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<SEC-DOCUMENT>0001204459-09-001172.txt : 20090630
<SEC-HEADER>0001204459-09-001172.hdr.sgml : 20090630
<ACCEPTANCE-DATETIME>20090630154250
ACCESSION NUMBER:		0001204459-09-001172
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		8
CONFORMED PERIOD OF REPORT:	20090630
FILED AS OF DATE:		20090630
DATE AS OF CHANGE:		20090630

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			New Gold Inc. /FI
		CENTRAL INDEX KEY:			0000800166
		STANDARD INDUSTRIAL CLASSIFICATION:	METAL MINING [1000]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			A1
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-31722
		FILM NUMBER:		09919196

	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>ngd063009f6k.htm
<DESCRIPTION>FORM 6-K
<TEXT>

<head>

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

<html>

<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">
<font size="2">For the month of<b> June, 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">
<font size="2">Commission File Number <b>
001-31722</b></font></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="2">&#163;</font><font size="2">&nbsp;</font>&nbsp;&nbsp;&nbsp;&nbsp;<font size="2">Form
40-F</font> <font face="Wingdings" size="2">x</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="2">&#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="2">&#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.)&nbsp; Yes</font> <font face="Wingdings 2" size="2">&#163;</font><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No</font>
<font face="Wingdings" size="2">x</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;&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>



<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black noShade SIZE=5>

<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"><font color="#000000">See the Exhibit Index
hereto</font>.</a></font></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"><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-indent: 4%; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">
&nbsp;</p>
<p style="text-align: justify; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<table style="border-collapse: collapse; font-size:10pt" borderColor="#111111" cellSpacing="0" cellPadding="0" width="100%" border="0">
  <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%"><b><small><font size="2">NEW</font></small> <small>
    <font size="2">GOLD</font></small> <small><font size="2">INC.</font></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: June 30, 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>


<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black noShade SIZE=5>

<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 CELLSPACING="0" BORDER="0" WIDTH="100%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <td WIDTH="7%">&nbsp;</td>
    <td WIDTH="93%">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="7%"><font FACE="Times New Roman" size="2"><b>Exhibit</b></font></td>
    <td WIDTH="93%"><font FACE="Times New Roman" size="2"><b>
    Description</b></font></td>
  </tr>
  <tr>
    <td WIDTH="7%" bgcolor="#E6EFFF">&nbsp;</td>
    <td WIDTH="93%" bgcolor="#E6EFFF">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="7%" bgcolor="#E6EFFF"><font size="2">
    <a href="ngd063009exh991.htm" style="text-decoration: none">99.1</a></font></td>
    <td WIDTH="93%" bgcolor="#E6EFFF">
    <font FACE="Times New Roman" size="2">
    <p ALIGN="JUSTIFY">
    <a href="ngd063009exh991.htm" style="text-decoration: none">Technical Report
    on Peak Gold Mines, New South Wales, Australia Report Date: January 1, 2009;
    Amended and Restated: June 12, 2009 (full table of contents and amended
    pages only) </a></font></td>
  </tr>
  <tr>
    <td WIDTH="7%">&nbsp;</td>
    <td WIDTH="93%">
    &nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="7%"><font size="2">
    <a href="ngd063009exh992.htm" style="text-decoration: none">99.2</a></font></td>
    <td WIDTH="93%">
    <font FACE="Times New Roman" size="2">
    <a href="ngd063009exh992.htm" style="text-decoration: none">Certificate of
    Qualified Person &#150; Peter Lloyd </a></font></td>
  </tr>
  <tr>
    <td WIDTH="7%" bgcolor="#E6EFFF">&nbsp;</td>
    <td WIDTH="93%" bgcolor="#E6EFFF">
    &nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="7%" bgcolor="#E6EFFF"><font size="2">
    <a href="ngd063009exh993.htm" style="text-decoration: none">99.3</a></font></td>
    <td WIDTH="93%" bgcolor="#E6EFFF">
    <font FACE="Times New Roman" size="2">
    <a href="ngd063009exh993.htm" style="text-decoration: none">Certificate of
    Qualified Person &#150; Rex Berthelsen </a></font></td>
  </tr>
  <tr>
    <td WIDTH="7%">&nbsp;</td>
    <td WIDTH="93%">
    &nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="7%"><font size="2">
    <a href="ngd063009exh994.htm" style="text-decoration: none">99.4</a></font></td>
    <td WIDTH="93%">
    <font FACE="Times New Roman" size="2">
    <a href="ngd063009exh994.htm" style="text-decoration: none">Certificate of
    Qualified Person &#150; Eric Strom </a></font></td>
  </tr>
  <tr>
    <td WIDTH="7%" bgcolor="#E6EFFF">&nbsp;</td>
    <td WIDTH="93%" bgcolor="#E6EFFF">
    &nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="7%" bgcolor="#E6EFFF"><font size="2">
    <a href="ngd063009exh995.htm" style="text-decoration: none">99.5</a></font></td>
    <td WIDTH="93%" bgcolor="#E6EFFF">
    <font FACE="Times New Roman" size="2">
    <a href="ngd063009exh995.htm" style="text-decoration: none">Consent of
    Qualified Person &#150; Peter Lloyd </a></font></td>
  </tr>
  <tr>
    <td WIDTH="7%">&nbsp;</td>
    <td WIDTH="93%">
    &nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="7%"><font size="2">
    <a href="ngd063009exh996.htm" style="text-decoration: none">99.6</a></font></td>
    <td WIDTH="93%">
    <font FACE="Times New Roman" size="2">
    <a href="ngd063009exh996.htm" style="text-decoration: none">Consent of
    Qualified Person &#150; Rex Berthelsen </a></font></td>
  </tr>
  <tr>
    <td WIDTH="7%" bgcolor="#E6EFFF">&nbsp;</td>
    <td WIDTH="93%" bgcolor="#E6EFFF">
    &nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="7%" bgcolor="#E6EFFF"><font size="2">
    <a href="ngd063009exh997.htm" style="text-decoration: none">99.7</a></font></td>
    <td WIDTH="93%" bgcolor="#E6EFFF">
    <font FACE="Times New Roman" size="2">
    <a href="ngd063009exh997.htm" style="text-decoration: none">Consent of
    Qualified Person &#150; Eric Strom </a></font></td>
  </tr>
  </table>
<p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</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">&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>ngd063009exh991.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">

<HR noshade size=5 color="black">
</div>
<A name=page_1></A>
<P align=right><b>Exhibit 99.1</b></P>
<P align=center><FONT size=6>Technical Report on <BR>Peak Gold
Mines, <BR>New South Wales, <BR>Australia </FONT></P>
<P align=center><FONT size=6></FONT>&nbsp;</P>
<P align=center><FONT size=3>Report Date:</FONT><BR><FONT size=3>January 1,
2009;</FONT><BR></P>
<P align=center><FONT size=3>Amended and Restated: </FONT><BR><FONT size=3>June
12, 2009 </FONT></P>
<P align=center>&nbsp;</P>
<P align=center>&nbsp;</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=center><B>Prepared for: </B></TD>
    <TD align=left width="80%"><B>New Gold Inc. </B></TD></TR>
  <TR vAlign=bottom>
    <TD align=center>&nbsp;</TD>
    <TD align=left width="80%"><STRONG>Suite 3110 &#150; 666 Burrard
      Street</STRONG>&nbsp;&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=center>&nbsp; </TD>
    <TD align=left width="80%"><B>Vancouver, British Columbia </B></TD></TR>
  <TR vAlign=top>
    <TD align=center>&nbsp; </TD>
    <TD align=left width="80%"><B>Canada V6C 2X8 </B></TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD align=left width="80%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=center><B>Prepared by: </B></TD>
    <TD align=left width="80%"><B>Peter Lloyd (Fellow AusIMM) </B></TD></TR>
  <TR vAlign=bottom>
    <TD align=center></TD>
    <TD align=left width="80%"><B>Bachelor of Engineering
    (Mining)</B>&nbsp;&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD align=left width="80%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD align=center>&nbsp;</TD>
    <TD align=left width="80%"><STRONG>Rex Berthelsen (Fellow
      AusIMM)</STRONG>&nbsp;&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=center>&nbsp; </TD>
    <TD align=left width="80%"><B>Bachelor of Applied Science (Geology),
    </B></TD></TR>
  <TR vAlign=top>
    <TD align=center>&nbsp; </TD>
    <TD align=left width="80%"><B>Graduate Diploma of Science (Economic
      Geology) </B></TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD align=left width="80%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=center>&nbsp; </TD>
    <TD align=left width="80%"><B>Eric Strom (Licensed Prof Eng, Ontario)
    </B></TD></TR>
  <TR vAlign=bottom>
    <TD align=center>&nbsp;</TD>
    <TD align=left width="80%"><STRONG>Bachelor of Engineering
      (Mining)</STRONG>&nbsp;&nbsp;</TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_2></A>
<div style="border-bottom-style: double; border-bottom-width: 2; padding-bottom: 1">
  <p align="right"><B>TABLE OF CONTENTS</B>
</div>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 height="1078">

  <TR vAlign=top>
    <TD align=center colSpan=2 width="3%" >&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=center colSpan=2 width="3%" >&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=center colSpan=2 width="3%" ><B>SECTION</B> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right><B>PAGE</B> </TD></TR>
  <TR>
    <TD width="3%" >&nbsp; </TD>
    <TD width="4%" >&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD>&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff width="3%" >1 </TD>
    <TD align=left bgColor=#e6efff colSpan=2>&nbsp; &nbsp;
      &nbsp;SUMMARY </TD>
    <TD align=right bgColor=#e6efff>1-10 </TD></TR>
  <TR vAlign=top>
    <TD align=left width="3%" >&nbsp; </TD>
    <TD align=left width="8%" >1.1 </TD>
    <TD align=left>Licences </TD>
    <TD align=right>1-10 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff width="3%" >&nbsp; </TD>
    <TD align=left width="8%" bgColor=#e6efff >1.2 </TD>
    <TD align=left bgColor=#e6efff>Mining Overview </TD>
    <TD align=right bgColor=#e6efff>1-10 </TD></TR>
  <TR vAlign=top>
    <TD align=left width="3%" >&nbsp; </TD>
    <TD align=left width="8%" >1.3 </TD>
    <TD align=left>Services and Infrastructure </TD>
    <TD align=right>1-10 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff width="3%" >&nbsp; </TD>
    <TD align=left width="8%" bgColor=#e6efff >1.4 </TD>
    <TD align=left bgColor=#e6efff>History </TD>
    <TD align=right bgColor=#e6efff>1-10 </TD></TR>
  <TR vAlign=top>
    <TD align=left width="3%" >&nbsp; </TD>
    <TD align=left width="8%" >1.5 </TD>
    <TD align=left>Geological Setting </TD>
    <TD align=right>1-11 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff width="3%" >&nbsp; </TD>
    <TD align=left width="8%" bgColor=#e6efff >1.6 </TD>
    <TD align=left bgColor=#e6efff>Exploration </TD>
    <TD align=right bgColor=#e6efff>1-11 </TD></TR>
  <TR vAlign=top>
    <TD align=left width="3%" >&nbsp; </TD>
    <TD align=left width="8%" >1.7 </TD>
    <TD align=left>Mineralization </TD>
    <TD align=right>1-11 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff width="3%" >&nbsp; </TD>
    <TD align=left width="8%" bgColor=#e6efff >1.8 </TD>
    <TD align=left bgColor=#e6efff>Drilling </TD>
    <TD align=right bgColor=#e6efff>1-11 </TD></TR>
  <TR vAlign=top>
    <TD align=left width="3%" >&nbsp; </TD>
    <TD align=left width="8%" >1.9 </TD>
    <TD align=left>Ore Reserve and Mineral Resource Estimates </TD>
    <TD align=right>1-12 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff width="3%" >&nbsp; </TD>
    <TD align=left width="8%" bgColor=#e6efff >1.10 </TD>
    <TD align=left bgColor=#e6efff>Mineral Processing and
      Metallurgical Testing </TD>
    <TD align=right bgColor=#e6efff>1-16 </TD></TR>
  <TR vAlign=top>
    <TD align=left width="3%" >&nbsp; </TD>
    <TD align=left width="8%" >1.11 </TD>
    <TD align=left>Mining Operations </TD>
    <TD align=right>1-16 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff width="3%" >&nbsp; </TD>
    <TD align=left width="8%" bgColor=#e6efff >1.12 </TD>
    <TD align=left bgColor=#e6efff>Mine Plan </TD>
    <TD align=right bgColor=#e6efff>1-17 </TD></TR>
  <TR vAlign=top>
    <TD align=left width="3%" >&nbsp; </TD>
    <TD align=left width="8%" >1.13 </TD>
    <TD align=left>Milling Operations </TD>
    <TD align=right>1-17 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff width="3%" >&nbsp; </TD>
    <TD align=left width="8%" bgColor=#e6efff >1.14 </TD>
    <TD align=left bgColor=#e6efff>Markets and Contracts </TD>
    <TD align=right bgColor=#e6efff>1-17 </TD></TR>
  <TR vAlign=top>
    <TD align=left width="3%" >&nbsp; </TD>
    <TD align=left width="8%" >1.15 </TD>
    <TD align=left>Environmental Considerations </TD>
    <TD align=right>1-17 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff width="3%" >&nbsp; </TD>
    <TD align=left width="8%" bgColor=#e6efff >1.16 </TD>
    <TD align=left bgColor=#e6efff>Taxes </TD>
    <TD align=right bgColor=#e6efff>1-18 </TD></TR>
  <TR vAlign=top>
    <TD align=left width="3%" >&nbsp; </TD>
    <TD align=left width="8%" >1.17 </TD>
    <TD align=left>Production Estimates </TD>
    <TD align=right>1-18 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff width="3%" >&nbsp; </TD>
    <TD align=left width="8%" bgColor=#e6efff >1.18 </TD>
    <TD align=left bgColor=#e6efff>Conclusions </TD>
    <TD align=right bgColor=#e6efff>1-18 </TD></TR>
  <TR vAlign=top>
    <TD align=left width="3%" >&nbsp; </TD>
    <TD align=left width="8%" >1.19 </TD>
    <TD align=left>Recommendations </TD>
    <TD align=right>1-19 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff width="3%" >2 </TD>
    <TD align=left width="8%" bgColor=#e6efff >&nbsp; </TD>
    <TD align=left bgColor=#e6efff>INTRODUCTION AND TERMS OF
      REFERENCE </TD>
    <TD align=right bgColor=#e6efff>2-20 </TD></TR>
  <TR vAlign=top>
    <TD align=left width="3%" >3 </TD>
    <TD align=left width="8%" >&nbsp; </TD>
    <TD align=left>RELIANCE ON OTHER EXPERTS </TD>
    <TD align=right>3-21 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff width="3%" >4 </TD>
    <TD align=left width="8%" bgColor=#e6efff >&nbsp; </TD>
    <TD align=left bgColor=#e6efff>PROPERTY DESCRIPTION AND
      LOCATION </TD>
    <TD align=right bgColor=#e6efff>4-22 </TD></TR>
  <TR vAlign=top>
    <TD align=left width="3%" >&nbsp; </TD>
    <TD align=left width="8%" >4.1 </TD>
    <TD align=left>Project Location </TD>
    <TD align=right>4-22 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff width="3%" >&nbsp; </TD>
    <TD align=left width="8%" bgColor=#e6efff >4.2 </TD>
    <TD align=left bgColor=#e6efff>Tenement Status </TD>
    <TD align=right bgColor=#e6efff>4-22 </TD></TR>
  <TR vAlign=top>
    <TD align=left width="3%" >&nbsp; </TD>
    <TD align=left width="8%" >4.3 </TD>
    <TD align=left>Royalties and Agreements </TD>
    <TD align=right>4-27 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff width="3%" >&nbsp; </TD>
    <TD align=left width="8%" bgColor=#e6efff >4.3.1 </TD>
    <TD align=left bgColor=#e6efff>Royalty </TD>
    <TD align=right bgColor=#e6efff>4-27 </TD></TR>
  <TR vAlign=top>
    <TD align=left width="3%" >&nbsp; </TD>
    <TD align=left width="8%" >4.4 </TD>
    <TD align=left>Environmental Liabilities </TD>
    <TD align=right>4-27 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff width="3%" >&nbsp; </TD>
    <TD align=left width="8%" bgColor=#e6efff >4.5 </TD>
    <TD align=left bgColor=#e6efff>Permitting Status </TD>
    <TD align=right bgColor=#e6efff>4-27 </TD></TR>
  <TR vAlign=top>
    <TD align=left width="3%" >5 </TD>
    <TD align=left width="8%" >&nbsp; </TD>
    <TD align=left>ACCESSIBILITY, CLIMATE, LOCAL
      RESOURCES, INFRASTRUCTURE AND PHYSIOGRAPHY </TD>
    <TD align=left>
    <p align="right">5-29 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff width="3%" >&nbsp; </TD>
    <TD align=left width="8%" bgColor=#e6efff >5.1 </TD>
    <TD align=left bgColor=#e6efff>Project Access </TD>
    <TD align=right bgColor=#e6efff>5-29 </TD></TR>
  <TR vAlign=top>
    <TD align=left width="3%" >&nbsp; </TD>
    <TD align=left width="8%" >5.2 </TD>
    <TD align=left>Physiography and Climate </TD>
    <TD align=right>5-29 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff width="3%" >&nbsp; </TD>
    <TD align=left width="8%" bgColor=#e6efff >5.3 </TD>
    <TD align=left bgColor=#e6efff>Local Infrastructure and
      Services </TD>
    <TD align=right bgColor=#e6efff>5-29 </TD></TR>
  <TR vAlign=top>
    <TD align=left width="3%" >6 </TD>
    <TD align=left width="8%" >&nbsp; </TD>
    <TD align=left>HISTORY </TD>
    <TD align=right>6-30 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff width="3%" >7 </TD>
    <TD align=left width="8%" bgColor=#e6efff >&nbsp; </TD>
    <TD align=left bgColor=#e6efff>GEOLOGICAL SETTING </TD>
    <TD align=right bgColor=#e6efff>7-32 </TD></TR>
  <TR vAlign=top>
    <TD align=left width="3%" >&nbsp; </TD>
    <TD align=left width="8%" >7.1 </TD>
    <TD align=left>Regional Setting </TD>
    <TD align=right>7-32 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff width="3%" >&nbsp; </TD>
    <TD align=left width="8%" bgColor=#e6efff >7.2 </TD>
    <TD align=left bgColor=#e6efff>Local Geology </TD>
    <TD align=right bgColor=#e6efff>7-35 </TD></TR>
  <TR vAlign=top>
    <TD align=left width="3%" >&nbsp; </TD>
    <TD align=left width="8%" >7.2.1 </TD>
    <TD align=left>Lithology of the Host Sequences </TD>
    <TD align=right>7-35 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff width="3%" >&nbsp; </TD>
    <TD align=left width="8%" bgColor=#e6efff >7.2.2 </TD>
    <TD align=left bgColor=#e6efff>Structural Framework of the
      Cobar Gold Field </TD>
    <TD align=right bgColor=#e6efff>7-37 </TD></TR>
  <TR vAlign=top>
    <TD align=left width="3%" >8 </TD>
    <TD align=left width="8%" >&nbsp; </TD>
    <TD align=left>DEPOSIT TYPES </TD>
    <TD align=right>8-40 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff width="3%" >&nbsp; </TD>
    <TD align=left width="8%" bgColor=#e6efff >8.1 </TD>
    <TD align=left bgColor=#e6efff>General Description </TD>
    <TD align=right bgColor=#e6efff>8-40 </TD></TR>
  <TR vAlign=top>
    <TD align=left width="3%" >&nbsp; </TD>
    <TD align=left width="8%" >8.2 </TD>
    <TD align=left>Genetic Model for the Cobar Gold Field
      Mineralization </TD>
    <TD align=right>8-40 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff width="3%" >9 </TD>
    <TD align=left width="8%" bgColor=#e6efff >&nbsp; </TD>
    <TD align=left bgColor=#e6efff>MINERALIZATION </TD>
    <TD align=right bgColor=#e6efff>9-44 </TD></TR>
  <TR vAlign=top>
    <TD align=left width="3%" >&nbsp; </TD>
    <TD align=left width="8%" >9.1 </TD>
    <TD align=left>The Great Chesney Fault </TD>
    <TD align=right>9-44 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff width="3%" >&nbsp; </TD>
    <TD align=left width="8%" bgColor=#e6efff >9.1.1 </TD>
    <TD align=left bgColor=#e6efff>The New Cobar Deposit </TD>
    <TD align=right bgColor=#e6efff>9-44 </TD></TR>
  <TR vAlign=top>
    <TD align=left width="3%" >&nbsp; </TD>
    <TD align=left width="8%" >9.1.2 </TD>
    <TD align=left>Chesney </TD>
    <TD align=right>9-48 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff width="3%" >&nbsp; </TD>
    <TD align=left width="8%" bgColor=#e6efff >9.1.3 </TD>
    <TD align=left bgColor=#e6efff>The New Occidental Deposit </TD>
    <TD align=right bgColor=#e6efff>9-52 </TD></TR>
  <TR vAlign=top>
    <TD align=left width="3%" >&nbsp; </TD>
    <TD align=left width="8%" >9.2 </TD>
    <TD align=left>The Peak Shear </TD>
    <TD align=right>9-61 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff width="3%" >&nbsp; </TD>
    <TD align=left width="8%" bgColor=#e6efff >9.2.1 </TD>
    <TD align=left bgColor=#e6efff>The Peak Deposit </TD>
    <TD align=right bgColor=#e6efff>9-62 </TD></TR>
  <TR vAlign=top>
    <TD align=left width="3%" >&nbsp; </TD>
    <TD align=left width="8%" >9.2.2 </TD>
    <TD align=left>The Perseverance Orebodies </TD>
    <TD align=right>9-66 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff width="3%" >&nbsp; </TD>
    <TD align=left width="8%" bgColor=#e6efff >9.3 </TD>
    <TD align=left bgColor=#e6efff>Other Shears and Copper
      Deposits </TD>
    <TD align=right bgColor=#e6efff>9-72 </TD></TR>
  <TR vAlign=top>
    <TD align=left width="3%" >&nbsp; </TD>
    <TD align=left width="8%" >9.3.1 </TD>
    <TD align=left>Gladstone Deposit </TD>
    <TD align=right>9-72 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff width="3%" >&nbsp; </TD>
    <TD align=left width="8%" bgColor=#e6efff >9.3.2 </TD>
    <TD align=left bgColor=#e6efff>Dapville Deposit </TD>
    <TD align=right bgColor=#e6efff>9-73 </TD></TR>
  <TR vAlign=top>
    <TD align=left width="3%" >&nbsp; </TD>
    <TD align=left width="8%" >9.3.3 </TD>
    <TD align=left>Great Cobar Deposit </TD>
    <TD align=right>9-73 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff colSpan=2 >10 </TD>
    <TD align=left bgColor=#e6efff>EXPLORATION </TD>
    <TD align=right bgColor=#e6efff>10-74 </TD></TR>
  <TR vAlign=top>
    <TD align=left width="3%" >&nbsp; </TD>
    <TD align=left width="8%" >10.1 </TD>
    <TD align=left>Recent Exploration </TD>
    <TD align=right>10-74 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff width="3%" >&nbsp; </TD>
    <TD align=left width="8%" bgColor=#e6efff >10.1.1 </TD>
    <TD align=left bgColor=#e6efff>Near Mine Exploration </TD>
    <TD align=right bgColor=#e6efff>10-74 </TD></TR>
  <TR vAlign=top>
    <TD align=left width="3%" >&nbsp; </TD>
    <TD align=left width="8%" >10.1.2 </TD>
    <TD align=left>Other Near-Mine Prospects </TD>
    <TD align=right>10-75 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff width="3%" >&nbsp; </TD>
    <TD align=left width="8%" bgColor=#e6efff >10.1.3 </TD>
    <TD align=left bgColor=#e6efff>Regional Exploration </TD>
    <TD align=right bgColor=#e6efff>10-76 </TD></TR>
  <TR vAlign=top>
    <TD align=left width="3%" >&nbsp; </TD>
    <TD align=left width="8%" >10.2 </TD>
    <TD align=left>Exploration Data Collection </TD>
    <TD align=right>10-77 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff colSpan=2 >11 </TD>
    <TD align=left bgColor=#e6efff>DRILLING </TD>
    <TD align=right bgColor=#e6efff>11-80 </TD></TR>
  <TR vAlign=top>
    <TD align=left width="3%" >&nbsp; </TD>
    <TD align=left width="8%" >11.1 </TD>
    <TD align=left>Current Site Practice </TD>
    <TD align=right>11-80 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff width="3%" >&nbsp; </TD>
    <TD align=left width="8%" bgColor=#e6efff >11.1.1 </TD>
    <TD align=left bgColor=#e6efff>Diamond Core </TD>
    <TD align=right bgColor=#e6efff>11-80 </TD></TR>
  <TR vAlign=top>
    <TD align=left width="3%" >&nbsp; </TD>
    <TD align=left width="8%" >11.1.2 </TD>
    <TD align=left>Reverse Circulation Drilling </TD>
    <TD align=right>11-80 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff width="3%" >&nbsp; </TD>
    <TD align=left width="8%" bgColor=#e6efff >11.1.3 </TD>
    <TD align=left bgColor=#e6efff>Collar and Down-Hole Surveys
</TD>
    <TD align=right bgColor=#e6efff>11-80 </TD></TR>
  <TR vAlign=top>
    <TD align=left width="3%" >&nbsp; </TD>
    <TD align=left width="8%" >11.2 </TD>
    <TD align=left>New Cobar Mine </TD>
    <TD align=right>11-81 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff width="3%" >&nbsp; </TD>
    <TD align=left width="8%" bgColor=#e6efff >11.2.1 </TD>
    <TD align=left bgColor=#e6efff>Surveying Practices </TD>
    <TD align=right bgColor=#e6efff>11-82 </TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >&nbsp;</TD>
    <TD align=left bgColor=#e6efff width="8%" >&nbsp; &nbsp; &nbsp;11.2.2
</TD>
    <TD align=left bgColor=#e6efff>Sample Recovery </TD>
    <TD align=right bgColor=#e6efff >11-82 </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="8%" >&nbsp; &nbsp; &nbsp;11.3 </TD>
    <TD align=left>Chesney Oxide and Underground Mine </TD>
    <TD align=right >11-83 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >&nbsp;</TD>
    <TD align=left bgColor=#e6efff width="8%" >&nbsp; &nbsp; &nbsp;11.3.1
</TD>
    <TD align=left bgColor=#e6efff>Surveying Practices </TD>
    <TD align=right bgColor=#e6efff >11-84 </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="8%" >&nbsp; &nbsp; &nbsp;11.3.2 </TD>
    <TD align=left>Sample Recovery </TD>
    <TD align=right >11-85 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >&nbsp;</TD>
    <TD align=left bgColor=#e6efff width="8%" >&nbsp; &nbsp; &nbsp;11.4 </TD>
    <TD align=left bgColor=#e6efff>New Occidental Mine </TD>
    <TD align=right bgColor=#e6efff >11-85 </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="8%" >&nbsp; &nbsp; &nbsp;11.4.1 </TD>
    <TD align=left>Surveying Practices </TD>
    <TD align=right >11-86 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >&nbsp;</TD>
    <TD align=left bgColor=#e6efff width="8%" >&nbsp; &nbsp; &nbsp;11.4.2
</TD>
    <TD align=left bgColor=#e6efff>Sample Recovery </TD>
    <TD align=right bgColor=#e6efff >11-86 </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="8%" >&nbsp; &nbsp; &nbsp;11.5 </TD>
    <TD align=left>Peak Mine </TD>
    <TD align=right >11-87 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >&nbsp;</TD>
    <TD align=left bgColor=#e6efff width="8%" >&nbsp; &nbsp; &nbsp;11.5.1
</TD>
    <TD align=left bgColor=#e6efff>Surveying Practices </TD>
    <TD align=right bgColor=#e6efff >11-88 </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="8%" >&nbsp; &nbsp; &nbsp;11.5.2 </TD>
    <TD align=left>Sample Recovery </TD>
    <TD align=right >11-88 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >&nbsp;</TD>
    <TD align=left bgColor=#e6efff width="8%" >&nbsp; &nbsp; &nbsp;11.6 </TD>
    <TD align=left bgColor=#e6efff>Perseverance Mine </TD>
    <TD align=right bgColor=#e6efff >11-88 </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="8%" >&nbsp; &nbsp; &nbsp;11.6.1 </TD>
    <TD align=left>Surveying Practices </TD>
    <TD align=right >11-89 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >&nbsp;</TD>
    <TD align=left bgColor=#e6efff width="8%" >&nbsp; &nbsp; &nbsp;11.6.2
</TD>
    <TD align=left bgColor=#e6efff>Sample Recovery </TD>
    <TD align=right bgColor=#e6efff >11-89 </TD></TR>
  <TR vAlign=top>
    <TD align=left >12 </TD>
    <TD align=left width="8%" >&nbsp;</TD>
    <TD align=left>SAMPLING METHOD AND APPROACH </TD>
    <TD align=right >12-90 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >&nbsp;</TD>
    <TD align=left bgColor=#e6efff width="8%" >&nbsp; &nbsp; &nbsp;12.1 </TD>
    <TD align=left bgColor=#e6efff>Reverse Circulation Samples </TD>
    <TD align=right bgColor=#e6efff >12-90 </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="8%" >&nbsp; &nbsp; &nbsp;12.2 </TD>
    <TD align=left>Core Sampling </TD>
    <TD align=right >12-90 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >&nbsp;</TD>
    <TD align=left bgColor=#e6efff width="8%" >&nbsp; &nbsp; &nbsp;12.3 </TD>
    <TD align=left bgColor=#e6efff>Density Determination </TD>
    <TD align=right bgColor=#e6efff >12-91 </TD></TR>
  <TR vAlign=top>
    <TD align=left >13 </TD>
    <TD align=left width="8%" >&nbsp;</TD>
    <TD align=left>SAMPLE PREPARATION, ANALYSIS AND SECURITY </TD>
    <TD align=right >13-93 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >&nbsp;</TD>
    <TD align=left bgColor=#e6efff width="8%" >&nbsp; &nbsp; &nbsp;13.1 </TD>
    <TD align=left bgColor=#e6efff>Sample Preparation for Core </TD>
    <TD align=right bgColor=#e6efff >13-93 </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="8%" >&nbsp; &nbsp; &nbsp;13.2 </TD>
    <TD align=left>Sample Preparation for RC Samples </TD>
    <TD align=right >13-94 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >&nbsp;</TD>
    <TD align=left bgColor=#e6efff width="8%" >&nbsp; &nbsp; &nbsp;13.3 </TD>
    <TD align=left bgColor=#e6efff>Screen Fire Assaying </TD>
    <TD align=right bgColor=#e6efff >13-94 </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="8%" >&nbsp; &nbsp; &nbsp;13.4 </TD>
    <TD align=left>Sample Analysis </TD>
    <TD align=right >13-94 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >&nbsp;</TD>
    <TD align=left bgColor=#e6efff width="8%" >&nbsp; &nbsp; &nbsp;13.4.1
</TD>
    <TD align=left bgColor=#e6efff>Gold Analysis </TD>
    <TD align=right bgColor=#e6efff >13-95 </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="8%" >&nbsp; &nbsp; &nbsp;13.4.2 </TD>
    <TD align=left>Base Metal Analysis </TD>
    <TD align=right >13-96 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >&nbsp;</TD>
    <TD align=left bgColor=#e6efff width="8%" >&nbsp; &nbsp; &nbsp;13.5 </TD>
    <TD align=left bgColor=#e6efff>Sample Security </TD>
    <TD align=right bgColor=#e6efff >13-99 </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="8%" >&nbsp; &nbsp; &nbsp;13.6 </TD>
    <TD align=left>Quality Control Procedures </TD>
    <TD align=right >13-99 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >14 </TD>
    <TD align=left bgColor=#e6efff width="8%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>DATA VERIFICATION </TD>
    <TD align=right bgColor=#e6efff >14-101 </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="8%" >&nbsp; &nbsp; &nbsp;14.1 </TD>
    <TD align=left>Quality Control Data </TD>
    <TD align=right >14-101 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >&nbsp;</TD>
    <TD align=left bgColor=#e6efff width="8%" >&nbsp; &nbsp; &nbsp;14.1.1
</TD>
    <TD align=left bgColor=#e6efff>Assay Accuracy </TD>
    <TD align=right bgColor=#e6efff >14-101 </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="8%" >&nbsp; &nbsp; &nbsp;14.1.2 </TD>
    <TD align=left>Assay Precision </TD>
    <TD align=right >14-104 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >&nbsp;</TD>
    <TD align=left bgColor=#e6efff width="8%" >&nbsp; &nbsp; &nbsp;14.1.3
</TD>
    <TD align=left bgColor=#e6efff>Umpire Assays </TD>
    <TD align=right bgColor=#e6efff >14-130 </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="8%" >&nbsp; &nbsp; &nbsp;14.1.4 </TD>
    <TD align=left>Blank Reference Samples </TD>
    <TD align=right >14-131 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >&nbsp;</TD>
    <TD align=left bgColor=#e6efff width="8%" >&nbsp; &nbsp; &nbsp;14.2 </TD>
    <TD align=left bgColor=#e6efff>Project Database </TD>
    <TD align=right bgColor=#e6efff >14-136 </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="8%" >&nbsp; &nbsp; &nbsp;14.3 </TD>
    <TD align=left>Bulk Density Determination </TD>
    <TD align=right >14-137 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >&nbsp;</TD>
    <TD align=left bgColor=#e6efff width="8%" >&nbsp; &nbsp; &nbsp;14.4 </TD>
    <TD align=left bgColor=#e6efff>Drill Hole Recovery </TD>
    <TD align=right bgColor=#e6efff >14-138 </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="8%" >&nbsp; &nbsp; &nbsp;14.5 </TD>
    <TD align=left>Survey Control </TD>
    <TD align=right >14-138 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >15</TD>
    <TD align=left bgColor=#e6efff width="8%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>ADJACENT PROPERTIES </TD>
    <TD align=right bgColor=#e6efff >15-139 </TD></TR>
  <TR vAlign=top>
    <TD align=left >16 </TD>
    <TD align=left width="8%" >&nbsp;</TD>
    <TD align=left>MINERAL PROCESSING AND METALLURGICAL TESTING
</TD>
    <TD align=right >16-141 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >&nbsp;</TD>
    <TD align=left bgColor=#e6efff width="8%" >&nbsp; &nbsp; &nbsp;16.1 </TD>
    <TD align=left bgColor=#e6efff>Mineralogy </TD>
    <TD align=right bgColor=#e6efff >16-141 </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="8%" >&nbsp; &nbsp; &nbsp;16.1.1 </TD>
    <TD align=left>New Cobar </TD>
    <TD align=right >16-141 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >&nbsp;</TD>
    <TD align=left bgColor=#e6efff width="8%" >&nbsp; &nbsp; &nbsp;16.1.2
</TD>
    <TD align=left bgColor=#e6efff>New Occidental </TD>
    <TD align=right bgColor=#e6efff >16-141 </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="8%" >&nbsp; &nbsp; &nbsp;16.1.3 </TD>
    <TD align=left>Perseverance </TD>
    <TD align=right >16-141 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >&nbsp;</TD>
    <TD align=left bgColor=#e6efff width="8%" >&nbsp; &nbsp; &nbsp;16.2 </TD>
    <TD align=left bgColor=#e6efff>Metallurgical Test work </TD>
    <TD align=right bgColor=#e6efff >16-142 </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="8%" >&nbsp; &nbsp; &nbsp;16.2.1 </TD>
    <TD align=left>POX </TD>
    <TD align=right >16-142 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >&nbsp;</TD>
    <TD align=left bgColor=#e6efff width="8%" >&nbsp; &nbsp; &nbsp;16.2.2
</TD>
    <TD align=left bgColor=#e6efff>Perseverance </TD>
    <TD align=right bgColor=#e6efff >16-142 </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="8%" >&nbsp; &nbsp; &nbsp;16.2.3 </TD>
    <TD align=left>Chesney </TD>
    <TD align=right >16-142 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >&nbsp;</TD>
    <TD align=left bgColor=#e6efff width="8%" >&nbsp; &nbsp; &nbsp;16.3 </TD>
    <TD align=left bgColor=#e6efff>Performance and Recovery
      Predictions </TD>
    <TD align=right bgColor=#e6efff >16-143 </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="8%" >&nbsp; &nbsp; &nbsp;16.4 </TD>
    <TD align=left>Process Flow sheet </TD>
    <TD align=right >16-145 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >&nbsp;</TD>
    <TD align=left bgColor=#e6efff width="8%" >&nbsp; &nbsp; &nbsp;16.5 </TD>
    <TD align=left bgColor=#e6efff>Plant Design </TD>
    <TD align=right bgColor=#e6efff >16-146 </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="8%" >&nbsp; &nbsp; &nbsp;16.6 </TD>
    <TD align=left>Smelting </TD>
    <TD align=right >16-146 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >&nbsp;</TD>
    <TD align=left bgColor=#e6efff width="8%" >&nbsp; &nbsp; &nbsp;16.7 </TD>
    <TD align=left bgColor=#e6efff>Concentrate Specifications </TD>
    <TD align=right bgColor=#e6efff >16-146 </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="8%" >&nbsp; &nbsp; &nbsp;16.8 </TD>
    <TD align=left>Ramp-up Schedule </TD>
    <TD align=right >16-147 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >17 </TD>
    <TD align=left bgColor=#e6efff width="8%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>MINERAL RESOURCE AND MINERAL
      RESERVE ESTIMATES </TD>
    <TD align=right bgColor=#e6efff >17-148 </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="8%" >&nbsp; &nbsp; &nbsp;17.1 </TD>
    <TD align=left>Database Validation </TD>
    <TD align=right >17-148 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >&nbsp;</TD>
    <TD align=left bgColor=#e6efff width="8%" >&nbsp; &nbsp; &nbsp;17.2 </TD>
    <TD align=left bgColor=#e6efff>Geological Interpretation and
      Modelling </TD>
    <TD align=right bgColor=#e6efff >17-149 </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="8%" >&nbsp; &nbsp; &nbsp;17.2.1 </TD>
    <TD align=left>New Cobar </TD>
    <TD align=right >17-149 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >&nbsp;</TD>
    <TD align=left bgColor=#e6efff width="8%" >&nbsp; &nbsp; &nbsp;17.2.2
</TD>
    <TD align=left bgColor=#e6efff>Chesney Oxide </TD>
    <TD align=right bgColor=#e6efff >17-149 </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="8%" >&nbsp; &nbsp; &nbsp;17.2.3 </TD>
    <TD align=left>Chesney Sulphide </TD>
    <TD align=right >17-149 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >&nbsp;</TD>
    <TD align=left bgColor=#e6efff width="8%" >&nbsp; &nbsp; &nbsp;17.2.4
</TD>
    <TD align=left bgColor=#e6efff>New Occidental </TD>
    <TD align=right bgColor=#e6efff >17-149 </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="8%" >&nbsp; &nbsp; &nbsp;17.2.5 </TD>
    <TD align=left>Peak </TD>
    <TD align=right >17-149 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >&nbsp;</TD>
    <TD align=left bgColor=#e6efff width="8%" >&nbsp; &nbsp; &nbsp;17.2.6
</TD>
    <TD align=left bgColor=#e6efff>Perseverance </TD>
    <TD align=right bgColor=#e6efff >17-150 </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="8%" >&nbsp; &nbsp; &nbsp;17.3 </TD>
    <TD align=left>Statistical Analysis </TD>
    <TD align=right >17-150 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >&nbsp;</TD>
    <TD align=left bgColor=#e6efff width="8%" >&nbsp; &nbsp; &nbsp;17.3.1
</TD>
    <TD align=left bgColor=#e6efff>New Cobar </TD>
    <TD align=right bgColor=#e6efff >17-151 </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="8%" >&nbsp; &nbsp; &nbsp;17.3.2 </TD>
    <TD align=left>Chesney Oxide </TD>
    <TD align=right >17-152 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >&nbsp;</TD>
    <TD align=left bgColor=#e6efff width="8%" >&nbsp; &nbsp; &nbsp;17.3.3
</TD>
    <TD align=left bgColor=#e6efff>Chesney Sulphide </TD>
    <TD align=right bgColor=#e6efff >17-154 </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="8%" >&nbsp; &nbsp; &nbsp;17.3.4 </TD>
    <TD align=left>New Occidental </TD>
    <TD align=right >17-156 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >&nbsp;</TD>
    <TD align=left bgColor=#e6efff width="8%" >&nbsp; &nbsp; &nbsp;17.3.5
</TD>
    <TD align=left bgColor=#e6efff>Peak </TD>
    <TD align=right bgColor=#e6efff >17-158 </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="8%" >&nbsp; &nbsp; &nbsp;17.3.6 </TD>
    <TD align=left>Perseverance </TD>
    <TD align=right >17-160 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >&nbsp;</TD>
    <TD align=left bgColor=#e6efff width="8%" >&nbsp; &nbsp; &nbsp;17.4 </TD>
    <TD align=left bgColor=#e6efff>Variography </TD>
    <TD align=right bgColor=#e6efff >17-162 </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="8%" >&nbsp; &nbsp; &nbsp;17.4.1 </TD>
    <TD align=left>New Cobar </TD>
    <TD align=right >17-162 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >&nbsp;</TD>
    <TD align=left bgColor=#e6efff width="8%" >&nbsp; &nbsp; &nbsp;17.4.2
</TD>
    <TD align=left bgColor=#e6efff>Chesney Oxide </TD>
    <TD align=right bgColor=#e6efff >17-166
  </TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_4></A><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 height="1048">

  <TR vAlign=top>
    <TD align=left bgColor=#e6efff width="3%" height="15" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff width="8%" height="15" >&nbsp; &nbsp; &nbsp;17.4.3
</TD>
    <TD align=left bgColor=#e6efff height="15">Chesney Sulphide </TD>
    <TD align=right bgColor=#e6efff width="10%" height="15" >17-166 </TD></TR>
  <TR vAlign=top>
    <TD align=left width="3%" height="15" ></TD>
    <TD align=left width="8%" height="15" >&nbsp; &nbsp; &nbsp;17.4.4 </TD>
    <TD align=left height="15">New Occidental </TD>
    <TD align=right width="10%" height="15" >17-169 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff width="3%" height="15" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff width="8%" height="15" >&nbsp; &nbsp; &nbsp;17.4.5
</TD>
    <TD align=left bgColor=#e6efff height="15">Peak </TD>
    <TD align=right bgColor=#e6efff width="10%" height="15" >17-171 </TD></TR>
  <TR vAlign=top>
    <TD align=left width="3%" height="15" ></TD>
    <TD align=left width="8%" height="15" >&nbsp; &nbsp; &nbsp;17.4.6 </TD>
    <TD align=left height="15">Perseverance </TD>
    <TD align=right width="10%" height="15" >17-176 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff width="3%" height="15" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff width="8%" height="15" >&nbsp; &nbsp; &nbsp;17.5 </TD>
    <TD align=left bgColor=#e6efff height="15">Block Modelling </TD>
    <TD align=right bgColor=#e6efff width="10%" height="15" >17-181 </TD></TR>
  <TR vAlign=top>
    <TD align=left width="3%" height="15" ></TD>
    <TD align=left width="8%" height="15" >&nbsp; &nbsp; &nbsp;17.5.1 </TD>
    <TD align=left height="15">New Cobar Sulphide </TD>
    <TD align=right width="10%" height="15" >17-181 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff width="3%" height="15" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff width="8%" height="15" >&nbsp; &nbsp; &nbsp;17.5.2
</TD>
    <TD align=left bgColor=#e6efff height="15">Chesney Oxide </TD>
    <TD align=right bgColor=#e6efff width="10%" height="15" >17-181 </TD></TR>
  <TR vAlign=top>
    <TD align=left width="3%" height="15" ></TD>
    <TD align=left width="8%" height="15" >&nbsp; &nbsp; &nbsp;17.5.3 </TD>
    <TD align=left height="15">Chesney Sulphide </TD>
    <TD align=right width="10%" height="15" >17-181 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff width="3%" height="15" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff width="8%" height="15" >&nbsp; &nbsp; &nbsp;17.5.4
</TD>
    <TD align=left bgColor=#e6efff height="15">New Occidental </TD>
    <TD align=right bgColor=#e6efff width="10%" height="15" >17-182 </TD></TR>
  <TR vAlign=top>
    <TD align=left width="3%" height="15" ></TD>
    <TD align=left width="8%" height="15" >&nbsp; &nbsp; &nbsp;17.5.5 </TD>
    <TD align=left height="15">Peak </TD>
    <TD align=right width="10%" height="15" >17-182 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff width="3%" height="15" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff width="8%" height="15" >&nbsp; &nbsp; &nbsp;17.5.6
</TD>
    <TD align=left bgColor=#e6efff height="15">Perseverance </TD>
    <TD align=right bgColor=#e6efff width="10%" height="15" >17-182 </TD></TR>
  <TR vAlign=top>
    <TD align=left width="3%" height="15" ></TD>
    <TD align=left width="8%" height="15" >&nbsp; &nbsp; &nbsp;17.6 </TD>
    <TD align=left height="15">Grade Estimation and Classification </TD>
    <TD align=right width="10%" height="15" >17-182 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff width="3%" height="15" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff width="8%" height="15" >&nbsp; &nbsp; &nbsp;17.6.1
</TD>
    <TD align=left bgColor=#e6efff height="15">New Cobar Sulphide </TD>
    <TD align=right bgColor=#e6efff width="10%" height="15" >17-182 </TD></TR>
  <TR vAlign=top>
    <TD align=left width="3%" height="15" ></TD>
    <TD align=left width="8%" height="15" >&nbsp; &nbsp; &nbsp;17.6.2 </TD>
    <TD align=left height="15">Chesney Oxide </TD>
    <TD align=right width="10%" height="15" >17-185 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff width="3%" height="15" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff width="8%" height="15" >&nbsp; &nbsp; &nbsp;17.6.3
</TD>
    <TD align=left bgColor=#e6efff height="15">Chesney Sulphide </TD>
    <TD align=right bgColor=#e6efff width="10%" height="15" >17-187 </TD></TR>
  <TR vAlign=top>
    <TD align=left width="3%" height="15" ></TD>
    <TD align=left width="8%" height="15" >&nbsp; &nbsp; &nbsp;17.6.4 </TD>
    <TD align=left height="15">New Occidental </TD>
    <TD align=right width="10%" height="15" >17-189 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff width="3%" height="15" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff width="8%" height="15" >&nbsp; &nbsp; &nbsp;17.6.5
</TD>
    <TD align=left bgColor=#e6efff height="15">Peak </TD>
    <TD align=right bgColor=#e6efff width="10%" height="15" >17-191 </TD></TR>
  <TR vAlign=top>
    <TD align=left width="3%" height="15" ></TD>
    <TD align=left width="8%" height="15" >&nbsp; &nbsp; &nbsp;17.6.6 </TD>
    <TD align=left height="15">Perseverance </TD>
    <TD align=right width="10%" height="15" >17-194 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff width="3%" height="15" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff width="8%" height="15" >&nbsp; &nbsp; &nbsp;17.7 </TD>
    <TD align=left bgColor=#e6efff height="15">Resource Reporting </TD>
    <TD align=right bgColor=#e6efff width="10%" height="15" >17-198 </TD></TR>
  <TR vAlign=top>
    <TD align=left width="3%" height="15" ></TD>
    <TD align=left width="8%" height="15" >&nbsp; &nbsp; &nbsp;17.8 </TD>
    <TD align=left height="15">Mineral Reserve Methodology </TD>
    <TD align=right width="10%" height="15" >17-201 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff width="3%" height="15" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff width="8%" height="15" >&nbsp; &nbsp; &nbsp;17.8.1
</TD>
    <TD align=left bgColor=#e6efff height="15">Estimation of Cut Off Costs </TD>
    <TD align=right bgColor=#e6efff width="10%" height="15" >17-201 </TD></TR>
  <TR vAlign=top>
    <TD align=left width="3%" height="15" ></TD>
    <TD align=left width="8%" height="15" >&nbsp; &nbsp; &nbsp;17.8.2 </TD>
    <TD align=left height="15">Stope Planning, Dilution and Ore Losses </TD>
    <TD align=right width="10%" height="15" >17-202 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff width="3%" height="15" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff width="8%" height="15" >&nbsp; &nbsp; &nbsp;17.9 </TD>
    <TD align=left bgColor=#e6efff height="15">Mineral Reserve Statement </TD>
    <TD align=right bgColor=#e6efff width="10%" height="15" >17-203 </TD></TR>
  <TR vAlign=top>
    <TD align=left width="3%" height="15" >18</TD>
    <TD align=left width="8%" height="15" ></TD>
    <TD align=left height="15">OTHER RELEVANT DATA AND INFORMATION </TD>
    <TD align=right width="10%" height="15" >18-205 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff width="3%" height="15" >19 </TD>
    <TD align=left bgColor=#e6efff width="8%" height="15" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff height="15">ADDITIONAL REQUIREMENTS FOR
      TECHNICAL REPORTS ON DEVELOPMENT PROPERTIES AND PRODUCTION PROPERTIES </TD>
    <TD align=right bgColor=#e6efff width="10%" height="15" >19-206 </TD></TR>
  <TR vAlign=top>
    <TD align=left width="3%" height="15" ></TD>
    <TD align=left width="8%" height="15" >&nbsp; &nbsp; &nbsp;19.1 </TD>
    <TD align=left height="15">Mining Operations </TD>
    <TD align=right width="10%" height="15" >19-206 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff width="3%" height="15" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff width="8%" height="15" >&nbsp; &nbsp; &nbsp;19.1.1
</TD>
    <TD align=left bgColor=#e6efff height="15">Underground Mining Operations
    </TD>
    <TD align=right bgColor=#e6efff width="10%" height="15" >19-206 </TD></TR>
  <TR vAlign=top>
    <TD align=left width="3%" height="15" ></TD>
    <TD align=left width="8%" height="15" >&nbsp; &nbsp; &nbsp;19.1.2 </TD>
    <TD align=left height="15">Mining Equipment </TD>
    <TD align=right width="10%" height="15" >19-210 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff width="3%" height="15" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff width="8%" height="15" >&nbsp; &nbsp; &nbsp;19.1.3
</TD>
    <TD align=left bgColor=#e6efff height="15">Grade Control </TD>
    <TD align=right bgColor=#e6efff width="10%" height="15" >19-210 </TD></TR>
  <TR vAlign=top>
    <TD align=left width="3%" height="15" ></TD>
    <TD align=left width="8%" height="15" >&nbsp; &nbsp; &nbsp;19.1.4 </TD>
    <TD align=left height="15">Ventilation </TD>
    <TD align=right width="10%" height="15" >19-211 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff width="3%" height="15" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff width="8%" height="15" >&nbsp; &nbsp; &nbsp;19.1.5
</TD>
    <TD align=left bgColor=#e6efff height="15">Dewatering </TD>
    <TD align=right bgColor=#e6efff width="10%" height="15" >19-211 </TD></TR>
  <TR vAlign=top>
    <TD align=left width="3%" height="15" ></TD>
    <TD align=left width="8%" height="15" >&nbsp; &nbsp; &nbsp;19.1.6 </TD>
    <TD align=left height="15">Open Pit Design and Considerations </TD>
    <TD align=right width="10%" height="15" >19-211 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff width="3%" height="15" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff width="8%" height="15" >&nbsp; &nbsp; &nbsp;19.1.7
</TD>
    <TD align=left bgColor=#e6efff height="15">Mine Planning </TD>
    <TD align=right bgColor=#e6efff width="10%" height="15" >19-211 </TD></TR>
  <TR vAlign=top>
    <TD align=left width="3%" height="15" ></TD>
    <TD align=left width="8%" height="15" >&nbsp; &nbsp; &nbsp;19.1.8 </TD>
    <TD align=left height="15">Mining Performance </TD>
    <TD align=right width="10%" height="15" >19-211 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff width="3%" height="15" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff width="8%" height="15" >&nbsp; &nbsp; &nbsp;19.2 </TD>
    <TD align=left bgColor=#e6efff height="15">Tailings and Waste Facilities
      and Management </TD>
    <TD align=right bgColor=#e6efff width="10%" height="15" >19-212 </TD></TR>
  <TR vAlign=top>
    <TD align=left width="3%" height="15" ></TD>
    <TD align=left width="8%" height="15" >&nbsp; &nbsp; &nbsp;19.2.1 </TD>
    <TD align=left height="15">Tailings Storage Design and Operations </TD>
    <TD align=right width="10%" height="15" >19-212 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff width="3%" height="15" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff width="8%" height="15" >&nbsp; &nbsp; &nbsp;19.2.2
</TD>
    <TD align=left bgColor=#e6efff height="15">Water Supply and Management </TD>
    <TD align=right bgColor=#e6efff width="10%" height="15" >19-213 </TD></TR>
  <TR vAlign=top>
    <TD align=left width="3%" height="15" ></TD>
    <TD align=left width="8%" height="15" >&nbsp; &nbsp; &nbsp;19.2.3 </TD>
    <TD align=left height="15">Surface Run-off and Control </TD>
    <TD align=right width="10%" height="15" >19-213 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff width="3%" height="15" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff width="8%" height="15" >&nbsp; &nbsp; &nbsp;19.2.4
</TD>
    <TD align=left bgColor=#e6efff height="15">Water Balance </TD>
    <TD align=right bgColor=#e6efff width="10%" height="15" >19-214 </TD></TR>
  <TR vAlign=top>
    <TD align=left width="3%" height="15" ></TD>
    <TD align=left width="8%" height="15" >&nbsp; &nbsp; &nbsp;19.3 </TD>
    <TD align=left height="15">Product Transport and Sales </TD>
    <TD align=right width="10%" height="15" >19-214 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff width="3%" height="15" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff width="8%" height="15" >&nbsp; &nbsp; &nbsp;19.3.1
</TD>
    <TD align=left bgColor=#e6efff height="15">Concentrate Handling and
      Transport </TD>
    <TD align=right bgColor=#e6efff width="10%" height="15" >19-214 </TD></TR>
  <TR vAlign=top>
    <TD align=left width="3%" height="15" ></TD>
    <TD align=left width="8%" height="15" >&nbsp; &nbsp; &nbsp;19.3.2 </TD>
    <TD align=left height="15">Concentrate Marketing </TD>
    <TD align=right width="10%" height="15" >19-215 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff width="3%" height="15" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff width="8%" height="15" >&nbsp; &nbsp; &nbsp;19.3.3
</TD>
    <TD align=left bgColor=#e6efff height="15">Bullion Handling and Transport
    </TD>
    <TD align=right bgColor=#e6efff width="10%" height="15" >19-215 </TD></TR>
  <TR vAlign=top>
    <TD align=left width="3%" height="15" ></TD>
    <TD align=left width="8%" height="15" >&nbsp; &nbsp; &nbsp;19.3.4 </TD>
    <TD align=left height="15">Bullion Marketing </TD>
    <TD align=right width="10%" height="15" >19-215 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff width="3%" height="15" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff width="8%" height="15" >&nbsp; &nbsp; &nbsp;19.4 </TD>
    <TD align=left bgColor=#e6efff height="15">Infrastructure and Services </TD>
    <TD align=right bgColor=#e6efff width="10%" height="15" >19-215 </TD></TR>
  <TR vAlign=top>
    <TD align=left width="3%" height="15" ></TD>
    <TD align=left width="8%" height="15" >&nbsp; &nbsp; &nbsp;19.4.1 </TD>
    <TD align=left height="15">Introduction </TD>
    <TD align=right width="10%" height="15" >19-215 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff width="3%" height="15" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff width="8%" height="15" >&nbsp; &nbsp; &nbsp;19.4.2
</TD>
    <TD align=left bgColor=#e6efff height="15">Power Supply </TD>
    <TD align=right bgColor=#e6efff width="10%" height="15" >19-215 </TD></TR>
  <TR vAlign=top>
    <TD align=left width="3%" height="15" ></TD>
    <TD align=left width="8%" height="15" >&nbsp; &nbsp; &nbsp;19.4.3 </TD>
    <TD align=left height="15">Buildings </TD>
    <TD align=right width="10%" height="15" >19-215 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff width="3%" height="15" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff width="8%" height="15" >&nbsp; &nbsp; &nbsp;19.4.4
</TD>
    <TD align=left bgColor=#e6efff height="15">Communications </TD>
    <TD align=right bgColor=#e6efff width="10%" height="15" >19-216 </TD></TR>
  <TR vAlign=top>
    <TD align=left width="3%" height="15" ></TD>
    <TD align=left width="8%" height="15" >&nbsp; &nbsp; &nbsp;19.4.5 </TD>
    <TD align=left height="15">Roads </TD>
    <TD align=right width="10%" height="15" >19-216 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff width="3%" height="15" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff width="8%" height="15" >&nbsp; &nbsp; &nbsp;19.4.6
</TD>
    <TD align=left bgColor=#e6efff height="15">Freight </TD>
    <TD align=right bgColor=#e6efff width="10%" height="15" >19-216 </TD></TR>
  <TR vAlign=top>
    <TD align=left width="3%" height="15" ></TD>
    <TD align=left width="8%" height="15" >&nbsp; &nbsp; &nbsp;19.5 </TD>
    <TD align=left height="15">Environmental Management and Heritage Impact
</TD>
    <TD align=right width="10%" height="15" >19-216 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff width="3%" height="15" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff width="8%" height="15" >&nbsp; &nbsp; &nbsp;19.5.1
</TD>
    <TD align=left bgColor=#e6efff height="15">Introduction </TD>
    <TD align=right bgColor=#e6efff width="10%" height="15" >19-216 </TD></TR>
  <TR vAlign=top>
    <TD align=left width="3%" height="15" ></TD>
    <TD align=left width="8%" height="15" >&nbsp; &nbsp; &nbsp;19.5.2 </TD>
    <TD align=left height="15">Licences </TD>
    <TD align=right width="10%" height="15" >19-216 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff width="3%" height="15" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff width="8%" height="15" >&nbsp; &nbsp; &nbsp;19.5.3
</TD>
    <TD align=left bgColor=#e6efff height="15">Environmental Controls </TD>
    <TD align=right bgColor=#e6efff width="10%" height="15" >19-217 </TD></TR>
  <TR vAlign=top>
    <TD align=left width="3%" height="15" ></TD>
    <TD align=left width="8%" height="15" >&nbsp; &nbsp; &nbsp;19.5.4 </TD>
    <TD align=left height="15">Closure Plan </TD>
    <TD align=right width="10%" height="15" >19-217 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff width="3%" height="15" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff width="8%" height="15" >&nbsp; &nbsp; &nbsp;19.5.5
</TD>
    <TD align=left bgColor=#e6efff height="15">Comments </TD>
    <TD align=right bgColor=#e6efff width="10%" height="15" >19-220 </TD></TR>
  <TR vAlign=top>
    <TD align=left width="3%" height="15" ></TD>
    <TD align=left width="8%" height="15" >&nbsp; &nbsp; &nbsp;19.6 </TD>
    <TD align=left height="15">Labour, Organisation, Occupational Health and
      Safety and Training </TD>
    <TD align=right width="10%" height="15" >19-220 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff width="3%" height="15" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff width="8%" height="15" >&nbsp; &nbsp; &nbsp;19.6.1
</TD>
    <TD align=left bgColor=#e6efff height="15">Labour Requirements </TD>
    <TD align=right bgColor=#e6efff width="10%" height="15" >19-220 </TD></TR>
  <TR vAlign=top>
    <TD align=left width="3%" height="15" ></TD>
    <TD align=left width="8%" height="15" >&nbsp; &nbsp; &nbsp;19.6.2 </TD>
    <TD align=left height="15">Organization </TD>
    <TD align=right width="10%" height="15" >19-221 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff width="3%" height="15" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff width="8%" height="15" >&nbsp; &nbsp; &nbsp;19.6.3
</TD>
    <TD align=left bgColor=#e6efff height="15">Occupational Health and
      Training </TD>
    <TD align=right bgColor=#e6efff width="10%" height="15" >19-221 </TD></TR>
  <TR vAlign=top>
    <TD align=left width="3%" height="15" ></TD>
    <TD align=left width="8%" height="15" >&nbsp; &nbsp; &nbsp;19.6.4 </TD>
    <TD align=left height="15">Safety </TD>
    <TD align=right width="10%" height="15" >19-223 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff width="3%" height="15" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff width="8%" height="15" >&nbsp; &nbsp; &nbsp;19.7 </TD>
    <TD align=left bgColor=#e6efff height="15">Economic Analysis </TD>
    <TD align=right bgColor=#e6efff width="10%" height="15" >19-223 </TD></TR>
  <TR vAlign=top>
    <TD align=left width="3%" height="15" ></TD>
    <TD align=left width="8%" height="15" >&nbsp; &nbsp; &nbsp;19.7.1 </TD>
    <TD align=left height="15">Life of Mine Plan </TD>
    <TD align=right width="10%" height="15" >19-223 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff width="3%" height="15" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff width="8%" height="15" >&nbsp; &nbsp; &nbsp;19.7.2
</TD>
    <TD align=left bgColor=#e6efff height="15">Economic Assumptions </TD>
    <TD align=right bgColor=#e6efff width="10%" height="15" >19-227 </TD></TR>
  <TR vAlign=top>
    <TD align=left width="3%" height="15" ></TD>
    <TD align=left width="8%" height="15" >&nbsp; &nbsp; &nbsp;19.7.3 </TD>
    <TD align=left height="15">Capital Cost Estimate </TD>
    <TD align=right width="10%" height="15" >19-228 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff width="3%" height="13" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff width="8%" height="13" >&nbsp; &nbsp; &nbsp;19.7.4
</TD>
    <TD align=left bgColor=#e6efff height="13">Operating Cost Estimate </TD>
    <TD align=right bgColor=#e6efff width="10%" height="13" >19-228 </TD></TR>
  <TR vAlign=top>
    <TD align=left width="3%" height="15" ></TD>
    <TD align=left width="8%" height="15" >&nbsp; &nbsp; &nbsp;19.7.5 </TD>
    <TD align=left height="15">Economic Analyses Results </TD>
    <TD align=right width="10%" height="15" >19-228 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff width="3%" height="15" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff width="8%" height="15" >&nbsp; &nbsp; &nbsp;19.8 </TD>
    <TD align=left bgColor=#e6efff height="15">Risk Analysis </TD>
    <TD align=right bgColor=#e6efff width="10%" height="15" >19-230 </TD></TR>
  <TR vAlign=top>
    <TD align=left width="3%" height="15" ></TD>
    <TD align=left width="8%" height="15" >&nbsp; &nbsp; &nbsp;19.8.1 </TD>
    <TD align=left height="15">Data Collection </TD>
    <TD align=right width="10%" height="15" >19-230 </TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_5></A><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left bgColor=#e6efff width="3%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff width="8%" >&nbsp; &nbsp; &nbsp;19.8.2
</TD>
    <TD align=left bgColor=#e6efff>Resources </TD>
    <TD align=right bgColor=#e6efff>19-230 </TD></TR>
  <TR vAlign=top>
    <TD align=left width="3%" >&nbsp;</TD>
    <TD align=left width="8%" >&nbsp; &nbsp; &nbsp;19.8.3 </TD>
    <TD align=left>Mining and Reserves </TD>
    <TD align=right>19-231 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff width="3%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff width="8%" >&nbsp; &nbsp; &nbsp;19.8.4
</TD>
    <TD align=left bgColor=#e6efff>Geotechnics and Hydrology </TD>
    <TD align=right bgColor=#e6efff>19-231 </TD></TR>
  <TR vAlign=top>
    <TD align=left width="3%" >&nbsp;</TD>
    <TD align=left width="8%" >&nbsp; &nbsp; &nbsp;19.8.5 </TD>
    <TD align=left>Tailings Storage Facility </TD>
    <TD align=right>19-231 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff width="3%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff width="8%" >&nbsp; &nbsp; &nbsp;19.8.6
</TD>
    <TD align=left bgColor=#e6efff>Metallurgy and Processing </TD>
    <TD align=right bgColor=#e6efff>19-231 </TD></TR>
  <TR vAlign=top>
    <TD align=left width="3%" >&nbsp;</TD>
    <TD align=left width="8%" >&nbsp; &nbsp; &nbsp;19.8.7 </TD>
    <TD align=left>Concentrate Transport and Sales </TD>
    <TD align=right>19-231 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff width="3%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff width="8%" >&nbsp; &nbsp; &nbsp;19.8.8
</TD>
    <TD align=left bgColor=#e6efff>Infrastructure and Services </TD>
    <TD align=right bgColor=#e6efff>19-231 </TD></TR>
  <TR vAlign=top>
    <TD align=left width="3%" >&nbsp;</TD>
    <TD align=left width="8%" >&nbsp; &nbsp; &nbsp;19.8.9 </TD>
    <TD align=left>Environmental Impacts and Permitting </TD>
    <TD align=right>19-231 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff width="3%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff width="8%" >&nbsp; &nbsp; &nbsp;19.8.10
    </TD>
    <TD align=left bgColor=#e6efff>Project Economics </TD>
    <TD align=right bgColor=#e6efff>19-232 </TD></TR>
  <TR vAlign=top>
    <TD align=left width="3%" >20 </TD>
    <TD align=left width="8%" >&nbsp;</TD>
    <TD align=left>INTERPRETATIONS AND CONCLUSIONS </TD>
    <TD align=right>20-233 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff width="3%" >21 </TD>
    <TD align=left bgColor=#e6efff width="8%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>RECOMMENDATIONS </TD>
    <TD align=right bgColor=#e6efff>21-235 </TD></TR>
  <TR vAlign=top>
    <TD align=left width="3%" >&nbsp;</TD>
    <TD align=left width="8%" >&nbsp; &nbsp; &nbsp;21.1 </TD>
    <TD align=left>Continue Mine Production as per the PGM
      Operating Plan </TD>
    <TD align=right>21-235 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff width="3%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff width="8%" >&nbsp; &nbsp; &nbsp;21.2 </TD>
    <TD align=left bgColor=#e6efff>Rehabilitation Costs to be
      Better Defined </TD>
    <TD align=right bgColor=#e6efff>21-235 </TD></TR>
  <TR vAlign=top>
    <TD align=left width="3%" >&nbsp;</TD>
    <TD align=left width="8%" >&nbsp; &nbsp; &nbsp;21.3 </TD>
    <TD align=left>Mining of Lead Zinc Rich Material </TD>
    <TD align=right>21-235 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff width="3%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff width="8%" >&nbsp; &nbsp; &nbsp;21.4 </TD>
    <TD align=left bgColor=#e6efff>Introduce Copper Flash
      Flotation </TD>
    <TD align=right bgColor=#e6efff>21-235 </TD></TR>
  <TR vAlign=top>
    <TD align=left width="3%" >&nbsp;</TD>
    <TD align=left width="8%" >&nbsp; &nbsp; &nbsp;21.5 </TD>
    <TD align=left>Continue to Advance Near-Mine and Regional
      Exploration </TD>
    <TD align=right>21-235 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff width="3%" >22 </TD>
    <TD align=left bgColor=#e6efff width="8%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>REFERENCES </TD>
    <TD align=right bgColor=#e6efff>22-237 </TD></TR>
  <TR vAlign=top>
    <TD align=left width="3%" >23 </TD>
    <TD align=left width="8%" >&nbsp;</TD>
    <TD align=left>DATE AND SIGNATURE PAGE </TD>
    <TD align=right>23-240 </TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_6></A>
<div style="border-bottom-style: double; border-bottom-width: 2; padding-bottom: 1">
<P align=right style="margin-bottom: 0"><B>SECTION 21</B><BR><B>RECOMENDATIONS<BR></B></P>
</div>
<P align=right style="margin-bottom: 0"><BR></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%"><B>21</B> </TD>
    <TD>
      <P align=justify><B>RECOMMENDATIONS</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%"><B>21.1</B> </TD>
    <TD>
      <P align=justify><B>Continue Mine Production as per the PGM Operating
      Plan</B></P></TD></TR></TABLE>
<P align=justify>PGM holds arguably the best ground in the Cobar district. A
project of 3D alteration modelling may provide additional regional exploration
targets which should be ranked along side existing targets and investigated as a
priority. Capital should be allocated based on prospectivity. </P>
<div align="center">
  <center>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="70%" border=0>

  <TR vAlign=top>
    <TD align=left><B>Operating Costs</B> </TD>
    <TD align=left width="50%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp; &nbsp;Peak Mines </TD>
    <TD align=left width="50%" bgColor=#e6efff>A$ 35.7 million </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;New Cobar Mines </TD>
    <TD align=left width="50%">A$ 11.8 million </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp; &nbsp;Mill </TD>
    <TD align=left width="50%" bgColor=#e6efff>A$ 20.2 million </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;Admin </TD>
    <TD align=left width="50%">A$ 7.3 million </TD></TR>
  <TR>
    <TD bgColor=#e6efff>&nbsp; </TD>
    <TD width="50%" bgColor=#e6efff>&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left><B>Capital Costs</B> </TD>
    <TD align=left width="50%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp; &nbsp;Peak Mines </TD>
    <TD align=left width="50%" bgColor=#e6efff>A$ 8.9 million </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;New Cobar Mines </TD>
    <TD align=left width="50%">A$ 3.6 million </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp; &nbsp;Site Plant and
      Equipment </TD>
    <TD align=left width="50%" bgColor=#e6efff>A$ 21.0 million </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;Exploration </TD>
    <TD align=left width="50%">A$ 1.6 million </TD></TR></TABLE>
  </center>
</div>
<P align=justify>The capital budgeted includes provision to upgrade and maintain
the process plant. Ongoing corrosion control is provided for as is upgrading
technology to maintain pace with new standards. An example of this is the A$1.9
million budgeted for the PLC upgrade and the A$1.2 million for installation of
Flash Flotation. </P>
<P align=justify><B>21.2</B><B> </B></P>
<P align=justify style="margin-left: 5%; margin-top: -25.5pt"><B>Rehabilitation Costs to be Better Defined
</B></P>
<P align=justify>PGM has estimated the closure cost to be A$11.4M. This cost can
be substantially reduced by progressive rehabilitation. Opportunities exist to
rehabilitate areas with the waste products from mining as well as in the mining
process by utilising historic waste products as incremental mill feed or
underground fill. It is recommended that: </P>
<UL style="TEXT-ALIGN: justify">
  <LI>
  <p style="margin-top: 0; margin-bottom: 0">A sampling program be undertaken on remnant surface stockpiles at
  historical mining areas to determine if they can be processed through the
  plant;
  <LI>
  <p style="margin-top: 0; margin-bottom: 0">Review extension ore orebodies to assess economics of mining in the
  proximity of areas requiring rehabilitation. Incorporate rehabilitation into
  the mining plan. </LI></UL>
<P align=justify>The above can be undertaken in house with minimal additional
cost.</P>
<P align=justify><B>21.3</B><B> </B></P>
<P align=justify style="margin-left: 5%; margin-top: -25.5pt"><B>Mining of Lead Zinc Rich
Material</B><BR></P>
<P align=justify>The Peak deposit has associated with it zones of lead and zinc
that are potentially economic. These zones can be processed with the lead / zinc
depressed and treated as penalty elements in the NSR script. Alternately, a lead
and zinc circuit can be introduced to the process plant. Lead and zinc could
then be recovered and provide an additional income stream. Further work needs to
be done to determine the economics of recovering lead &amp; zinc from Peak ores
including: </P>
<UL style="TEXT-ALIGN: justify">
  <LI>
  <p style="margin-top: 0; margin-bottom: 0">Quantify the amount of Pb / Zn ores;
  <LI>
  <p style="margin-top: 0; margin-bottom: 0">Assess the additional revenue from recovering Pb / Zn;
  <LI>
  <p style="margin-top: 0; margin-bottom: 0">Undertake an engineering study on upgrading the process plant to recover
  Pb / Zn;
  <LI>
  <p style="margin-top: 0; margin-bottom: 0">Assess marketing of Pb and Zn concentrates. </LI></UL>
<P align=justify>A$35,000 has been budgeted in 2009 for engineering studies
should be progressed and possibly increased. </P>
<P align=justify><B>21.4</B><B> </B></P>
<P align=justify style="margin-left: 5%; margin-top: -25.5pt"><B>Introduce Copper Flash Flotation</B></P>
<P align=justify>PGM is proposing to introduce Copper Flash Flotation in 2009.
The addition of the Flash Flotation process into the mill circuit is proposed to
increase copper recovery, gain the ability to handle higher grade feeds and to
increase the copper grade of the copper concentrate. It is recommended that a
Flash Flotation trial be undertaken and a justification be developed for
introducing this process. A$1.2M has been budgeted for this upgrade in 2009.
</P>
<P align=justify><B>21.5</B><B> </B></P>
<P align=justify style="margin-left: 5%; margin-top: -25.5pt"><B>Continue to Advance Near-Mine and
Regional Exploration </B></P>
<P align=justify>PGM holds arguably the best exploration tenements in the Cobar
district, covering the Cobar Goldfield and a total of 50km of prospective
structures and stratigraphy northwest and southeast along strike. A project of
3D alteration modelling over the full tenement suite held by PGM in the Cobar
region has provided additional regional exploration targets which will be
ranked along side existing targets and investigated as a priority. The 2009
exploration programme will include in-mine, near-mine and regional
components.</P>
<P align=center>&nbsp;</P>
<div style="border-top-style: solid; border-top-width: 1; padding-top: 1">
<P align=center style="margin-top: 0"><B>21-235</B></P>
</div>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_7></A>
<P align=justify>In-mine exploration during 2009 will predominantly comprise
underground diamond drilling at Perseverance, which remains open at depth and
south along strike. Exploration at Perseverance will include: </P>
<UL style="TEXT-ALIGN: justify">
  <LI>
  <p style="margin-top: 0; margin-bottom: 0">Incremental step-out drilling under Perseverance Zone D
  <LI>
  <p style="margin-top: 0; margin-bottom: 0">Drilling to test for possible extensions to Zone D south along strike
  <LI>
  <p style="margin-top: 0; margin-bottom: 0">Drilling under the Hulk mineralisation </LI></UL>
<P align=justify>Near-mine exploration during 2009 will focus on the northern
and southern limits of the Cobar Goldfield, north of New Cobar and south of
Perseverance. Opportunistic exploration comprising additional underground
drilling may be also conducted on near-mine targets south as Noun, Albion,
Chesney Deeps and New Cobar Deeps, depending on the availability of a drill rig
and funding. The core near-mine programme will comprise: </P>
<UL style="TEXT-ALIGN: justify">
  <LI>
  <p style="margin-top: 0; margin-bottom: 0">Surface diamond drilling at Jubilee, north along strike of New Cobar, to
  test down-hole EM conductors detected in 2008
  <LI>
  <p style="margin-top: 0; margin-bottom: 0">Detailed geophysical modelling and IP surveying over the Fortitude to CT32
  area, south along strike of Perseverance, followed by surface diamond drilling
  of the targets identified
  <LI>
  <p style="margin-top: 0; margin-bottom: 0">Detailed geophysical modelling over the Fort Bourke North area, north of
  New Cobar and Jubilee, followed by surface diamond drilling of the targets
  identified </LI></UL>
<P align=justify>Regional exploration in 2009 will focus on completing the
regional integrated 3D alteration model, identifying and testing the targets
generated, and following up a number of previously detected geochemical and
geophysical anomalies within the PGM exploration licences. This programme will
comprise: </P>
<UL style="TEXT-ALIGN: justify">
  <LI>
  <p style="margin-top: 0; margin-bottom: 0">Infill gravity surveying and surface geochemistry over five initial target
  areas identified in the regional integrated 3D alteration model
  <LI>
  <p style="margin-top: 0; margin-bottom: 0">IP surveying and surface diamond drilling of two of the initial target
  areas identified from the integrated 3D alteration model
  <LI>
  <p style="margin-top: 0; margin-bottom: 0">Surface diamond drilling at Norma Vale to test a down-hole EM conductor
  detected in 2008 at the R7 prospect
  <LI>
  <p style="margin-top: 0; margin-bottom: 0">Surface diamond drilling to test an IP chargeability anomaly at Nurri in
  Rookery South
  <LI>
  <p style="margin-top: 0; margin-bottom: 0">RC drilling to test two discrete magnetic anomalies in Rookery South
  <LI>
  <p style="margin-top: 0; margin-bottom: 0">RC drilling at Rookery East to test a prominent magnetic anomaly at Killen
  North
  <LI>
  <p style="margin-top: 0; margin-bottom: 0">Surface geochemical sampling to follow-up gold anomalies at Mafeesh, Cable
  Downs and Norma Vale </LI></UL>
<P align=justify>The budget approved to complete this programme is as
follows:</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; border-right-style:solid; border-right-width:1" align=center><B>Location</B>
    </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-top-style:solid; border-top-width:1; border-left-style:solid; border-left-width:1; border-right-style:solid; border-right-width:1" align=center
      width="33%"><B>Programme</B> </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-right-style:none; border-right-width:medium; border-top-style:solid; border-top-width:1; border-left-style:solid; border-left-width:1" align=center
      width="2%">&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; border-left-style:none; border-left-width:medium" align=center
      width="33%"><B>Budget (AUD)</B> </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">
    <p style="margin-left: 10pt">In Mine </TD>
    <TD align=left width="33%" bgColor=#e6efff style="border-left-style: solid; border-left-width: 1; border-right-style:solid; border-right-width:1">
    <p style="margin-left: 10pt">Diamond drilling, 4,550m </TD>
    <TD align=right width="2%" bgColor=#e6efff style="border-right-style: none; border-right-width: medium; border-left-style:solid; border-left-width:1">
    $</TD>
    <TD align=right width="33%" bgColor=#e6efff style="border-right-style: solid; border-right-width: 1; border-left-style:none; border-left-width:medium">
    <p style="margin-right: 15pt">645,000 </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">
    <p style="margin-left: 10pt">Near Mine </TD>
    <TD align=left width="33%" style="border-left-style: solid; border-left-width: 1; border-right-style:solid; border-right-width:1">
    <p style="margin-left: 10pt">Geophysics </TD>
    <TD align=right width="2%" style="border-right-style: none; border-right-width: medium; border-left-style:solid; border-left-width:1">
    $</TD>
    <TD align=right width="33%" style="border-right-style: solid; border-right-width: 1; border-left-style:none; border-left-width:medium">
    <p style="margin-right: 15pt">50,000 </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">
    <p style="margin-left: 10pt">&nbsp; </TD>
    <TD align=left width="33%" bgColor=#e6efff style="border-left-style: solid; border-left-width: 1; border-right-style:solid; border-right-width:1">
    <p style="margin-left: 10pt">Diamond drilling, 2,500m </TD>
    <TD align=right width="2%" bgColor=#e6efff style="border-right-style: none; border-right-width: medium; border-left-style:solid; border-left-width:1">
    $</TD>
    <TD align=right width="33%" bgColor=#e6efff style="border-right-style: solid; border-right-width: 1; border-left-style:none; border-left-width:medium">
    <p style="margin-right: 15pt">560,000 </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">
    <p style="margin-left: 10pt">Regional </TD>
    <TD align=left width="33%" style="border-left-style: solid; border-left-width: 1; border-right-style:solid; border-right-width:1">
    <p style="margin-left: 10pt">Geochemistry </TD>
    <TD align=right width="2%" style="border-right-style: none; border-right-width: medium; border-left-style:solid; border-left-width:1">
    $</TD>
    <TD align=right width="33%" style="border-right-style: solid; border-right-width: 1; border-left-style:none; border-left-width:medium">
    <p style="margin-right: 15pt">110,000 </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">
    <p style="margin-left: 10pt">&nbsp; </TD>
    <TD align=left width="33%" bgColor=#e6efff style="border-left-style: solid; border-left-width: 1; border-right-style:solid; border-right-width:1">
    <p style="margin-left: 10pt">Geophysics </TD>
    <TD align=right width="2%" bgColor=#e6efff style="border-right-style: none; border-right-width: medium; border-left-style:solid; border-left-width:1">
    $</TD>
    <TD align=right width="33%" bgColor=#e6efff style="border-right-style: solid; border-right-width: 1; border-left-style:none; border-left-width:medium">
    <p style="margin-right: 15pt">145,000 </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">
    <p style="margin-left: 10pt">&nbsp; </TD>
    <TD align=left width="33%" style="border-left-style: solid; border-left-width: 1; border-right-style:solid; border-right-width:1">
    <p style="margin-left: 10pt">RC drilling, 600m </TD>
    <TD align=right width="2%" style="border-right-style: none; border-right-width: medium; border-left-style:solid; border-left-width:1">
    $</TD>
    <TD align=right width="33%" style="border-right-style: solid; border-right-width: 1; border-left-style:none; border-left-width:medium">
    <p style="margin-right: 15pt">120,000 </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">
    <p style="margin-left: 10pt">&nbsp; </TD>
    <TD align=left width="33%" bgColor=#e6efff style="border-left-style: solid; border-left-width: 1; border-right-style:solid; border-right-width:1">
    <p style="margin-left: 10pt">Diamond drilling, 2,300m </TD>
    <TD align=right width="2%" bgColor=#e6efff style="border-right-style: none; border-right-width: medium; border-left-style:solid; border-left-width:1">
    $</TD>
    <TD align=right width="33%" bgColor=#e6efff style="border-right-style: solid; border-right-width: 1; border-left-style:none; border-left-width:medium">
    <p style="margin-right: 15pt">585,000 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-left-style:solid; border-left-width:1; border-right-style:solid; border-right-width:1" align=left>
    <p style="margin-left: 10pt"><B>TOTAL</B> </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-left-style:solid; border-left-width:1; border-right-style:solid; border-right-width:1" align=left width="33%">
    <p style="margin-left: 10pt">&nbsp;
    </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-right-style:none; border-right-width:medium; border-left-style:solid; border-left-width:1" align=right
      width="2%">$</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-right-style:solid; border-right-width:1; border-left-style:none; border-left-width:medium" align=right
      width="33%">
    <p style="margin-right: 15pt"><B>2,215,000</B> </TD></TR></TABLE>
<P align=center>&nbsp;</P>
<div style="border-top-style: solid; border-top-width: 1; padding-top: 1">
<P align=center style="margin-top: 0"><B>21-236</B></P>
</div>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
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<A name="page_8"></A>

<div style="border-bottom-style: double; border-bottom-width: 2; padding-bottom: 1">

<P align="right" style="margin-bottom: 0">
<B>SECTION 22</B><BR>
<B>REFERENCES</B><BR>
</P>
</div>
<P align="justify">
<B>22</B><B> </B>
</P>
<P align="justify" style="margin-left: 5%; margin-top: -25.5pt">
<B>REFERENCES</B><BR>
</P>
<P align="justify">
AUSIMM, 2004: Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (The JORC Code). Report of the Joint Committee of the Australasian Institute of Mining and Metallurgy, Australasian Institute of Geoscientists,
and Minerals Council of Australia (JORC), December 2004. </P>
<P align="justify">
Bell I., Christison P., Bourke S., Blunt A.,Stegman C., Hildebrand M.; New Occidental Feasibility Study, May 2000 &#150; Section 5.</P>
<P align="justify">
Bell I., Christison P., Bourke S., Blunt A.,Stegman C., Hildebrand M.; New Occidental Feasibility Study, May 2000 &#150; Appendix 6.</P>
<P align="justify">
Berthelsen, R. and Strom, E. January, 2008. December 31<SUP>st</SUP> 2008 Peak Mineral Resources and Ore Reserves Report. Internal report dated 2<SUP>nd</SUP> Feb 2009 (sic). </P>
<P align="justify">
Christison P. (Peak Gold Mines); New Cobar Cyanide Soluble Copper Test work Phase 1, November 2000.</P>
<P align="justify">
Christison P. (Peak Gold Mines); New Cobar Metallurgical Update - Draft, November 2000.</P>
<P align="justify">
Berthelsen, R., Taylor, B. and Chadwick, R. 2007. Peak Gold Mines Pty Ltd, New South Wales, 2008 Exploration Programme, Prospects and Plans. Internal report dated December 30, 2007. </P>
<P align="justify">
Cullinan V. (Peak Gold Mines); New Occidental Metallurgical Characterization for Drill Core Samples, March 2004.</P>
<P align="justify">
Cullinan V. (Peak Gold Mines); New Occidental Old Workings Level 14, February (Year unspecified).</P>
<P align="justify">
Cullinan V. (Peak Gold Mines); Chesney Metallurgical Characterization Update #2, January 2005.</P>
<P align="justify">
Cullinan V. (Peak Gold Mines); Update on CPS Testing of Optimet on New Cobar POX Ore, February 2005.</P>
<P align="justify">
Cullinan V. (Peak Gold Mines); Desliming Tests on POX Float Tails, May 2005.</P>
<P align="justify">
Cullinan V. (Peak Gold Mines); POX Processing Options, December 2005.</P>
<P align="justify">
Cullinan V. (Peak Gold Mines); Technical Issues with Leaching POX Gravity Concentrate July to Nov 2006, February 2007.</P>
<P align="justify">
ERA, 1987: Structural Controls Of Base Metal And Gold Mineralisation In The Cobar Area, New South Wales, Australia. CRA Exploration internal report by Environmental Resources Analysis Ltd. </P>
<P align="justify">
Eslake A. (Metcon Laboratories); New Cobar Metallurgical Study Plant Performance Indicator Tests in Thirteen Drill Intercept Samples - Report M06048, October 2003.</P>
<P align="justify">
Eslake A. (Metcon Laboratories); Chesney Metallurgical Study Plant Performance Indicator Tests on Seven Drill Intercept Samples - Report M0976, April 2005.</P>
<P align="justify">
Eslake A. (Metcon Laboratories); Diagnostic Analysis of POX Float Tails for July 2006 - Report M1284c, September 2006.</P>
<P align="justify">
Eslake A. (Metcon Laboratories); Gravity Leach Tests of Three Ore Types (FILL, OXIDE, SULPHIDE) -Report M1245, September 2006.</P>
<P align="justify">
Eslake A. (Metcon Laboratories); Diagnostic Analysis of POX Samples for November/December -Report M1379, January 2007.</P>
<P align="justify">
Gilligan, L.B. and Byrnes, S. G., 1995.  Cobar 1:250 000 Metallogenic Map SH/55-14: Metallogenic Study and Mineral Deposit Data Sheets. 240 pp. Geological Survey of New South Wales, Sydney. </P>
<P align="justify">
Glen, R.A. 1987a. <I>Geology of the Wrightville 1:100,000 Sheet 8034</I>, Geological Survey of New South Wales, Department of Mineral Resources. </P>
<P align="justify">
Glen, R.A., 1987b.  Copper and Gold Deposits in Deformed Turbidites at Cobar, Australia: Their Structural Control and Hydrothermal Origin, Economic Geology, 82:124-140.
<br>
&nbsp;</P>
<div style="border-top-style: solid; border-top-width: 1; padding-top: 1">
<P align="center" style="margin-top: 0">
<B>22-237</B></P>

</div>

<HR noshade align="center" width="100%" size=5 color="black" style="page-break-after:always;">




<A name="page_9"></A>

<P align="justify">
Glen, R.A., 1990. Formation and Inversion of Transtensional Basins in the Western Part of the Lachlan Fold Belt, with Emphasis on the Cobar Basin, Journal of Structural Geology, 12: 601-620. </P>
<P align="justify">
Glen, RA., 1991. Inverted Transtensional Basin Setting for Gold and Base metal, Deposits at Cobar, New South Wales, BMR Journal of Geology and Geophysics, 120:13-24 </P>
<P align="justify">
Glen, R.A., 1992. Thrust, Extensional and Strike-Slip Tectonics in an Evolving Palaeozoic Orogen - a Synthesis of the Lachlan Orogen of Southeast Australia, Tectonophysics, 214: 341-380. </P>
<P align="justify">
Glen, R.A., Drummond. B.J., Goleby, B.R., Palmer, D. and Wake-Dyster, K.D., 1994. Structure of the Cobar Basin, New South Wales, based on seismic reflection profiling. Australian Journal of Earth Sciences, 41: 341-352. </P>
<P align="justify">
Glen, R.A., 1995.  Thrusts and Thrust-Associated Mineralisation in the Lachlan Orogen, Economic Geology, 90: 1402-1429. </P>
<P align="justify">
Glen, R.A., Clare, A. and Spencer, R., 1996. Extrapolation Of The Cobar Basin Model To The Regional Scale: Devonian Basin Formation And Inversion In Western New South Wales. In: Cook, W.G., Ford, A.J.H., McDermott, J.J., Standish, P.N., Dilbert,
C.L. &amp; Stegman, T.M. (editors), The Cobar Mineral Field &#150; A 1996 perspective. Australasian Institute of Mining and Metallurgy, Spectrum series, 3/96, pp 43-83. </P>
<P align="justify">
Hinman, M.C. and Scott, A.K., 1990.  The Peak Gold Deposit, Cobar, In Geology Of The Mineral Deposits Of Australia And Papua New Guinea (Ed. F.E. Hughes), pp1343-1351 (The Australasian Institute of Mining and Metallurgy: Melbourne). </P>
<P align="justify">
Hinman, M.C. 1992. The structural and geochemical genesis of the Peak base and precious metal deposit, Cobar, New South Wales, Australia, Unpublished PhD thesis, James Cook University of North Queensland, Townsville.</P>
<P align="justify">
Micon, 2003. Technical Report On Mining And Processing Assets Of Peak Gold Mines, In New South Wales, Australia And Minera Alumbrera Ltd., In Argentina. 43-101 Technical Report. </P>
<P align="justify">
Mitchell D. (Optimet Laboratories); CPS Flotation Testing of Peak POX Ore &#150; Report P0084, March 2005.</P>
<P align="justify">
Peak Gold Mines Pty Ltd, 2007. Core Handling and Mark-up, Training and Accreditation Manual. Peak Gold Mines Pty Ltd Internal Training Manual. </P>
<P align="justify">
Perkins, C., Hinman, M.C., and Walshe, J.L. 1994. Timing of mineralisation and deformation, Peak Au mine, Cobar, New South Wales, <I>Australian Journal of Earth Sciences</I>. 41:509-522. </P>
<P align="justify">
Radke F. (Amdel Ltd.); Location of Gold in the June 2005 POX Leach Tail Composite &#150; Report N1455PO05, June 2005.</P>
<P align="justify">
Radke F. (Amdel Ltd.); Mineralogy of Peak Gold Mill Products &#150; Report N1778PO06, February 2006.</P>
<P align="justify">
Ratcliff S.; Perseverance Metallurgical Characterization, August 2003.</P>
<P align="justify">
Ravenscroft, P., 1999. Peak Gold Mines Pty Ltd, Review of Resource Estimation Practices. Rio Tinto Technical Services Report No. 1235. PGM Report No. PGM1012. </P>
<P align="justify">
Rayner S. (Metcon Laboratories); Evaluation of Chesney Ore Samples SUL 1 to SUL 3 and TRAN 1 to TRAN 2 - Report M0839, August 2004.</P>
<P align="justify">
Reynolds Dr I. M. (Rio Tinto Research Technology Development); New Occidental Deposit Mineralogical Characterization of Four Test work Head Samples and Cyanide Leach Residues, November 1999.</P>
<P align="justify">
Reynolds Dr I. M. (Rio Tinto Research Technology Development); Mineralogy and Ore Petrography of a second suite of Samples from the Perseverance Gold Deposit, September 2000.</P>
<P align="justify">
Sherman M. (Peak Gold Mines); Proposed POX Flow sheet and Lab Test work Programme, August 2005.</P>
<P align="justify">
Stegman, C.L., 1998. It&#146;s All a Matter of Competency - Exploring the Cobar Field, NSW. Australian Institute of Geoscientists, Bulletin 23, 75-82.
<br>
&nbsp;</P>
<div style="border-top-style: solid; border-top-width: 1; padding-top: 1">
<P align="center" style="margin-top: 0">
<B>22-238</B></P>

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<A name="page_10"></A>

<P align="justify">
Stegman, C.L. and Pocock, J.A., 1996. The Cobar Gold Field - A Geological Perspective, in The Cobar Mineral Field &#150; a 1996 Perspective (Ed Cook et al.) pp 229-264 (Australasian Institute of Mining and Metallurgy: Melbourne) </P>
<P align="justify">
Stegman, C.L. 1999. Review of the Peak Mine Reserve Cut-Off Grade - April 1999, PGM Report No. 1023, Peak Gold Mines Pty Ltd Internal Report </P>
<P align="justify">
Stegman, C., 2000.  Peak Gold Mines Pty Ltd Resource/Reserve Statement 31/12/2000, Peak Gold Mines Pty Ltd Internal Report </P>
<P align="justify">
Stegman, C. et al., 2001.  Peak Gold Mines Pty Ltd Resource/Reserve Statement Commentary and Deposit Descriptions 31/12/2001, Peak Gold Mines Pty Ltd Internal Report. </P>
<P align="justify">
Triffett B. (Rio Tinto Research &amp; Technology Development); New Occidental Upgrade Testwork, February 2000.</P>
<P align="justify">
Van de Heyden, A. 2003. Resource Estimate for the Chesney Deposit, Cobar, NSW. Hellman &amp; Schofield Pty. Ltd.. Unpublished technical report. </P>
<P align="justify">
Sullivan, C.J. 1947. The Geology of the Cobar Mineral Field and its Bearing on Prospecting. Dept. of Supply and Shipping, BMR. Geol. and Geophys. Report No. 1947/74 (unpub). </P>
<P align="justify">
Walker R. (CRA ATD); New Cobar Mineralogical Characterization, February 1997.</P>
<P align="justify">
Walshe, J.L., Heithersay, P.S., and Morrison, G.W. 1995, Toward an Understanding of the Metallogeny of the Tasman Fold Belt System. <I>Economic Geology</I>. 90: 1382-1401. </P>
<P align="justify">
Wilson, D 2007 Peak Gold Mines Annual Environmental Management Report Unpublished technical report. </P>
<P align="justify">
Zarantonello A. (Rio Tinto Research &amp; Technology Development); New Occidental Development PPI and Associated Testwork, August 1999.</P>
<P align="justify">
Zarantonello A. (Rio Tinto Research &amp; Technology Development); Metallurgical Mapping of the New Occidental Ore Body, August 1999.</P>
<P align="center">
&nbsp;</P>

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<P align="center" style="margin-top: 0">
<B>22-239</B></P>

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<P align=right style="margin-bottom: 0"><B>SECTION 23</B><BR><B>DATE AND SIGNATURE PAGE</B><BR></P>
</div>
<P align=justify><B>23</B><B> </B></P>
<P align=justify style="margin-left: 5%; margin-top: -25.5pt"><B>DATE AND SIGNATURE PAGE</B><BR></P>
<P align=justify>The undersigned prepared this Technical Report, titled
<I>Technical Report on the Peak Gold Mines, New South Wales, Australia, Report
Date: January 1, 2009; Amended and Restated: June 12, 2009</I>. The format and
content of the report are intended to conform to Form 43-101F1 of National
Instrument 43-101 of the Canadian Securities Administrators.</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left width="40%">Signed, </TD>
    <TD align=left  >&nbsp;</TD>
    <TD align=left width="40%">&nbsp; </TD></TR>
  <TR>
    <TD width="40%">&nbsp; </TD>
    <TD  >&nbsp;</TD>
    <TD width="40%">&nbsp; </TD></TR>
  <TR>
    <TD width="40%">&nbsp; </TD>
    <TD  >&nbsp;</TD>
    <TD width="40%">&nbsp; </TD></TR>
  <TR>
    <TD width="40%">&nbsp; </TD>
    <TD  >&nbsp;</TD>
    <TD width="40%">&nbsp; </TD></TR>
  <TR>
    <TD width="40%">&nbsp; </TD>
    <TD  >&nbsp;</TD>
    <TD width="40%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left width="40%">&nbsp;<U><I>/s/ Peter
      Lloyd</I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </U></TD>
    <TD align=left  >&nbsp;</TD>
    <TD align=left width="40%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left width="40%">Peter Lloyd, FAusIMM </TD>
    <TD align=right  >&nbsp;</TD>
    <TD align=left width="40%">12<SUP>th </SUP>day of June 2009 </TD></TR>
  <TR>
    <TD width="40%">&nbsp; </TD>
    <TD  >&nbsp;</TD>
    <TD align=left width="40%">&nbsp; </TD></TR>
  <TR>
    <TD width="40%">&nbsp; </TD>
    <TD  >&nbsp;</TD>
    <TD align=left width="40%">&nbsp; </TD></TR>
  <TR>
    <TD width="40%">&nbsp; </TD>
    <TD  >&nbsp;</TD>
    <TD align=left width="40%">&nbsp; </TD></TR>
  <TR>
    <TD width="40%">&nbsp; </TD>
    <TD  >&nbsp;</TD>
    <TD align=left width="40%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left width="40%">&nbsp;<I><U>/s/ Rex
      Berthelsen&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></I>&nbsp;</TD>
    <TD align=left  >&nbsp;</TD>
    <TD align=left width="40%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left width="40%">Rex Berthelsen, FAusIMM </TD>
    <TD align=right  >&nbsp;</TD>
    <TD align=left width="40%">12<SUP>th </SUP>day of June 2009 </TD></TR>
  <TR>
    <TD width="40%">&nbsp; </TD>
    <TD  >&nbsp;</TD>
    <TD align=left width="40%">&nbsp; </TD></TR>
  <TR>
    <TD width="40%">&nbsp; </TD>
    <TD  >&nbsp;</TD>
    <TD align=left width="40%">&nbsp; </TD></TR>
  <TR>
    <TD width="40%">&nbsp; </TD>
    <TD  >&nbsp;</TD>
    <TD align=left width="40%">&nbsp; </TD></TR>
  <TR>
    <TD width="40%">&nbsp; </TD>
    <TD  >&nbsp;</TD>
    <TD align=left width="40%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left width="40%"><U>&nbsp;<I>/s/ Eric
      Strom&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </I></U>&nbsp;</TD>
    <TD align=left  >&nbsp;</TD>
    <TD align=left width="40%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left width="40%">Eric Strom, P.Eng </TD>
    <TD align=right  >&nbsp;</TD>
    <TD align=left width="40%">12<SUP>th </SUP>day of June 2009
</TD></TR></TABLE>
<P align=center>&nbsp;</P>
<div style="border-top-style: solid; border-top-width: 1; padding-top: 1">
<P align=center style="margin-top: 0"><B>23-240</B></P>
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<TYPE>EX-99.2
<SEQUENCE>3
<FILENAME>ngd063009exh992.htm
<DESCRIPTION>EXHIBIT 99.2
<TEXT>



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<P align="right">
<b>Exhibit 99.2</b></P>

<P align="center">
<B>CERTIFICATE OF QUALIFIED PERSON</B><BR>
Peter George LLOYD, FAusIMM <BR>
Hillston Road, <BR>
Cobar, NSW 2835 <BR>
Australia <BR>
</P>
<P align="justify">
I, Peter Lloyd, am a Mining Engineer; I carried out this assignment for New Gold Inc. (New Gold) with an office at Suite 3110, 666 Burrard Street, Vancouver, British Columbia, V6C 2X8.</P>
<P align="justify">
This certificate applies to the technical report (the Technical Report) entitled &#147;Technical Report on Peak Gold Mines, New South Wales, Australia, Report Date: January 1, 2009; Amended and Restated: June 12, 2009. </P>
<P align="justify">
I am a Fellow of <I>The Australasian Institute of Mining &amp; Metallurgy</I>.  I graduated from the Ballarat College of Advance Education with a Bachelor of Engineering (Mining) in 1984. </P>
<P align="justify">
I have worked as a Mining Engineer in the minerals industry for 24 years. I have been directly involved in the mining, exploration and evaluation of mineral properties internationally for gold and base metals. </P>
<P align="justify">
I am responsible for the preparation of Sections 1, 2, 3, 4, 5, 6, 16, 18, 19, 20 &amp; 21 in the Technical Report. </P>
<P align="justify">
I am employed in the role of General Manager of Peak Gold Mines Pty Ltd. Peak Gold Mines Pty Ltd. is a wholly owned subsidiary of New Gold. I am, therefore, not independent of New Gold as described in section 1.4 of N! 43-101. </P>
<P align="justify">
I have read NI 43-101 and, by reason of education and past relevant work experience, I fulfill the requirements to be a &#147;Qualified Person&#148; for the purposes of NI 43-101. This Technical Report has been prepared in compliance with NI 43-101.
</P>
<P align="justify">
As of the date of this certificate, to the best of my knowledge, information and belief, the Technical Report contains all scientific and technical information that is required to be disclosed to make the Technical Report not misleading. </P>
<P align="justify">
<u>
<I>/s/ Peter Lloyd&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<br>
</I></u>Peter Lloyd,<BR>
General Manager <BR>
Dated: June 12, 2009 <BR>
</P>

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<FILENAME>ngd063009exh993.htm
<DESCRIPTION>EXHIBIT 99.3
<TEXT>



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<P align="right">
<b>Exhibit 99.3</b></P>

<P align="center">
<B>CERTIFICATE OF QUALIFIED PERSON </B><BR>
Rex Berthelsen, B. App. Sc., P.G. Dip. Sc., FAusIMM<BR>
Hillston Road <BR>
COBAR NSW 2835 <BR>
Australia <BR>
</P>
<P align="justify">
I, Rex Berthelsen, am a Principle Geologist of New Gold Inc. (&#147;New Gold&#148;) with an office at Suite 3110, 666 Burrard Street, Vancouver, British Columbia, V6C 2X8.</P>
<P align="justify">
This certificate applies to the technical report (the Technical Report) entitled &#147;Technical Report on Peak Gold Mines, New South Wales, Australia, Report Date: January 1, 2009; Amended and Restated: June 12, 2009. </P>
<P align="justify">
I am a Fellow of <I>The Australasian Institute of Mining &amp; Metallurgy</I>.  I graduated from the University of South Queensland with a Bachelor of Applied Science in 1990 and I graduated from James Cook University with a Post Graduate Diploma in
Science in 1991.</P>
<P align="justify">
I have worked as a geologist in the minerals industry for 18 years. I have been directly involved in the mining, exploration and evaluation of mineral properties internationally for gold and base metals.</P>
<P align="justify">
I am responsible for the preparation of Sections 7-15, 17.1 to 17.7, and 22 in the Technical Report. </P>
<P align="justify">
I am employed by New Gold and was previously Chief Geologist with Peak Gold Mines Pty Ltd. I have worked for Peak Gold Mines since 2001 and have supervised and managed much of the data collection, interpretation and modeling of the Cobar Goldfield
deposits since that time. I am, therefore, not independent of New Gold as described in section 1.4 of NI 43-101. </P>
<P align="justify">
I have read NI 43-101 and, by reason of education and past relevant work experience, I fulfill the requirements to be a &#147;Qualified Person&#148; for the purposes of NI 43-101. This Technical Report has been prepared in compliance with NI 43-101.
</P>
<P align="justify">
As of the date of this certificate, to the best of my knowledge, information and belief, the Technical Report contains all scientific and technical information that is required to be disclosed to make the Technical Report not misleading. </P>
<P align="justify">
<u>
<I>/s/ Rex Berthelsen&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<br>
</I></u>Rex Berthelsen, Principal Geologist <BR>
Dated: June 12, 2009 <BR>
</P>

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<TYPE>EX-99.4
<SEQUENCE>5
<FILENAME>ngd063009exh994.htm
<DESCRIPTION>EXHIBIT 99.4
<TEXT>



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<P align="right">
<b>Exhibit 99.4</b></P>

<P align="center">
<B>CERTIFICATE OF QUALIFIED PERSON</B><BR>
Eric Strom, B. Sc.(Applied Science) <BR>
c/o Peak Mine <BR>
Hillston Road <BR>
Cobar, NSW 2835 <BR>
Australia <BR>
</P>
<P align="justify">
I, Eric Strom, am a Professional Engineer; I carried out this assignment for New Gold Inc. (New Gold) with an office at Suite 3110, 666 Burrard Street, Vancouver, British Columbia, V6C 2X8. </P>
<P align="justify">
This certificate applies to the technical report (the Technical Report) entitled &#147;Technical Report on Peak Gold Mines, New South Wales, Australia&#148;, Report Date: January 1, 2009; Amended and Restated: June 12, 2009. </P>
<P align="justify">
I am a Licensed professional Engineer, Ontario. I graduated from Queen&#146;s University, Ontario with a Bachelor of Applied Science in 1995. </P>
<P align="justify">
I have worked as a mining engineer in the minerals industry for 13 years.  I have been directly involved in the mining, exploration and evaluation of mineral properties internationally for gold and base metals.</P>
<P align="justify">
I am responsible for the preparation of Sections 17.8 and 17.9 in the Technical Report , </P>
<P align="justify">
I am currently a full time employee of Peak Gold Mines Pty Ltd. based onsite in Cobar, New South Wales, Australia. Peak Gold Mines Pty Ltd. is a wholly owned subsidiary of New Gold. I am, therefore, not independent of New Gold as described in
section 1.4 of NI 43-101. </P>
<P align="justify">
I have read NI 43-101 and, by reason of education and past relevant work experience, I fulfill the requirements to be a &#147;Qualified Person&#148; for the purposes of NI 43-101. This Technical Report has been prepared in compliance with NI 43-101.
</P>
<P align="justify">
As of the date of this certificate, to the best of my knowledge, information and belief, the Technical Report contains all scientific and technical information that is required to be disclosed to make the Technical Report not misleading. </P>
<P align="justify">
<u>
<I>/s/ Eric Strom&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<br>
</I></u>Eric Strom, P. Eng. <BR>
Dated: June 12, 2009 <BR>
</P>

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<TYPE>EX-99.5
<SEQUENCE>6
<FILENAME>ngd063009exh995.htm
<DESCRIPTION>EXHIBIT 99.5
<TEXT>



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<P align="right">
<b>Exhibit 99.5</b></P>

<P align="justify">
<B>CONSENT OF EXPERT</B><BR>
<B>FILED BY SEDAR </B><BR>
</P>
<P align="justify">
June 12, 2009<BR>
</P>
<p align="justify">British Columbia Securities Commission (Principal Regulator)
<br>
Ontario Securities Commission <br>
Alberta Securities Commission <br>
Saskatchewan Financial Services Commission, Securities Division <br>
The Manitoba Securities Commission <br>
Autorit&eacute; des marches
financiers <br>
New Brunswick Securities Commission <br>
Nova Scotia Securities Commission <br>
Securities Commission of Newfoundland and Labrador <br>
Prince Edward Island Securities Office </p>
<P align="justify">
Dear Sirs/Mesdames:<BR>
</P>
<TABLE style="font-size:10pt;border-color:black;border-collapse:collapse;" cellpadding="0" cellspacing="0" width="100%" border="0"><TR valign="top">
	<TD align=center width="1%">
<p align="left">Re:
	</TD>
	<TD width=15% align=center>
<p align="left">
<B>New Gold Inc. (the &#147;Company&#148;)</B>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=center style="border-bottom: 1px solid #000000;" width="1%">
&nbsp;</TD>
	<TD align=center style="border-bottom: 1px solid #000000;">
<p align="left"><B>Filing of Technical Report</B>
	</TD>
</TR>
</TABLE>
<P align="justify">
Pursuant to Section 8.3 of National Instrument 43-101 <I>Standards of Disclosure for Mineral Projects</I>, this letter is being filed as the consent of Peter Lloyd, FAusIMM, General Manager of Peak Gold Mines Pty Ltd, to the public filing of the
technical report entitled &#147;Technical Report on Peak Gold Mines, New South Wales, Australia&#148;, Report Date: January 1, 2009; Amended and Restated: June 12, 2009 (the &#147;Report&#148;), and to extracts from, and a summary of, the Report in
the written disclosure contained in the Company&#146;s press release dated March 3, 2009 (the &#147;Press Release&#148;).</P>
<P align="justify">
I confirm that I have read the written disclosure contained in the Press Release and that it fairly and accurately represents the information in the Report that supports the disclosure. </P>
<P align="justify">
Sincerely,<BR>
</P>
<P align="justify">
<u>
<I>/s/ Peter Lloyd&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<br>
</I></u>Peter Lloyd, FAusIMM <BR>
General Manager of Peak Gold Mines Pty Ltd<BR>
</P>

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<TYPE>EX-99.6
<SEQUENCE>7
<FILENAME>ngd063009exh996.htm
<DESCRIPTION>EXHIBIT 99.6
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<P align="right">
<b>Exhibit 99.6</b></P>

<P align="justify">
<B>CONSENT OF EXPERT</B><BR>
<B>FILED BY SEDAR </B>
</P>

<P align="justify">
June 12, 2009 <BR>
</P>
<P align="justify">
British Columbia Securities Commission (Principal Regulator) <br>
Ontario Securities Commission <br>
Alberta Securities Commission <br>
Saskatchewan Financial Services Commission, Securities Division <br>
The Manitoba Securities Commission <br>
Autorit&eacute; des marches
financiers <br>
New Brunswick Securities Commission <br>
Nova Scotia Securities Commission <br>
Securities Commission of Newfoundland and Labrador <br>
Prince Edward Island Securities Office </P>
<P align="justify">
Dear Sirs/Mesdames:<BR>
</P>
<TABLE style="font-size:10pt;border-color:black;border-collapse:collapse;" cellpadding="0" cellspacing="0" width="100%" border="0" height="30"><TR valign="top">
	<TD align=center width="1%" height="15">
<p align="left">Re:
	</TD>
	<TD width=15% align=center height="15">
<p align="left">
<B>New Gold Inc. (the &#147;Company&#148;)</B>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=center style="border-bottom: 1px solid #000000;" width="1%" height="15">
	</TD>
	<TD align=center style="border-bottom: 1px solid #000000;" height="15">
<p align="left"><B>Filing of Technical Report</B>
	</TD>
</TR>
</TABLE>
<P align="justify">
Pursuant to Section 8.3 of National Instrument 43-101 <I>Standards of Disclosure for Mineral Projects</I>, this letter is being filed as the consent of Rex Berthelsen, FAusIMM, Principal Geologist for New Gold Inc., to the public filing of the
technical report entitled &#147;Technical Report on Peak Gold Mines, New South Wales, Australia&#148;, Report Date: January 1, 2009; Amended and Restated: June 12, 2009 &#148; (the &#147;Report&#148;), and to extracts from, and a summary of, the
Report in the written disclosure contained in the Company&#146;s press release dated March 3, 2009 (the &#147;Press Release&#148;).</P>
<P align="justify">
I confirm that I have read the written disclosure contained in the Press Release and that it fairly and accurately represents the information in the Report that supports the disclosure. </P>
<P align="justify">
Sincerely,<BR>
</P>
<P align="justify">
<u>
<I>/s/ Rex Berthelsen&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </I><BR>
</u>Rex Berthelsen, FAusIMM <BR>
Principal Geologist for New Gold Inc.<BR>
</P>

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<TYPE>EX-99.7
<SEQUENCE>8
<FILENAME>ngd063009exh997.htm
<DESCRIPTION>EXHIBIT 99.7
<TEXT>


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<b>Exhibit 99.7</b></P>

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<B>CONSENT OF EXPERT</B><BR>
<B>FILED BY SEDAR <br>
</B><BR>
June 12, 2009 <BR>
</P>
<p align="justify">British Columbia Securities Commission (Principal Regulator)
<br>
Ontario Securities Commission <br>
Alberta Securities Commission <br>
Saskatchewan Financial Services Commission, Securities Division <br>
The Manitoba Securities Commission <br>
Autorit&eacute; des marches
financiers <br>
New Brunswick Securities Commission <br>
Nova Scotia Securities Commission <br>
Securities Commission of Newfoundland and Labrador <br>
Prince Edward Island Securities Office </p>
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Dear Sirs/Mesdames:<BR>
</P>
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<p align="left">Re:
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	<TD width=15% align=center>
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<B>New Gold Inc. (the &#147;Company&#148;)</B>
	</TD>
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&nbsp;</TD>
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<p align="left"><B>Filing of Technical Report</B>
	</TD>
</TR>
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Pursuant to Section 8.3 of National Instrument 43-101 <I>Standards of Disclosure for Mineral Projects</I>, this letter is being filed as the consent of Eric Strom, P.Eng., Mine Technical Services Superintendent for Peak Gold Mines Pty Ltd, to the
public filing of the technical report entitled &#147;Technical Report on Peak Gold Mines, New South Wales, Australia&#148;, Report Date: January 1, 2009; Amended and Restated: June 12, 2009&#148; &#148; (the &#147;Report&#148;), and to extracts
from, and a summary of, the Report in the written disclosure contained in the Company&#146;s press release dated March 3, 2009 (the &#147;Press Release&#148;).</P>
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I confirm that I have read the written disclosure contained in the Press Release and that it fairly and accurately represents the information in the Report that supports the disclosure. </P>
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Sincerely,<BR>
</P>
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<u>
<I>/s/ Eric Strom&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<br>
</I></u>Eric Strom, P.Eng.<br>
Mine Technical Services Superintendent, Peak Gold Mines Pty Ltd.</P>

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