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Title : New Gold (NGD) gives us the late Friday filing nugget
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New Gold (NGD) gives us the late Friday filing nugget

Along with many other operating companies, New Gold (NGD) filed its 2019 Annual Information Form today. Unlike most, it did so post-close and with no accompanying NR and being the nosy type, your humble scribe wondered why. Here's a little thing about the Proven and Probable Reserve at Rainy River.

• December 31st 2015 gold reserve grade: 1.13 g/t
• December 31st 2016 gold reserve grade: 1.15 g/t
• December 31st 2017 gold reserve grade: 1.15 g/t
• December 31st 2018 gold reserve grade: 1.05 g/t

Oops! Any thoughts on what happens to operating margins when 8.7% of your grade goes missing in a low grade, high tonnage open pit mine? And they returned a head grade of 1.42g in 4q18, can't see that happening too often in the future. But don't worry longs, I'm sure you'll find somebody on Twitter who'll reassure you that NGD is a buy.

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