: 1">
    <p style="margin-left: 10">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp;<FONT size=2>Probable</FONT> </TD>
    <TD align=left width="1%"  bgColor=#e6efff bordercolor="#000000" style="border-left-style: solid; border-left-width: 1">&nbsp;</TD>
    <TD align=right width="7%" bgColor=#e6efff bordercolor="#000000"><U><FONT
      size=2>44,400</FONT></U> </TD>
    <TD align=left width="2%"  bgColor=#e6efff bordercolor="#000000" style="border-right-style: solid; border-right-width: 1">&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff bordercolor="#000000" style="border-left-style: solid; border-left-width: 1">&nbsp;</TD>
    <TD align=right width="7%" bgColor=#e6efff bordercolor="#000000"><U><FONT size=2>0.72</FONT></U>
    </TD>
    <TD align=left width="2%"  bgColor=#e6efff bordercolor="#000000" style="border-right-style: solid; border-right-width: 1">&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff bordercolor="#000000" style="border-left-style: solid; border-left-width: 1">&nbsp;</TD>
    <TD align=right width="7%" bgColor=#e6efff bordercolor="#000000"><U><FONT size=2>2.30</FONT></U>
    </TD>
    <TD align=left width="2%"  bgColor=#e6efff bordercolor="#000000" style="border-right-style: solid; border-right-width: 1">&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff bordercolor="#000000" style="border-left-style: solid; border-left-width: 1">&nbsp;</TD>
    <TD align=right width="7%" bgColor=#e6efff bordercolor="#000000"><U><FONT size=2>0.98</FONT></U>
    </TD>
    <TD align=left width="2%"  bgColor=#e6efff bordercolor="#000000" style="border-right-style: solid; border-right-width: 1">&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff bordercolor="#000000" style="border-left-style: solid; border-left-width: 1">&nbsp;</TD>
    <TD align=right width="7%" bgColor=#e6efff bordercolor="#000000"><U><FONT
      size=2>1,028</FONT></U> </TD>
    <TD align=left width="2%"  bgColor=#e6efff bordercolor="#000000" style="border-right-style: solid; border-right-width: 1">&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff bordercolor="#000000" style="border-left-style: solid; border-left-width: 1">&nbsp;</TD>
    <TD align=right width="7%" bgColor=#e6efff bordercolor="#000000"><U><FONT
      size=2>3,240</FONT></U> </TD>
    <TD align=left width="2%"  bgColor=#e6efff bordercolor="#000000" style="border-right-style: solid; border-right-width: 1">&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff bordercolor="#000000" style="border-left-style: solid; border-left-width: 1">&nbsp;</TD>
    <TD align=right width="7%" bgColor=#e6efff bordercolor="#000000"><U><FONT size=2>959</FONT></U>
    </TD>
    <TD align=left width="2%"  bgColor=#e6efff bordercolor="#000000" style="border-right-style: solid; border-right-width: 1">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-left-style:solid; border-left-width:1; border-right-style:solid; border-right-width:1" align=left bordercolor="#000000">
    <p style="margin-left: 10">&nbsp; &nbsp;
      &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2>New Afton P&amp;P</FONT> </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-left-style:solid; border-left-width:1" align=left width="1%" bordercolor="#000000"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="7%" bordercolor="#000000"><FONT
      size=2>44,400</FONT> </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-right-style:solid; border-right-width:1" align=left width="2%" bordercolor="#000000"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-left-style:solid; border-left-width:1" align=left width="1%" bordercolor="#000000"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="7%" bordercolor="#000000"><FONT
      size=2>0.72</FONT> </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-right-style:solid; border-right-width:1" align=left width="2%" bordercolor="#000000"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-left-style:solid; border-left-width:1" align=left width="1%" bordercolor="#000000"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="7%" bordercolor="#000000"><FONT
      size=2>2.30</FONT> </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-right-style:solid; border-right-width:1" align=left width="2%" bordercolor="#000000"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-left-style:solid; border-left-width:1" align=left width="1%" bordercolor="#000000"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="7%" bordercolor="#000000"><FONT
      size=2>0.98</FONT> </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-right-style:solid; border-right-width:1" align=left width="2%" bordercolor="#000000"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-left-style:solid; border-left-width:1" align=left width="1%" bordercolor="#000000"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="7%" bordercolor="#000000"><FONT
      size=2>1,028</FONT> </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-right-style:solid; border-right-width:1" align=left width="2%" bordercolor="#000000"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-left-style:solid; border-left-width:1" align=left width="1%" bordercolor="#000000"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="7%" bordercolor="#000000"><FONT
      size=2>3,420</FONT> </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-right-style:solid; border-right-width:1" align=left width="2%" bordercolor="#000000"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-left-style:solid; border-left-width:1" align=left width="1%" bordercolor="#000000"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="7%" bordercolor="#000000"><FONT
      size=2>959</FONT> </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-right-style:solid; border-right-width:1" align=left width="2%" bordercolor="#000000"
    >&nbsp;</TD></TR>
  <TR>
    <TD bgColor=#e6efff bordercolor="#000000" style="border-left-style: solid; border-left-width: 1; border-right-style: solid; border-right-width: 1">
    <p style="margin-left: 10">&nbsp; </TD>
    <TD width="1%"  bgColor=#e6efff bordercolor="#000000" style="border-left-style: solid; border-left-width: 1">&nbsp;</TD>
    <TD width="7%" bgColor=#e6efff bordercolor="#000000">&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff bordercolor="#000000" style="border-right-style: solid; border-right-width: 1">&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff bordercolor="#000000" style="border-left-style: solid; border-left-width: 1">&nbsp;</TD>
    <TD width="7%" bgColor=#e6efff bordercolor="#000000">&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff bordercolor="#000000" style="border-right-style: none; border-right-width: medium">&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff bordercolor="#000000" style="border-left-style: none; border-left-width: medium">&nbsp;</TD>
    <TD width="7%" bgColor=#e6efff bordercolor="#000000">&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff bordercolor="#000000" style="border-right-style: none; border-right-width: medium">&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff bordercolor="#000000" style="border-left-style: none; border-left-width: medium">&nbsp;</TD>
    <TD width="7%" bgColor=#e6efff bordercolor="#000000">&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff bordercolor="#000000" style="border-right-style: solid; border-right-width: 1">&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff bordercolor="#000000" style="border-left-style: solid; border-left-width: 1">&nbsp;</TD>
    <TD width="7%" bgColor=#e6efff bordercolor="#000000">&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff bordercolor="#000000" style="border-right-style: none; border-right-width: medium">&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff bordercolor="#000000" style="border-left-style: none; border-left-width: medium">&nbsp;</TD>
    <TD width="7%" bgColor=#e6efff bordercolor="#000000">&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff bordercolor="#000000" style="border-right-style: none; border-right-width: medium">&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff bordercolor="#000000" style="border-left-style: none; border-left-width: medium">&nbsp;</TD>
    <TD width="7%" bgColor=#e6efff bordercolor="#000000">&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff bordercolor="#000000" style="border-right-style: solid; border-right-width: 1">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bordercolor="#000000" style="border-left-style: solid; border-left-width: 1; border-right-style: solid; border-right-width: 1">
    <p style="margin-left: 10"><FONT size=2>El Morro</FONT><SUP><FONT
      size=2>1,6,13</FONT></SUP> </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-left-style:solid; border-left-width:1" align=left width="1%" bordercolor="#000000"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="7%" bordercolor="#000000">&nbsp;
    </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-right-style:solid; border-right-width:1" align=left width="2%" bordercolor="#000000"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-left-style:solid; border-left-width:1" align=center width="30%" bordercolor="#000000" colspan="9"
    ><I><FONT size=2>100% basis</FONT></I></TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-left-style:solid; border-left-width:1; border-right-style:solid; border-right-width:1" align=left width="30%" bordercolor="#000000" colspan="9"
    >
    <p align="center"><I><FONT size=2>30% basis</FONT></I></TD>
    </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff bordercolor="#000000" style="border-left-style: solid; border-left-width: 1; border-right-style: solid; border-right-width: 1">
    <p style="margin-left: 10">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp;<FONT size=2>Proven</FONT> </TD>
    <TD align=left width="1%"  bgColor=#e6efff bordercolor="#000000" style="border-left-style: solid; border-left-width: 1">&nbsp;</TD>
    <TD align=right width="7%" bgColor=#e6efff bordercolor="#000000"><FONT size=2>62,542</FONT> </TD>
    <TD align=left width="2%"  bgColor=#e6efff bordercolor="#000000" style="border-right-style: solid; border-right-width: 1">&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff bordercolor="#000000" style="border-left-style: solid; border-left-width: 1">&nbsp;</TD>
    <TD align=right width="7%" bgColor=#e6efff bordercolor="#000000"><FONT size=2>0.53</FONT> </TD>
    <TD align=left width="2%"  bgColor=#e6efff bordercolor="#000000" style="border-right-style: solid; border-right-width: 1">&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff bordercolor="#000000" style="border-left-style: solid; border-left-width: 1">&nbsp;</TD>
    <TD align=right width="7%" bgColor=#e6efff bordercolor="#000000"><FONT size=2>-</FONT> </TD>
    <TD align=left width="2%"  bgColor=#e6efff bordercolor="#000000" style="border-right-style: solid; border-right-width: 1">&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff bordercolor="#000000" style="border-left-style: solid; border-left-width: 1">&nbsp;</TD>
    <TD align=right width="7%" bgColor=#e6efff bordercolor="#000000"><FONT size=2>0.66</FONT> </TD>
    <TD align=left width="2%"  bgColor=#e6efff bordercolor="#000000" style="border-right-style: solid; border-right-width: 1">&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff bordercolor="#000000" style="border-left-style: solid; border-left-width: 1">&nbsp;</TD>
    <TD align=right width="7%" bgColor=#e6efff bordercolor="#000000"><FONT size=2>1,062</FONT> </TD>
    <TD align=left width="2%"  bgColor=#e6efff bordercolor="#000000" style="border-right-style: solid; border-right-width: 1">&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff bordercolor="#000000" style="border-left-style: solid; border-left-width: 1">&nbsp;</TD>
    <TD align=right width="7%" bgColor=#e6efff bordercolor="#000000"><FONT size=2>-</FONT> </TD>
    <TD align=left width="2%"  bgColor=#e6efff bordercolor="#000000" style="border-right-style: solid; border-right-width: 1">&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff bordercolor="#000000" style="border-left-style: solid; border-left-width: 1">&nbsp;</TD>
    <TD align=right width="7%" bgColor=#e6efff bordercolor="#000000"><FONT size=2>909</FONT> </TD>
    <TD align=left width="2%"  bgColor=#e6efff bordercolor="#000000" style="border-right-style: solid; border-right-width: 1">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bordercolor="#000000" style="border-left-style: solid; border-left-width: 1; border-right-style: solid; border-right-width: 1">
    <p style="margin-left: 10">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT
      size=2>Probable</FONT> </TD>
    <TD align=left width="1%" bordercolor="#000000" style="border-left-style: solid; border-left-width: 1" >&nbsp;</TD>
    <TD align=right width="7%" bordercolor="#000000"><U><FONT size=2>72,528</FONT></U> </TD>
    <TD align=left width="2%" bordercolor="#000000" style="border-right-style: solid; border-right-width: 1" >&nbsp;</TD>
    <TD align=left width="1%" bordercolor="#000000" style="border-left-style: solid; border-left-width: 1" >&nbsp;</TD>
    <TD align=right width="7%" bordercolor="#000000"><U><FONT size=2>0.41</FONT></U> </TD>
    <TD align=left width="2%" bordercolor="#000000" style="border-right-style: solid; border-right-width: 1" >&nbsp;</TD>
    <TD align=left width="1%" bordercolor="#000000" style="border-left-style: solid; border-left-width: 1" >&nbsp;</TD>
    <TD align=right width="7%" bordercolor="#000000"><FONT size=2>-</FONT> </TD>
    <TD align=left width="2%" bordercolor="#000000" style="border-right-style: solid; border-right-width: 1" >&nbsp;</TD>
    <TD align=left width="1%" bordercolor="#000000" style="border-left-style: solid; border-left-width: 1" >&nbsp;</TD>
    <TD align=right width="7%" bordercolor="#000000"><U><FONT size=2>0.50</FONT></U> </TD>
    <TD align=left width="2%" bordercolor="#000000" style="border-right-style: solid; border-right-width: 1" >&nbsp;</TD>
    <TD align=left width="1%" bordercolor="#000000" style="border-left-style: solid; border-left-width: 1" >&nbsp;</TD>
    <TD align=right width="7%" bordercolor="#000000"><U><FONT size=2>951</FONT></U> </TD>
    <TD align=left width="2%" bordercolor="#000000" style="border-right-style: solid; border-right-width: 1" >&nbsp;</TD>
    <TD align=left width="1%" bordercolor="#000000" style="border-left-style: solid; border-left-width: 1" >&nbsp;</TD>
    <TD align=right width="7%" bordercolor="#000000"><FONT size=2>-</FONT> </TD>
    <TD align=left width="2%" bordercolor="#000000" style="border-right-style: solid; border-right-width: 1" >&nbsp;</TD>
    <TD align=left width="1%" bordercolor="#000000" style="border-left-style: solid; border-left-width: 1" >&nbsp;</TD>
    <TD align=right width="7%" bordercolor="#000000"><U><FONT size=2>806</FONT></U> </TD>
    <TD align=left width="2%" bordercolor="#000000" style="border-right-style: solid; border-right-width: 1" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-left-style:solid; border-left-width:1; border-right-style:solid; border-right-width:1" align=left
      bgColor=#e6efff bordercolor="#000000">
    <p style="margin-left: 10">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp;<FONT size=2>El Morro P&amp;P</FONT> </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-left-style:solid; border-left-width:1" align=left width="1%"
     bgColor=#e6efff bordercolor="#000000">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="7%"
    bgColor=#e6efff bordercolor="#000000"><FONT size=2>135,070</FONT> </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-right-style:solid; border-right-width:1" align=left width="2%"
     bgColor=#e6efff bordercolor="#000000">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-left-style:solid; border-left-width:1" align=left width="1%"
     bgColor=#e6efff bordercolor="#000000">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="7%"
    bgColor=#e6efff bordercolor="#000000"><FONT size=2>0.46</FONT> </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-right-style:solid; border-right-width:1" align=left width="2%"
     bgColor=#e6efff bordercolor="#000000">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-left-style:solid; border-left-width:1" align=left width="1%"
     bgColor=#e6efff bordercolor="#000000">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="7%"
    bgColor=#e6efff bordercolor="#000000"><FONT size=2>-</FONT> </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-right-style:solid; border-right-width:1" align=left width="2%"
     bgColor=#e6efff bordercolor="#000000">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-left-style:solid; border-left-width:1" align=left width="1%"
     bgColor=#e6efff bordercolor="#000000">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="7%"
    bgColor=#e6efff bordercolor="#000000"><FONT size=2>0.58</FONT> </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-right-style:solid; border-right-width:1" align=left width="2%"
     bgColor=#e6efff bordercolor="#000000">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-left-style:solid; border-left-width:1" align=left width="1%"
     bgColor=#e6efff bordercolor="#000000">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="7%"
    bgColor=#e6efff bordercolor="#000000"><FONT size=2>2,013</FONT> </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-right-style:solid; border-right-width:1" align=left width="2%"
     bgColor=#e6efff bordercolor="#000000">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-left-style:solid; border-left-width:1" align=left width="1%"
     bgColor=#e6efff bordercolor="#000000">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="7%"
    bgColor=#e6efff bordercolor="#000000"><FONT size=2>-</FONT> </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-right-style:solid; border-right-width:1" align=left width="2%"
     bgColor=#e6efff bordercolor="#000000">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-left-style:solid; border-left-width:1" align=left width="1%"
     bgColor=#e6efff bordercolor="#000000">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="7%"
    bgColor=#e6efff bordercolor="#000000"><FONT size=2>1,715</FONT> </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-right-style:solid; border-right-width:1" align=left width="2%"
     bgColor=#e6efff bordercolor="#000000">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-left-style:solid; border-left-width:1; border-right-style:solid; border-right-width:1" align=left bgColor=#FFFFFF
    colSpan=22 bordercolor="#000000">
    <p style="margin-left: 10"><I><FONT size=1>Notes to the mineral reserve statements are
      provided in a separate table below.</FONT></I></TD>
    </TR></TABLE>
<P align=justify><FONT size=2>The mineral reserve statements for the New Afton
and El Morro projects have been reported previously in NI 43-101 Technical
Reports completed in May 2007 and May 2008, respectively. The New Afton project
is located in British Columbia, Canada. The El Morro project is located in
Region III, Chile. New Gold holds a 30% interest in the El Morro project, with
project operator Xstrata plc holding the remaining 70% interest.</FONT></P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_3></A>
<P align=justify><B><I><FONT size=2>Mineral Resources</FONT></I></B><BR></P>
<P align=justify><FONT size=2>Updated mineral resource statements for the Peak,
Cerro San Pedro and Amapari mines and the New Afton and El Morro development
projects, inclusive of mineral reserves, as of December 31, 2008, are presented
in the table below:</FONT></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 8pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-left-style:solid; border-left-width:1; border-right-style:solid; border-right-width:1; border-top-style:solid; border-top-width:1" align=left colSpan=23 bordercolor="#000000">
    <p align="center"><B><FONT
      size=2>Mineral Resource Statement as of December 31, 2008</FONT></B></TD>
    </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-left-style:solid; border-left-width:1" align=left bordercolor="#000000">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-top-style:solid; border-top-width:1" align=left width="1%" bordercolor="#000000" colspan="2"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-top-style:solid; border-top-width:1" align=left width="7%" bordercolor="#000000">&nbsp;
    </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-right-style:solid; border-right-width:1; border-top-style:solid; border-top-width:1" align=left width="2%" bordercolor="#000000"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-left-style:solid; border-left-width:1; border-top-style:solid; border-top-width:1" align=left width="1%" bordercolor="#000000"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-top-style:solid; border-top-width:1" align=center width="27%" bordercolor="#000000" colspan="7">&nbsp; <B><FONT size=2>Metal Grade</FONT></B>&nbsp;
    </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-right-style:solid; border-right-width:1" align=left width="2%" bordercolor="#000000"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-left-style:solid; border-left-width:1" align=left width="1%" bordercolor="#000000"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="27%" bordercolor="#000000" colspan="7">
    <p align="center">&nbsp; <B><FONT size=2>Contained Metal</FONT></B></TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-right-style:solid; border-right-width:1" align=left width="2%" bordercolor="#000000"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=right bordercolor="#000000" style="border-left-style: solid; border-left-width: 1; border-right-style: solid; border-right-width: 1">
    <p align="left" style="margin-left: 10"><B><FONT size=2>Measured &amp; Indicated

      </FONT></B>&nbsp;</TD>
    <TD align=right bordercolor="#000000" style="border-right-style: none; border-right-width: medium">&nbsp;</TD>
    <TD align=right colSpan=2 bordercolor="#000000" style="border-left-style: none; border-left-width: medium"><B><FONT size=2>Tonnes</FONT></B></TD>
    <TD align=right width="2%" bordercolor="#000000" style="border-right-style: solid; border-right-width: 1" >&nbsp;</TD>
    <TD align=left width="1%" bordercolor="#000000" style="border-left-style: solid; border-left-width: 1" >&nbsp;</TD>
    <TD align=right width="7%" bordercolor="#000000"><B><FONT size=2>Gold</FONT></B> </TD>
    <TD align=left width="2%" bordercolor="#000000" style="border-right-style: solid; border-right-width: 1" >&nbsp;</TD>
    <TD align=left width="1%" bordercolor="#000000" style="border-left-style: solid; border-left-width: 1" >&nbsp;</TD>
    <TD align=right width="7%" bordercolor="#000000"><B><FONT size=2>Silver</FONT></B> </TD>
    <TD align=left width="2%" bordercolor="#000000" style="border-right-style: solid; border-right-width: 1" >&nbsp;</TD>
    <TD align=left width="1%" bordercolor="#000000" style="border-left-style: solid; border-left-width: 1" >&nbsp;</TD>
    <TD align=right width="7%" bordercolor="#000000"><B><FONT size=2>Copper</FONT></B> </TD>
    <TD align=left width="2%" bordercolor="#000000" style="border-right-style: solid; border-right-width: 1" >&nbsp;</TD>
    <TD align=left width="1%" bordercolor="#000000" style="border-left-style: solid; border-left-width: 1" >&nbsp;</TD>
    <TD align=right width="7%" bordercolor="#000000"><B><FONT size=2>Gold</FONT></B> </TD>
    <TD align=left width="2%" bordercolor="#000000" style="border-right-style: solid; border-right-width: 1" >&nbsp;</TD>
    <TD align=left width="1%" bordercolor="#000000" style="border-left-style: solid; border-left-width: 1" >&nbsp;</TD>
    <TD align=right width="7%" bordercolor="#000000"><B><FONT size=2>Silver</FONT></B> </TD>
    <TD align=left width="2%" bordercolor="#000000" style="border-right-style: solid; border-right-width: 1" >&nbsp;</TD>
    <TD align=left width="1%" bordercolor="#000000" style="border-left-style: solid; border-left-width: 1" >&nbsp;</TD>
    <TD align=right width="7%" bordercolor="#000000"><B><FONT size=2>Copper</FONT></B> </TD>
    <TD align=left width="2%" bordercolor="#000000" style="border-right-style: solid; border-right-width: 1" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-left-style:solid; border-left-width:1; border-right-style:solid; border-right-width:1" align=left bordercolor="#000000">
    <p style="margin-left: 10"><B><FONT
      size=2>Resources</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-left-style:solid; border-left-width:1" align=left width="1%" bordercolor="#000000" colspan="2"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="7%" bordercolor="#000000"><B><FONT size=2>000&#146;s</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-right-style:solid; border-right-width:1" align=left width="2%" bordercolor="#000000"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-left-style:solid; border-left-width:1" align=left width="1%" bordercolor="#000000"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="7%" bordercolor="#000000"><B><FONT size=2>g/t</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-right-style:solid; border-right-width:1" align=left width="2%" bordercolor="#000000"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-left-style:solid; border-left-width:1" align=left width="1%" bordercolor="#000000"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="7%" bordercolor="#000000"><B><FONT size=2>g/t</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-right-style:solid; border-right-width:1" align=left width="2%" bordercolor="#000000"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-left-style:solid; border-left-width:1" align=left width="1%" bordercolor="#000000"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="7%" bordercolor="#000000"><B><FONT size=2>%</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-right-style:solid; border-right-width:1" align=left width="2%" bordercolor="#000000"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-left-style:solid; border-left-width:1" align=left width="1%" bordercolor="#000000"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="7%" bordercolor="#000000"><B><FONT size=2>Koz</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-right-style:solid; border-right-width:1" align=left width="2%" bordercolor="#000000"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-left-style:solid; border-left-width:1" align=left width="1%" bordercolor="#000000"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="7%" bordercolor="#000000"><B><FONT size=2>Koz</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-right-style:solid; border-right-width:1" align=left width="2%" bordercolor="#000000"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-left-style:solid; border-left-width:1" align=left width="1%" bordercolor="#000000"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="7%" bordercolor="#000000"><B><FONT size=2>M lbs</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-right-style:solid; border-right-width:1" align=left width="2%" bordercolor="#000000"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff bordercolor="#000000" style="border-left-style: solid; border-left-width: 1; border-right-style: solid; border-right-width: 1">
    <p style="margin-left: 10"><FONT size=2>Peak </FONT><SUP><FONT
      size=2>2,7,13</FONT></SUP> </TD>
    <TD align=left width="1%"  bgColor=#e6efff bordercolor="#000000" colspan="2" style="border-left-style: solid; border-left-width: 1">&nbsp;</TD>
    <TD align=left width="7%" bgColor=#e6efff bordercolor="#000000">&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff bordercolor="#000000" style="border-right-style: solid; border-right-width: 1">&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff bordercolor="#000000" style="border-left-style: solid; border-left-width: 1">&nbsp;</TD>
    <TD align=left width="7%" bgColor=#e6efff bordercolor="#000000">&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff bordercolor="#000000" style="border-right-style: solid; border-right-width: 1">&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff bordercolor="#000000" style="border-left-style: solid; border-left-width: 1">&nbsp;</TD>
    <TD align=left width="7%" bgColor=#e6efff bordercolor="#000000">&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff bordercolor="#000000" style="border-right-style: solid; border-right-width: 1">&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff bordercolor="#000000" style="border-left-style: solid; border-left-width: 1">&nbsp;</TD>
    <TD align=left width="7%" bgColor=#e6efff bordercolor="#000000">&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff bordercolor="#000000" style="border-right-style: solid; border-right-width: 1">&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff bordercolor="#000000" style="border-left-style: solid; border-left-width: 1">&nbsp;</TD>
    <TD align=left width="7%" bgColor=#e6efff bordercolor="#000000">&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff bordercolor="#000000" style="border-right-style: solid; border-right-width: 1">&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff bordercolor="#000000" style="border-left-style: solid; border-left-width: 1">&nbsp;</TD>
    <TD align=left width="7%" bgColor=#e6efff bordercolor="#000000">&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff bordercolor="#000000" style="border-right-style: solid; border-right-width: 1">&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff bordercolor="#000000" style="border-left-style: solid; border-left-width: 1">&nbsp;</TD>
    <TD align=left width="7%" bgColor=#e6efff bordercolor="#000000">&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff bordercolor="#000000" style="border-right-style: solid; border-right-width: 1">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bordercolor="#000000" style="border-left-style: solid; border-left-width: 1; border-right-style: solid; border-right-width: 1">
    <p style="margin-left: 10">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT
      size=2>Measured</FONT> </TD>
    <TD align=left width="1%" bordercolor="#000000" colspan="2" style="border-left-style: solid; border-left-width: 1" >&nbsp;</TD>
    <TD align=right width="7%" bordercolor="#000000"><FONT size=2>2,405</FONT> </TD>
    <TD align=left width="2%" bordercolor="#000000" style="border-right-style: solid; border-right-width: 1" >&nbsp;</TD>
    <TD align=left width="1%" bordercolor="#000000" style="border-left-style: solid; border-left-width: 1" >&nbsp;</TD>
    <TD align=right width="7%" bordercolor="#000000"><FONT size=2>3.75</FONT> </TD>
    <TD align=left width="2%" bordercolor="#000000" style="border-right-style: solid; border-right-width: 1" >&nbsp;</TD>
    <TD align=left width="1%" bordercolor="#000000" style="border-left-style: solid; border-left-width: 1" >&nbsp;</TD>
    <TD align=right width="7%" bordercolor="#000000"><FONT size=2>-</FONT> </TD>
    <TD align=left width="2%" bordercolor="#000000" style="border-right-style: solid; border-right-width: 1" >&nbsp;</TD>
    <TD align=left width="1%" bordercolor="#000000" style="border-left-style: solid; border-left-width: 1" >&nbsp;</TD>
    <TD align=right width="7%" bordercolor="#000000"><FONT size=2>1.02</FONT> </TD>
    <TD align=left width="2%" bordercolor="#000000" style="border-right-style: solid; border-right-width: 1" >&nbsp;</TD>
    <TD align=left width="1%" bordercolor="#000000" style="border-left-style: solid; border-left-width: 1" >&nbsp;</TD>
    <TD align=right width="7%" bordercolor="#000000"><FONT size=2>290</FONT> </TD>
    <TD align=left width="2%" bordercolor="#000000" style="border-right-style: solid; border-right-width: 1" >&nbsp;</TD>
    <TD align=left width="1%" bordercolor="#000000" style="border-left-style: solid; border-left-width: 1" >&nbsp;</TD>
    <TD align=right width="7%" bordercolor="#000000"><FONT size=2>-</FONT> </TD>
    <TD align=left width="2%" bordercolor="#000000" style="border-right-style: solid; border-right-width: 1" >&nbsp;</TD>
    <TD align=left width="1%" bordercolor="#000000" style="border-left-style: solid; border-left-width: 1" >&nbsp;</TD>
    <TD align=right width="7%" bordercolor="#000000"><FONT size=2>54</FONT> </TD>
    <TD align=left width="2%" bordercolor="#000000" style="border-right-style: solid; border-right-width: 1" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff bordercolor="#000000" style="border-left-style: solid; border-left-width: 1; border-right-style: solid; border-right-width: 1">
    <p style="margin-left: 10">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp;<FONT size=2>Indicated</FONT> </TD>
    <TD align=left width="1%"  bgColor=#e6efff bordercolor="#000000" colspan="2" style="border-left-style: solid; border-left-width: 1">&nbsp;</TD>
    <TD align=right width="7%" bgColor=#e6efff bordercolor="#000000"><U><FONT
      size=2>3,694</FONT></U> </TD>
    <TD align=left width="2%"  bgColor=#e6efff bordercolor="#000000" style="border-right-style: solid; border-right-width: 1">&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff bordercolor="#000000" style="border-left-style: solid; border-left-width: 1">&nbsp;</TD>
    <TD align=right width="7%" bgColor=#e6efff bordercolor="#000000"><U><FONT size=2>4.71</FONT></U>
    </TD>
    <TD align=left width="2%"  bgColor=#e6efff bordercolor="#000000" style="border-right-style: solid; border-right-width: 1">&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff bordercolor="#000000" style="border-left-style: solid; border-left-width: 1">&nbsp;</TD>
    <TD align=right width="7%" bgColor=#e6efff bordercolor="#000000"><FONT size=2>-</FONT> </TD>
    <TD align=left width="2%"  bgColor=#e6efff bordercolor="#000000" style="border-right-style: solid; border-right-width: 1">&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff bordercolor="#000000" style="border-left-style: solid; border-left-width: 1">&nbsp;</TD>
    <TD align=right width="7%" bgColor=#e6efff bordercolor="#000000"><U><FONT size=2>1.00</FONT></U>
    </TD>
    <TD align=left width="2%"  bgColor=#e6efff bordercolor="#000000" style="border-right-style: solid; border-right-width: 1">&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff bordercolor="#000000" style="border-left-style: solid; border-left-width: 1">&nbsp;</TD>
    <TD align=right width="7%" bgColor=#e6efff bordercolor="#000000"><U><FONT size=2>559</FONT></U>
    </TD>
    <TD align=left width="2%"  bgColor=#e6efff bordercolor="#000000" style="border-right-style: solid; border-right-width: 1">&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff bordercolor="#000000" style="border-left-style: solid; border-left-width: 1">&nbsp;</TD>
    <TD align=right width="7%" bgColor=#e6efff bordercolor="#000000"><FONT size=2>-</FONT> </TD>
    <TD align=left width="2%"  bgColor=#e6efff bordercolor="#000000" style="border-right-style: solid; border-right-width: 1">&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff bordercolor="#000000" style="border-left-style: solid; border-left-width: 1">&nbsp;</TD>
    <TD align=right width="7%" bgColor=#e6efff bordercolor="#000000"><U><FONT size=2>82</FONT></U>
    </TD>
    <TD align=left width="2%"  bgColor=#e6efff bordercolor="#000000" style="border-right-style: solid; border-right-width: 1">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=right bordercolor="#000000" style="border-left-style: solid; border-left-width: 1; border-right-style: solid; border-right-width: 1">
    <p align="left" style="margin-left: 10">&nbsp; &nbsp;
      &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2>Peak M&amp;I</FONT> </TD>
    <TD align=left width="1%" bordercolor="#000000" colspan="2" style="border-left-style: solid; border-left-width: 1" >&nbsp;</TD>
    <TD align=right width="7%" bordercolor="#000000"><FONT size=2>6,099</FONT> </TD>
    <TD align=left width="2%" bordercolor="#000000" style="border-right-style: solid; border-right-width: 1" >&nbsp;</TD>
    <TD align=left width="1%" bordercolor="#000000" style="border-left-style: solid; border-left-width: 1" >&nbsp;</TD>
    <TD align=right width="7%" bordercolor="#000000"><FONT size=2>4.33</FONT> </TD>
    <TD align=left width="2%" bordercolor="#000000" style="border-right-style: solid; border-right-width: 1" >&nbsp;</TD>
    <TD align=left width="1%" bordercolor="#000000" style="border-left-style: solid; border-left-width: 1" >&nbsp;</TD>
    <TD align=right width="7%" bordercolor="#000000"><FONT size=2>-</FONT> </TD>
    <TD align=left width="2%" bordercolor="#000000" style="border-right-style: solid; border-right-width: 1" >&nbsp;</TD>
    <TD align=left width="1%" bordercolor="#000000" style="border-left-style: solid; border-left-width: 1" >&nbsp;</TD>
    <TD align=right width="7%" bordercolor="#000000"><FONT size=2>1.01</FONT> </TD>
    <TD align=left width="2%" bordercolor="#000000" style="border-right-style: solid; border-right-width: 1" >&nbsp;</TD>
    <TD align=left width="1%" bordercolor="#000000" style="border-left-style: solid; border-left-width: 1" >&nbsp;</TD>
    <TD align=right width="7%" bordercolor="#000000"><FONT size=2>849</FONT> </TD>
    <TD align=left width="2%" bordercolor="#000000" style="border-right-style: solid; border-right-width: 1" >&nbsp;</TD>
    <TD align=left width="1%" bordercolor="#000000" style="border-left-style: solid; border-left-width: 1" >&nbsp;</TD>
    <TD align=right width="7%" bordercolor="#000000"><FONT size=2>-</FONT> </TD>
    <TD align=left width="2%" bordercolor="#000000" style="border-right-style: solid; border-right-width: 1" >&nbsp;</TD>
    <TD align=left width="1%" bordercolor="#000000" style="border-left-style: solid; border-left-width: 1" >&nbsp;</TD>
    <TD align=right width="7%" bordercolor="#000000"><FONT size=2>136</FONT> </TD>
    <TD align=left width="2%" bordercolor="#000000" style="border-right-style: solid; border-right-width: 1" >&nbsp;</TD></TR>
  <TR>
    <TD bgColor=#e6efff bordercolor="#000000" style="border-left-style: solid; border-left-width: 1; border-right-style: solid; border-right-width: 1">
    <p style="margin-left: 10">&nbsp; </TD>
    <TD width="1%"  bgColor=#e6efff bordercolor="#000000" colspan="2" style="border-left-style: solid; border-left-width: 1">&nbsp;</TD>
    <TD width="7%" bgColor=#e6efff bordercolor="#000000">&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff bordercolor="#000000" style="border-right-style: solid; border-right-width: 1">&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff bordercolor="#000000" style="border-left-style: solid; border-left-width: 1">&nbsp;</TD>
    <TD width="7%" bgColor=#e6efff bordercolor="#000000">&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff bordercolor="#000000" style="border-right-style: solid; border-right-width: 1">&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff bordercolor="#000000" style="border-left-style: solid; border-left-width: 1">&nbsp;</TD>
    <TD width="7%" bgColor=#e6efff bordercolor="#000000">&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff bordercolor="#000000" style="border-right-style: solid; border-right-width: 1">&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff bordercolor="#000000" style="border-left-style: solid; border-left-width: 1">&nbsp;</TD>
    <TD width="7%" bgColor=#e6efff bordercolor="#000000">&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff bordercolor="#000000" style="border-right-style: solid; border-right-width: 1">&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff bordercolor="#000000" style="border-left-style: solid; border-left-width: 1">&nbsp;</TD>
    <TD width="7%" bgColor=#e6efff bordercolor="#000000">&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff bordercolor="#000000" style="border-right-style: solid; border-right-width: 1">&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff bordercolor="#000000" style="border-left-style: solid; border-left-width: 1">&nbsp;</TD>
    <TD width="7%" bgColor=#e6efff bordercolor="#000000">&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff bordercolor="#000000" style="border-right-style: solid; border-right-width: 1">&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff bordercolor="#000000" style="border-left-style: solid; border-left-width: 1">&nbsp;</TD>
    <TD width="7%" bgColor=#e6efff bordercolor="#000000">&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff bordercolor="#000000" style="border-right-style: solid; border-right-width: 1">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bordercolor="#000000" style="border-left-style: solid; border-left-width: 1; border-right-style: solid; border-right-width: 1">
    <p style="margin-left: 10"><FONT size=2>Cerro San Pedro</FONT><SUP><FONT
      size=2>2,8,13</FONT></SUP> </TD>
    <TD align=left width="1%" bordercolor="#000000" colspan="2" style="border-left-style: solid; border-left-width: 1" >&nbsp;</TD>
    <TD align=left width="7%" bordercolor="#000000">&nbsp; </TD>
    <TD align=left width="2%" bordercolor="#000000" style="border-right-style: solid; border-right-width: 1" >&nbsp;</TD>
    <TD align=left width="1%" bordercolor="#000000" style="border-left-style: solid; border-left-width: 1" >&nbsp;</TD>
    <TD align=left width="7%" bordercolor="#000000">&nbsp; </TD>
    <TD align=left width="2%" bordercolor="#000000" style="border-right-style: solid; border-right-width: 1" >&nbsp;</TD>
    <TD align=left width="1%" bordercolor="#000000" style="border-left-style: solid; border-left-width: 1" >&nbsp;</TD>
    <TD align=left width="7%" bordercolor="#000000">&nbsp; </TD>
    <TD align=left width="2%" bordercolor="#000000" style="border-right-style: solid; border-right-width: 1" >&nbsp;</TD>
    <TD align=left width="1%" bordercolor="#000000" style="border-left-style: solid; border-left-width: 1" >&nbsp;</TD>
    <TD align=left width="7%" bordercolor="#000000">&nbsp; </TD>
    <TD align=left width="2%" bordercolor="#000000" style="border-right-style: solid; border-right-width: 1" >&nbsp;</TD>
    <TD align=left width="1%" bordercolor="#000000" style="border-left-style: solid; border-left-width: 1" >&nbsp;</TD>
    <TD align=left width="7%" bordercolor="#000000">&nbsp; </TD>
    <TD align=left width="2%" bordercolor="#000000" style="border-right-style: solid; border-right-width: 1" >&nbsp;</TD>
    <TD align=left width="1%" bordercolor="#000000" style="border-left-style: solid; border-left-width: 1" >&nbsp;</TD>
    <TD align=left width="7%" bordercolor="#000000">&nbsp; </TD>
    <TD align=left width="2%" bordercolor="#000000" style="border-right-style: solid; border-right-width: 1" >&nbsp;</TD>
    <TD align=left width="1%" bordercolor="#000000" style="border-left-style: solid; border-left-width: 1" >&nbsp;</TD>
    <TD align=left width="7%" bordercolor="#000000">&nbsp; </TD>
    <TD align=left width="2%" bordercolor="#000000" style="border-right-style: solid; border-right-width: 1" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff bordercolor="#000000" style="border-left-style: solid; border-left-width: 1; border-right-style: solid; border-right-width: 1">
    <p style="margin-left: 10">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp;<FONT size=2>Measured</FONT> </TD>
    <TD align=left width="1%"  bgColor=#e6efff bordercolor="#000000" colspan="2" style="border-left-style: solid; border-left-width: 1">&nbsp;</TD>
    <TD align=right width="7%" bgColor=#e6efff bordercolor="#000000"><FONT size=2>90,160</FONT> </TD>
    <TD align=left width="2%"  bgColor=#e6efff bordercolor="#000000" style="border-right-style: solid; border-right-width: 1">&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff bordercolor="#000000" style="border-left-style: solid; border-left-width: 1">&nbsp;</TD>
    <TD align=right width="7%" bgColor=#e6efff bordercolor="#000000"><FONT size=2>0.55</FONT> </TD>
    <TD align=left width="2%"  bgColor=#e6efff bordercolor="#000000" style="border-right-style: solid; border-right-width: 1">&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff bordercolor="#000000" style="border-left-style: solid; border-left-width: 1">&nbsp;</TD>
    <TD align=right width="7%" bgColor=#e6efff bordercolor="#000000"><FONT size=2>20.6</FONT> </TD>
    <TD align=left width="2%"  bgColor=#e6efff bordercolor="#000000" style="border-right-style: solid; border-right-width: 1">&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff bordercolor="#000000" style="border-left-style: solid; border-left-width: 1">&nbsp;</TD>
    <TD align=right width="7%" bgColor=#e6efff bordercolor="#000000"><FONT size=2>-</FONT> </TD>
    <TD align=left width="2%"  bgColor=#e6efff bordercolor="#000000" style="border-right-style: solid; border-right-width: 1">&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff bordercolor="#000000" style="border-left-style: solid; border-left-width: 1">&nbsp;</TD>
    <TD align=right width="7%" bgColor=#e6efff bordercolor="#000000"><FONT size=2>1,597</FONT> </TD>
    <TD align=left width="2%"  bgColor=#e6efff bordercolor="#000000" style="border-right-style: solid; border-right-width: 1">&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff bordercolor="#000000" style="border-left-style: solid; border-left-width: 1">&nbsp;</TD>
    <TD align=right width="7%" bgColor=#e6efff bordercolor="#000000"><FONT size=2>59,557</FONT> </TD>
    <TD align=left width="2%"  bgColor=#e6efff bordercolor="#000000" style="border-right-style: solid; border-right-width: 1">&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff bordercolor="#000000" style="border-left-style: solid; border-left-width: 1">&nbsp;</TD>
    <TD align=right width="7%" bgColor=#e6efff bordercolor="#000000"><FONT size=2>-</FONT> </TD>
    <TD align=left width="2%"  bgColor=#e6efff bordercolor="#000000" style="border-right-style: solid; border-right-width: 1">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bordercolor="#000000" style="border-left-style: solid; border-left-width: 1; border-right-style: solid; border-right-width: 1">
    <p style="margin-left: 10">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT
      size=2>Indicated</FONT> </TD>
    <TD align=left width="1%" bordercolor="#000000" colspan="2" style="border-left-style: solid; border-left-width: 1" >&nbsp;</TD>
    <TD align=right width="7%" bordercolor="#000000"><U><FONT size=2>6,370</FONT></U> </TD>
    <TD align=left width="2%" bordercolor="#000000" style="border-right-style: solid; border-right-width: 1" >&nbsp;</TD>
    <TD align=left width="1%" bordercolor="#000000" style="border-left-style: solid; border-left-width: 1" >&nbsp;</TD>
    <TD align=right width="7%" bordercolor="#000000"><U><FONT size=2>0.46</FONT></U> </TD>
    <TD align=left width="2%" bordercolor="#000000" style="border-right-style: solid; border-right-width: 1" >&nbsp;</TD>
    <TD align=left width="1%" bordercolor="#000000" style="border-left-style: solid; border-left-width: 1" >&nbsp;</TD>
    <TD align=right width="7%" bordercolor="#000000"><U><FONT size=2>18.7</FONT></U> </TD>
    <TD align=left width="2%" bordercolor="#000000" style="border-right-style: solid; border-right-width: 1" >&nbsp;</TD>
    <TD align=left width="1%" bordercolor="#000000" style="border-left-style: solid; border-left-width: 1" >&nbsp;</TD>
    <TD align=right width="7%" bordercolor="#000000"><FONT size=2>-</FONT> </TD>
    <TD align=left width="2%" bordercolor="#000000" style="border-right-style: solid; border-right-width: 1" >&nbsp;</TD>
    <TD align=left width="1%" bordercolor="#000000" style="border-left-style: solid; border-left-width: 1" >&nbsp;</TD>
    <TD align=right width="7%" bordercolor="#000000"><U><FONT size=2>94</FONT></U> </TD>
    <TD align=left width="2%" bordercolor="#000000" style="border-right-style: solid; border-right-width: 1" >&nbsp;</TD>
    <TD align=left width="1%" bordercolor="#000000" style="border-left-style: solid; border-left-width: 1" >&nbsp;</TD>
    <TD align=right width="7%" bordercolor="#000000"><U><FONT size=2>3,830</FONT></U> </TD>
    <TD align=left width="2%" bordercolor="#000000" style="border-right-style: solid; border-right-width: 1" >&nbsp;</TD>
    <TD align=left width="1%" bordercolor="#000000" style="border-left-style: solid; border-left-width: 1" >&nbsp;</TD>
    <TD align=right width="7%" bordercolor="#000000"><FONT size=2>-</FONT> </TD>
    <TD align=left width="2%" bordercolor="#000000" style="border-right-style: solid; border-right-width: 1" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff bordercolor="#000000" style="border-left-style: solid; border-left-width: 1; border-right-style: solid; border-right-width: 1">
    <p style="margin-left: 10">&nbsp; &nbsp;
      &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT
      size=2>CSP M&amp;I</FONT> </TD>
    <TD align=left width="1%"  bgColor=#e6efff bordercolor="#000000" colspan="2" style="border-left-style: solid; border-left-width: 1">&nbsp;</TD>
    <TD align=right width="7%" bgColor=#e6efff bordercolor="#000000"><FONT size=2>96,530</FONT> </TD>
    <TD align=left width="2%"  bgColor=#e6efff bordercolor="#000000" style="border-right-style: solid; border-right-width: 1">&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff bordercolor="#000000" style="border-left-style: solid; border-left-width: 1">&nbsp;</TD>
    <TD align=right width="7%" bgColor=#e6efff bordercolor="#000000"><FONT size=2>0.54</FONT> </TD>
    <TD align=left width="2%"  bgColor=#e6efff bordercolor="#000000" style="border-right-style: solid; border-right-width: 1">&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff bordercolor="#000000" style="border-left-style: solid; border-left-width: 1">&nbsp;</TD>
    <TD align=right width="7%" bgColor=#e6efff bordercolor="#000000"><FONT size=2>20.4</FONT> </TD>
    <TD align=left width="2%"  bgColor=#e6efff bordercolor="#000000" style="border-right-style: solid; border-right-width: 1">&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff bordercolor="#000000" style="border-left-style: solid; border-left-width: 1">&nbsp;</TD>
    <TD align=right width="7%" bgColor=#e6efff bordercolor="#000000"><FONT size=2>-</FONT> </TD>
    <TD align=left width="2%"  bgColor=#e6efff bordercolor="#000000" style="border-right-style: solid; border-right-width: 1">&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff bordercolor="#000000" style="border-left-style: solid; border-left-width: 1">&nbsp;</TD>
    <TD align=right width="7%" bgColor=#e6efff bordercolor="#000000"><FONT size=2>1,691</FONT> </TD>
    <TD align=left width="2%"  bgColor=#e6efff bordercolor="#000000" style="border-right-style: solid; border-right-width: 1">&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff bordercolor="#000000" style="border-left-style: solid; border-left-width: 1">&nbsp;</TD>
    <TD align=right width="7%" bgColor=#e6efff bordercolor="#000000"><FONT size=2>63,387</FONT> </TD>
    <TD align=left width="2%"  bgColor=#e6efff bordercolor="#000000" style="border-right-style: solid; border-right-width: 1">&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff bordercolor="#000000" style="border-left-style: solid; border-left-width: 1">&nbsp;</TD>
    <TD align=right width="7%" bgColor=#e6efff bordercolor="#000000"><FONT size=2>-</FONT> </TD>
    <TD align=left width="2%"  bgColor=#e6efff bordercolor="#000000" style="border-right-style: solid; border-right-width: 1">&nbsp;</TD></TR>
  <TR>
    <TD bordercolor="#000000" style="border-left-style: solid; border-left-width: 1; border-right-style: solid; border-right-width: 1">
    <p style="margin-left: 10">&nbsp; </TD>
    <TD width="1%" bordercolor="#000000" colspan="2" style="border-left-style: solid; border-left-width: 1" >&nbsp;</TD>
    <TD width="7%" bordercolor="#000000">&nbsp; </TD>
    <TD width="2%" bordercolor="#000000" style="border-right-style: solid; border-right-width: 1" >&nbsp;</TD>
    <TD width="1%" bordercolor="#000000" style="border-left-style: solid; border-left-width: 1" >&nbsp;</TD>
    <TD width="7%" bordercolor="#000000">&nbsp; </TD>
    <TD width="2%" bordercolor="#000000" style="border-right-style: solid; border-right-width: 1" >&nbsp;</TD>
    <TD width="1%" bordercolor="#000000" style="border-left-style: solid; border-left-width: 1" >&nbsp;</TD>
    <TD width="7%" bordercolor="#000000">&nbsp; </TD>
    <TD width="2%" bordercolor="#000000" style="border-right-style: solid; border-right-width: 1" >&nbsp;</TD>
    <TD width="1%" bordercolor="#000000" style="border-left-style: solid; border-left-width: 1" >&nbsp;</TD>
    <TD width="7%" bordercolor="#000000">&nbsp; </TD>
    <TD width="2%" bordercolor="#000000" style="border-right-style: solid; border-right-width: 1" >&nbsp;</TD>
    <TD width="1%" bordercolor="#000000" style="border-left-style: solid; border-left-width: 1" >&nbsp;</TD>
    <TD width="7%" bordercolor="#000000">&nbsp; </TD>
    <TD width="2%" bordercolor="#000000" style="border-right-style: solid; border-right-width: 1" >&nbsp;</TD>
    <TD width="1%" bordercolor="#000000" style="border-left-style: solid; border-left-width: 1" >&nbsp;</TD>
    <TD width="7%" bordercolor="#000000">&nbsp; </TD>
    <TD width="2%" bordercolor="#000000" style="border-right-style: solid; border-right-width: 1" >&nbsp;</TD>
    <TD width="1%" bordercolor="#000000" style="border-left-style: solid; border-left-width: 1" >&nbsp;</TD>
    <TD width="7%" bordercolor="#000000">&nbsp; </TD>
    <TD width="2%" bordercolor="#000000" style="border-right-style: solid; border-right-width: 1" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff bordercolor="#000000" style="border-left-style: solid; border-left-width: 1; border-right-style: solid; border-right-width: 1">
    <p style="margin-left: 10"><FONT size=2>Amapari</FONT><SUP><FONT
      size=2>2,9,13</FONT></SUP> </TD>
    <TD align=left width="1%"  bgColor=#e6efff bordercolor="#000000" colspan="2" style="border-left-style: solid; border-left-width: 1">&nbsp;</TD>
    <TD align=left width="7%" bgColor=#e6efff bordercolor="#000000">&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff bordercolor="#000000" style="border-right-style: solid; border-right-width: 1">&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff bordercolor="#000000" style="border-left-style: solid; border-left-width: 1">&nbsp;</TD>
    <TD align=left width="7%" bgColor=#e6efff bordercolor="#000000">&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff bordercolor="#000000" style="border-right-style: solid; border-right-width: 1">&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff bordercolor="#000000" style="border-left-style: solid; border-left-width: 1">&nbsp;</TD>
    <TD align=left width="7%" bgColor=#e6efff bordercolor="#000000">&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff bordercolor="#000000" style="border-right-style: solid; border-right-width: 1">&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff bordercolor="#000000" style="border-left-style: solid; border-left-width: 1">&nbsp;</TD>
    <TD align=left width="7%" bgColor=#e6efff bordercolor="#000000">&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff bordercolor="#000000" style="border-right-style: solid; border-right-width: 1">&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff bordercolor="#000000" style="border-left-style: solid; border-left-width: 1">&nbsp;</TD>
    <TD align=left width="7%" bgColor=#e6efff bordercolor="#000000">&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff bordercolor="#000000" style="border-right-style: solid; border-right-width: 1">&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff bordercolor="#000000" style="border-left-style: solid; border-left-width: 1">&nbsp;</TD>
    <TD align=left width="7%" bgColor=#e6efff bordercolor="#000000">&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff bordercolor="#000000" style="border-right-style: solid; border-right-width: 1">&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff bordercolor="#000000" style="border-left-style: solid; border-left-width: 1">&nbsp;</TD>
    <TD align=left width="7%" bgColor=#e6efff bordercolor="#000000">&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff bordercolor="#000000" style="border-right-style: solid; border-right-width: 1">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bordercolor="#000000" style="border-left-style: solid; border-left-width: 1; border-right-style: solid; border-right-width: 1">
    <p style="margin-left: 10">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT
      size=2>Measured</FONT> </TD>
    <TD align=left width="1%" bordercolor="#000000" colspan="2" style="border-left-style: solid; border-left-width: 1" >&nbsp;</TD>
    <TD align=right width="7%" bordercolor="#000000"><FONT size=2>8,700</FONT> </TD>
    <TD align=left width="2%" bordercolor="#000000" style="border-right-style: solid; border-right-width: 1" >&nbsp;</TD>
    <TD align=left width="1%" bordercolor="#000000" style="border-left-style: solid; border-left-width: 1" >&nbsp;</TD>
    <TD align=right width="7%" bordercolor="#000000"><FONT size=2>1.03</FONT> </TD>
    <TD align=left width="2%" bordercolor="#000000" style="border-right-style: solid; border-right-width: 1" >&nbsp;</TD>
    <TD align=left width="1%" bordercolor="#000000" style="border-left-style: solid; border-left-width: 1" >&nbsp;</TD>
    <TD align=right width="7%" bordercolor="#000000"><FONT size=2>-</FONT> </TD>
    <TD align=left width="2%" bordercolor="#000000" style="border-right-style: solid; border-right-width: 1" >&nbsp;</TD>
    <TD align=left width="1%" bordercolor="#000000" style="border-left-style: solid; border-left-width: 1" >&nbsp;</TD>
    <TD align=right width="7%" bordercolor="#000000"><FONT size=2>-</FONT> </TD>
    <TD align=left width="2%" bordercolor="#000000" style="border-right-style: solid; border-right-width: 1" >&nbsp;</TD>
    <TD align=left width="1%" bordercolor="#000000" style="border-left-style: solid; border-left-width: 1" >&nbsp;</TD>
    <TD align=right width="7%" bordercolor="#000000"><FONT size=2>288</FONT> </TD>
    <TD align=left width="2%" bordercolor="#000000" style="border-right-style: solid; border-right-width: 1" >&nbsp;</TD>
    <TD align=left width="1%" bordercolor="#000000" style="border-left-style: solid; border-left-width: 1" >&nbsp;</TD>
    <TD align=right width="7%" bordercolor="#000000"><FONT size=2>-</FONT> </TD>
    <TD align=left width="2%" bordercolor="#000000" style="border-right-style: solid; border-right-width: 1" >&nbsp;</TD>
    <TD align=left width="1%" bordercolor="#000000" style="border-left-style: solid; border-left-width: 1" >&nbsp;</TD>
    <TD align=right width="7%" bordercolor="#000000"><FONT size=2>-</FONT> </TD>
    <TD align=left width="2%" bordercolor="#000000" style="border-right-style: solid; border-right-width: 1" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff bordercolor="#000000" style="border-left-style: solid; border-left-width: 1; border-right-style: solid; border-right-width: 1">
    <p style="margin-left: 10">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp;<FONT size=2>Indicated</FONT> </TD>
    <TD align=left width="1%"  bgColor=#e6efff bordercolor="#000000" colspan="2" style="border-left-style: solid; border-left-width: 1">&nbsp;</TD>
    <TD align=right width="7%" bgColor=#e6efff bordercolor="#000000"><U><FONT
      size=2>14,249</FONT></U> </TD>
    <TD align=left width="2%"  bgColor=#e6efff bordercolor="#000000" style="border-right-style: solid; border-right-width: 1">&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff bordercolor="#000000" style="border-left-style: solid; border-left-width: 1">&nbsp;</TD>
    <TD align=right width="7%" bgColor=#e6efff bordercolor="#000000"><U><FONT size=2>1.85</FONT></U>
    </TD>
    <TD align=left width="2%"  bgColor=#e6efff bordercolor="#000000" style="border-right-style: solid; border-right-width: 1">&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff bordercolor="#000000" style="border-left-style: solid; border-left-width: 1">&nbsp;</TD>
    <TD align=right width="7%" bgColor=#e6efff bordercolor="#000000"><FONT size=2>-</FONT> </TD>
    <TD align=left width="2%"  bgColor=#e6efff bordercolor="#000000" style="border-right-style: solid; border-right-width: 1">&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff bordercolor="#000000" style="border-left-style: solid; border-left-width: 1">&nbsp;</TD>
    <TD align=right width="7%" bgColor=#e6efff bordercolor="#000000"><FONT size=2>-</FONT> </TD>
    <TD align=left width="2%"  bgColor=#e6efff bordercolor="#000000" style="border-right-style: solid; border-right-width: 1">&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff bordercolor="#000000" style="border-left-style: solid; border-left-width: 1">&nbsp;</TD>
    <TD align=right width="7%" bgColor=#e6efff bordercolor="#000000"><U><FONT size=2>848</FONT></U>
    </TD>
    <TD align=left width="2%"  bgColor=#e6efff bordercolor="#000000" style="border-right-style: solid; border-right-width: 1">&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff bordercolor="#000000" style="border-left-style: solid; border-left-width: 1">&nbsp;</TD>
    <TD align=right width="7%" bgColor=#e6efff bordercolor="#000000"><FONT size=2>-</FONT> </TD>
    <TD align=left width="2%"  bgColor=#e6efff bordercolor="#000000" style="border-right-style: solid; border-right-width: 1">&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff bordercolor="#000000" style="border-left-style: solid; border-left-width: 1">&nbsp;</TD>
    <TD align=right width="7%" bgColor=#e6efff bordercolor="#000000"><FONT size=2>-</FONT> </TD>
    <TD align=left width="2%"  bgColor=#e6efff bordercolor="#000000" style="border-right-style: solid; border-right-width: 1">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=right bordercolor="#000000" style="border-left-style: solid; border-left-width: 1; border-right-style: solid; border-right-width: 1">
    <p align="left" style="margin-left: 10">&nbsp; &nbsp;
      &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2>Amapari M&amp;I</FONT> </TD>
    <TD align=left width="1%" bordercolor="#000000" colspan="2" style="border-left-style: solid; border-left-width: 1" >&nbsp;</TD>
    <TD align=right width="7%" bordercolor="#000000"><FONT size=2>22,949</FONT> </TD>
    <TD align=left width="2%" bordercolor="#000000" style="border-right-style: solid; border-right-width: 1" >&nbsp;</TD>
    <TD align=left width="1%" bordercolor="#000000" style="border-left-style: solid; border-left-width: 1" >&nbsp;</TD>
    <TD align=right width="7%" bordercolor="#000000"><FONT size=2>1.54</FONT> </TD>
    <TD align=left width="2%" bordercolor="#000000" style="border-right-style: solid; border-right-width: 1" >&nbsp;</TD>
    <TD align=left width="1%" bordercolor="#000000" style="border-left-style: solid; border-left-width: 1" >&nbsp;</TD>
    <TD align=right width="7%" bordercolor="#000000"><FONT size=2>-</FONT> </TD>
    <TD align=left width="2%" bordercolor="#000000" style="border-right-style: solid; border-right-width: 1" >&nbsp;</TD>
    <TD align=left width="1%" bordercolor="#000000" style="border-left-style: solid; border-left-width: 1" >&nbsp;</TD>
    <TD align=right width="7%" bordercolor="#000000"><FONT size=2>-</FONT> </TD>
    <TD align=left width="2%" bordercolor="#000000" style="border-right-style: solid; border-right-width: 1" >&nbsp;</TD>
    <TD align=left width="1%" bordercolor="#000000" style="border-left-style: solid; border-left-width: 1" >&nbsp;</TD>
    <TD align=right width="7%" bordercolor="#000000"><FONT size=2>1,136</FONT> </TD>
    <TD align=left width="2%" bordercolor="#000000" style="border-right-style: solid; border-right-width: 1" >&nbsp;</TD>
    <TD align=left width="1%" bordercolor="#000000" style="border-left-style: solid; border-left-width: 1" >&nbsp;</TD>
    <TD align=right width="7%" bordercolor="#000000"><FONT size=2>-</FONT> </TD>
    <TD align=left width="2%" bordercolor="#000000" style="border-right-style: solid; border-right-width: 1" >&nbsp;</TD>
    <TD align=left width="1%" bordercolor="#000000" style="border-left-style: solid; border-left-width: 1" >&nbsp;</TD>
    <TD align=right width="7%" bordercolor="#000000"><FONT size=2>-</FONT> </TD>
    <TD align=left width="2%" bordercolor="#000000" style="border-right-style: solid; border-right-width: 1" >&nbsp;</TD></TR>
  <TR>
    <TD bgColor=#e6efff bordercolor="#000000" style="border-left-style: solid; border-left-width: 1; border-right-style: solid; border-right-width: 1">
    <p style="margin-left: 10">&nbsp; </TD>
    <TD width="1%"  bgColor=#e6efff bordercolor="#000000" colspan="2" style="border-left-style: solid; border-left-width: 1">&nbsp;</TD>
    <TD width="7%" bgColor=#e6efff bordercolor="#000000">&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff bordercolor="#000000" style="border-right-style: solid; border-right-width: 1">&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff bordercolor="#000000" style="border-left-style: solid; border-left-width: 1">&nbsp;</TD>
    <TD width="7%" bgColor=#e6efff bordercolor="#000000">&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff bordercolor="#000000" style="border-right-style: solid; border-right-width: 1">&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff bordercolor="#000000" style="border-left-style: solid; border-left-width: 1">&nbsp;</TD>
    <TD width="7%" bgColor=#e6efff bordercolor="#000000">&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff bordercolor="#000000" style="border-right-style: solid; border-right-width: 1">&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff bordercolor="#000000" style="border-left-style: solid; border-left-width: 1">&nbsp;</TD>
    <TD width="7%" bgColor=#e6efff bordercolor="#000000">&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff bordercolor="#000000" style="border-right-style: solid; border-right-width: 1">&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff bordercolor="#000000" style="border-left-style: solid; border-left-width: 1">&nbsp;</TD>
    <TD width="7%" bgColor=#e6efff bordercolor="#000000">&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff bordercolor="#000000" style="border-right-style: solid; border-right-width: 1">&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff bordercolor="#000000" style="border-left-style: solid; border-left-width: 1">&nbsp;</TD>
    <TD width="7%" bgColor=#e6efff bordercolor="#000000">&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff bordercolor="#000000" style="border-right-style: solid; border-right-width: 1">&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff bordercolor="#000000" style="border-left-style: solid; border-left-width: 1">&nbsp;</TD>
    <TD width="7%" bgColor=#e6efff bordercolor="#000000">&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff bordercolor="#000000" style="border-right-style: solid; border-right-width: 1">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bordercolor="#000000" style="border-left-style: solid; border-left-width: 1; border-right-style: solid; border-right-width: 1">
    <p style="margin-left: 10"><FONT size=2>New Afton</FONT><SUP><FONT
      size=2>2,10,13</FONT></SUP> </TD>
    <TD align=left width="1%" bordercolor="#000000" colspan="2" style="border-left-style: solid; border-left-width: 1" >&nbsp;</TD>
    <TD align=left width="7%" bordercolor="#000000">&nbsp; </TD>
    <TD align=left width="2%" bordercolor="#000000" style="border-right-style: solid; border-right-width: 1" >&nbsp;</TD>
    <TD align=left width="1%" bordercolor="#000000" style="border-left-style: solid; border-left-width: 1" >&nbsp;</TD>
    <TD align=left width="7%" bordercolor="#000000">&nbsp; </TD>
    <TD align=left width="2%" bordercolor="#000000" style="border-right-style: solid; border-right-width: 1" >&nbsp;</TD>
    <TD align=left width="1%" bordercolor="#000000" style="border-left-style: solid; border-left-width: 1" >&nbsp;</TD>
    <TD align=left width="7%" bordercolor="#000000">&nbsp; </TD>
    <TD align=left width="2%" bordercolor="#000000" style="border-right-style: solid; border-right-width: 1" >&nbsp;</TD>
    <TD align=left width="1%" bordercolor="#000000" style="border-left-style: solid; border-left-width: 1" >&nbsp;</TD>
    <TD align=left width="7%" bordercolor="#000000">&nbsp; </TD>
    <TD align=left width="2%" bordercolor="#000000" style="border-right-style: solid; border-right-width: 1" >&nbsp;</TD>
    <TD align=left width="1%" bordercolor="#000000" style="border-left-style: solid; border-left-width: 1" >&nbsp;</TD>
    <TD align=left width="7%" bordercolor="#000000">&nbsp; </TD>
    <TD align=left width="2%" bordercolor="#000000" style="border-right-style: solid; border-right-width: 1" >&nbsp;</TD>
    <TD align=left width="1%" bordercolor="#000000" style="border-left-style: solid; border-left-width: 1" >&nbsp;</TD>
    <TD align=left width="7%" bordercolor="#000000">&nbsp; </TD>
    <TD align=left width="2%" bordercolor="#000000" style="border-right-style: solid; border-right-width: 1" >&nbsp;</TD>
    <TD align=left width="1%" bordercolor="#000000" style="border-left-style: solid; border-left-width: 1" >&nbsp;</TD>
    <TD align=left width="7%" bordercolor="#000000">&nbsp; </TD>
    <TD align=left width="2%" bordercolor="#000000" style="border-right-style: solid; border-right-width: 1" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff bordercolor="#000000" style="border-left-style: solid; border-left-width: 1; border-right-style: solid; border-right-width: 1">
    <p style="margin-left: 10">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp;<FONT size=2>Measured</FONT> </TD>
    <TD align=left width="1%"  bgColor=#e6efff bordercolor="#000000" colspan="2" style="border-left-style: solid; border-left-width: 1">&nbsp;</TD>
    <TD align=right width="7%" bgColor=#e6efff bordercolor="#000000"><FONT size=2>43,250</FONT> </TD>
    <TD align=left width="2%"  bgColor=#e6efff bordercolor="#000000" style="border-right-style: solid; border-right-width: 1">&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff bordercolor="#000000" style="border-left-style: solid; border-left-width: 1">&nbsp;</TD>
    <TD align=right width="7%" bgColor=#e6efff bordercolor="#000000"><FONT size=2>0.83</FONT> </TD>
    <TD align=left width="2%"  bgColor=#e6efff bordercolor="#000000" style="border-right-style: solid; border-right-width: 1">&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff bordercolor="#000000" style="border-left-style: solid; border-left-width: 1">&nbsp;</TD>
    <TD align=right width="7%" bgColor=#e6efff bordercolor="#000000"><FONT size=2>2.68</FONT> </TD>
    <TD align=left width="2%"  bgColor=#e6efff bordercolor="#000000" style="border-right-style: solid; border-right-width: 1">&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff bordercolor="#000000" style="border-left-style: solid; border-left-width: 1">&nbsp;</TD>
    <TD align=right width="7%" bgColor=#e6efff bordercolor="#000000"><FONT size=2>1.12</FONT> </TD>
    <TD align=left width="2%"  bgColor=#e6efff bordercolor="#000000" style="border-right-style: solid; border-right-width: 1">&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff bordercolor="#000000" style="border-left-style: solid; border-left-width: 1">&nbsp;</TD>
    <TD align=right width="7%" bgColor=#e6efff bordercolor="#000000"><FONT size=2>1,154</FONT> </TD>
    <TD align=left width="2%"  bgColor=#e6efff bordercolor="#000000" style="border-right-style: solid; border-right-width: 1">&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff bordercolor="#000000" style="border-left-style: solid; border-left-width: 1">&nbsp;</TD>
    <TD align=right width="7%" bgColor=#e6efff bordercolor="#000000"><FONT size=2>3,727</FONT> </TD>
    <TD align=left width="2%"  bgColor=#e6efff bordercolor="#000000" style="border-right-style: solid; border-right-width: 1">&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff bordercolor="#000000" style="border-left-style: solid; border-left-width: 1">&nbsp;</TD>
    <TD align=right width="7%" bgColor=#e6efff bordercolor="#000000"><FONT size=2>1,068</FONT> </TD>
    <TD align=left width="2%"  bgColor=#e6efff bordercolor="#000000" style="border-right-style: solid; border-right-width: 1">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bordercolor="#000000" style="border-left-style: solid; border-left-width: 1; border-right-style: solid; border-right-width: 1">
    <p style="margin-left: 10">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT
      size=2>Indicated</FONT> </TD>
    <TD align=left width="1%" bordercolor="#000000" colspan="2" style="border-left-style: solid; border-left-width: 1" >&nbsp;</TD>
    <TD align=right width="7%" bordercolor="#000000"><U><FONT size=2>22,410</FONT></U> </TD>
    <TD align=left width="2%" bordercolor="#000000" style="border-right-style: solid; border-right-width: 1" >&nbsp;</TD>
    <TD align=left width="1%" bordercolor="#000000" style="border-left-style: solid; border-left-width: 1" >&nbsp;</TD>
    <TD align=right width="7%" bordercolor="#000000"><U><FONT size=2>0.66</FONT></U> </TD>
    <TD align=left width="2%" bordercolor="#000000" style="border-right-style: solid; border-right-width: 1" >&nbsp;</TD>
    <TD align=left width="1%" bordercolor="#000000" style="border-left-style: solid; border-left-width: 1" >&nbsp;</TD>
    <TD align=right width="7%" bordercolor="#000000"><U><FONT size=2>2.42</FONT></U> </TD>
    <TD align=left width="2%" bordercolor="#000000" style="border-right-style: solid; border-right-width: 1" >&nbsp;</TD>
    <TD align=left width="1%" bordercolor="#000000" style="border-left-style: solid; border-left-width: 1" >&nbsp;</TD>
    <TD align=right width="7%" bordercolor="#000000"><U><FONT size=2>0.84</FONT></U> </TD>
    <TD align=left width="2%" bordercolor="#000000" style="border-right-style: solid; border-right-width: 1" >&nbsp;</TD>
    <TD align=left width="1%" bordercolor="#000000" style="border-left-style: solid; border-left-width: 1" >&nbsp;</TD>
    <TD align=right width="7%" bordercolor="#000000"><U><FONT size=2>476</FONT></U> </TD>
    <TD align=left width="2%" bordercolor="#000000" style="border-right-style: solid; border-right-width: 1" >&nbsp;</TD>
    <TD align=left width="1%" bordercolor="#000000" style="border-left-style: solid; border-left-width: 1" >&nbsp;</TD>
    <TD align=right width="7%" bordercolor="#000000"><U><FONT size=2>1,744</FONT></U> </TD>
    <TD align=left width="2%" bordercolor="#000000" style="border-right-style: solid; border-right-width: 1" >&nbsp;</TD>
    <TD align=left width="1%" bordercolor="#000000" style="border-left-style: solid; border-left-width: 1" >&nbsp;</TD>
    <TD align=right width="7%" bordercolor="#000000"><U><FONT size=2>415</FONT></U> </TD>
    <TD align=left width="2%" bordercolor="#000000" style="border-right-style: solid; border-right-width: 1" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff bordercolor="#000000" style="border-left-style: solid; border-left-width: 1; border-right-style: solid; border-right-width: 1">
    <p style="margin-left: 10">&nbsp; &nbsp;
      &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2>New Afton M&amp;I</FONT> </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-left-style:solid; border-left-width:1" align=left width="1%"
     bgColor=#e6efff bordercolor="#000000" colspan="2">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="7%"
    bgColor=#e6efff bordercolor="#000000"><FONT size=2>65,660</FONT> </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-right-style:solid; border-right-width:1" align=left width="2%"
     bgColor=#e6efff bordercolor="#000000">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-left-style:solid; border-left-width:1" align=left width="1%"
     bgColor=#e6efff bordercolor="#000000">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="7%"
    bgColor=#e6efff bordercolor="#000000"><FONT size=2>0.77</FONT> </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-right-style:solid; border-right-width:1" align=left width="2%"
     bgColor=#e6efff bordercolor="#000000">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-left-style:solid; border-left-width:1" align=left width="1%"
     bgColor=#e6efff bordercolor="#000000">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="7%"
    bgColor=#e6efff bordercolor="#000000"><FONT size=2>2.59</FONT> </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-right-style:solid; border-right-width:1" align=left width="2%"
     bgColor=#e6efff bordercolor="#000000">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-left-style:solid; border-left-width:1" align=left width="1%"
     bgColor=#e6efff bordercolor="#000000">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="7%"
    bgColor=#e6efff bordercolor="#000000"><FONT size=2>1.02</FONT> </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-right-style:solid; border-right-width:1" align=left width="2%"
     bgColor=#e6efff bordercolor="#000000">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-left-style:solid; border-left-width:1" align=left width="1%"
     bgColor=#e6efff bordercolor="#000000">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="7%"
    bgColor=#e6efff bordercolor="#000000"><FONT size=2>1,630</FONT> </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-right-style:solid; border-right-width:1" align=left width="2%"
     bgColor=#e6efff bordercolor="#000000">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-left-style:solid; border-left-width:1" align=left width="1%"
     bgColor=#e6efff bordercolor="#000000">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="7%"
    bgColor=#e6efff bordercolor="#000000"><FONT size=2>5,471</FONT> </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-right-style:solid; border-right-width:1" align=left width="2%"
     bgColor=#e6efff bordercolor="#000000">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-left-style:solid; border-left-width:1" align=left width="1%"
     bgColor=#e6efff bordercolor="#000000">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="7%"
    bgColor=#e6efff bordercolor="#000000"><FONT size=2>1,483</FONT> </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-right-style:solid; border-right-width:1" align=left width="2%"
     bgColor=#e6efff bordercolor="#000000">&nbsp;</TD></TR>
  <TR>
    <TD bordercolor="#000000" style="border-left-style: solid; border-left-width: 1; border-right-style: solid; border-right-width: 1">
    <p style="margin-left: 10">&nbsp; </TD>
    <TD width="1%" bordercolor="#000000" colspan="2" style="border-left-style: solid; border-left-width: 1" >&nbsp;</TD>
    <TD width="7%" bordercolor="#000000">&nbsp; </TD>
    <TD width="2%" bordercolor="#000000" style="border-right-style: none; border-right-width: medium" >&nbsp;</TD>
    <TD width="1%" bordercolor="#000000" style="border-left-style: none; border-left-width: medium" >&nbsp;</TD>
    <TD width="7%" bordercolor="#000000">&nbsp; </TD>
    <TD width="2%" bordercolor="#000000" style="border-right-style: none; border-right-width: medium" >&nbsp;</TD>
    <TD width="1%" bordercolor="#000000" style="border-left-style: none; border-left-width: medium" >&nbsp;</TD>
    <TD width="7%" bordercolor="#000000">&nbsp; </TD>
    <TD width="2%" bordercolor="#000000" style="border-right-style: none; border-right-width: medium" >&nbsp;</TD>
    <TD width="1%" bordercolor="#000000" style="border-left-style: none; border-left-width: medium" >&nbsp;</TD>
    <TD width="7%" bordercolor="#000000">&nbsp; </TD>
    <TD width="2%" bordercolor="#000000" style="border-right-style: solid; border-right-width: 1" >&nbsp;</TD>
    <TD width="1%" bordercolor="#000000" style="border-left-style: solid; border-left-width: 1" >&nbsp;</TD>
    <TD width="7%" bordercolor="#000000">&nbsp; </TD>
    <TD width="2%" bordercolor="#000000" style="border-right-style: none; border-right-width: medium" >&nbsp;</TD>
    <TD width="1%" bordercolor="#000000" style="border-left-style: none; border-left-width: medium" >&nbsp;</TD>
    <TD width="7%" bordercolor="#000000">&nbsp; </TD>
    <TD width="2%" bordercolor="#000000" style="border-right-style: none; border-right-width: medium" >&nbsp;</TD>
    <TD width="1%" bordercolor="#000000" style="border-left-style: none; border-left-width: medium" >&nbsp;</TD>
    <TD width="7%" bordercolor="#000000">&nbsp; </TD>
    <TD width="2%" bordercolor="#000000" style="border-right-style: solid; border-right-width: 1" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff bordercolor="#000000" style="border-left-style: solid; border-left-width: 1; border-right-style: solid; border-right-width: 1">
    <p style="margin-left: 10"><FONT size=2>El Morro</FONT><SUP><FONT
      size=2>2,11,13</FONT></SUP> </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-left-style:solid; border-left-width:1" align=left width="1%"
     bgColor=#e6efff bordercolor="#000000" colspan="2">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="37%"
    bgColor=#e6efff bordercolor="#000000" colspan="10">&nbsp; <I><FONT size=2>100% basis</FONT></I> &nbsp; </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-right-style:solid; border-right-width:1" align=left width="2%"
     bgColor=#e6efff bordercolor="#000000">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-left-style:solid; border-left-width:1" align=left width="1%"
     bgColor=#e6efff bordercolor="#000000">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="27%"
    bgColor=#e6efff bordercolor="#000000" colspan="7">
    <p align="center">&nbsp; <I><FONT size=2>30% basis</FONT></I></TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-right-style:solid; border-right-width:1" align=left width="2%"
     bgColor=#e6efff bordercolor="#000000">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bordercolor="#000000" style="border-left-style: solid; border-left-width: 1; border-right-style: solid; border-right-width: 1">
    <p style="margin-left: 10">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT
      size=2>Measured</FONT> </TD>
    <TD align=left width="1%" bordercolor="#000000" colspan="2" style="border-left-style: solid; border-left-width: 1" >&nbsp;</TD>
    <TD align=right width="7%" bordercolor="#000000"><FONT size=2>211,164</FONT> </TD>
    <TD align=left width="2%" bordercolor="#000000" style="border-right-style: solid; border-right-width: 1" >&nbsp;</TD>
    <TD align=left width="1%" bordercolor="#000000" style="border-left-style: solid; border-left-width: 1" >&nbsp;</TD>
    <TD align=right width="7%" bordercolor="#000000"><FONT size=2>0.54</FONT> </TD>
    <TD align=left width="2%" bordercolor="#000000" style="border-right-style: solid; border-right-width: 1" >&nbsp;</TD>
    <TD align=left width="1%" bordercolor="#000000" style="border-left-style: solid; border-left-width: 1" >&nbsp;</TD>
    <TD align=right width="7%" bordercolor="#000000"><FONT size=2>-</FONT> </TD>
    <TD align=left width="2%" bordercolor="#000000" style="border-right-style: solid; border-right-width: 1" >&nbsp;</TD>
    <TD align=left width="1%" bordercolor="#000000" style="border-left-style: solid; border-left-width: 1" >&nbsp;</TD>
    <TD align=right width="7%" bordercolor="#000000"><FONT size=2>0.65</FONT> </TD>
    <TD align=left width="2%" bordercolor="#000000" style="border-right-style: solid; border-right-width: 1" >&nbsp;</TD>
    <TD align=left width="1%" bordercolor="#000000" style="border-left-style: solid; border-left-width: 1" >&nbsp;</TD>
    <TD align=right width="7%" bordercolor="#000000"><FONT size=2>1,108</FONT> </TD>
    <TD align=left width="2%" bordercolor="#000000" style="border-right-style: solid; border-right-width: 1" >&nbsp;</TD>
    <TD align=left width="1%" bordercolor="#000000" style="border-left-style: solid; border-left-width: 1" >&nbsp;</TD>
    <TD align=right width="7%" bordercolor="#000000"><FONT size=2>-</FONT> </TD>
    <TD align=left width="2%" bordercolor="#000000" style="border-right-style: solid; border-right-width: 1" >&nbsp;</TD>
    <TD align=left width="1%" bordercolor="#000000" style="border-left-style: solid; border-left-width: 1" >&nbsp;</TD>
    <TD align=right width="7%" bordercolor="#000000"><FONT size=2>903</FONT> </TD>
    <TD align=left width="2%" bordercolor="#000000" style="border-right-style: solid; border-right-width: 1" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff bordercolor="#000000" style="border-left-style: solid; border-left-width: 1; border-right-style: solid; border-right-width: 1">
    <p style="margin-left: 10">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp;<FONT size=2>Indicated</FONT> </TD>
    <TD align=left width="1%"  bgColor=#e6efff bordercolor="#000000" colspan="2" style="border-left-style: solid; border-left-width: 1">&nbsp;</TD>
    <TD align=right width="7%" bgColor=#e6efff bordercolor="#000000"><U><FONT
      size=2>347,242</FONT></U> </TD>
    <TD align=left width="2%"  bgColor=#e6efff bordercolor="#000000" style="border-right-style: solid; border-right-width: 1">&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff bordercolor="#000000" style="border-left-style: solid; border-left-width: 1">&nbsp;</TD>
    <TD align=right width="7%" bgColor=#e6efff bordercolor="#000000"><U><FONT size=2>0.46</FONT></U>
    </TD>
    <TD align=left width="2%"  bgColor=#e6efff bordercolor="#000000" style="border-right-style: solid; border-right-width: 1">&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff bordercolor="#000000" style="border-left-style: solid; border-left-width: 1">&nbsp;</TD>
    <TD align=right width="7%" bgColor=#e6efff bordercolor="#000000"><FONT size=2>-</FONT> </TD>
    <TD align=left width="2%"  bgColor=#e6efff bordercolor="#000000" style="border-right-style: solid; border-right-width: 1">&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff bordercolor="#000000" style="border-left-style: solid; border-left-width: 1">&nbsp;</TD>
    <TD align=right width="7%" bgColor=#e6efff bordercolor="#000000"><U><FONT size=2>0.49</FONT></U>
    </TD>
    <TD align=left width="2%"  bgColor=#e6efff bordercolor="#000000" style="border-right-style: solid; border-right-width: 1">&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff bordercolor="#000000" style="border-left-style: solid; border-left-width: 1">&nbsp;</TD>
    <TD align=right width="7%" bgColor=#e6efff bordercolor="#000000"><U><FONT
      size=2>1,551</FONT></U> </TD>
    <TD align=left width="2%"  bgColor=#e6efff bordercolor="#000000" style="border-right-style: solid; border-right-width: 1">&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff bordercolor="#000000" style="border-left-style: solid; border-left-width: 1">&nbsp;</TD>
    <TD align=right width="7%" bgColor=#e6efff bordercolor="#000000"><FONT size=2>-</FONT> </TD>
    <TD align=left width="2%"  bgColor=#e6efff bordercolor="#000000" style="border-right-style: solid; border-right-width: 1">&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff bordercolor="#000000" style="border-left-style: solid; border-left-width: 1">&nbsp;</TD>
    <TD align=right width="7%" bgColor=#e6efff bordercolor="#000000"><U><FONT
      size=2>1,115</FONT></U> </TD>
    <TD align=left width="2%"  bgColor=#e6efff bordercolor="#000000" style="border-right-style: solid; border-right-width: 1">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-left-style:solid; border-left-width:1; border-right-style:solid; border-right-width:1" align=left bordercolor="#000000">
    <p style="margin-left: 10">&nbsp; &nbsp;
      &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2>El
      Morro M&amp;I</FONT> </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-left-style:solid; border-left-width:1" align=left width="1%" bordercolor="#000000" colspan="2"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="7%" bordercolor="#000000"><FONT
      size=2>558,406</FONT> </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-right-style:solid; border-right-width:1" align=left width="2%" bordercolor="#000000"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-left-style:solid; border-left-width:1" align=left width="1%" bordercolor="#000000"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="7%" bordercolor="#000000"><FONT
      size=2>0.49</FONT> </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-right-style:solid; border-right-width:1" align=left width="2%" bordercolor="#000000"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-left-style:solid; border-left-width:1" align=left width="1%" bordercolor="#000000"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="7%" bordercolor="#000000"><FONT
      size=2>-</FONT> </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-right-style:solid; border-right-width:1" align=left width="2%" bordercolor="#000000"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-left-style:solid; border-left-width:1" align=left width="1%" bordercolor="#000000"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="7%" bordercolor="#000000"><FONT
      size=2>0.55</FONT> </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-right-style:solid; border-right-width:1" align=left width="2%" bordercolor="#000000"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-left-style:solid; border-left-width:1" align=left width="1%" bordercolor="#000000"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="7%" bordercolor="#000000"><FONT
      size=2>2,659</FONT> </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-right-style:solid; border-right-width:1" align=left width="2%" bordercolor="#000000"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-left-style:solid; border-left-width:1" align=left width="1%" bordercolor="#000000"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="7%" bordercolor="#000000"><FONT
      size=2>-</FONT> </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-right-style:solid; border-right-width:1" align=left width="2%" bordercolor="#000000"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-left-style:solid; border-left-width:1" align=left width="1%" bordercolor="#000000"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="7%" bordercolor="#000000"><FONT
      size=2>2,018</FONT> </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-right-style:solid; border-right-width:1" align=left width="2%" bordercolor="#000000"
    >&nbsp;</TD></TR>
  <TR>
    <TD bgColor=#e6efff bordercolor="#000000" style="border-left-style: solid; border-left-width: 1; border-right-style: solid; border-right-width: 1">
    <p style="margin-left: 10">&nbsp; </TD>
    <TD width="1%"  bgColor=#e6efff bordercolor="#000000" colspan="2" style="border-left-style: solid; border-left-width: 1">&nbsp;</TD>
    <TD width="7%" bgColor=#e6efff bordercolor="#000000">&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff bordercolor="#000000" style="border-right-style: solid; border-right-width: 1">&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff bordercolor="#000000" style="border-left-style: solid; border-left-width: 1">&nbsp;</TD>
    <TD width="7%" bgColor=#e6efff bordercolor="#000000">&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff bordercolor="#000000" style="border-right-style: solid; border-right-width: 1">&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff bordercolor="#000000" style="border-left-style: solid; border-left-width: 1">&nbsp;</TD>
    <TD width="7%" bgColor=#e6efff bordercolor="#000000">&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff bordercolor="#000000" style="border-right-style: solid; border-right-width: 1">&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff bordercolor="#000000" style="border-left-style: solid; border-left-width: 1">&nbsp;</TD>
    <TD width="7%" bgColor=#e6efff bordercolor="#000000">&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff bordercolor="#000000" style="border-right-style: solid; border-right-width: 1">&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff bordercolor="#000000" style="border-left-style: solid; border-left-width: 1">&nbsp;</TD>
    <TD width="7%" bgColor=#e6efff bordercolor="#000000">&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff bordercolor="#000000" style="border-right-style: solid; border-right-width: 1">&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff bordercolor="#000000" style="border-left-style: solid; border-left-width: 1">&nbsp;</TD>
    <TD width="7%" bgColor=#e6efff bordercolor="#000000">&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff bordercolor="#000000" style="border-right-style: solid; border-right-width: 1">&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff bordercolor="#000000" style="border-left-style: solid; border-left-width: 1">&nbsp;</TD>
    <TD width="7%" bgColor=#e6efff bordercolor="#000000">&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff bordercolor="#000000" style="border-right-style: solid; border-right-width: 1">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bordercolor="#000000" style="border-left-style: solid; border-left-width: 1; border-right-style: solid; border-right-width: 1">
    <p style="margin-left: 10"><B><FONT size=2>Inferred Resources</FONT></B><SUP><FONT
      size=2>12</FONT></SUP> </TD>
    <TD align=left width="1%" bordercolor="#000000" colspan="2" style="border-left-style: solid; border-left-width: 1" >&nbsp;</TD>
    <TD align=right width="7%" bordercolor="#000000"><B><FONT size=2>Tonnes</FONT></B> </TD>
    <TD align=left width="2%" bordercolor="#000000" style="border-right-style: solid; border-right-width: 1" >&nbsp;</TD>
    <TD align=left width="1%" bordercolor="#000000" style="border-left-style: solid; border-left-width: 1" >&nbsp;</TD>
    <TD align=right width="7%" bordercolor="#000000"><B><FONT size=2>Gold</FONT></B> </TD>
    <TD align=left width="2%" bordercolor="#000000" style="border-right-style: solid; border-right-width: 1" >&nbsp;</TD>
    <TD align=left width="1%" bordercolor="#000000" style="border-left-style: solid; border-left-width: 1" >&nbsp;</TD>
    <TD align=right width="7%" bordercolor="#000000"><B><FONT size=2>Silver</FONT></B> </TD>
    <TD align=left width="2%" bordercolor="#000000" style="border-right-style: solid; border-right-width: 1" >&nbsp;</TD>
    <TD align=left width="1%" bordercolor="#000000" style="border-left-style: solid; border-left-width: 1" >&nbsp;</TD>
    <TD align=right width="7%" bordercolor="#000000"><B><FONT size=2>Copper</FONT></B> </TD>
    <TD align=left width="2%" bordercolor="#000000" style="border-right-style: solid; border-right-width: 1" >&nbsp;</TD>
    <TD align=left width="1%" bordercolor="#000000" style="border-left-style: solid; border-left-width: 1" >&nbsp;</TD>
    <TD align=right width="7%" bordercolor="#000000"><B><FONT size=2>Gold</FONT></B> </TD>
    <TD align=left width="2%" bordercolor="#000000" style="border-right-style: solid; border-right-width: 1" >&nbsp;</TD>
    <TD align=left width="1%" bordercolor="#000000" style="border-left-style: solid; border-left-width: 1" >&nbsp;</TD>
    <TD align=right width="7%" bordercolor="#000000"><B><FONT size=2>Silver</FONT></B> </TD>
    <TD align=left width="2%" bordercolor="#000000" style="border-right-style: solid; border-right-width: 1" >&nbsp;</TD>
    <TD align=left width="1%" bordercolor="#000000" style="border-left-style: solid; border-left-width: 1" >&nbsp;</TD>
    <TD align=right width="7%" bordercolor="#000000"><B><FONT size=2>Copper</FONT></B> </TD>
    <TD align=left width="2%" bordercolor="#000000" style="border-right-style: solid; border-right-width: 1" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-left-style:solid; border-left-width:1; border-right-style:solid; border-right-width:1" align=left
      bgColor=#e6efff bordercolor="#000000">
    <p style="margin-left: 10">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-left-style:solid; border-left-width:1" align=left width="1%"
     bgColor=#e6efff bordercolor="#000000" colspan="2">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="7%"
    bgColor=#e6efff bordercolor="#000000"><B><FONT size=2>000&#146;s</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-right-style:solid; border-right-width:1" align=left width="2%"
     bgColor=#e6efff bordercolor="#000000">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-left-style:solid; border-left-width:1" align=left width="1%"
     bgColor=#e6efff bordercolor="#000000">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="7%"
    bgColor=#e6efff bordercolor="#000000"><B><FONT size=2>g/t</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-right-style:solid; border-right-width:1" align=left width="2%"
     bgColor=#e6efff bordercolor="#000000">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-left-style:solid; border-left-width:1" align=left width="1%"
     bgColor=#e6efff bordercolor="#000000">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="7%"
    bgColor=#e6efff bordercolor="#000000"><B><FONT size=2>g/t</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-right-style:solid; border-right-width:1" align=left width="2%"
     bgColor=#e6efff bordercolor="#000000">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-left-style:solid; border-left-width:1" align=left width="1%"
     bgColor=#e6efff bordercolor="#000000">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="7%"
    bgColor=#e6efff bordercolor="#000000"><B><FONT size=2>%</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-right-style:solid; border-right-width:1" align=left width="2%"
     bgColor=#e6efff bordercolor="#000000">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-left-style:solid; border-left-width:1" align=left width="1%"
     bgColor=#e6efff bordercolor="#000000">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="7%"
    bgColor=#e6efff bordercolor="#000000"><B><FONT size=2>Koz</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-right-style:solid; border-right-width:1" align=left width="2%"
     bgColor=#e6efff bordercolor="#000000">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-left-style:solid; border-left-width:1" align=left width="1%"
     bgColor=#e6efff bordercolor="#000000">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="7%"
    bgColor=#e6efff bordercolor="#000000"><B><FONT size=2>Koz</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-right-style:solid; border-right-width:1" align=left width="2%"
     bgColor=#e6efff bordercolor="#000000">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-left-style:solid; border-left-width:1" align=left width="1%"
     bgColor=#e6efff bordercolor="#000000">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="7%"
    bgColor=#e6efff bordercolor="#000000"><B><FONT size=2>M lbs</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-right-style:solid; border-right-width:1" align=left width="2%"
     bgColor=#e6efff bordercolor="#000000">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bordercolor="#000000" style="border-left-style: solid; border-left-width: 1; border-right-style: solid; border-right-width: 1">
    <p style="margin-left: 10">&nbsp; &nbsp; &nbsp;<FONT size=2>Peak Mines</FONT> </TD>
    <TD align=left width="1%" bordercolor="#000000" colspan="2" style="border-left-style: solid; border-left-width: 1" >&nbsp;</TD>
    <TD align=right width="7%" bordercolor="#000000"><FONT size=2>2,713</FONT> </TD>
    <TD align=left width="2%" bordercolor="#000000" style="border-right-style: solid; border-right-width: 1" >&nbsp;</TD>
    <TD align=left width="1%" bordercolor="#000000" style="border-left-style: solid; border-left-width: 1" >&nbsp;</TD>
    <TD align=right width="7%" bordercolor="#000000"><FONT size=2>4.50</FONT> </TD>
    <TD align=left width="2%" bordercolor="#000000" style="border-right-style: solid; border-right-width: 1" >&nbsp;</TD>
    <TD align=left width="1%" bordercolor="#000000" style="border-left-style: solid; border-left-width: 1" >&nbsp;</TD>
    <TD align=right width="7%" bordercolor="#000000"><FONT size=2>-</FONT> </TD>
    <TD align=left width="2%" bordercolor="#000000" style="border-right-style: solid; border-right-width: 1" >&nbsp;</TD>
    <TD align=left width="1%" bordercolor="#000000" style="border-left-style: solid; border-left-width: 1" >&nbsp;</TD>
    <TD align=right width="7%" bordercolor="#000000"><FONT size=2>0.90</FONT> </TD>
    <TD align=left width="2%" bordercolor="#000000" style="border-right-style: solid; border-right-width: 1" >&nbsp;</TD>
    <TD align=left width="1%" bordercolor="#000000" style="border-left-style: solid; border-left-width: 1" >&nbsp;</TD>
    <TD align=right width="7%" bordercolor="#000000"><FONT size=2>388</FONT> </TD>
    <TD align=left width="2%" bordercolor="#000000" style="border-right-style: solid; border-right-width: 1" >&nbsp;</TD>
    <TD align=left width="1%" bordercolor="#000000" style="border-left-style: solid; border-left-width: 1" >&nbsp;</TD>
    <TD align=right width="7%" bordercolor="#000000"><FONT size=2>-</FONT> </TD>
    <TD align=left width="2%" bordercolor="#000000" style="border-right-style: solid; border-right-width: 1" >&nbsp;</TD>
    <TD align=left width="1%" bordercolor="#000000" style="border-left-style: solid; border-left-width: 1" >&nbsp;</TD>
    <TD align=right width="7%" bordercolor="#000000"><FONT size=2>52</FONT> </TD>
    <TD align=left width="2%" bordercolor="#000000" style="border-right-style: solid; border-right-width: 1" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff bordercolor="#000000" style="border-left-style: solid; border-left-width: 1; border-right-style: solid; border-right-width: 1">
    <p style="margin-left: 10">&nbsp; &nbsp; &nbsp;<FONT size=2>Cerro San
      Pedro</FONT> </TD>
    <TD align=left width="1%"  bgColor=#e6efff bordercolor="#000000" colspan="2" style="border-left-style: solid; border-left-width: 1">&nbsp;</TD>
    <TD align=right width="7%" bgColor=#e6efff bordercolor="#000000"><FONT size=2>1,658</FONT> </TD>
    <TD align=left width="2%"  bgColor=#e6efff bordercolor="#000000" style="border-right-style: solid; border-right-width: 1">&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff bordercolor="#000000" style="border-left-style: solid; border-left-width: 1">&nbsp;</TD>
    <TD align=right width="7%" bgColor=#e6efff bordercolor="#000000"><FONT size=2>0.47</FONT> </TD>
    <TD align=left width="2%"  bgColor=#e6efff bordercolor="#000000" style="border-right-style: solid; border-right-width: 1">&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff bordercolor="#000000" style="border-left-style: solid; border-left-width: 1">&nbsp;</TD>
    <TD align=right width="7%" bgColor=#e6efff bordercolor="#000000"><FONT size=2>24.1</FONT> </TD>
    <TD align=left width="2%"  bgColor=#e6efff bordercolor="#000000" style="border-right-style: solid; border-right-width: 1">&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff bordercolor="#000000" style="border-left-style: solid; border-left-width: 1">&nbsp;</TD>
    <TD align=right width="7%" bgColor=#e6efff bordercolor="#000000"><FONT size=2>-</FONT> </TD>
    <TD align=left width="2%"  bgColor=#e6efff bordercolor="#000000" style="border-right-style: solid; border-right-width: 1">&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff bordercolor="#000000" style="border-left-style: solid; border-left-width: 1">&nbsp;</TD>
    <TD align=right width="7%" bgColor=#e6efff bordercolor="#000000"><FONT size=2>25</FONT> </TD>
    <TD align=left width="2%"  bgColor=#e6efff bordercolor="#000000" style="border-right-style: solid; border-right-width: 1">&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff bordercolor="#000000" style="border-left-style: solid; border-left-width: 1">&nbsp;</TD>
    <TD align=right width="7%" bgColor=#e6efff bordercolor="#000000"><FONT size=2>1,283</FONT> </TD>
    <TD align=left width="2%"  bgColor=#e6efff bordercolor="#000000" style="border-right-style: solid; border-right-width: 1">&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff bordercolor="#000000" style="border-left-style: solid; border-left-width: 1">&nbsp;</TD>
    <TD align=right width="7%" bgColor=#e6efff bordercolor="#000000"><FONT size=2>-</FONT> </TD>
    <TD align=left width="2%"  bgColor=#e6efff bordercolor="#000000" style="border-right-style: solid; border-right-width: 1">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bordercolor="#000000" style="border-left-style: solid; border-left-width: 1; border-right-style: solid; border-right-width: 1">
    <p style="margin-left: 10">&nbsp; &nbsp; &nbsp;<FONT size=2>Amapari</FONT> </TD>
    <TD align=left width="1%" bordercolor="#000000" colspan="2" style="border-left-style: solid; border-left-width: 1" >&nbsp;</TD>
    <TD align=right width="7%" bordercolor="#000000"><FONT size=2>13,716</FONT> </TD>
    <TD align=left width="2%" bordercolor="#000000" style="border-right-style: solid; border-right-width: 1" >&nbsp;</TD>
    <TD align=left width="1%" bordercolor="#000000" style="border-left-style: solid; border-left-width: 1" >&nbsp;</TD>
    <TD align=right width="7%" bordercolor="#000000"><FONT size=2>2.37</FONT> </TD>
    <TD align=left width="2%" bordercolor="#000000" style="border-right-style: solid; border-right-width: 1" >&nbsp;</TD>
    <TD align=left width="1%" bordercolor="#000000" style="border-left-style: solid; border-left-width: 1" >&nbsp;</TD>
    <TD align=right width="7%" bordercolor="#000000"><FONT size=2>-</FONT> </TD>
    <TD align=left width="2%" bordercolor="#000000" style="border-right-style: solid; border-right-width: 1" >&nbsp;</TD>
    <TD align=left width="1%" bordercolor="#000000" style="border-left-style: solid; border-left-width: 1" >&nbsp;</TD>
    <TD align=right width="7%" bordercolor="#000000"><FONT size=2>-</FONT> </TD>
    <TD align=left width="2%" bordercolor="#000000" style="border-right-style: solid; border-right-width: 1" >&nbsp;</TD>
    <TD align=left width="1%" bordercolor="#000000" style="border-left-style: solid; border-left-width: 1" >&nbsp;</TD>
    <TD align=right width="7%" bordercolor="#000000"><FONT size=2>1,045</FONT> </TD>
    <TD align=left width="2%" bordercolor="#000000" style="border-right-style: solid; border-right-width: 1" >&nbsp;</TD>
    <TD align=left width="1%" bordercolor="#000000" style="border-left-style: solid; border-left-width: 1" >&nbsp;</TD>
    <TD align=right width="7%" bordercolor="#000000"><FONT size=2>-</FONT> </TD>
    <TD align=left width="2%" bordercolor="#000000" style="border-right-style: solid; border-right-width: 1" >&nbsp;</TD>
    <TD align=left width="1%" bordercolor="#000000" style="border-left-style: solid; border-left-width: 1" >&nbsp;</TD>
    <TD align=right width="7%" bordercolor="#000000"><FONT size=2>-</FONT> </TD>
    <TD align=left width="2%" bordercolor="#000000" style="border-right-style: solid; border-right-width: 1" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff bordercolor="#000000" style="border-left-style: solid; border-left-width: 1; border-right-style: solid; border-right-width: 1">
    <p style="margin-left: 10">&nbsp; &nbsp; &nbsp;<FONT size=2>New
      Afton</FONT> </TD>
    <TD align=left width="1%"  bgColor=#e6efff bordercolor="#000000" colspan="2" style="border-left-style: solid; border-left-width: 1">&nbsp;</TD>
    <TD align=right width="7%" bgColor=#e6efff bordercolor="#000000"><FONT size=2>7,940</FONT> </TD>
    <TD align=left width="2%"  bgColor=#e6efff bordercolor="#000000" style="border-right-style: solid; border-right-width: 1">&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff bordercolor="#000000" style="border-left-style: solid; border-left-width: 1">&nbsp;</TD>
    <TD align=right width="7%" bgColor=#e6efff bordercolor="#000000"><FONT size=2>0.88</FONT> </TD>
    <TD align=left width="2%"  bgColor=#e6efff bordercolor="#000000" style="border-right-style: solid; border-right-width: 1">&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff bordercolor="#000000" style="border-left-style: solid; border-left-width: 1">&nbsp;</TD>
    <TD align=right width="7%" bgColor=#e6efff bordercolor="#000000"><FONT size=2>1.6</FONT> </TD>
    <TD align=left width="2%"  bgColor=#e6efff bordercolor="#000000" style="border-right-style: solid; border-right-width: 1">&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff bordercolor="#000000" style="border-left-style: solid; border-left-width: 1">&nbsp;</TD>
    <TD align=right width="7%" bgColor=#e6efff bordercolor="#000000"><FONT size=2>0.96</FONT> </TD>
    <TD align=left width="2%"  bgColor=#e6efff bordercolor="#000000" style="border-right-style: solid; border-right-width: 1">&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff bordercolor="#000000" style="border-left-style: solid; border-left-width: 1">&nbsp;</TD>
    <TD align=right width="7%" bgColor=#e6efff bordercolor="#000000"><FONT size=2>225</FONT> </TD>
    <TD align=left width="2%"  bgColor=#e6efff bordercolor="#000000" style="border-right-style: solid; border-right-width: 1">&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff bordercolor="#000000" style="border-left-style: solid; border-left-width: 1">&nbsp;</TD>
    <TD align=right width="7%" bgColor=#e6efff bordercolor="#000000"><FONT size=2>396</FONT> </TD>
    <TD align=left width="2%"  bgColor=#e6efff bordercolor="#000000" style="border-right-style: solid; border-right-width: 1">&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff bordercolor="#000000" style="border-left-style: solid; border-left-width: 1">&nbsp;</TD>
    <TD align=right width="7%" bgColor=#e6efff bordercolor="#000000"><FONT size=2>168</FONT> </TD>
    <TD align=left width="2%"  bgColor=#e6efff bordercolor="#000000" style="border-right-style: solid; border-right-width: 1">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-left-style:solid; border-left-width:1; border-right-style:solid; border-right-width:1" align=left bordercolor="#000000">
    <p style="margin-left: 10">&nbsp; &nbsp;
      &nbsp;<FONT size=2>El Morro</FONT> </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-left-style:solid; border-left-width:1" align=left width="1%" bordercolor="#000000" colspan="2"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="7%" bordercolor="#000000"><FONT
      size=2>62,335</FONT> </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-right-style:solid; border-right-width:1" align=left width="2%" bordercolor="#000000"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-left-style:solid; border-left-width:1" align=left width="1%" bordercolor="#000000"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="7%" bordercolor="#000000"><FONT
      size=2>0.18</FONT> </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-right-style:solid; border-right-width:1" align=left width="2%" bordercolor="#000000"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-left-style:solid; border-left-width:1" align=left width="1%" bordercolor="#000000"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="7%" bordercolor="#000000"><FONT
      size=2>-</FONT> </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-right-style:solid; border-right-width:1" align=left width="2%" bordercolor="#000000"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-left-style:solid; border-left-width:1" align=left width="1%" bordercolor="#000000"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="7%" bordercolor="#000000"><FONT
      size=2>0.34</FONT> </TD>
    <TD style="border-bottom:1px solid #000000; border-right-style:solid; border-right-width:1; " align=left width="2%" bordercolor="#000000"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-left-style:solid; border-left-width:1" align=left width="1%" bordercolor="#000000"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="7%" bordercolor="#000000"><FONT
      size=2>110</FONT> </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-right-style:solid; border-right-width:1" align=left width="2%" bordercolor="#000000"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-left-style:solid; border-left-width:1" align=left width="1%" bordercolor="#000000"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="7%" bordercolor="#000000"><FONT
      size=2>-</FONT> </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-right-style:solid; border-right-width:1" align=left width="2%" bordercolor="#000000"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-left-style:solid; border-left-width:1" align=left width="1%" bordercolor="#000000"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="7%" bordercolor="#000000"><FONT
      size=2>141</FONT> </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-right-style:solid; border-right-width:1" align=left width="2%" bordercolor="#000000"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-left-style:solid; border-left-width:1" align=left bgColor=#e6efff
    colSpan=23 bordercolor="#000000">
    <p style="margin-left: 10"><I><FONT size=1>Notes to the mineral resource statements are
      provided in a separate table below.</FONT></I> </TD>
    </TR></TABLE>
<P align=justify><FONT size=2>The updated measured and indicated mineral
resource statement for the Peak Mines represents an approximate 3 to 5 %
increase in total contained gold and an approximate 15 to 20% increase in total
contained copper over mineral resources reported previously in a March 2007 NI
43-101 Technical Report. These percentage estimates are an approximation as the
previous mineral resource statement for the Peak Mines was presented exclusive
of mineral reserves. These increases in contained gold and copper are due
largely to exploration and delineation drilling to develop additional resources
and upgrade inferred resources to measured and/or indicated status and to the
application of higher metal prices used to constrain the mineral resource
estimate. </FONT></P>
<P align=justify><FONT size=2>The updated measured and indicated mineral
resource statement for the Cerro San Pedro mine represents an approximate 17%
decrease in both contained gold and silver over mineral resources reported
previously in a March 2007 NI 43-101 Technical Report. As noted in the reserves
section above, these decreases are due entirely to resource depletion from
mining since commercial production commenced in May 2007, consistent with the
Cerro San Pedro life-of-mine plan.</FONT></P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_4></A>
<P align=justify><FONT size=2>The updated measured and indicated mineral
resource statement for the Amapari mine represents an approximate 11% increase
in total contained gold over mineral resources reported previously in a
September 2007 NI 43-101 Technical Report. This increase is due largely to a
combination of remodeling of the deposit and the addition of a significant
amount of new delineation drilling information to the mineral resource estimate.
No mineral reserves are reported for the Amapari mine following its placement on
care and maintenance in January 2009. </FONT></P>
<P align=justify><FONT size=2>The mineral resource statements for the New Afton
and El Morro projects have been reported previously in NI 43-101 Technical
Reports completed in May 2007 and May 2008 respectively. </FONT></P>
<P align=justify><FONT size=2>The Qualified Persons as defined under Canadian NI
43-101 responsible for the preparation of the Mineral Reserve and Resource
Statements presented herein are listed below: </FONT></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-left-style:solid; border-left-width:1; border-right-style:solid; border-right-width:1; border-top-style:solid; border-top-width:1" align=left
      colSpan=2 bordercolor="#000000" nowrap>
    <p align="center">&nbsp;<B><FONT size=2>Qualified Persons for New Gold Mineral
      Reserve &amp; Resource Statements</FONT></B> </TD></TR>
  <TR vAlign=top>
    <TD align=left style="border-left-style: solid; border-left-width: 1; border-top-style: solid; border-top-width: 1" bordercolor="#000000" nowrap>
    <p style="margin-left: 10"><FONT size=2>Peak Mines</FONT> </TD>
    <TD align=left style="border-right-style: solid; border-right-width: 1; border-top-style: solid; border-top-width: 1" bordercolor="#000000">
    <p style="margin-left: 10">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left bordercolor="#000000" style="border-left-style: solid; border-left-width: 1" nowrap>
    <p style="margin-left: 10">&nbsp; &nbsp;<FONT size=2>Reserves</FONT> </TD>
    <TD align=left bordercolor="#000000" style="border-right-style: solid; border-right-width: 1">
    <p style="margin-left: 10"><FONT size=2>Mr. Eric Strom, P.Eng. and
      Technical Services Superintendent for Peak Mines Ltd.</FONT> </TD></TR>
  <TR vAlign=top>
    <TD align=left bordercolor="#000000" style="border-left-style: solid; border-left-width: 1" nowrap>
    <p style="margin-left: 10">&nbsp; &nbsp;<FONT size=2>Resources</FONT> </TD>
    <TD align=left bordercolor="#000000" style="border-right-style: solid; border-right-width: 1">
    <p style="margin-left: 10"><FONT size=2>Mr. Rex Berthelsen, Member AusIMM
      and Principal Geologist for New Gold Inc.</FONT> </TD></TR>
  <TR vAlign=top>
    <TD align=left colSpan=2 bordercolor="#000000" style="border-left-style: solid; border-left-width: 1; border-right-style: solid; border-right-width: 1" nowrap>
    <p style="margin-left: 10"><FONT size=2>Cerro San Pedro Mine</FONT> </TD></TR>
  <TR vAlign=top>
    <TD align=left bordercolor="#000000" style="border-left-style: solid; border-left-width: 1" nowrap>
    <p style="margin-left: 10">&nbsp; &nbsp;<FONT size=2>Reserves</FONT> </TD>
    <TD align=left bordercolor="#000000" style="border-right-style: solid; border-right-width: 1">
    <p style="margin-left: 10"><FONT size=2>Mr. William L. Rose, P.E. and
      Principal Mining Engineer for WLR Consulting, Inc.</FONT> </TD></TR>
  <TR vAlign=top>
    <TD align=left bordercolor="#000000" style="border-left-style: solid; border-left-width: 1" nowrap>
    <p style="margin-left: 10">&nbsp; &nbsp;<FONT size=2>Resources</FONT> </TD>
    <TD align=left bordercolor="#000000" style="border-right-style: solid; border-right-width: 1">
    <p style="margin-left: 10"><FONT size=2>Mr. William L. Rose, P.E. and
      Principal Mining Engineer for WLR Consulting, Inc.</FONT> </TD></TR>
  <TR vAlign=top>
    <TD align=left bordercolor="#000000" style="border-left-style: solid; border-left-width: 1" nowrap>
    <p style="margin-left: 10"><FONT size=2>Amapari Mine</FONT> </TD>
    <TD align=left bordercolor="#000000" style="border-right-style: solid; border-right-width: 1">
    <p style="margin-left: 10">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left bordercolor="#000000" style="border-left-style: solid; border-left-width: 1" nowrap>
    <p style="margin-left: 10">&nbsp; &nbsp;<FONT size=2>Resources</FONT> </TD>
    <TD align=left bordercolor="#000000" style="border-right-style: solid; border-right-width: 1">
    <p style="margin-left: 10"><FONT size=2>Mr. Rex Berthelsen, Member AusIMM
      and Principal Geologist for New Gold Inc.</FONT> </TD></TR>
  <TR vAlign=top>
    <TD align=left colSpan=2 bordercolor="#000000" style="border-left-style: solid; border-left-width: 1; border-right-style: solid; border-right-width: 1" nowrap>
    <p style="margin-left: 10"><FONT size=2>New Afton Project</FONT> </TD></TR>
  <TR vAlign=top>
    <TD align=left bordercolor="#000000" style="border-left-style: solid; border-left-width: 1" nowrap>
    <p style="margin-left: 10">&nbsp; &nbsp;<FONT size=2>Reserves</FONT> </TD>
    <TD align=left bordercolor="#000000" style="border-right-style: solid; border-right-width: 1">
    <p style="margin-left: 10"><FONT size=2>Mr. Mike Thomas, Member AusIMM and
      Principal Mining Consultant for AMC Consultants Pty Ltd.</FONT> </TD></TR>
  <TR vAlign=top>
    <TD align=left bordercolor="#000000" style="border-left-style: solid; border-left-width: 1" nowrap>
    <p style="margin-left: 10">&nbsp; &nbsp;<FONT size=2>Resources</FONT> </TD>
    <TD align=left bordercolor="#000000" style="border-right-style: solid; border-right-width: 1">
    <p style="margin-left: 10"><FONT size=2>Mr. David Rennie, P. Eng. and
      Consulting Geological Engineer for Scott Wilson Roscoe Postle</FONT> <FONT size=2>Assoc.</FONT></TD></TR>
  <TR vAlign=top>
    <TD align=left bordercolor="#000000" style="border-left-style: solid; border-left-width: 1" nowrap>
    <p style="margin-left: 10"><FONT size=2>El Morro Project</FONT> </TD>
    <TD align=left bordercolor="#000000" style="border-right-style: solid; border-right-width: 1">
    <p style="margin-left: 10">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left bordercolor="#000000" style="border-left-style: solid; border-left-width: 1" nowrap>
    <p style="margin-left: 10">&nbsp; &nbsp;<FONT size=2>Reserves</FONT> </TD>
    <TD align=left bordercolor="#000000" style="border-right-style: solid; border-right-width: 1">
    <p style="margin-left: 10"><FONT size=2>Mr. Richard J. Lambert, P. E. and
      Principal Mining Engineer for Pincock, Allen &amp; Holt Inc.</FONT> </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-left-style:solid; border-left-width:1" align=left bordercolor="#000000" nowrap>
    <p style="margin-left: 10">&nbsp; &nbsp;<FONT
      size=2>Resources</FONT> </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-right-style:solid; border-right-width:1" align=left bordercolor="#000000">
    <p style="margin-left: 10"><FONT
      size=2>Mr. Barton G. Stone, P. Geo. and Chief Geologist for Pincock, Allen
      &amp; Holt Inc.</FONT> </TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-left-style:solid; border-left-width:1; border-right-style:solid; border-right-width:1; border-top-style:solid; border-top-width:1" align=left colSpan=2 bordercolor="#000000">
    <p align="center"><B><FONT
      size=2>Notes to Mineral Reserve &amp; Resource Statements</FONT></B>
</TD></TR>
  <TR vAlign=top>
    <TD align=left bordercolor="#000000" style="border-left-style: solid; border-left-width: 1; border-right-style: none; border-right-width: medium; border-bottom-style: solid; border-bottom-width: 1">
    <p style="margin-left: 10"><FONT size=2>1)</FONT> </TD>
    <TD align=left bordercolor="#000000" style="border-left-style: none; border-left-width: medium; border-right-style: solid; border-right-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2">
    <p ALIGN="justify" style="margin-left: 10; margin-right: 10">Mineral
    reserves are contained within measured and indicated mineral resources.
    Measured and indicated mineral resources that are not mineral reserves do
    not have demonstrated economic viability.</font></TD></TR>
  <TR vAlign=top>
    <TD align=left bordercolor="#000000" width="5%" style="border-left-style: solid; border-left-width: 1; border-right-style: none; border-right-width: medium; border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <p style="margin-left: 10"><FONT size=2>2)</FONT> </TD>
    <TD align=left bordercolor="#000000" style="border-left-style: none; border-left-width: medium; border-right-style: solid; border-right-width: 1; border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2">
    <p ALIGN="justify" style="margin-left: 10; margin-right: 10">Mineral
    resources for all mines and development projects have been estimated using
    industry standard three dimensional geostatistical block model estimation
    methods (e.g. one or a combination of ordinary kriging, multiple indicator
    kriging or inverse distance to an exponential power) constrained by
    geological and metal grade domains in accordance with the standards of the
    Canadian Institute of Mining, Metallurgy and Petroleum and National
    Instrument 43-101, or the AusIMM JORC equivalent.</font></TD></TR>
  <TR vAlign=top>
    <TD align=left bordercolor="#000000" style="border-left-style: solid; border-left-width: 1; border-right-style: none; border-right-width: medium; border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <p style="margin-left: 10"><FONT size=2>3)</FONT> </TD>
    <TD align=left bordercolor="#000000" style="border-left-style: none; border-left-width: medium; border-right-style: solid; border-right-width: 1; border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2">
    <p ALIGN="justify" style="margin-left: 10; margin-right: 10">Peak Mines
    mineral reserves have been calculated based on a gold price of US$750/oz, a
    copper price of US$2.00/lb and variable lower NSR cut-offs ranging from
    AUD$112/t to AUD$130/t that vary between individual mines and their
    proximity to the Peak operation processing facility.</font></TD></TR>
  <TR vAlign=top>
    <TD align=left bordercolor="#000000" style="border-left-style: solid; border-left-width: 1; border-right-style: none; border-right-width: medium; border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <p style="margin-left: 10"><FONT size=2>4)</FONT> </TD>
    <TD align=left bordercolor="#000000" style="border-left-style: none; border-left-width: medium; border-right-style: solid; border-right-width: 1; border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2">
    <p ALIGN="justify" style="margin-left: 10; margin-right: 10">Cerro San Pedro
    mineral reserves have been calculated based on a gold price of US$750/oz, a
    silver price of US$10.00/lb and a lower NSR cut-off of US$2.64/t.</font></TD></TR>
  <TR vAlign=top>
    <TD align=left bordercolor="#000000" style="border-left-style: solid; border-left-width: 1; border-right-style: none; border-right-width: medium; border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <p style="margin-left: 10"><FONT size=2>5)</FONT> </TD>
    <TD align=left bordercolor="#000000" style="border-left-style: none; border-left-width: medium; border-right-style: solid; border-right-width: 1; border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2">
    <p ALIGN="justify" style="margin-left: 10; margin-right: 10">New Afton
    mineral reserves have been calculated based on a gold price of US$475/oz, a
    copper price of US$1.45/lb and a lower NSR cut-off of CAD$15/t of ore.</font></TD></TR>
  <TR vAlign=top>
    <TD align=left bordercolor="#000000" style="border-left-style: solid; border-left-width: 1; border-right-style: none; border-right-width: medium; border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <p style="margin-left: 10"><FONT size=2>6)</FONT> </TD>
    <TD align=left bordercolor="#000000" style="border-left-style: none; border-left-width: medium; border-right-style: solid; border-right-width: 1; border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2">
    <p ALIGN="justify" style="margin-left: 10; margin-right: 10">El Morro
    mineral reserve tonnes and grade are reported on a 100% basis; contained
    metals are reported on a 30% basis to reflect New Gold&#146;s 30% ownership
    interest in the project. Mineral reserves have been calculated based on a
    gold price of $500/oz, a copper price of US$1.25/lb and a lower cut-off of
    0.30% copper equivalent (&quot;EqCu&quot;) where</p>
    <i>
    <p ALIGN="center" style="margin-left: 10; margin-right: 10">EqCu(%) = Cu(%)
    + 0.592 x Au (g/t) and Cu(%) = percent copper, Au(g/t) = grams per tonne
    gold</i></font></TD></TR>
  <TR vAlign=top>
    <TD align=left bordercolor="#000000" style="border-left-style: solid; border-left-width: 1; border-right-style: none; border-right-width: medium; border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <p style="margin-left: 10"><FONT size=2>7)</FONT> </TD>
    <TD align=left bordercolor="#000000" style="border-left-style: none; border-left-width: medium; border-right-style: solid; border-right-width: 1; border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2">
    <p ALIGN="justify" style="margin-left: 10; margin-right: 10">Peak Mines
    mineral resources have been estimated based on a gold price of US$750/oz, a
    copper price of US$2.00/lb and variable lower NSR cut-offs ranging from
    AUD$85/t to AUD$95/t that vary between individual mines and their proximity
    to the Peak operation processing facility.</font></TD></TR>
  <TR vAlign=top>
    <TD align=left bordercolor="#000000" style="border-left-style: solid; border-left-width: 1; border-right-style: none; border-right-width: medium; border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <p style="margin-left: 10"><FONT size=2>8)</FONT> </TD>
    <TD align=left bordercolor="#000000" style="border-left-style: none; border-left-width: medium; border-right-style: solid; border-right-width: 1; border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2">
    <p ALIGN="justify" style="margin-left: 10; margin-right: 10">Cerro San Pedro
    mineral resources have been estimated based on a gold price of US$1000/oz, a
    silver price of US$21/oz and a lower grade cut-off of 0.2 g/t gold and are
    constrained within an economically constrained &quot;mineral resource pit&quot; that
    uses the same cost and metal recovery parameters used to define mineral
    reserves as of December 31, 2008.</font></TD></TR>
  </TABLE><BR>
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<BR>
<TABLE style="font-size:10pt;border-color:black;border-collapse:collapse;" cellpadding="0" cellspacing="0" width="100%" border="0"><TR valign="top">
	<TD colspan=2 align=left style="border-bottom: 1px solid #000000; border-left-style:solid; border-left-width:1; border-right-style:solid; border-right-width:1; border-top-style:solid; border-top-width:1" bordercolor="#000000">
<p align="center">
<B><FONT size=2>Notes to Mineral Reserve &amp; Resource Statements</FONT></B>
	</TD>
</TR>
<TR valign="top">
	<TD align=left bordercolor="#000000" width="5%" style="border-left-style: solid; border-left-width: 1; border-bottom-style: solid; border-bottom-width: 1">
<p style="margin-left: 10">
<FONT size=2>9)</FONT>
	</TD>
	<TD align=justify bordercolor="#000000" style="border-right-style: solid; border-right-width: 1; border-bottom-style: solid; border-bottom-width: 1">
<font SIZE="2">
<p ALIGN="JUSTIFY" style="margin-left: 10; margin-right: 10">Amapari mineral
resources have been estimated based on a gold price of US$750/oz and a variable
lower grade cut-offs ranging from 0.6 g/t to 0.8 g/t gold for open pit oxide and
sulphide resources and 1.7 g/t gold for underground sulphide resources that vary
between individual mineral resources and their proximity to the Amapari
operation processing facility.</font></TD>
</TR>
<TR valign="top">
	<TD align=left bordercolor="#000000" width="5%" style="border-left-style: solid; border-left-width: 1; border-bottom-style: solid; border-bottom-width: 1">
<p style="margin-left: 10">
<FONT size=2>10)</FONT>
	</TD>
	<TD align=justify bordercolor="#000000" style="border-right-style: solid; border-right-width: 1; border-bottom-style: solid; border-bottom-width: 1">
<font SIZE="2">
<p style="margin-left: 10; margin-right: 10">New Afton mineral resources have
been estimated based on a gold price of US$450/oz, a silver price of US$5.25/oz,
a copper price of US$1.20/lb and a lower NSR cut-off of CAD$10.00/t of
mineralized material.</font></TD>
</TR>
<TR valign="top">
	<TD align=left bordercolor="#000000" width="5%" style="border-left-style: solid; border-left-width: 1; border-bottom-style: solid; border-bottom-width: 1">
<p style="margin-left: 10">
<FONT size=2>11)</FONT>
	</TD>
	<TD align=justify bordercolor="#000000" style="border-right-style: solid; border-right-width: 1; border-bottom-style: solid; border-bottom-width: 1">
<font SIZE="2">
<p style="margin-left: 10; margin-right: 10">El Morro mineral resource tonnes
and grade are reported on a 100% basis; contained metals are reported on a 30%
basis to reflect New Gold&#146;s 30% ownership interest in the project. El Morro
mineral resources have been estimated based on a gold price of US$500/oz, a
copper price of US$1.25/lb and a lower grade cut-off of 0.3% copper-equivalent
(&quot;EqCu&quot;) where<i> </i></p>
<p style="margin-left: 10; margin-right: 10" align="center"><i>EqCu(%) = Cu(%) +
0.592 x Au (g/t) and Cu(%) = percent copper, Au(g/t) = grams per tonne gold </i>
</p>
<p style="margin-left: 10; margin-right: 10">Mineral resources are based on an
economically constrained &quot;mineral resource pit&quot; that uses the same cost and
metal recovery parameters used to define mineral reserves as described in the
May 2008 NI 43-101 technical report for the project.</font></TD>
</TR>
<TR valign="top">
	<TD align=left bordercolor="#000000" style="border-left-style: solid; border-left-width: 1; border-bottom-style: solid; border-bottom-width: 1">
<p style="margin-left: 10">
<FONT size=2>12)</FONT>
	</TD>
	<TD align=justify bordercolor="#000000" style="border-right-style: solid; border-right-width: 1; border-bottom-style: solid; border-bottom-width: 1">
<font SIZE="2">
<p style="margin-left: 10; margin-right: 10">Inferred mineral resources are not
known with the same degree of certainty as measured and indicated resources, do
not have demonstrated economic viability, and are exclusive of mineral reserves.</font></TD>
</TR>
<TR valign="top">
	<TD align=left style="border-bottom: 1px solid #000000; border-left-style:solid; border-left-width:1" bordercolor="#000000">
<p style="margin-left: 10">
<FONT size=2>13)</FONT>
	</TD>
	<TD align=justify style="border-bottom: 1px solid #000000; border-right-style:solid; border-right-width:1" bordercolor="#000000">
<font SIZE="2">
<p style="margin-left: 10; margin-right: 10">Numbers may not add due to
rounding.</font></TD>
</TR>
</TABLE>
<P align="justify">
<FONT size=2>New Gold is an intermediate gold mining company with operating assets in Mexico and Australia and two development projects in Canada and Chile. For further information on New Gold, please visit our website at
<font color="#0000FF">www.newgold.com</font>. </FONT></P>
<P align="justify">
<B><FONT size=2>CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS </FONT></B></P>
<P align="justify">
<FONT style="font-size: 8pt">Certain information contained in this press release, including any information relating to New Gold&#146;s future financial or operating performance, may be deemed &#147;forward looking&#148;. All
statements in this press release, other than statements of historical fact, that address events or developments that New Gold expects to occur, are &#147;forward-looking
statements&#148;. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words &#147;expects&#148;, &#147;does not expect&#148;,
&#147;plans&#148;, &#147;anticipates&#148;, &#147;does not anticipate&#148;, &#147;believes&#148;, &#147;intends&#148;, &#147;estimates&#148;, &#147;projects&#148;, &#147;potential&#148;, &#148;scheduled&#148;, &#147;forecast&#148;,
&#147;budget&#148; and similar expressions, or that events or conditions &#147;will&#148;, &#147;would&#148;, &#147;may&#148;, &#147;could&#148;, &#147;should&#148; or &#147;might&#148; occur. All such forward looking statements
are subject to important risk factors and uncertainties, many of which are beyond New Gold&#146;s ability to control or predict. Forward-looking statements are necessarily based on estimates and assumptions
that are inherently subject to known and unknown risks, uncertainties and other factors that may cause New Gold&#146;s actual results, level of activity, performance or achievements to be materially different
from those expressed or implied by such forward-looking statements. Such factors include, without limitation: the results of the preliminary economic assessment assessing the viability of a new process facility at Amapari; New
Gold&#146;s operations are subject to significant capital requirements; fluctuations in the international currency markets and in the rates of exchange of the currencies of Canada, the United States, Australia, Brazil, Mexico and
Chile; price volatility in the spot and forward markets for commodities; impact of any hedging activities, including margin limits and margin calls; discrepancies between actual and estimated production, between actual and estimated reserves and
resources and between actual and estimated metallurgical recoveries; changes in national and local government legislation in Canada, the United States, Australia, Brazil, Mexico and Chile or any other country in which New Gold currently or may in
the future carry on business; taxation; controls, regulations and political or economic developments in the countries in which New Gold does or may carry on business; the speculative nature of mineral exploration and development, including the risks
of obtaining necessary licenses and permits; diminishing quantities or grades of reserves; competition; loss of key employees; additional funding requirements; actual results of current exploration or reclamation activities; changes in project
parameters as plans continue to be refined; accidents; labour disputes; defective title to mineral claims or property or contests over claims to mineral properties. In addition, there are risks and hazards associated with the business of mineral
exploration, development and mining, including environmental hazards, industrial accidents, unusual or unexpected formations, pressures, cave-ins, flooding and gold bullion losses (and the risk of inadequate insurance or inability to obtain insurance, to cover these risks) as well as &#147;Risks and Uncertainties&#148; included in New Gold&#146;s MD&amp;A filed on November 12, 2008, and available at
www.sedar.com. Forward-looking statements are not guarantees of future performance, and actual results and future events could materially differ from those anticipated in such statements. All of the forward-looking statements contained in this press
release are qualified by these cautionary statements. New Gold expressly disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, events or otherwise, except in accordance with
applicable securities laws. </FONT></P>
<P align="justify">
<B><FONT size=2>CAUTIONARY NOTE TO U.S. READERS CONCERNING ESTIMATES OF MEASURED, INDICATED AND INFERRED MINERAL RESOURCES </FONT></B></P>
<P align="justify">
<FONT style="font-size: 8pt">Information concerning the properties and operations of New Gold has been prepared in accordance with Canadian standards under applicable Canadian securities laws, and may not be comparable to similar information for United States
companies. The terms &#147;Mineral Resource&#148;, &#147;Measured Mineral Resource&#148;, &#147;Indicated Mineral Resource&#148; and &#147;Inferred Mineral Resource&#148; used in this press release are
Canadian mining terms as defined in accordance with NI 43-101 under guidelines set out in the Canadian Institute of Mining, Metallurgy and Petroleum (&#147;CIM&#148;) Standards on Mineral Resources and Mineral
Reserves adopted by the CIM Council on December 11, 2005. While the terms &#147;Mineral Resource&#148;, &#147;Measured Mineral Resource&#148;, &#147;Indicated Mineral Resource&#148; and &#147;Inferred Mineral Resource&#148; are recognized and required by Canadian regulations, they are not defined terms under standards of the United States Securities and Exchange Commission. Under United States standards, mineralization may not be classified as a &#147;reserve&#148; unless the determination has been made that the
mineralization could be economically and legally produced or extracted at the time the reserve calculation is made. As such, certain information contained in this press release concerning descriptions of mineralization and resources under Canadian
standards is not comparable to similar information made public by United States companies subject to the reporting and disclosure requirements of the United States Securities and Exchange Commission. An &#147;Inferred Mineral Resource&#148; has a great amount of uncertainty as to its existence and as to its economic and legal feasibility. It cannot be assumed that all or any part of an
&#147;Inferred Mineral Resource&#148; will ever be upgraded to a higher category. Under Canadian rules, estimates of Inferred Mineral Resources may not form the basis of feasibility or other economic studies. Readers are cautioned not to assume that all or any part of Measured or Indicated Resources will ever be converted
into Mineral Reserves. Readers are also cautioned not to assume that all or any part of an &#147;Inferred Mineral Resource&#148; exists, or is economically or legally mineable. In addition, the definitions of &#147;Proven Mineral
Reserves&#148; and &#147;Probable Mineral Reserves&#148; under CIM standards differ in certain respects from the standards of the United States Securities and Exchange Commission. </FONT></P>
<P align="justify">
<FONT size=2>For further information please contact:</FONT><BR>
<FONT size=2>M&eacute;lanie Hennessey </FONT><BR>
<FONT size=2>Vice President Investor Relations </FONT><BR>
<B><FONT size=2>New Gold Inc. </FONT></B><BR>
<FONT size=2>Direct: +1 (604) 639-0022 </FONT><BR>
<FONT size=2>Toll-free: +1 (888) 315-9715 </FONT><BR>
<FONT size=2>Email: </FONT><U><FONT color="#0000ff" size=2>info@newgold.com</FONT></U><FONT size=2> </FONT><BR>
<FONT size=2>Website: <font color="#0000FF"><u>www.newgold.com</u></font> </FONT><BR>
</P>

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