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TransCanada Files 2018 Annual Disclosure Documents

CALGARY, Alberta, Feb. 14, 2019 — News Release – TransCanada Corporation (TSX:TRP (NYSE:TRP) (TransCanada) has today filed with Canadian securities authorities:

  • Audited Consolidated Financial Statements for the year ended December 31, 2018 with related Management’s Discussion and Analysis (Annual Report); and
  • The company’s Annual Information Form for the year ended December 31, 2018.

In addition, TransCanada filed its Form 40-F for the year ended December 31, 2018 with the United States Securities and Exchange Commission.

Copies of the filed documents are available at sedar.comsec.gov (for the Form 40-F) and in the Investor Centre section of the company website at www.transcanada.com. Shareholders may request a paper copy of the audited Consolidated Financial Statements, free of charge, by calling the company at 1.800.661.3805.

With more than 65 years’ experience, TransCanada is a leader in the responsible development and reliable operation of North American energy infrastructure including natural gas and liquids pipelines, power generation and gas storage facilities. TransCanada operates one of the largest natural gas transmission networks that extends more than 92,600 kilometres (57,500 miles), connecting major gas supply basins to markets across North America. TransCanada is a leading provider of gas storage and related services with 653 billion cubic feet of storage capacity. A large independent power producer, TransCanada currently owns or has interests in more than 6,600 megawatts of power generation in Canada and the United States. TransCanada is also the developer and operator of one of North America’s leading liquids pipeline systems that extends approximately 4,900 kilometres (3,000 miles), connecting growing continental oil supplies to key markets and refineries. TransCanada’s common shares trade on the Toronto and New York stock exchanges under the symbol TRP. Visit TransCanada.com.

Media Inquiries:
Grady Semmens
403.920.7859 or 800.608.7859

TransCanada Investor & Analyst Inquiries:
David Moneta / Duane Alexander
403.920.7911 or 800.361.6522

NT4

Alexco Extends Draw Down Availability Period on US$15 Million Credit Facility

February 14, 2019 – Alexco Resource Corp. (NYSE American: AXU, TSX: AXR)(“Alexco” or the “Company”) is pleased to announce that it has extended the draw down availability period on its previously established definitive credit agreement (the “Agreement”) with Sprott Private Resource Lending (Collector), L.P. to provide a US$15 million credit facility (the “Credit Facility”) to be used for the development of the Keno Hill Silver projects located in Yukon, Canada (see press news release dated February 26, 2018, entitled “Alexco Establishes US$15 Million Credit Facility”). Pursuant to the terms of the Agreement, Alexco has issued 171,480 common shares of the Company to extend the draw down availability period by six months.

Clynt Nauman, Alexco CEO and Chairman commented, “With the extension of the draw down availability period of the Credit Facility, we are simply maintaining this back-stop and financing alternative while waiting for final permitting for the Bermingham deposit to be completed – currently anticipated at the end of Q2-2019. We remain on target to announce the results of our pre-feasibility study before the end of Q1 and continue to target a production decision in the first half of 2019 subject to market conditions. The Credit Facility carries a total interest charge of approximately 9.75% on funds drawn down, has no minimum drawdown requirement and does not carry a stand-by charge. Retaining the Facility as a back-stop allows the Company to easily move to a production decision while managing project risk and minimizing shareholder dilution.”

Key Terms of the Credit Facility

  • Term of 3 years, Maturity Date – February 23, 2021
  • US$15 million
  • Interest rate on funds drawn down of 7% plus US Dollar 3 month LIBOR, payable monthly
  • Repayable in quarterly installments from October 31, 2019 through to the Maturity Date
  • Upon draw down of funds a 3% charge of the draw down is charged
  • Repayable in whole or in part, without penalty, provided not less than twelve (12) months of interest has been paid on any outstanding amount

About Alexco

Alexco owns the majority of the historic high-grade Keno Hill Silver District in Canada’s Yukon Territory as detailed in its preliminary economic assessment (the “PEA”) entitled “Preliminary Economic Assessment of the Keno Hill Silver District Project, Yukon, Canada”, which is dated March 29, 2017, with an effective date of January 3, 2017, and anticipates the sequential development of four high grade silver deposits over an eight year mine life producing more than one million tonnes with an average grade of 843 g/t silver, 3.3% lead and 4.6% zinc. Silver production is anticipated to be approximately 3.5 million ounces per year. The PEA is preliminary in nature and includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves, and there is no certainty that the PEA will be realized. Mineral resources that are not mineral reserves do not have demonstrated economic viability.

Alexco also operates a wholly-owned subsidiary business, Alexco Environmental Group, that provides mine-related environmental services, remediation technologies and reclamation and mine closure services to both government and industry clients in North America and elsewhere.

Contact

Clynton R. Nauman, Chairman and Chief Executive Officer
Lisa May, Director of Investor Relations
Phone: (778) 945-6577
Email: lmay@alexcoresource.com

Please visit the Alexco website at www.alexcoresource.com

NT4

Nipissing University students share treaty knowledge with community – Anishinabek News

February 15, 2019

NORTH BAY—Nipissing University students shared treaty knowledge with the community in a special public lecture held at the North Bay Museum Jan. 30.

As part of the course History 3147, Dr. Murton Stoehr presented the lecture Upper Canada Treaties: Land Surrenders or Reserves for Loyalists. In offering lectures to Nipissing and Dokis First Nation citizens as well as the in universities.

Students of History 3147 have been adventurous. Their first class was held at Nbisiing High School in Duchesnay Village in Nipissing First Nation to learn Treaty Words from Dr. Mary Ann Naokwegijtg-Corbiere.

Read More: http://anishinabeknews.ca/2019/02/15/nipissing-university-students-share-treaty-knowledge-with-community/

Fortis Inc. Announces Second Quarter Dividends

ST. JOHN’S, Newfoundland and Labrador, Feb. 14, 2019 — The Board of Directors of Fortis Inc. (“Fortis” or the “Corporation”) (TSX/NYSE:FTS) has declared the following dividends:

  1. $0.3063 per share on the First Preference Shares, Series “F” of the Corporation, payable on June 1, 2019 to the Shareholders of Record at the close of business on May 17, 2019;
  2. $0.2745625 per share on the First Preference Shares, Series “G” of the Corporation, payable on June 1, 2019 to the Shareholders of Record at the close of business on May 17, 2019;
  3. $0.15625 per share on the First Preference Shares, Series “H” of the Corporation, payable on June 1, 2019 to the Shareholders of Record at the close of business on May 17, 2019;
  4. $0.19389315 per share on the First Preference Shares, Series “I” of the Corporation, payable on June 1, 2019 to the Shareholders of Record at the close of business on May 17, 2019;
  5. $0.2969 per share on the First Preference Shares, Series “J” of the Corporation, payable on June 1, 2019 to the Shareholders of Record at the close of business on May 17, 2019;
  6. $0.2453125 per share on the First Preference Shares, Series “K” of the Corporation, payable on June 1, 2019 to the Shareholders of Record at the close of business on May 17, 2019, provided, for greater certainty, that if no such Series “K” shares are outstanding on such date as a result of the exercise by Shareholders of their right to convert Series “K” shares into Cumulative Redeemable Floating Rate First Preference Shares, Series “L” of the Corporation effective March 1, 2019 (the “Conversion Right”), no such dividend shall be payable;
  7. $0.23170137 per share on the First Preference Shares, Series “L” of the Corporation, payable on June 1, 2019 to the Shareholders of Record at the close of business on May 17, 2019, provided, for greater certainty, that if no such Series “L” shares are issued on March 1, 2019 pursuant to the Conversion Right, no such dividend shall be payable;
  8. $0.25625 per share on the First Preference Shares, Series “M” of the Corporation, payable on June 1, 2019 to the Shareholders of Record at the close of business on May 17, 2019; and
  9. $0.45 per share on the Common Shares of the Corporation, payable on June 1, 2019 to the Shareholders of Record at the close of business on May 17, 2019.

The Corporation has designated the common share dividend and preference share dividends as eligible dividends for federal and provincial dividend tax credit purposes.

About Fortis
Fortis is a leader in the North American regulated electric and gas utility industry with 2017 revenue of C$8.3 billion and total assets of approximately C$50 billion as at September 30, 2018. The Corporation’s 8,500 employees serve utility customers in five Canadian provinces, nine U.S. states and three Caribbean countries.

Fortis shares are listed on the TSX and NYSE and trade under the symbol FTS. Additional information can be accessed at www.fortisinc.com, www.sedar.com, or www.sec.gov.

For more information please contact:
Investor Enquiries
Ms. Stephanie Amaimo
Vice President, Investor Relations
Fortis Inc.
248.946.3572
investorrelations@fortisinc.com
Media Enquiries
Ms. Karen McCarthy
Vice President, Communications and Corporate Affairs
Fortis Inc.
709.737.5323
media@fortisinc.com

NT4

Editorial: Important voice lost – Times Colonist

February 15, 2019

Regardless of the outcome of the federal government’s latest and most serious scandal, B.C. has lost a strong and accomplished voice at the cabinet table.

When Jody Wilson-Raybould was pushed out of the justice portfolio and dropped into what almost everyone saw as a lesser post in Veterans Affairs, she put a loyal spin on it and said she was happy to serve. And at least she was still in cabinet.

Then the SNC-Lavalin scandal erupted, with claims that the Prime Minister’s Office had pressured her as justice minister to go easy on the huge Quebec construction company. Wilson-Raybould again did the loyal thing and said nothing.

Read More: https://www.timescolonist.com/opinion/editorials/editorial-important-voice-lost-1.23634812

Pretivm Reports 2018 Results and 2019 Outlook

Brucejack Generates Cash from Operations of $197 Million in 2018

VANCOUVER, British Columbia, Feb. 14, 2019 — Pretium Resources Inc. (TSX/NYSE:PVG) (“Pretivm” or the “Company”) reports financial and operating results for the fourth quarter and year-end 2018 and outlook for 2019.

All amounts are in US dollars unless otherwise noted. This release should be read in conjunction with the Company’s Financial Statements and Management’s Discussion and Analysis (“MD&A”) available on the Company’s website and on SEDAR and EDGAR.

“In our first full year of production we generated almost $200 million in cash from operations, producing 376,012 ounces of gold with an average realized cash margin of $608 per ounce of gold sold,” said Joseph Ovsenek, President & CEO of Pretivm. “Our All-In Sustaining Cost for the second half of 2018 was $745, which was well within our financial guidance of $710 to $770 per ounce of gold sold. With fourth quarter adjusted earnings of over $20 million, this is our sixth consecutive quarter with positive adjusted earnings – every quarter since the start of commercial production.”

Full-Year 2018 Financial Summary

  • Revenue of $454.6 million on 367,428 ounces of gold sold.
  • Total cost of sales $303.9 million or $827 per ounce of gold sold1.
  • All-in Sustaining Cost (“AISC”)1 of $764 per ounce of gold sold.
  • Generated $197.2 million cash from operating activities.
  • Achieved an average realized cash margin1 of $608 per ounce of gold sold.
  • Earnings from mine operations1 of $150.6 million.
  • Net earnings of $36.6 million ($0.20 per share).
  • Adjusted earnings1 of $99.3 million ($0.54 per share1).
  • Cash and cash equivalents balance of $45.4 million as at December 31, 2018.

Full-Year 2018 Milestones

  • Production of 376,012 ounces of gold at a mill feed grade of 11.9 grams per tonne gold.
  • Repurchased 100% of the 8% gold and silver stream that was sold as part of the construction financing package for $237 million.
  • Closed a $480.0 million debt facility to refinance the existing construction credit facility.
  • Reduced total debt by approximately $180 million with the repurchase of the stream and refinancing of the construction credit facility and substantially reduced our average financing cost.
  • Received amended permits to increase production 40% to an annual rate of 1.387 million tonnes (daily average of 3,800 tonnes).
  • Reconciliation to the Valley of the Kings global resource model for 2018 was improved to approximately 90% from 75-80% in 2017.

Fourth Quarter 2018 Summary

  • Production of 96,342 ounces of gold at a mill feed grade of 11.5 grams per tonne gold.
  • Revenue of $108.6 million on 89,011 ounces of gold sold.
  • Total cost of sales $72.5 million or $814 per ounce of gold sold1.
  • AISC of $784 per ounce of gold sold1.
  • Earnings from mine operations1 of $36.1 million.
  • Net earnings of $2.8 million ($0.01 per share).
  • Adjusted earnings1 of $20.2 million ($0.11 per share1).
  • Generated $42.9 million cash from operating activities.
  • Achieved an average realized cash margin1 of $594 per ounce of gold sold.

Read More: https://www.pretivm.com/news/news-details/2019/Pretivm-Reports-2018-Results-and-2019-Outlook/default.aspx

NT4

Red dress campaign honouring MMIWG in Sudbury for 4th year – CBC

The Red Dress project was created by artist Jaime Black

Feb 15, 2019

Laurentian University held it’s 4th annual Red Dress Campaign on Thursday.

The red dresses hanging around the Indigenous Sharing And Learning Centre and the entire university help honour, remember and bring awareness to the issue of missing and murdered Indigenous women and girls.

“It’s about bringing awareness to those women who have gone missing, who have been murdered, who we’re still searching for, to bring awareness to our communities, to bring awareness also to our families and the continued struggle and grief that they are experiencing and wanting to give acknowledgement in a respectful way and tell our stories,” said Geesohns Manitowabi, an organizer of the event.

Read More: https://www.cbc.ca/news/canada/sudbury/red-dress-campaign-sudbury-1.5019777

We are all students – Gazette

Erica Hurley is a Mi’kmaw nurse educator at Grenfell Campus’ Western Regional School of Nursing.

Recognizing the need for Indigenous knowledge and views in the Memorial University community, Ms. Hurley regularly contributes her perspectives, information and support for the continued inclusion of Indigenous content in Memorial’s nursing program and other initiatives.

Read More: https://gazette.mun.ca/teaching-and-learning/we-are-all-students/

Yamana Gold Announces Fourth Quarter and Full Year 2018 Results

TORONTO, Feb. 14, 2019 — YAMANA GOLD INC. (TSX:YRI; NYSE:AUY) (“Yamana” or “the Company”) is herein reporting its financial and operational results for the fourth quarter and full year 2018, and its Mineral Reserve and Mineral Resource estimates as at December 31, 2018.

FOURTH QUARTER HIGHLIGHTS

Gold equivalent ounce (“GEO”)(1) production from Yamana Mines(2) for the fourth quarter was 310,369, including 270,193 ounces of gold and 3.26 million ounces of silver. Total Yamana gold production(3) was 292,484 ounces. The Company also produced 39.0 million pounds of copper.

Full year GEO production from Yamana Mines was 1,041,350, including 940,619 ounces of gold and 8.02 million ounces of silver. Full year copper production was 129.2 million pounds.

Full year gold and copper production from Yamana Mines exceeded the higher guidance levels set in October of last year while full year silver production exceeded the lower guidance provided at that time. Original guidance set in February 2018 was for 900,000 ounces of gold, 120 million pounds of copper and 8.15 million ounces of silver.

Fourth quarter costs for Yamana Mines included all-in sustaining costs (“AISC”) on a by-product basis(4) of $656 per GEO; cash costs on a by-product basis(4) of $418 per GEO; and total cost of sales of $1,019 per GEO. Full year costs for Yamana Mines included AISC on a by-product basis(4) of $699 per GEO; cash costs on a by-product basis(4) of $448 per GEO; and total cost of sales of $1,028 per GEO, which was in line with or better than guided ranges for the cost metrics. Refer to page 18 of this press release for additional information on costs by metal on a co-product and by-product basis. Going forward, reported cost metrics and cost guidance will reflect a change to the presentation methodology. Specifically, the Company, as an active member of the World Gold Council, has adopted the updated version of the Guidance Note on AISC, among other changes, that are detailed in Section 2 of the Company’s fourth quarter 2018 Management’s Discussion & Analysis, which has been filed on SEDAR. In the Company’s 2019-2021 Outlook press release, issued on February 14, 2019, cost metrics for 2018 have been restated for the updated methodology to facilitate direct comparisons.

Read More: https://www.yamana.com/English/investors/news/news-details/2019/Yamana-Gold-Announces-Fourth-Quarter-and-Full-Year-2018-Results/default.aspx

NT4

Change will occur’: Reconciliation will outlast Jody Wilson Raybould say Indigenous senators – APTN News

February 15, 2019

Indigenous senators say Jody Wilson-Raybould’s controversial exit from the cabinet doesn’t signal the end of reconciliation efforts between the federal government and Indigenous Peoples.

But they say her departure is a sign of how much work there is still to do.

“Even though some will see this as a threat to the promise and process of reconciliation, it is not,” eight Indigenous senators said in a written statement issued Thursday.

“It is a measure of the distance they have yet to go and the challenges we have yet to overcome. As long as Ms. Wilson-Raybould and other men and women like her gain and remain on the national scene and show the integrity we need to persevere on this journey, change will occur.”

Read More: https://aptnnews.ca/2019/02/15/change-will-occur-reconciliation-will-outlast-jody-wilson-raybould-say-indigenous-senators/

Government of Canada to fund Safe and Affordable Housing in Vernon

Vernon, British Columbia, February 14, 2019

Every Canadian deserves a safe and affordable place to call home. That is why, in May 2018, the Government launched the National Housing Co-Investment Fund (NHCF), the largest program of its kind in Canadian history.

Today in Vernon, Adam Vaughan, Parliamentary Secretary to the Minister of Families, Children and Social Development (Housing and Urban Affairs), on behalf of the Honourable Jean-Yves Duclos, Minister of Families, Children and Social Development and Minister responsible for Canada Mortgage and Housing Corporation (CMHC), announced a $2.27 million federal government financial commitment to help build 38 units at Vernon Native Housing Society’s Thunderbird Manor project.

Thanks to this commitment by the NHCF, a pillar initiative of the National Housing Strategy (NHS), and to investments from partners including the Government of British Columbia which provided $7.9 million and the City of Vernon which waived development fees, the Vernon Native Housing Society (VNHS) project will provide homes to at least 38 families and individuals, Indigenous elders, people with accessibility challenges and families living off-reserve.

Established in 1989, VNHS is a not-for-profit organization that provides low-cost rental housing to low-income families and individuals, including First Nations people residing in the city of Vernon.

Quotes:

“We believe everyone deserves an opportunity to succeed and this is why we are extremely happy to be supporting this wonderful project in Vernon through the National Housing Strategy. I am proud to be part of a government that works in a spirit of collaboration with all partners to enable all Canadians to build a better life for themselves and their community.”

— Adam Vaughan, Parliamentary Secretary to the Minister of Families, Children and Social Development (Housing and Urban Affairs)

“We appreciate the federal government’s contribution to this much-needed affordable housing project. Partnerships like this are key to addressing the housing crisis in British Columbia. I look forward to seeing the positive difference this development will make for the Indigenous families who will call it home.”

— Selina Robinson, Minister of Municipal Affairs and Housing

“Without this partnership between CMHC, BC Housing, and Vernon Native Housing Society, this project would not have come to fruition. Vernon Native Housing Society is very pleased to have this opportunity to house our Elders, persons with accessibility challenges and aboriginal families, and we look forward to bringing our partnership with BC Housing to another level as we continue our mandate of providing low-cost rental housing to low income individuals of Native and non-Native ancestry.”

— Valerie Chiba, President, Vernon Native Housing Society

“The Aboriginal Housing Management Association is the first of its kind not for profit Indigenous housing authority. We leverage the collective impact of our membership to provide safe and secure housing for urban, rural, and northern Indigenous peoples in the province of British Columbia, Canada.”

— Margaret Pfoh, CEO of Aboriginal Housing Management Association.

Quick facts:

  • Total capital cost of the project is approximately $10 million.
  • With the new building, VNHS aims to achieve energy savings of 27.5% and a reduction in greenhouse gas emissions of 67.3% compared to the NECB in 2015.
  • 8 units will be fully accessible.
  • 20 of the 38 units will be affordable, with rental rates at 80% of the median market rents in the area.
  • With a budget of $13.2 billion, NHCF gives priority to projects that help those in greatest need, including women and children fleeing family violence, seniors, Indigenous peoples, people with disabilities, those dealing with mental health and addictions, Veterans and young adults.
  • Through the NHCF, the Government of Canada will work with partners to build up to 60,000 new affordable homes and repair up to 240,000 existing affordable and community homes over the next 10 years.
  • Investments are also planned in the NHCF to create or repair at least 4,000 shelter spaces for victims of family violence and create at least 7,000 new affordable housing units for seniors and 2,400 new affordable housing units for people with developmental disabilities.
  • Under the Investing in Canada plan, the Government of Canada is investing more than $180 billion over 12 years in public transit projects, green infrastructure, social infrastructure, trade and transportation routes, and Canada’s rural and northern communities.

Associated links:

As Canada’s authority on housing, CMHC contributes to the stability of the housing market and financial system, provides support for Canadians in housing need, and offers unbiased housing research and advice to all levels of Canadian government, consumers and the housing industry. For more information, follow us on Twitter, Instagram, YouTube, LinkedIn and Facebook.

To find out more about the National Housing Strategy, visit www.placetocallhome.ca.

Read Homes for B.C., government’s 30-point plan to address housing affordability for British Columbians: https://bcbudget.gov.bc.ca/2018/homesbc/2018_Homes_For_BC.pdf

Media contacts:

Valérie Glazer
Press secretary
Office of the Minister of Families, Children and Social Development
613-220-1841
valerie.glazer@hrsdc-rhdcc.gc.ca

Catherine Léger
Public Affairs
Canada Mortgage and Housing Corporation
514-475-5165
cleger@cmhc-schl.gc.ca

NT5

Quebec declines talks with feds, provinces, territories on coerced sterilization – National Observer

February 15th 2019

Quebec won’t be part of a working group the federal government wants to examine claims that Indigenous women have been sterilized against their will.

A spokesperson for Quebec’s health minister confirmed on Thursday that the province last month declined an invitation to meet officials from the federal government, other provinces and territories.

Alexandre Lahaie, a press attache to Quebec Health Minister Danielle McCann, says the province is very sensitive to the issue of coerced sterilization and is already having talks with a number of First Nations in Quebec, noting that health care is within provincial jurisdiction.

In December, federal Health Minister Ginette Petitpas Taylor and then Indigenous-services minister Jane Philpott contacted the provinces, territories and members of the medical community to form a group on what they called cultural competency in health care.

Read More: https://www.nationalobserver.com/2019/02/15/news/quebec-declines-talks-feds-provinces-territories-coerced-sterilization

Statement – Government of Canada responds to Saskatchewan Court Hearing on Greenhouse Gas Pollution Pricing Act

February 14, 2019 – Regina, Saskatchewan

Today, on the conclusion of the Saskatchewan Court of Appeal’s hearing on the constitutionality of Canada’s Greenhouse Gas Pollution Pricing Act, the Honourable Minister of Environment and Climate Change Catherine McKenna issued the following statement:

“The Government of Canada knows that we cannot afford inaction on climate change at this critical time. We thank the Saskatchewan Court of Appeal for hearing the vast diversity of voices – farmers, health professionals, young people, economists, Indigenous peoples, and environmental groups – that support taking climate action by ensuring it is no longer free to pollute. Throughout the hearing, supportive parties reinforced the reality that climate change is a national and global emergency, and that Canada – including all provinces and territories – must play its part to reduce greenhouse gas emissions and continue to build towards a clean energy economy.

“Cumulative greenhouse gas emissions are a matter of national concern. Carbon pollution knows no borders. Putting a price on carbon pollution is a practical, affordable way to reduce emissions. It also ensures Canadians are better off. This year, an eligible Saskatchewan family of four will receive $609 through the Climate Action Incentive payment.

“Carbon pollution pricing is an important part of Canada’s plan and is a practical and affordable measure to reduce greenhouse gas emissions. It will support our communities, protect our planet and create good jobs for the middle class.”

Related products

Government of Canada’s response to Saskatchewan court challenge

Contacts

Sabrina Kim
Press Secretary
Office of the Minister of Environment and Climate Change
819-743-7138
sabrina.kim2@canada.ca

Media Relations
Environment and Climate Change Canada
819-938-3338 or 1-844-836-7799 (toll-free)
ec.media.ec@canada.ca

NT5

Neskantaga First Nation orders Kingdom Construction workers to ‘leave the community immediately’ – CBC

New water treatment facility was expected to be completed by March 2019

Feb 14, 2019

It’s been almost 25 years since residents in Neskantaga First Nation, about 450 kilometres north of Thunder Bay, Ont.,  have had access to safe, clean drinking water straight from their taps and it could be months yet before the country’s longest unbroken boil water advisory is lifted.

Chief Wayne Moonias said Wednesday the community has decided to cease all operations on the new water treatment plant and has ordered workers and officials from Kingdom Construction Limited (KCL) to “leave the community immediately.”

“We basically terminated the contract with Kingdom and that’s basically all I can say at this time,” Moonias told CBC News Wednesday. “It’s relating to our water treatment project that’s been ongoing for the last few years or so.”

Read More: https://www.cbc.ca/news/canada/thunder-bay/neskantaga-water-plant-update-1.5018667

Agnico Eagle Reports Fourth Quarter and Full Year 2018 Results – Three-Year Guidance Outlines Growing Production with Stable to Declining Unit Costs; Meliadine Mill Commissioning Underway with Project Ahead of Schedule and Under Budget; Year-Over-Year Increase in Mineral Reserves and Mineral Resources; Quarterly Dividend Increased

February 14, 2019

TORONTOFeb. 14, 2019  – Agnico Eagle Mines Limited (NYSE: AEM, TSX:AEM) (“Agnico Eagle” or the “Company”) today reported quarterly net loss of $393.7 million, or a loss of $1.68 per share, for the fourth quarter of 2018.  This result includes impairment losses of $389.7 million ($1.66 per share), non-cash foreign currency translation losses on deferred tax liabilities and non-recurring tax adjustments of $14.4 million ($0.06 per share), losses due to change of reclamation estimates relating to closed sites (net of tax) of $12.4 million ($0.05 per share), derivative losses on financial instruments, mark-to-market and other adjustments of $8.3 million ($0.04 per share) and non-cash foreign currency translation losses of $2.7 million ($0.01 per share).  Excluding these items would result in adjusted net income1 of $33.8 million or $0.14 per share for the fourth quarter of 2018.  For the fourth quarter of 2017, the Company reported net income of $37.5 million or $0.16 per share.

The impairment losses of $389.7 million ($1.66 per share) include an impairment of goodwill relating to the Canadian Malartic mine of $250.0 million ($1.07 per share), an asset impairment relating to the El Barqueno project of $100.7 million ($0.43 per share) and an impairment of goodwill relating to the La India mine of $39.0 million ($0.16 per share).

Included in the fourth quarter of 2018 net income, and not adjusted above, is non-cash stock option expense of $3.9 million ($0.02per share).

For the full year 2018, the Company reported net loss of $326.7 million, or a loss of $1.40 per share.  This compares with the full year 2017, when net income was $240.8 million, or $1.05 per share.

In the fourth quarter of 2018, cash provided by operating activities was $140.3 million ($150.4 million before changes in non-cash components of working capital), as compared with the fourth quarter of 2017 when cash provided by operating activities was $166.9 million ($209.5 million before changes in non-cash components of working capital).

For the full year 2018, cash provided by operating activities was $605.7 million ($645.5 million before changes in non-cash components of working capital), as compared with the full year 2017 when cash provided by operating activities was $767.6 million($839.4 million before changes in non-cash components of working capital).

The decrease in cash provided by operating activities during the fourth quarter of 2018 compared to the prior year period was mainly due to lower gold sales volumes, lower realized gold prices, lower by-product revenue and expected higher costs at several operations, principally at LaRonde, Meadowbank and the Company’s Mexican operations.  Lower gold sales were mainly as a result of the expected lower gold production in the period primarily due to reduced throughput levels at Meadowbank as the mine transitions through the last full year of mining at site.

The decrease in cash provided by operating activities for the full year 2018 compared to the prior year period was mainly due to lower gold sales volumes, lower by-product revenue and expected higher costs at several operations, principally at Meadowbank, Kittila and the Company’s Mexican operations, partially offset by slightly higher realized gold prices.  Lower gold sales were largely as a result of the expected lower gold production in the period primarily due to reduced throughput levels at Meadowbank as described above.

“From an operational standpoint, 2018 was another strong year as we exceeded production forecasts at lower than expected unit costs for a seventh consecutive year while growing gold reserves and successfully advancing our Nunavut development projects”, said Sean Boyd, Agnico Eagle’s Chief Executive Officer.  “With the start of new operations at both Meliadine and Amaruq this year, we anticipate record gold production in 2019 with further production growth in 2020 and beyond.  This growing production platform should result in increased cash flow allowing us to advance our project pipeline, reduce debt and increase dividends”, added Mr. Boyd.

Read More: https://www.agnicoeagle.com/English/investor-relations/news-and-events/news-releases/news-release-details/2019/Agnico-Eagle-Reports-Fourth-Quarter-and-Full-Year-2018-Results/default.aspx

NT4

U of S to offer courses focused on Indigenous storytelling – StarPhoenix

The University of Saskatchewan plans to offer a certificate in the study of Indigenous storytelling.

Prof. Robert Alexander Innes, head of the Indigenous Studies department, says students will be able to learn about the different ways in which Aboriginal stories have been told and recorded in writing, film and new media.

The English and drama departments will also be involved.

The university says requirements for the certificate will include first-year courses, a core second-year course and selected studies offered by the three departments.

Innes says it was a good opportunity to bring the departments together so that students can choose from multiple courses that fit the theme of Indigenous storytelling.

Read More: https://thestarphoenix.com/news/local-news/u-of-s-to-offer-courses-focused-on-indigenous-storytelling

Canada and Beecher Bay (Sc’ianew) First Nation settle historic claim

February 14, 2019 — Beecher Bay, BC — Crown-Indigenous Relations and Northern Affairs Canada

Honouring Canada’s lawful obligations to Indigenous people and working collaboratively to settle outstanding claims is key to achieving reconciliation with Indigenous people in Canada.

Today, the Honourable Carolyn Bennett, Minister of Crown-Indigenous Relations, and Chief Russ Chipps of the Beecher Bay (Sc’ianew) First Nation celebrated with members of the Beecher Bay First Nation the settlement of a historical grievance concerning the First Nation’s reserve land.

The specific claim, which was accepted for negotiation in July 2013, alleged that Canada breached its fiduciary duty to Beecher Bay First Nation when 3.95 acres were omitted from the 1878 survey of the First Nation’s reserve.

The settlement agreement provides the First Nation with $2.99 million in financial compensation, and these funds may be used to benefit Beecher Bay First Nation’s community, such as to purchase land or invest in new opportunities for community and business development that will benefit its members and the local economy.

Negotiated specific claim settlements help right past wrongs, renew relationships and advance reconciliation for the benefit of all Canadians.

Quotes

“Acknowledging and addressing historical wrongs that have occurred because of Canada’s colonial past is a critical part of the journey ‎of reconciliation we must take as Canadians. This settlement with the Beecher Bay First Nation shows how important it is to work together to resolve outstanding issues. We congratulate Chief Chipps and his council and commit to walking beside them as they realize the inspiring vision for their community.”

The Honourable Carolyn Bennett, M.D., P.C., M.P.
Minister of Crown-Indigenous Relations

“This settlement is an important step for our people and our Nation. In the case of Section 49, Canada’s surveyors cut off a portion of our reserve that they were meant to protect. This is a wrong that has affected our community and our Nation for generations. For the last 141 years, BBFN has been working hard to right this wrong. In reaching a resolution with Canada today, we have our ancestors, and the many, many people who have carried this work forward to thank and acknowledge.”

Chief Russ Chipps
Beecher Bay First Nation

Quick facts

  • Should the Beecher Bay First Nation choose to purchase land, the settlement agreement enables the Beecher Bay First Nation to request reserve status for up to 4.35 acres of land, subject to Canada’s Policy on Additions to Reserve/Reserve Creation.
  • To date, Canada has settled over 470 specific claims through negotiated settlements with First Nations across the country.

Associated links

Contacts

For more information, media may contact:

Matthew Dillon-Leitch
Director of Communications
Office of the Honourable Carolyn Bennett
Minister of Crown-Indigenous Relations
819-997-0002

Media Relations
Crown-Indigenous Relations and Northern Affairs Canada
819-934-2302
RCAANC.media.CIRNAC@canada.ca

Chief Russ Chipps
Beecher Bay First Nation
250-478-3535
bbmngr@telus.net

NT5

Jody Wilson-Raybould’s Exit From Cabinet Doesn’t Threaten Reconciliation: Indigenous Senators – HuffPost Canada

Sen. Murray Sinclar, 7 others praised the former minister’s “integrity.”

OTTAWA — Indigenous parliamentarians say Jody Wilson-Raybould’s controversial exit from the cabinet doesn’t signal the end of reconciliation efforts between the federal government and Indigenous Peoples.

But they say her departure is a sign of how much work there is still to do.

“Even though some will see this as a threat to the promise and process of reconciliation, it is not,” eight Indigenous senators said in a written statement issued Thursday.

“It is a measure of the distance they have yet to go and the challenges we have yet to overcome. As long as Ms. Wilson-Raybould and other men and women like her gain and remain on the national scene and show the integrity we need to persevere on this journey, change will occur.”

Read More: https://www.huffingtonpost.ca/2019/02/14/jody-wilson-raybould-indigenous-senators_a_23669995/

The Daily Friday, February 15, 2019

Family Matters: Adults living with their parents

Close to 1 in 10 Canadian adults aged 25 to 64 lived with at least one of their parents in 2017.

Continue reading 

Canada’s international transactions in securities, December 2018

Foreign investors reduced their holdings of Canadian securities by $19.0 billion in December, led by a record divestment in Canadian bonds. At the same time, Canadian investors reduced their holdings of foreign securities by $425 million, on sales of US Treasury instruments.

Continue reading 

Experimental New Condominium Apartment Price Index, first quarter 2017 to third quarter 2018

For the first time, Statistics Canada is providing Canadians with data on prices for the new condominium apartment market.

Continue reading 

Traveller Accommodation Services Price Index, fourth quarter 2018

The Traveller Accommodation Services Price Index (TASPI) declined 19.3% in the fourth quarter. The index has decreased in the fourth quarter every year since its inception, as lower seasonal demand typically drives down accommodation prices in the fall and winter.

Continue reading 

Supply and disposition of refined petroleum products, November 2018

Refinery receipts of crude oil and refinery production decreased in November, while domestic sales of refined petroleum products increased compared with the same month in 2017.

Continue reading 

Farm Financial Survey, 2017

Information from the Farm Financial Survey for 2017 is now available. The Farm Financial Survey provides data on average farm assets, liabilities, capital investments, capital sales, revenues, and expenses.

Continue reading 

New products

Statistics Canada – Infographics: “Family Matters: Under the same roof, living with my parents!”

Catalogue number Catalogue number11-627-M2019002, (HTML | PDF)

Transportation Data and Information Hub: “Activity indicators – Transportation Data and Information Hub”

Catalogue number Catalogue number50-502-X2018001, (HTML)

Transportation Data and Information Hub: “Selected components of the transportation system in Canada”

Catalogue number Catalogue number50-502-X2018002, (HTML)

Transportation Data and Information Hub: “Performance indicators – Transportation Data and Information Hub”

Catalogue number Catalogue number50-502-X2018003, (HTML)

NT4

Jets, Moose celebrate Indigenous culture with special logos – CBC

Logos incorporate the artwork and symbolism of several Indigenous cultures

Feb 14, 2019

The logos of Winnipeg’s professional hockey teams have been given a redesign in honour of Manitoba’s Indigenous communities and cultures.

On Saturday, the NHL’s Jets will honour the Winnipeg Aboriginal Sport Achievement Centre with WASAC night, while on Sunday the Moose host Follow Your Dreams Day.

Both initiatives are part of the NHL’s efforts to promote diversity and inclusiveness in hockey, according to True North Sports and Entertainment, which owns the Jets and the American Hockey League’s Moose.

Read More: https://www.cbc.ca/news/canada/manitoba/jets-moose-hockey-indigenous-logos-1.5019484

NWT to benefit from increased tourism opportunities

Federal government investment boosts tourism industry in the North

February 14, 2019 — Yellowknife, Northwest Territories — Canadian Northern Economic Development Agency (CanNor)

Tourism presents the Northwest Territories with an exciting opportunity to diversify and grow its economy. This is why the Government of Canada is investing almost $250,000 in three innovative and forward-looking tourism projects.

The announcement was made today by Michael McLeod, Member of Parliament for Northwest Territories, on behalf of the Honourable Navdeep Bains, Minister of Innovation, Science and Economic Development and Minister responsible for CanNor.

Funding will go towards a variety of tourism activities including the installation of interactive wayfinding maps across Yellowknife, affordable adventure travel and an expanded winter festival.

Through these investments, the federal government is supporting the growth of a diverse tourism industry and related jobs in the North.

Quotes

“Tourism is a fast-growing sector in Canada, providing economic benefits and the creation of new jobs and opportunities. The North offers iconic, unique and share-worthy experiences that celebrate our diversity. The Government of Canada is committed to supporting activities that increase the economic wellbeing of communities in the North.”

Honourable Navdeep Bains
Minister of Innovation, Science and Economic Development and the Minister responsible for CanNor

“Tourism provides the Northwest Territories with an excellent opportunity to diversify its economy and share its unique experiences with visitors. Through this investment, which fosters economic development and job creation, the Northwest Territories will benefit from increased visitor numbers and spending.”

Michael McLeod
Member of Parliament for Northwest Territories

“From the High Arctic to the 60th Parallel, we know spectacular sights and stories abound in our Northwest Territories. Incremental investments like these help build the capacity of our people and communities to bring them to life with unforgettable experiences. With five consecutive years of tourism growth in our territory, we know these kinds of investments pay off.”

Wally Schumann
Minister of Industry, Tourism and Investment, Northwest Territories

“Tourism is one of the fastest growing sectors of the Yellowknife economy. One of the city’s goals has been economic diversification, and as such we are excited to receive funding that will be used to ensure a positive visitor experience in our city.”

Rebecca Alty
Mayor, City of Yellowknife

Related products

Associated links

Contacts

For more information, media may contact:

Dani Keenan
Press Secretary
Office of the Minister of Innovation, Science and Economic Development
343-291-1710

Media Relations
Innovation, Science and Economic Development Canada
343-291-1777
ic.mediarelations-mediasrelations.ic@canada.ca

Traolach Ó Murchú
Communications Advisor
CanNor
867-667-3302
traolach.omurchu@canada.ca

NT5

BC Government: Premier’s statement on Women’s Memorial March

Feb. 14, 2019

VANCOUVER – Premier John Horgan; Melanie Mark, MLA for Vancouver-Mount Pleasant; Mitzi Dean, Parliamentary Secretary for Gender Equity; and Scott Fraser, Minister of Indigenous Relations and Reconciliation have issued the following statement to acknowledge the annual Women’s Memorial March for murdered and missing women and girls in Vancouver’s Downtown Eastside:

“Today, because of years of work led by Indigenous women, family and community members, thousands of people will gather on the unceded territories of the Musqueam, Squamish and Tsleil-Waututh First Nations to commemorate and honour the lives of the women and girls who have been murdered or gone missing in Vancouver’s Downtown Eastside. It is with sincere regret that we are unable to walk with you in this year’s 28th Annual Women’s Memorial March.

“For many, Feb. 14 is Valentine’s Day. But for those who march, this date has a different meaning. It is a day of remembrance, when community comes together to honour and celebrate the lives of all the women who were unjustly taken from their families and communities. These women and girls are not a statistic. They are loved and we honour the determination, courage and resilience of the families and communities who keep their memories alive. These women are mourned, but they will not be forgotten.

“It is also a day to hold those in authority to account. For 28 years, the Feb. 14 annual Women’s Memorial March has been a leading voice calling for action to end violence against Indigenous women and girls. Our government shares this commitment. We will work together to support the safety and well-being of women and girls, and we commit daily to doing all that we can to prevent the conditions that cause them to experience violence, poverty, homelessness and racism, in violation of their human rights.

“Thank you to the organizers, volunteers and all those who continue to advocate for change. While we cannot be with you in person, we march in step with you in spirit and recommit to our promise to work alongside you so that women and girls can thrive in our communities, free of violence, intolerance and fear.”

Contact:

Jen Holmwood
Deputy Communications Director
Office of the Premier
250 818-4881

NT5

Media advisory: Government of Canada and Beausoleil First Nation to announce infrastructure funding for reliable community access

Beausoleil First Nation, Ojibway Territory, Ontario — Please be advised that the Honourable Seamus O’Regan, Minister of Indigenous Services will announce funding for a community infrastructure project for Beausoleil First Nation. Minister O’Regan will be available to the media following the announcement.

Date: February 15, 2019

Time:
Announcement 2:00 – 2:30 (EST)
Media availability 2:30 – 3:00 (EST)

Where:
Beausoleil First Nation wharfs
11 Ogemaa Miikaan
Christian Island, ON L9M 0A9

Contacts

For more information (media only):

Rachel Rappaport
Press Secretary
Office of the Honourable Seamus O’Regan,
Minister of Indigenous Services
819-934-2796

ISC Media Relations
819-953-1160
SAC.media.ISC@canada.ca

NT5

The AFNQL Stands with Jody Wilson-Raybould

Wendake, February 14, 2019 – “When Prime Minister Trudeau appointed Jody Wilson-Raybould as Minister of Justice and Attorney General of Canada in November 2015, we all felt that the relationship between the Canadian state and Indigenous Peoples entered a new chapter, a more positive one,” declared Ghislain Picard, Chief of the AFNQL. “With the announcement of her resignation after being demoted to Veterans affairs earlier this year, we are very concerned, like many First Nations in the country, as to the many questions surrounding her departure that remain unanswered”, indicated Chief Picard.

Jody Wilson-Raybould is a lawyer with a remarkable track record. More specifically, she was an advisor to the British Columbia Treaty Commission. She was also elected Commissioner by the First Nations Chiefs Summit in British Columbia. Subsequently, her career led her to serve nearly two terms as BC Assembly of First Nations Regional Chief, and she was later elected as Member of Parliament.

“I worked with Jody during one of our most challenging times under the Harper government. She is a strong leader, deeply committed to making it right for her peoples. She is always ready to negotiate while upholding the highest standards when it comes down to our principles,” stated Chief Picard who added, before concluding: “I will stand by our sister Jody. If there is a time when she needs our support and our solidarity, it is now.”

About the AFNQL

The Assembly of First Nations of Quebec and Labrador is the political organization regrouping 43 Chiefs of the First Nations in Quebec and Labrador. Follow us on Twitter @APNQL.

– 30 –

Information:

Alain Garon, agaron@apnql.com

Communications Advisor

Cell.: 418-254-4620

NT5

ON Government: Joint Statement for the Annual Women’s Memorial March

February 14, 2019

Today, Greg Rickford, Minister of Indigenous Affairs, and Caroline Mulroney, Attorney General issued the following statement in recognition of the annual Women’s Memorial March for missing and murdered Indigenous women and girls:

“Across the country people are participating in the annual Women’s Memorial March to draw attention to the disproportionate number of missing and murdered Indigenous women and girls. The high rate of violence against Indigenous women and girls is deeply concerning and entirely unacceptable to our government. It represents a challenge to how we see ourselves as a province, a country, and our commitment to a society that is safe, fair and just.

Violence against Indigenous women has devastating impacts on children, families, and communities across Ontario. We need to confront and eliminate the causes of violence so that all Indigenous women and girls are safe to live their lives free from the fear of harm.

We know that First Nations, Métis, Inuit, and urban Indigenous organizations have identified this critical issue as a priority for their communities.  We are hopeful the final report from the National Inquiry into Missing and Murdered Indigenous Women and Girls this spring shines a light on all the causes of missing and murdered Indigenous women and girls.

Indigenous women and families deserve safety from harm, and justice in the face of violence.  Together, we must work to ensure that the memories of missing and murdered Indigenous women and girls are never lost, and that the fight for change continues in their names.”

Media Contacts

Sydney Stonier
Minister Rickford’s Office
416-219-3220

 

Flavia Mussio
Ministry Contact
416-314-9455

 

Jesse Robichaud
Attorney General’s Office
647-632-6938
Brian Gray
Ministry Contact
416-326-2210

NT5

The Government of Canada takes action to protect aquatic species at risk

Maple Ridge, British Columbia — Canada’s natural environment and wildlife are at the core of our national identity. Biodiversity is the cornerstone of our way of life – the health of the natural environment supports our culture, our well-being and our economy. Unfortunately, some of the species in our waters, rivers, lakes, estuaries, and marshes are at risk and need our collective help to ensure their survival for future generations. We must take urgent, collective action to protect them.

That’s why the Government of Canada established the historic $1.3 billion Nature Legacy Initiative in Budget 2018, which will advance work towards meeting our nature protection goals.

Today, the Minister of Fisheries, Oceans and the Canadian Coast Guard, the Honourable Jonathan Wilkinson, announced that as part of the Nature Legacy, the Government of Canada is formally launching the Canada Nature Fund for Aquatic Species at Risk: a $55 million investment over five years to support the recovery of aquatic species at risk.

In partnership with Indigenous communities, organizations, provinces and territories, industry and academia, this fund focuses on seven priority freshwater places and two priority marine threats. These federal targeted investments will directly support aquatic conservation and species at risk across the country and in our oceans.

The priority areas identified are located in:

  • Fraser and Columbia Watersheds (BC)
  • Rocky Mountains’ Eastern Slopes (AB)
  • Southern Prairies (AB, SK, MB)
  • Lower Great Lakes Watershed (ON)
  • St. Lawrence Lowlands / basses-terres du Saint-Laurent (QC)
  • Southern Gulf of St. Lawrence Rivers (NB, NS, PEI)
  • Bay of Fundy and Southern Uplands Watersheds (NS, NB)

The two priority marine threats identified are:

  • Fishing interactions such as entanglements and bycatch of aquatic species at risk;
  • Physical and acoustic disturbance, including ship strikes and marine noise.

Protecting these species is a shared responsibility. Through this fund, the Government of Canada is helping to build a culture of conservation, and one that empowers Canadian organizations to join in the collaborative efforts to conserve nature.

The Government of Canada is now accepting Expressions of Interest from potential partners to support the conservation of biodiversity through collaboration and partnership to recover aquatic species at risk.

Project partners will be expected to match funding. Interested parties are encouraged to review the eligibility criteria and submit an expression of interest by March 22, 2019.  Successful applicants at this stage will be invited to submit a project proposal for further consideration.

Quotes

“Through the Canada Nature Fund for Aquatic Species at Risk, the Government of Canada will help protect and promote the recovery of species at risk. We know this must be a shared responsibility, which is why we are partnering with others to fund the right projects that will help us protect aquatic habitat and species at risk for the future.”

The Honourable Jonathan Wilkinson, Minister of Fisheries, Oceans and the Canadian Coast Guard

“Our waterways in Pitt Meadows-Maple Ridge not only create a breathtaking natural environment, but they are also home to numerous aquatic species. Through the Canada Nature Fund for Aquatic Species at Risk, the Government of Canada will work with partners here in B.C., and across Canada, to protect and improve aquatic habitats. Our appreciation for nature must be coupled with action to protect it.”

Dan Ruimy, Member of Parliament for Pitt Meadows—Maple Ridge

Related products

Associated links

Contacts

Jocelyn Lubczuk
Press Secretary
Office of the Minister of Fisheries, Oceans
and the Canadian Coast Guard
613-992-3474
Jocelyn.lubczuk@dfo-mpo.gc.ca

Media Relations
Fisheries and Oceans Canada
613-990-7537
Media.xncr@dfo-mpo.gc.ca

NT5

Memorial marches: Statement from Premier Notley

“Today, we join survivors and families in remembering Indigenous women and girls who have lost their lives to gender-based violence.

“We recognize the women and girls who have gone missing – their individual absences felt daily in homes and communities.

“These women and girls were cherished daughters, sisters, mothers and friends. Their loss is an ongoing national tragedy. It has not only disrupted and altered the lives of their loved ones, but damaged the social fabric of our province and nation.

“During these vigils, we walk with you to recognize the ever-present memory of your loved ones. We vow to do right by them. We renew the call for justice and action. And we commit to building a province in which Indigenous women and girls feel safe and valued.

“In honour of these women and girls, we must work together to make our province safer.”

 

Media inquiries

  • Government of Alberta
  • mailto:media@gov.ab.ca
    780-422-4905

NT5

Flemish Pass Exploration Drilling Project and Eastern Newfoundland Offshore Exploration Drilling Project – Public Comments Invited

February 14, 2019 — Ottawa — Canadian Environmental Assessment Agency

The Canadian Environmental Assessment Agency (the Agency) is conducting federal environmental assessments for the proposed Flemish Pass Exploration Drilling Project and the proposed Eastern Newfoundland Offshore Exploration Drilling Project, located approximately 460 kilometres and 265 kilometres, respectively, east of St. John’s, Newfoundland and Labrador.

The projects are undergoing separate coordinated environmental assessments. As the projects significantly overlap in content, one joint draft Environmental Assessment Report and two sets of potential environmental assessment conditions have been drafted for the projects.

The Agency invites the public and Indigenous groups to comment on the draft Environmental Assessment Report, which includes the Agency’s conclusions and recommendations regarding the potential environmental effects of both projects and their significance, the proposed mitigation measures, and the proposed follow-up programs.

The Agency also invites comments on the potential conditions for the Flemish Pass Exploration Drilling Project and on the potential conditions for the Eastern Newfoundland Offshore Exploration Drilling Project. Final conditions would become legally binding on the proponents if the projects are allowed to proceed.

These projects have benefited from several public and Indigenous consultation opportunities. This is the final public comment period in the process.

All comments received will be considered public. Written comments in either official language must be submitted by March 16, 2019 to:

Flemish Pass and Eastern Newfoundland Offshore Exploration Drilling Projects
Canadian Environmental Assessment Agency
200-1801 Hollis Street
Halifax, Nova Scotia B3J 3N4
Telephone: 902-426-0564
Email: CEAA.NLOffshoreProjects-ProjetsExtracotierTN.ACEE@canada.ca

Associated links

Contacts

Marissa Harfouche
Communications Advisor
Canadian Environmental Assessment Agency
613-219-2789
Marissa.Harfouche@canada.ca

NT5

Northwest Territories Government Signs Contract to Construct Tlicho Road

LONDON, ON, Feb. 14, 2019 /CNW/ – Fortune Minerals Limited (TSX: FT) (OTCQX: FTMDF) (“Fortune” or the “Company”) (www.fortuneminerals.com) is pleased to report that the Government of the Northwest Territories (“GNWT”) has announced that it has signed the agreement with North Star Infrastructure GP (“North Star”) to construct the Tlicho All-Season Road (“Tlicho Road”) to the community of Whati, Northwest Territories. Whati is located 50 kilometres south of Fortune’s proposed NICO Cobalt-Gold-Bismuth-Copper mine (“NICO Project”). As part of its proposed development, Fortune plans to construct a spur road to connect with the Tlicho Road in order to enable concentrates produced from the mine to be transported south for processing to value added products. These include cobalt chemicals needed to manufacture lithium-ion rechargeable batteries to power electric vehicles, portable electronic devices and stationary cells to make electricity use more efficient.

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The Tlicho Road will be a permanent 97-kilometre, 2 lane gravel highway, extending north from Highway 3 to Whati at a construction cost of $213.8 million. The Government of Canada is providing up to 25% of these costs through the P3 Canada Fund. The GNWT is funding the remaining 75%, using a Private Public Partnership (“P3”) structure with North Star, a consortium consisting of Kiewit Canada Development Corp. and the Tlicho Government, together with Design-Build partners Peter Kiewit Sons ULC, Hatch Corporation, and Thurber Engineering Ltd. North Star will design, finance, construct, operate and maintain the Tlicho Road for a total contract value of $411.8 million over a 28-year period. The Tlicho Government has invested approximately $16 million to purchase a 20% equity interest in North Star.

About Fortune Minerals

Fortune is a Canadian mining company focused on developing the NICO Cobalt-Gold-Bismuth-Copper project in the Northwest Territories. The Company owns lands in Saskatchewan where it plans to construct a refinery to process NICO concentrates to value-added products. Fortune also owns the Sue-Dianne copper-silver-gold deposit located 25 km north of the NICO Project, which is a potential future source of incremental mill feed to extend the life of the NICO Project mill.

Follow Fortune Minerals:

Click here  to subscribe to Fortune’s email list.

Click here  to follow Fortune on LinkedIn.

This press release contains forward-looking information and forward-looking statements within the meaning of applicable securities legislation. This forward-looking information includes statements with respect to, among other things, the construction of the Tlicho Road and the Company’s plans to develop the NICO Project. Forward-looking information is based on the opinions and estimates of management as well as certain assumptions at the date the information is given (including, in respect of the forward-looking information contained in this press release, assumptions regarding: the Company’s ability to arrange the necessary financing to continue operations and develop the NICO Project; the construction of the Tlicho Road and the timing of its completion; the receipt of all necessary regulatory approvals and the timing thereof; the rezoning of the Company’s Saskatchewan refinery lands to allow for the construction of a refinery to process NICO concentrate, if needed, and the timing thereof; growth in the demand for cobalt; the time required to construct the NICO Project;  and the economic environment in which the Company will operate in the future, including the price of gold, cobalt and other by-product metals, anticipated costs and the volumes of metals to be produced at the NICO Project). However, such forward-looking information is subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking information. These factors include the risks that the Company may not be able to finance and develop NICO on favourable terms or at all, uncertainties with respect to the receipt or timing of required permits, approvals and agreements for the development of the Nico Project, the Tlicho Road may not be constructed in a timely fashion or at all, the construction of the NICO Project may take longer than anticipated, the Company may not be able to secure offtake agreements for the metals to be produced at the NICO Project, the inherent risks involved in the exploration and development of mineral properties and in the mining industry in general, the market for rechargeable batteries and the use of stationary storage cells may not grow to the extent anticipated, the future supply of cobalt may not be as limited as anticipated, the risk of decreases in the market prices of cobalt and other metals to be produced by the NICO Project, discrepancies between actual and estimated mineral resources or between actual and estimated metallurgical recoveries, uncertainties associated with estimating mineral resources and the risk that even if such resources prove accurate the risk that such resources may not be converted into mineral reserves, once economic conditions are applied, the Company’s production of cobalt and other metals may be less than anticipated and other operational and development risks, market risks and regulatory risks. Readers are cautioned to not place undue reliance on forward-looking information because it is possible that predictions, forecasts, projections and other forms of forward-looking information will not be achieved by the Company. The forward-looking information contained herein is made as of the date hereof and the Company assumes no responsibility to update or revise it to reflect new events or circumstances, except as required by law.

SOURCE Fortune Minerals Limited

Troy Nazarewicz, CIM, CPIR
Investor Relations Manager
Fortune Minerals Limited
148 Fullarton Street, Suite 1600
London, Ontario, CANADA
N6A 5P3info@fortuneminerals.com
Tel. 519-858-8188
Cel. 519-709-8489
www.fortuneminerals.com

NT4

Government of Canada purchases modern equipment to help protect oceans and waterways

February 14, 2019 – Gatineau, Quebec – Public Services and Procurement Canada

Through the Oceans Protection Plan, the Government of Canada is getting the Canadian Coast Guard the equipment it needs to protect our oceans and waterways.

Public Services and Procurement Canada, on behalf of the Canadian Coast Guard, has awarded a $1.2-million contract to J & J Trailers Manufacturers and Sales Inc., from Scarborough, Ontario, for the acquisition of 23 boom trailers and associated services and products.

A boom is a temporary flotation barrier used to contain pollution spills in marine waters. Boom trailers are used to transport booms to locations where they are needed.

The contract includes options to acquire additional trailers and services, up to a value of approximately $6.3 million.

This contract will create up to eight new jobs, while maintaining 32 existing jobs.

Quotes

“Our Government is committed to keeping our oceans and waterways healthy, so that Canadians will benefit for generations to come. These new and modern trailers will help the women and men of the Canadian Coast Guard respond rapidly to environmental spills, while supporting jobs and economic growth in Ontario.”

The Honourable Carla Qualtrough
Minister of Public Services and Procurement and Accessibility

“Our Government is committed to keeping our coasts and waters safe and clean. These trailers will provide the Canadian Coast Guard with the tools and equipment they need to continue to do so, while creating jobs in Ontario.”

The Honourable Jonathan Wilkinson
Minister of Fisheries, Oceans and the Canadian Coast Guard

Quick facts

  • On November 7, 2016, the Prime Minister launched the $1.5-billion Oceans Protection Plan to improve marine safety, promote responsible shipping, protect Canada’s marine environment and offer new possibilities for Indigenous and coastal communities.
  • The Canadian Coast Guard regularly uses booms to respond to oil spills, reducing the possibility of polluting shorelines and other resources.
  • Under this contract, this new equipment will be delivered in the coming months to the following locations: Richmond and Victoria, British Columbia; Mount Pearl, Newfoundland and Labrador; and Dartmouth, Nova Scotia.
  • The 23 trailers will be delivered within 160 days of the contract award date.

Associated links

Contacts

Ashley Michnowski
Director of Communications
Office of the Honourable Carla Qualtrough
819-997-5421

Media Relations
Public Services and Procurement Canada
819-420-5501
media@pwgsc-tpsgc.gc.ca

NT4

Government taking action to keep rates affordable for BC Hydro customers

Feb. 14, 2019

VICTORIA – After years of rate hikes and billions in deferred costs at BC Hydro piled up by the previous government, the B.C. government is taking action to keep electricity rates affordable for customers by cutting costs and developing new revenue streams at the Crown corporation.

These actions come out of an internal review of BC Hydro. They follow news that the previous government pushed through contracts with independent power producers, beginning in the early 2000s, that will cost Hydro customers more than $16 billion over 20 years. In addition, the exponential growth of BC Hydro’s deferred debt shows that the old government continually passed BC Hydro’s financial problems on to future generations.

“The previous government made choices that put their own interests ahead of what’s best for the province and BC Hydro customers,” said Michelle Mungall, Minister of Energy, Mines and Petroleum Resources. “They ignored the professional advice, they ignored the auditor general, and they ignored the growing debt — and instead chose to make British Columbians pay the price for their choices, today and for decades to come.

“Following this review, it’s our government’s job to fix what’s broken, put BC Hydro onto a sustainable path and make sure rates stay as affordable as possible for customers.”

Mungall said that as part of making sure BC Hydro works better for customers, the government will be expanding oversight of the Crown corporation by the BC Utilities Commission (BCUC).

“Step one in fixing this problem is to take the politics out of decisions around BC Hydro — the problems we’re seeing today are the result of 16 years of political choices by the previous government,” said Mungall. “The best way to keep BC Hydro on the right financial path, while protecting the interests of customers is to enhance BCUC’s independent oversight of the Crown corporation as we move forward.”

“BC Hydro is committed to working with our customers, Indigenous peoples, stakeholders, the BCUC and government as we build on the work of the review to limit rate increases, enhance regulatory oversight and support the Province in its social, economic and environmental priorities,” said Chris O’Riley, president and chief operating officer, BC Hydro.

Affordable rates:

Subject to BCUC approval, electricity bills for ratepayers are forecast to increase by 1.8% effective April 1, 2019, and 0.7% effective April 1, 2020.

This is part of a cumulative rate increase of 8.1% over the next five years, which is:

  • almost 40% lower than the 13.7% cumulative increase for the same period under the previous government’s 10-year rates plan, and
  • 20% lower than the 10.7% forecast rate of B.C. inflation over the same period.

As part of transitioning to enhanced oversight, government has accepted a recommendation from the review for BC Hydro to stop using the rate-smoothing regulatory account and to write off its balance to zero in 2018-19. This will limit rate increases and relieve ratepayers of the burden of directly paying off $1.1 billion in deferred costs over the next five years.

In addition, BC Hydro will implement a number of measures that will lower costs and increase revenues, including managing future energy purchases from private power producers. This includes indefinitely suspending BC Hydro’s Standing Offer Program, effective immediately. No change will be made to electricity purchase agreements that are already signed and in place.

Recommendations to reduce costs were informed by the independent report on BC Hydro’s energy purchases from private power producers that was commissioned by the minister as part of the BC Hydro review. The report concludes that BC Hydro bought too much energy, the wrong type of energy and paid too much for it.

“Due to the decisions of the previous government, ratepayers will overpay billions of dollars for power they did not need,” said Mungall. “While costing the average household an extra $200 per year, 80% of that money did not stay in the province. This was just not a good deal for British Columbians.”

Government recognizes that many Indigenous Nation communities have seen small-scale private power as economic development opportunities. That is why the Ministry of Energy, Mines and Petroleum Resources will be engaging with Indigenous Nations to discuss the extent to which the suspension of the Standing Offer Program may affect individual Nations.

Enhanced independent oversight:

The review has identified areas where BCUC oversight is more appropriate than government oversight to ensure ratepayers’ interests are best protected.

Government intends to introduce regulatory and legislative changes to roll back past government directions that have restricted the BCUC’s oversight of BC Hydro. Under this new framework, the BCUC will make decisions on rate increases, deferral accounts and capital projects, as well as other decisions that affect British Columbians.

Government intends to return oversight of BC Hydro’s net income to the BCUC in 2021-22, following a two-year transition period to enable the BCUC to complete its review of BC Hydro’s next two-year revenue requirements application, and to undertake a process to determine an appropriate rate of return. Government also intends to restore the commission’s authority to review and approve BC Hydro’s Integrated Resource Plan, its 20-year plan to meet electricity demand, starting in 2021.

BC Hydro plays a unique role as both an electrical utility and an implementer of government policy. To minimize past policy impacts on ratepayers and the Province’s fiscal plan and advance social, economic and environmental priorities, government anticipates that, on occasion, it will be required to provide direction to the BCUC to guide decision making in proceedings that have implications for government policy.

Policy guidance could be conveyed by having the Province participate in certain BCUC proceedings as an intervener or by providing a letter of comment, or by issuing directions. In keeping with its commitment to respect the independence of the BCUC, government will limit the use of these directives as much as possible.

“Our new approach for BCUC oversight of BC Hydro is clear, fair and transparent and recognizes the importance of independent utility regulation,” said Mungall.

Looking forward:

The measures flowing from Phase 1 of the BC Hydro review will inform BC Hydro’s next revenue requirements application to the BCUC (for 2019-20 – 2021-22) to be filed in February 2019 and will allow the BCUC greater independence in reviewing the application.

During the BCUC’s review of the application, stakeholders and the public will have a further opportunity to see and comment on how the outcomes of the first phase of the comprehensive review have influenced BC Hydro’s finances and proposed electricity rates.

The Province remains committed to reconciliation with Indigenous peoples of British Columbia. The Ministry of Energy, Mines and Petroleum Resources will be engaging with Indigenous Nations to discuss the extent to which the indefinite suspension of the Standing Offer Program may affect the economic interests of individual Indigenous Nations.

Phase 2 of the BC Hydro review will begin in 2019. It will be informed by government’s CleanBC plan and focused on ensuring that BC Hydro is well positioned to maximize opportunities flowing from shifts taking place in the global and regional energy sectors, technological change and climate action.

“The problems at BC Hydro didn’t appear overnight, and they can’t be fixed overnight,” said Mungall. “We’re going to keep working to build on BC Hydro’s strengths and the skills and dedication of its workers and build a strong, sustainable and innovative BC Hydro for today and future generations.”

Learn More:

To view the final report on Phase 1 of the BC Hydro review and the independent report on BC Hydro’s purchase of power from independent power producers, visit: https://www2.gov.bc.ca/gov/content/industry/electricity-alternative-energy/electricity/bc-hydro-review

To learn more about the Province’s engagement with Indigenous Nations on the indefinite suspension of the Standing Offer Program, visit: https://engage.gov.bc.ca/sopengagement/

Three backgrounders follow.

BACKGROUNDER 1

  • Electricity rates in B.C. have risen by over 70% in the past 10 years.
  • BC Hydro’s total regulatory (deferral) accounts balance increased from $116 million in two accounts in 2001 to $5.5 billion in 29 accounts by March 31, 2018. These accounts defer certain costs for refund to, or recovery from, customers in future years.
  • BC Hydro’s debt grew from $6.2 billion in 2001 to over $20 billion by March 31, 2018.
  • In its 2002 Energy Plan, the previous government prohibited BC Hydro from developing its own generation (except upgrades to existing facilities and Site C) and mandated that all new power generation opportunities be reserved for private power producers.
  • The 2007 Energy Plan further required BC Hydro to achieve electricity self-sufficiency by 2016 (which eliminated BC Hydro’s ability to plan to purchase electricity from the market to meet demand). The plan also required BC Hydro to replace the energy supply from the Burrard Thermal natural gas generation plant with other resources.
  • To meet the direction in the two Energy Plans, BC Hydro ramped up its procurements from private power producers. Today, BC Hydro holds more than 130 long-term contracts with private power producers for the purchase of a large supply of mostly intermittent power, at far higher than current market prices or the cost of BC Hydro’s own generation.
  • Today, these contracts represent future financial commitments of $51 billion that will need to be recovered from ratepayers over time, and account for about 25% of BC Hydro’s energy supply and about 32% of BC Hydro’s total costs.
  • Energy costs paid to private power producers are forecast to increase from $1.4 billion in 2017-18 to $1.7 billion by 2023-24.
  • On average, BC Hydro’s payments to private power producers are over $100 per megawatt-hour (MWh). By contrast, power generated by BC Hydro’s heritage hydroelectric assets costs $33 per MWh and, prices for power in export markets are forecast to range between $25 and $40 per MWh for the foreseeable future.
  • An independent report commissioned by the Minister of Energy, Mines and Petroleum Resources, as part of the BC Hydro review, found that BC Hydro bought too much energy with the wrong profile and paid too much for this energy, all due to the direction of the previous government.
  • BC Hydro is currently projecting it will be in an energy surplus situation (with more power than it needs) until the mid-2030s, even with new customers coming online and accounting for increased demand to support electrification measures in the Province’s CleanBC plan.
  • In 2010, the previous government introduced the Clean Energy Act which exempted a number of BC Hydro projects and energy procurement activities from independent review by the BCUC.
  • Under the 10 Year Rates Plan announced in 2013, the previous government set, or capped, BC Hydro’s rate increases at specific levels for the first five years of the plan, further interfering with the BCUC’s ability to regulate BC Hydro.
  • The previous government also issued a direction which required the BCUC to approve a rate-smoothing regulatory account and the deferral of specified revenues into it. This account was created as part of the 10 Year Rates Plan to spread out the rate impact over a multi-year period.
  • In 2010, the previous government also issued a regulation directing BC Hydro to follow accounting standards that deviated from generally accepted accounting principles, and instead prescribed its own standards that waived the requirement that rates be established by an independent, third-party regulator (in B.C., the BCUC).
  • In audits of the Province’s public accounts in 2017 and 2018, the auditor general issued qualifications related to how government consolidated BC Hydro’s regulatory accounts, expressing concern that previous government directions to the BCUC have prevented the commission from setting rates and providing the proper independent oversight over the creation and maintenance of BC Hydro’s regulatory accounts under generally accepted accounting principles.
  • In response to the auditor general’s 2016-17 qualifications concern, in August 2018 the provincial government made a $950-million write-down adjustment against its 2017-18 summary accounts bottom line surplus. This was done because the auditor general could not previously estimate the financial effects of the previous government’s directives. Consequently, the provincial comptroller general made an estimate, leading to an adjustment of $950 million.
  • The auditor general’s February 2019 report on rate-regulated accounting at BC Hydro found that independent regulators (such as BCUC) are critical to rate-regulated accounting, and that the government had restricted the BCUC from regulating BC Hydro. The auditor general recommended that BC Hydro prepare its financial statements in accordance with Canadian generally accepted accounting principles, and not the principles prescribed by the previous government. The action that government took in November 2018 to repeal a past regulation regarding the accounting rules BC Hydro is required to follow has addressed this issue.

BACKGROUNDER 2

In the first phase of the BC Hydro review, the ministries of Energy, Mines and Petroleum Resources, and Finance, along with BC Hydro, examined various aspects of the utility’s costs under terms of reference that are public. Key areas of focus included, but were not limited to:

  • affordability and rates
  • regulatory accounts
  • cost of energy acquisition
  • revenues
  • operating costs
  • 10-year capital plan
  • payments to Government, including net income and dividends

As part of the BC Hydro review, the Minister of Energy, Mines and Petroleum Resources also commissioned an independent review of BC Hydro’s energy purchases from private power producers.

As a result of the review, BC Hydro is forecasting rate increases for the next five years that would have the following impacts on customer bills:

  • April 1, 2019: 1.8% increase
  • April 1, 2020: 0.7% increase
  • April 1, 2021: 2.2% increase
  • April 1, 2022: 0.0% increase
  • April 1, 2023: 3.2% increase

This represents a cumulative increase of 8.1% over the next five years (2019-20 — 2023-24), which is:

  • almost 40% lower than the 13.7% cumulative increase for the same period under the previous government’s 10-year rates plan
  • 20% lower than the 10.7% forecast rate of B.C. inflation over the same period

Under the enhanced regulatory oversight for BC Hydro, actual rate increases will be determined by the BCUC in future revenue requirements applications. That means actual rates may be lower or higher than the rates forecast.

As part of the transition to new enhanced regulatory oversight and to achieve the rates targets set out in the forecast, the following measures will be implemented at BC Hydro:

  • Government has accepted a recommendation from the review for BC Hydro to cease using the rate-smoothing regulatory account and to write off the balance in the account in 2018-19. BC Hydro has written off $1.04 billion as of Dec. 31, 2018, and the remaining approximately $0.1 billion that would have been deferred for the remainder of this fiscal year will be expensed and further reduce BC Hydro’s net income. This means that none of these costs will be recovered from ratepayers.
    • This is also expected to reduce BC Hydro’s overall regulatory account balance at March 31, 2019 by 24%, from $4.7 billion (as at Sept. 30, 2018) to $3.6 billion by March 31, 2019.
    • As the cost of the write-off will be borne by BC Hydro and the government, there will be a resultant $190-million negative net impact to the fiscal plan in 2018-19. This is in addition to the $950 million that was already written off by the government at the summary level in its own books for 2017-18.
  • BC Hydro’s Standing Offer Program will be indefinitely suspended.
    • Effective immediately, BC Hydro’s Standing Offer Program is indefinitely suspended, with the exception of electricity purchase agreements for five First Nations-related projects which are part of impact benefit agreements with BC Hydro and/or mature projects that have significant Indigenous Nations involvement as announced March 2018.
    • BC Hydro will not accept new applications, advance any applications or execute any new electricity purchase agreements to purchase power under the Standing Offer Program.
    • No change will be made to electricity purchase agreements that are already signed and in place.
    • The Ministry of Energy, Mines and Petroleum Resources will be engaging with Indigenous Nations to discuss the extent to which the indefinite suspension of the Standing Offer Program may affect the economic interests of individual Indigenous Nations, and to explore options for mitigating significant impacts where they exist.
  • BC Hydro will further minimize energy costs related to biomass energy by:
    • Acquiring biomass energy from facilities with existing electricity purchase agreements due to expire prior to March 31, 2022, but at a lower volume than has been historically delivered and at a lower price than current contract terms.
    • BC Hydro will procure this energy through a combination of load offset and/or energy purchases. Load offset is energy generated by a BC Hydro customer that offsets the energy the customer currently purchases from BC Hydro to serve its own needs.
    • Most biomass energy generators are in the pulp and paper sector. The holders of these expiring biomass agreements are largely forest companies that are important economic anchors and play an important role in the environmentally sound disposal of wood waste from sawmilling operations and other sources.
    • As a separate initiative, government will work with industry to develop to transition over time to production of renewable energy products, such as renewable natural gas and biocrude, from wood waste to develop longer-term economic opportunities and contribute to achievement of CleanBC climate action targets.
  • BC Hydro will reduce its planned 10-year capital expenditures by $2.7 billion (from $18.5 billion to $15.8 billion). BC Hydro will continue to focus on projects required to maintain the reliability and safety of its electric system. Investments to meet minimum legal, regulatory or tariff compliance requirements will not be reduced.
  • Despite cost pressures, BC Hydro expects to limit its base operating cost increases below the forecast rate of provincial inflation over the five-year rates forecast period (2019-20 – 2023-24).
  • The Ministry of Energy, Mines and Petroleum Resources is undertaking a review of the Low Carbon Fuel Standard credits program. As part of this review, regulatory and legislative changes could increase the number of credits available for sale which would generate incremental revenues for BC Hydro’s energy trading subsidiary Powerex.
    • Powerex’s trade activities earn income to help lower BC Hydro’s customer rates.
  • BC Hydro will continue to pursue strategies to increase domestic demand for electricity.
    • Increasing domestic sales of electricity reduces the amount of surplus electricity that must be sold on the export market.
    • Switching from fossil fuel-based energy products to electricity is also key to achievement of B.C.’s greenhouse gas emissions reduction targets under the CleanBC plan.

Taken together, these measures to reduce BC Hydro costs and develop new revenue streams will help BC Hydro to keep rates affordable for its residential, commercial and industrial customers.

BACKGROUNDER 3

Kent Karemaker
Media Relations
Ministry of Energy, Mines and Petroleum Resources
250 886-5400ILR5

As a result of the comprehensive review, government is enhancing the BCUC’s oversight of key aspects of BC Hydro’s business, including in respect of costs, proposed rate increases, net income, regulatory accounts and long-term plan to meet electricity demand on a go-forward basis, while mitigating impacts to the Province’s fiscal plan and keeping rates affordable.

To strengthen BCUC oversight of BC Hydro, the Province has:

  • repealed the provincial regulation which waived requirements for an independent, third-party regulator in setting BC Hydro’s rates, thereby enabling BC Hydro to follow Canadian generally accepted accounting principles and adopt international financial reporting standards without exception, as recommended by the auditor general.
  • repealed past government regulations that significantly restricted the BCUC’s authority to review and/or make decisions on BC Hydro rates, costs, regulatory accounts, capital projects and program expenditures, including regulations under the Utilities Commission Act that, among other things:
    • established rates increases, rate caps or targets for the 2014-15 — 2023-24 period,
    • set BC Hydro’s allowed annual net income, and
    • required the BCUC to approve creation of the rate-smoothing regulatory account and the deferral of specified amounts into it.
  • restored BCUC oversight of the scope and amortization periods of almost all of BC Hydro’s regulatory accounts on a go-forward basis with a few limited exceptions related to past and currently confirmed policy commitments.
  • reinstated the BCUC’s authority to determine how BC Hydro’s Deferral Account Rate Rider (currently a 5% surcharge that applies to all charges on customer bills) is set and applied.

In addition, through future legislative action, the Province intends to restore BCUC’s authority to review and approve BC Hydro’s 20-year plan to meet electricity demand, known as its Integrated Resource Plan (IRP), starting in 2021. Through a separate regulation, the Province has also extended the deadline for BC Hydro to submit its IRP to February 2021 to ensure that the IRP can incorporate BC Hydro’s expected role in implementing the CleanBC plan.

Regulatory and legislative changes to enhance BCUC oversight of BC Hydro will inform BC Hydro’s revenue requirements application to the BCUC for the 2019-20 — 2020-21 period (to be submitted in February 2019), and give the BCUC greater independence in reviewing and deciding on the application.

Government recognizes that the BCUC is first and foremost an economic regulator, and that from time to time policy guidance from the Province may be required, and is appropriate, to ensure that rates remain affordable and to support the continued implementation of government’s social, economic and environmental priorities.

This guidance is particularly important in the short term as the BCUC, BC Hydro, stakeholders and government transition to this enhanced regulatory oversight model.

As such, government will:

  • Re-empower the BCUC to set BC Hydro’s allowed net income following a two-year transition period during which BC Hydro’s current allowed net income of $712 million will remain in place for 2019-20 and 2020-21.
    • The two-year transition period allows time for the BCUC to review of BC Hydro’s next revenue requirements application and undertake a separate process to determine an appropriate return for the shareholder prior to resuming the regulation of BC Hydro’s allowed net income in 2021-22.
  • Provide clear policy guidance, in select circumstances, to guide decision making in BCUC proceedings that have implications for government policy.
    • Policy guidance could be conveyed by having the Province participate in certain BCUC proceedings as an intervener or by providing a letter of comment, or by issuing directions.
    • As an example, government intends to provide a direction to the BCUC with respect to the approval of the biomass energy program documentation and to require the costs associated with the program to be recovered from ratepayers.
  • Continue to direct the BCUC:
    • To continue to prohibit “retail access,” which allows customers to purchase electricity from the open market via a third-party provider, unless requested by a public utility.
    • Not to rebalance BC Hydro’s rates, meaning changing the revenue-to-cost ratios between BC Hydro’s customer classes. Government intends to introduce legislation in spring 2019 to prevent rate rebalancing unless otherwise requested to do so by a public utility.
    • Not to calculate “expenditures for export” when determining BC Hydro’s rates. Government intends to introduce legislation in spring 2019 to repeal the concept of expenditures for export, which are no longer relevant today.
    • Not to regulate Powerex, BC Hydro’s energy-trading subsidiary that operates in competitive wholesale markets outside of B.C. where it is subject to regulation by other entities.

Contact:

Kent Karemaker
Media Relations
Ministry of Energy, Mines and Petroleum Resources
250 886-5400

NT5

Canada Launches Off-Diesel Initiative for Remote Indigenous Communities

February 13, 2019                          Whitehorse, YT                      Natural Resources Canada

Canada is home to hundreds of rural and remote Indigenous communities. As we build a cleaner energy future, we are helping communities across Canada reduce their reliance on diesel and move toward renewable sources of energy. By working together, we can cut pollution, clean our air and create local jobs in Indigenous communities.

The Honourable Amarjeet Sohi, Canada’s Minister of Natural Resources, today announced a $20-million initiative aimed at reducing diesel reliance in remote Indigenous communities. Developed in collaboration with Indigenous Clean Energy Social Enterprise (ICE SE) and the Pembina Institute, the Generating New Opportunities: Indigenous Off-diesel Initiative will help communities move away from using diesel by developing cleaner community-led energy projects.

A distinguished, all-Indigenous panel of jurors will select up to fifteen communities to receive hands-on support and up to $1.3 million in funding to develop their community-driven energy plan over the next three years. At the end, leading communities will receive an additional two years of funding (total of up to $9 million available to support several community projects) from Natural Resources Canada’s Clean Energy for Rural and Remote Communities (CERRC) program to move their clean energy project forward.

This initiative builds on over $700 million already committed to help rural and remote communities get off diesel.

For more details on how to become a clean energy champion for your community, please visit https://impact.canada.ca/en/challenges/off-diesel.

Quotes

“Moving away from diesel means less pollution, cleaner air, lower energy costs, and local job opportunities. We are proud to partner with Indigenous communities as they develop innovative clean energy projects that will have benefits for generations to come.”

– The Honourable Amarjeet Sohi
Canada’s Minister of Natural Resources

“This initiative will reduce the environmental, social and economic impacts of diesel reliance, provide economic opportunities, and enable Indigenous communities to harness cleaner energy.”

– The Honourable Dominic LeBlanc, P.C., Q.C., M.P.
Minister of Intergovernmental and Northern Affairs and Internal Trade

“Impact Canada rewards the best ideas and focuses on achieving stronger social, environmental, and economic outcomes for citizens. I look forward to learning more about the grassroots, community-driven projects that will generate innovative solutions to one of the biggest challenges facing Canada’s remote communities.”

– The Honourable Karina Gould
Minister of Democratic Institutions

“Indigenous communities need to be the leaders in the transition away from diesel to a cleaner, more resilient energy future. Reduction in fossil fuels through innovative clean energy projects will create a more secure energy future for communities, and aid in the fight against climate change. The Indigenous Clean Energy Social Enterprise is pleased to be leading the capacity-building initiatives for this worthwhile initiative.”

– Chris Henderson, Clean Energy Advisor
Indigenous Clean Energy Social Enterprise

“The Pembina Institute is pleased to support this capacity building program for communities as they transition away from diesel dependency. Our role in the Initiative centers on defining, supporting and enabling leading climate and energy policies by working with Indigenous, provincial, and territorial governments, utilities and regulators to help break down systemic policy barriers that have restricted community-driven and owned renewable energy projects in the past.”

– Dave Lovekin, Director, Renewables in Remote Communities
Pembina Institute

Quick facts

  • The Generating New Opportunities: Indigenous Off-diesel Initiative incorporated feedback from significant engagement over the last 18 months, including from regional and National Indigenous Organizations, and remote community representatives.
  • This is the fifth challenge/initiative under the $75-million Cleantech Impact Canada Initiative, which is helping drive innovation and clean growth across Canada.
  • Diesel fuel, though reliable, has negative environmental, social and economic impacts in northern and remote communities. Investing in clean energy to reduce reliance on diesel can support Indigenous communities leading the way to a clean energy future and makes a small but meaningful contribution to self-determination.

Associated links

Contacts

Vanessa Adams
Press Secretary
Office of the Minister of Natural Resources
343-543-7645
Vanessa.Adams@canada.ca

Media Relations
Natural Resources Canada
Ottawa
343-292-6100

NT5

$2.5 Million In Capital Funding For 10 Addictions Beds In LLRIB Wellness Centre Project

February 14, 2019

The Government of Saskatchewan is providing $2.5 million in capital funding to support 10 addictions beds as part of the Lac La Ronge Indian Band’s Wellness, Health and Recovery Centre project.

The wellness centre will blend western and traditional Indigenous approaches to healing and recovery. In addition to the 10 addictions treatment beds, it will include recreational facilities and mini-lodges that allow for clients to stay as part of a remote community program.

“We are committed to improving the health and well-being of Saskatchewan residents,” Rural and Remote Health Minister Greg Ottenbreit said. “We are pleased to provide capital funding to this centre, whose model of care will be both culturally responsive and community-driven.”

“With this funding support, I am pleased that our vision of securing a Wellness, Healing and Recovery Centre in northern Saskatchewan is closer to becoming a reality,” Lac La Ronge Indian Band Chief Tammy Cook-Searson said.  “This program and facility are the result of five years of extensive consultations with our membership and other community members from young children to our Elders who have asked for improved local and culturally sensitive health opportunities.  It is a crucial solution to our need for better access to health and addiction services, and one that will be key in helping our communities in need to reach their full potential and, ultimately, achieve a better quality of life.”

Investing in the wellness centre supports the Truth and Reconciliation Commission’s Calls to Action as well as Saskatchewan’s Mental Health and Addictions Action Plan, which recommends that government partner with First Nations and Métis peoples in planning and delivering mental health and addictions services that meet community needs.

The Lac La Ronge Indian Band delivers services to the largest First Nation in Saskatchewan, and is one of the 10 largest First Nations in Canada, with a membership of nearly 11,000 people.

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For more information, contact:

Shelley Svedahl
Health
Regina
Phone: 306-787-4083
Email: shelley.svedahl@health.gov.sk.ca

Tina Pelletier
Communications Officer
Lac La Ronge Indian Band/Prince Albert Grand Council
Phone: 306-941-7120
Email: tpelletier@page.net

NT5

NTI Board Unanimously Support Three Pillars in Addictions and Trauma Treatment System for Nunavut

(February 14, 2019 – Iqaluit, Nunavut) The Nunavut Tunngavik Board of Directors supports the three pillar approach to Addictions and Trauma Treatment system in Nunavut and calls on government to fund the system on an urgent basis.

Nunavut Tunngavik Incorporated (NTI) has been an active partner of the multi-party feasibility process in 2017 and 2018 for a new addiction and trauma treatment system in Nunavut. The study identifies three pillars for treatment: to enhance community based services through on the land healing camps in each of the three regions, beginning in April 2019; to construct a 32- bed Nunavut Recovery Centre in Iqaluit which can meet the needs of pregnant women and their families, opening in 2023/24; and to develop an Inuit workforce through an Inuit counsellor training program and a laddered Bachelor of Social Work program, to run concurrently, which would enable treatment in Inuktut.

Call to Action 21 of the Truth and Reconciliation Commission called on, “the federal government to provide sustainable funding for existing and new Aboriginal healing centres to address the physical, mental, emotional and spiritual harms caused by residential schools, and to ensure that the funding of healing centres in Nunavut” is a priority.

“Inuit have carried burdens for long enough,” said President Kotierk. “We need many different types of healing, across the territory, in our own language and with our families. The system improvements will be based in Inuit culture and ways of being through the development of a made-in-Nunavut program and Inuit workforce. As a demonstration of our commitment, we are allocating $5 million of Inuit specific health funding towards the system improvements and we will work with the territorial Department of Health on an Inuit workforce development plan.”

President Kotierk concluded, “Our partnership has resulted in a robust plan that will see healing in our language and our ways.”

The First Nations and Inuit Health Branch of Indigenous Services Canada (ISC), invested in the feasibility study in February 2017. A trilateral partnership between NTI, the Government of Nunavut (GN) and ISC finalized the feasibility study in August 2018.

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For further information:

Franco Buscemi
Interim-Director of Communications
Nunavut Tunngavik Incorporated
fbuscemi@tunngavik.com

NT5

MMIWG: Honouring Our Lost Loved Ones

February 14, 2019

Today we are surrounded by images of romantic love. However, for many families, it is a day of remembering, acknowledging and honouring our lost loved ones. It is a day to stand in unity nationally to unconditionally memorialize our missing family members and survivors, and to denounce violence against our women and girls and Two-Spirited people. Standing in unity today gives us and our allies hope and courage to continue to address the systemic and colonial factors that take our women’s lives every day.

The National Inquiry into Missing and Murdered Indigenous Women and Girls has spent many months hearing truths spoken about shattered lives and broken relationships. Deep healing and justice for our loved ones is needed in order to bring about the transformational change that is so necessary in our country. We seek to foster that healing so that all Indigenous women, girls and 2SLGBTQQIA people may reclaim their rightful place as cherished human beings.

On this Valentine’s Day, let us remember that Indigenous women, girls and 2SLGBTQQIA people are sacred and resilient. Let us celebrate love as healthy relationships based on harmony and mutual respect.

Kinana’skomitinnow-ow Tshinashkumitnau Chi-meegwetch Nakurmiik
Marion Buller Chief
Commissioner
Michèle Audette
Commissioner
Brian Eyolfson
Commissioner
Qajaq Robinson
Commissioner

NT5

The Virus that Makes DFO Put Its Head in the Sand – TheTyee.ca

PRV must be taken more seriously, says a judge, again.

When faced with uncertain risks, err on the side of caution.

That’s the “precautionary principle” and it’s as old as it is basic.

But it seems people at the Department of Fisheries and Oceans need a crash course.

Last week a federal court ruled that government’s non-testing policy for a highly contagious pathogen — piscine orthoreovirus (PRV) — contravened the Fishery General Regulations, made a mockery of the precautionary principal, did not honour First Nations rights, and failed to consider the health of wild Pacific salmon, whose stocks are collapsing.

Read More: https://thetyee.ca/Analysis/2019/02/14/Virus-DFO-Head-Sand/

New funding for Lac La Ronge Wellness, Healing and Recovery Centre

Reconfirms commitment to increasing access to mental health and wellness supports for First Nations

February, 14, 2019 — Lac La Ronge, Treaty 6 Territory, Saskatchewan — Indigenous Services Canada

The Government of Canada is committed to working in partnership with First Nations to improve access to health services and strengthen mental health and well-being supports for First Nations youth and their families.

The Honourable Seamus O’Regan, Minister of Indigenous Services, in partnership with Lac La Ronge Indian Band and the province, announced funding for a new wellness, healing and recovery centre that will enhance access to culturally safe mental wellness and recovery services and supports.

The federal government is funding $11.6 million, Saskatchewan has committed $2.5 million, and the Lac La Ronge Indian Band, $2 million. Funding will be provided over three years, and allow for the development of a new health facility that will blend western and traditional Indigenous approaches to healing and recovery.

The Lac La Ronge Wellness, Healing and Recovery Centre will focus on wellness outreach and recovery services, as well as provide accommodation for 10 persons and a remote community program of mini-lodges that allow for individual stay/transition. Youth and their families will have full access to counselling services, including counsellors, mental health workers and traditional healing.

Quotes

“Today’s announcement is an example of all levels of government and leadership working together to support First Nations health and improving mental health and well-being. I commend Chief and Council of Lac La Ronge Indian Band for their vision of this wellness, healing and recovery centre and for moving this project one major step closer to reality”

The Honourable Seamus O’Regan, P.C., M.P.
Minister of Indigenous Services

“The Government of Saskatchewan is committed to improving the health and well-being of our residents. We are pleased to provide $2.5 million dollars in funding for capital costs specifically associated with the healing and recovery aspects of the proposed facility, which will include 10 addictions recovery beds.”

Honourable Greg Ottenbreit
Saskatchewan Minister of Rural and Remote Health

“With this funding support, I am pleased that our vision of securing a Wellness, Healing and Recovery Centre in northern Saskatchewan is closer to becoming a reality. This program and facility are the result of five years of extensive consultations with our membership and other community members from young children to our Elders who have asked for improved local and culturally sensitive health opportunities. It is a crucial solution to our need for better access to health and addiction services, and one that will be key in helping our communities in need to reach their full potential and, ultimately, achieve a better quality of life.”

Chief Tammy Cook-Searson
Lac La Ronge Indian Band

Quick facts

  • With a population of over 11,000 people, Lac La Ronge Indian Band is the largest First Nation in Saskatchewan, and is one the largest First Nations in Canada. This new facility will also be available to the all people living in the northern catchment area.
  • Over 50% of current First Nations population in northern Saskatchewan is under the age of 25 years and suicide in northern and remote communities is ten times as high as the national average.
  • Indigenous Services Canada supports 12 mental wellness teams in Saskatchewan which are designed by communities with a strong emphasis on enhancing cultural safety. These teams are also part of the broader network of supports that include treatment centres, tribal council and community crisis teams.
  • Individuals who are in distress and need help are also encouraged to call the First Nations and Inuit Hope for Wellness Help Line at 1-855-242-3310. This is a national, toll-free, 24-7 culturally appropriate crisis intervention line. Counselling is available in English and French, and upon request in Cree, Ojibway and Inuktut.

Related products

Associated links

Contacts

For more information, media may contact:

Rachel Rappaport
Press Secretary
Office of the Honourable Seamus O’Regan
Minister of Indigenous Services
819-934-2796

Media Relations
Indigenous Services Canada
819-953-1160
SAC.media.ISC@canada.ca

Shelley Svedahl
Government of Saskatchewan
Ministry of Health
306-787-4083
shelley.svedahl@health.gov.sk.ca

Tina Pelletier
Communications Officer
Lac La Ronge Indian Band/Prince Albert Grand Council
306-941-7120
tpelletier@pagc.net

NT5

Millbrook chief wants Indigenous monitors to be able to shut down Alton gas project – CBC

‘To be able to walk into that building, shut it off so that way it does not cause any more detrimental harm’

Feb 14, 2019

A Nova Scotia Mi’kmaw chief wants more Indigenous oversight of the proposed Alton natural gas storage project near Stewiacke, N.S. — including the power to shut down operations.

Millbrook Chief Bob Gloade made the assertion before a Canadian Senate committee meeting last week.

The hearing was about marine protected areas, but Gloade spoke also about Indigenous participation in environmental monitoring.

He said via videolink from Nova Scotia that First Nations should have the ability and the authority “to stop something if they see something that’s going to have a detrimental effect.”

Read More: https://www.cbc.ca/news/canada/nova-scotia/alton-gas-storage-project-shubenacadie-river-bob-gloade-1.5018576

CFN: Chief Marilyn Slett Honoured by Canadian Senate

February 11, 2019

On February 2, K̓áwáziɫ Marilyn Slett was awarded the Senate 150th Anniversary Medal for her tireless work on behalf of the Heiltsuk Nation and other communities throughout the North and Central Coast.

Serving her tenth year and third consecutive term as elected Chief Councillor of the Heiltsuk Tribal Council, Marilyn is President of CFN-GBI and also serves on the Board of Directors of the British Columbia Assembly of First Nations and as Co-Chair of the Wild Salmon Advisory Council to British Columbia.

The award was presented at a ceremony in Burnaby, BC, by Senator Mobina Jaffer, who had met Chief Slett in Ottawa last year at the North Coast Delegation of Hereditary Chiefs, Elected Chief Councillors and Leaders, who had gathered in support of Bill C-48, the Oil Tanker Moratorium Act. At the landmark event, Chief Slett described the importance of a legislative tanker ban for the North and Central Coast, referring to the devastating impacts of the 2016 Nathan E. Stewart spill in Heiltsuk Territory, and urging all Senators in attendance to support the Bill.

“I am humbled to receive the award, I believe in my heart this is for our Haíɫzaqv Nation,” said Chief Slett. “It is our collective strength and perseverance that is recognized and uplifted. The work I do is with the strong mandate and carried with the courage and resilience of our people.”

From the Advisory Working Group on the Senate 150th Anniversary Medal: “The medals are being awarded to Canadians or permanent residents actively involved in their communities who, through generosity, dedication, volunteerism and hard work, make their hometowns, communities, regions, provinces or territories a better place to live.”

NT5

Databases a powerful weapon in fight to eradicate TB – Winnipeg Free Press

Feb 14, 2019

Tuberculosis (TB) is one of the top 10 global causes of death. It is caused by bacteria that first settle in the lungs and spread through the air and is passed on when a person with an active infection coughs or sneezes. People can also pass on TB when they are not themselves sick, if they have a “sleeping” or “latent” infection.

Treatments have been available since the 1940s and TB can be treated before an infected person feels symptoms. However, TB continues to spread in Canada and globally.

It is extremely important that people with active and latent TB infections receive treatment to eliminate the bacteria. The World Health Organization’s End TB Strategy aims to drastically reduce TB deaths and new cases by the year 2035. It identifies local databases as essential for meeting this goal.

Read More: https://www.winnipegfreepress.com/opinion/analysis/databases-a-powerful-weapon-in-fight-to-eradicate-tb-505821232.html

From February 16 to April 21, 2019 – Manif d’art 9 – The Quebec City Biennial is taking over the city – The spotlight is on talent from here and abroad, monumental works, and Indigenous art

Feb 14, 2019

QUEBEC CITY, Feb. 13, 2019  – Manif d’art – The Quebec City Biennial, produced in collaboration with the Musée national des beaux-arts du Québec (MNBAQ), is pleased to announce the official launch of its ninth edition. All the exhibits in the winter biennial will be open from February 16 to April 21, 2019, in a multitude of locations throughout Quebec City. The main exhibit will be in the Pavilion Pierre Lassonde at the MNBAQ.

This year’s biennial, orchestrated by guest curator Jonathan Watkins, director of the Ikon Gallery in Birmingham, England, raises essential questions about the relationships between humans and nature, their environment, each other, and even about their very future on Earth.

The notion of excess, very much in keeping with the theme of Small Between the Stars, Large Against the Sky*, will find expression in sites all over the city of Quebec. Several artists will present monumental works as part of the MNBAQ exhibit or as public art pieces. Among them are Beat Streuli (Switzerland, Belgium) and Marianne Nicolson (Dzawada̱’enux̱w, British Columbia), respectively covering with imposing murals the windows fronting the Marie-Guyart building and the glass façade of the Monastère des Augustines. At the MNBAQ, visitors will be dazzled by the spectacular, sprawling work of Krištof Kintera (Czech Republic) and the gigantic phantasmagoric pieces by the duo of Jim Holyoak (Canada) and Matt Shane (Canada). They will also be intrigued by the curious flock of swan pedal boats by the artist Shimabuku (Japan), a strange sight in the winter landscape of Lévis, near the ferry crossing.

A striking central exhibition at the MNBAQ
Assembled under Watkins’ forceful theme, the works of nearly 20 international, Canadian and Québec artists in the central exhibition of the biennial event in the Pierre Lassonde Pavilion at the MNBAQ offer a sweeping panorama of singular perspectives. Among the artists presented, mention should be made of Manasie Akpaliapik (Nunavut, Canada), Vija Celmins (Latvia), Caroline Gagné (Québec, Canada), Jim Holyoak and Matt Shane (British Columbia, Canada), Krištof Kintera (Czech Republic), Cornelia Parker (England) and Tomas Saraceno (Argentina). Our relationships with the natural world and the exploration of the bounds of human nature have never been as vividly illustrated. To round out the exhibition, a unique international symposium on current art will be held on March 22 and 23, 2019 at the MNBAQ under the theme “Current art, everyday life and nature at Manif d’art 9 – The Québec City Biennial.” The special event will be open to the cultural and artistic communities.

Spotlight on talent from home
In addition to well-established artists from abroad – such as Christiane Baumgartner (Germany), Haroon Mirza (England), Rika Noguchi (Japan), Dinh Q. Lê (Vietnam, United States), Cornelia Parker (England), and George Shaw (England) – Manif d’art 9 –The Quebec City Biennial is proud to fulfil its mission by placing a special emphasis on Quebec talent. Whether emerging or emeritus, more than 40% of the artists taking part in the biennial are from the province of Quebec. They include, to name just a few, Patrick Bernatchez (Montreal), Daniel Corbeil (Val-d’Or), Caroline Gagné (Quebec City), Fanny Mesnard (Quebec City) and Reno Salvail (L’Ange-Gardien) in the main exhibit at the MNBAQ, as well as Amélie Laurence Fortin (Quebec City) and Anne-Marie Proulx (Quebec City), who will present their works in solo shows and as part of the public art exhibit.

Falling in love with Indigenous art
The international curator of the biennial has fallen in love with Indigenous art, and visitors will reap the benefits. The artists from Indigenous culture, with the special relationships they perpetuate with nature, land and the environment, are a perfect fit with the theme of Manif d’art 9. In the main exhibit, 25% of the works are by Indigenous artists, including Manasie Akpaliapik (Arctic Bay, Nunavut), a well-known artist whose work is featured in the Art inuit.La collection Brousseau – Ilippunga collection in the Pavillon Pierre Lassonde at the MNBAQ, Britta Marakatt-Labba (Sami, Sweden), and Meryl McMaster (Siksika, Ontario), as well as Shuvinai Ashoona (Kinngait, Nunavut), recent winner of the prestigious Gershon Iskowitz prize recognizing established Canadian artists. Nadia Myre(Kitigan Zibi Anishinabeg, Quebec) and Hannah Claus (Montreal, Quebec) will present their work at Le Lieu and the Musée Huron-Wendat in solo exhibits.

Young curators warm to the theme
Thirteen Young Curators will put forward their own interpretations of the biennial’s theme in 10 exhibits and one lecture. These discoveries are sure to please lovers of emerging contemporary art from Quebec City.

Manif d’art 9: Contemporary art for all
For art buffs and neophytes alike, the public art exhibits in Old Quebec are a must-see. Visitors can bask in the beautiful old city while taking in nearly 10 works. Murals, installations and even a sound piece will surprise passers-by until April 21, 2019.

For its ninth edition, Manif d’art has increased its family activities. As part of the P’tite Manif, families are invited to attend an exhibit designed just for them and to take part in various activities, including creative and technical exploration workshops, a discovery rally, and philosophy activities at the Méduse, Quebec City libraries, and the Maison Tessier-Dit-Laplante. Parents can choose from a panoply of possibilities to inspire their children with art and play.

Manif d’art would like to thank the Bureau des grands événements, the Ville de Québec, the Conseil des arts et des lettres du Québec, the Ministère de la Culture et des Communications, the Canada Council for the Arts, Quebec City Tourism, Canadian Heritage, lg2, ICI Radio-Canada, Maison Simons and Méduse.

* “STORIES OF THE STREET” BY LEONARD COHEN. COPYRIGHT © 1993, LEONARD COHEN, USED BY PERMISSION OF THE WYLIE AGENCY (UK) LIMITED

SOURCE Musée national des beaux-arts du Québec

For further information: Brouillard, 418-682-6111, equipe@brouillardcomm.comRelated Links

https://www.mnbaq.org/

NT5

New Gold Provides 2019 Operational Outlook

Feb 14, 2019

TORONTO, Feb. 14, 2019 /PRNewswire/ – New Gold Inc. (“New Gold” or the “Company”) (TSX and NYSE American: NGD) announces 2019 guidance that includes an increase in gold production from the Rainy River Mine and another year of solid performance from the New Afton Mine. During the year the Company will continue to advance its strategy of re-positioning the Company for long-term success that will include: completion of all remaining construction capital at the Rainy River Mine in order to position the operation for efficient and sustainable mining; optimizing the Rainy River life of mine plan with a clear focus on lowering future capital requirements while delivering strong free cash flow generation starting in 2020; re-launching an internally funded development program for the New Afton C-zone and delivering an optimized life of mine plan; and returning the Company’s focus to organic growth opportunities by launching strategic exploration programs at both assets. (All amounts are in U.S. dollars unless otherwise indicated).

New Gold Consolidated Operational Estimates

In 2019, the Company will report production on a gold equivalent basis as well as on a per-metal basis. Operating expense per ounce will be presented on a per-metal basis. Cash costs(i) and all-in sustaining costs (AISC)(i) will be reported on a per gold equivalent ounce basis. AISC and cash costs will also be presented on a per gold ounce, by-product basis.

Material assumptions include:  Spot prices of $1,300 per gold ounce, and $2.75 per copper pound, and a foreign exchange rate of 1.30 Canadian dollars to the US dollar.

Operational Estimates

Rainy River

New Afton

2019 Consolidated
Guidance1

Gold Produced (ounces)

245,000 – 270,000

55,000 – 65,000

300,000 – 335,000

Copper Produced (Mlbs)

75 – 85

75 – 85

Gold Eq. Produced (ounces)2

250,000 – 275,000

215,000 – 245,000

465,000 – 520,000

Operating Expense per gold ounce

$870 – $950

$480 – $520

$690 – $770

Operating Expense per copper pound

$0.95 – $1.15

Cash Costs per gold ounce (with by-product credits)(i)

$870 – $950

($1,350) – ($1,310)

$470 – $540

Cash Costs per gold eq. ounce (on a co-product basis)(i)

$870 – $950

$600 – $640

$740 – $820

Corporate G&A per gold eq. ounce

$30 – $50

All-in Sustaining Costs per gold ounce (with by-product credits)(i)

$1,690 – $1,790

($500) – ($420)

$1,370- $1,470

All-in Sustaining Costs per gold eq. ounce (on a co-product basis)(i)

$1,690 – $1,790

$810 – $890

$1,330 – $1,430

Capital Investment & Exploration Expense Estimates

Rainy River

New Afton

2019 Consolidated
Guidance1

Sustaining Capital ($M) (i)

$210 – $230

$45 – $55

$255 – $285

Growth Capital ($M) (i)

~$3

$40 – $45

$50 – $553

Exploration ($M)

~$5

~$4

~$9

1.          All production and cost estimates exclude potential production from Cerro San Pedro residual leaching.

2.          Gold equivalent ounces includes approximately 245,000 to 270,000 ounces of silver at Rainy River and approximately 255,000 to 265,000 ounces of silver at New Afton.

3.          Consolidated growth capital includes ~$7 for Blackwater permitting.

 

“2019 is a pivotal year for the Company as we reposition New Gold for long-term success. In 2019, we will work to establish Rainy River as a profitable and sustainable mining operation and renew our commitment to unlocking the potential of the New Afton C-zone. We will return our focus to advancing organic growth initiatives and launch strategic exploration programs at both assets with a view of enhancing the quality of our resource base and extending mine life,” stated Renaud Adams, President and CEO. “Our available liquidity position secures the execution of our 2019 operational strategy that is focused on optimizing both operations in order to deliver increased margins and positive future cash flow streams that will drive long-term, sustainable shareholder value.”

(i) The Company uses certain non-GAAP financial performance measures throughout this news release. Please refer to the “Non-GAAP Financial Performance Measures” section of this news release.

Rainy River Mine: 2019 Guidance Estimates

The Rainy River Mine is expected to deliver another year of production growth that builds on the progress achieved in the final four months of 2018. During 2019, the key objective will be on optimizing open pit mining productivity and mill performance in order to achieve targeted availability, throughput and recoveries. During the year, the Company is fully committed to completing all remaining construction in order to best position the operation for efficient and sustainable mining and long-term success.

Rainy River 2019 Operational Guidance

2019 Estimates

Gold produced (ounces)

245,000 – 270,000

Gold eq. ounces produced1

250,000– 275,000

Operating Expense per gold eq. ounce

$870 – $950

Cash costs per gold eq. ounce (on a co-product basis) (i)

$870 – $950

All-in Sustaining Costs per gold eq. ounce (on a co-product basis) (i)

$1,690 – $1,790

Sustaining Capital, ARO Amort. & Other ($M)

2019 Estimates

Sustaining Capital

$210 – $230

Total construction capital

$150 – $165

–        Tailings facility (Stage 2)

$65 – $70

–        Waste Dump (Management & Stabilization/Wick Drains)

$45 – $50

–        Water treatment train

$5 – $10

–        Maintenance/Warehouse facility

~$20

–        Mill commissioning completion

~$5

–        Camp facility

~$10

Other sustaining capital

$60-$65

–      Machinery & Equipment

$10-$13

–      Mining infrastructure

$6-$8

–      Capital Leases

~$9

–      Mill upgrades

~$2

–      Capitalized Mining, Sustaining Capital and Working Capital

~$33

ARO Amortization and Other

~$2

Non-Sustaining and Exploration Expense ($M)

2019 Estimates

Growth Capital (i)

~$3

Expensed exploration

~$5

1.    Gold eq. production includes approximately 245,000 to 270,000 ounces of silver.

 

2019 Operational Key Performance Indicators

Rainy River Operating KPIs

2019 Estimates

Ex-pit1 tonnes mined (ore and waste) Mt

~46.7

Ex-pit ore tonnes mined Mt

~11.3

Ex-pit ore tonnes mined per day

~31,000

Ex-pit Strip ratio (waste:ore)

~3.1:1

Out pit2 tonnes mined Mt

~4.5

Out/in pit re-handling Mt

~5.3

Total tonnes moved Mt

~56.5

Tonnes milled per calendar day

22,000 – 24,000

Gold grade milled (g/t)

~1.10

Gold recovery (%)

90 – 92%

Mill availability (%)

85 – 88%

Unit Operating Costs

2019 Estimates

Open pit mining costs ($/tonne moved)

$3.25 – $3.75

Processing costs ($/per tonne milled)

$8.50- $9.00

Site G&A ($/tonne milled)

$3.75 – $4.25

1. Ex-pit tonnes are tonnes mined from the operating open pit.

2. Non-acid generating (NAG) material mined outside the operating open pit.

 

  • Gold production in 2019 is expected to increase over the prior year, driven by higher mill throughput and planned higher recoveries, offset by planned lower grades as mining operations transition between phase 1 and phase 2 of the mine plan.
  • During the year, approximately 46.7M ex-pit tonnes will be mined at an increased strip ratio (waste:ore) of approximately 3.1:1 as the mine transitions to phase 2 of the mine plan. Approximately 11.3M of ore tonnes will be mined for the year that will support continued segregation of approximately 3.8Mt of lower grade ore for stockpiling. In 2019, the requirement for NAG waste material will continue in order to support the construction of the stage 2 tailings facility and, as a result, a total of approximately 4.5Mt of out-pit NAG waste material will be mined during the year. The Company has engaged an external open pit mine consultant to improve performance driven, overall equipment efficiencies (OEE) with the objective of optimizing open pit mining productivity and unit cost performance.
  • Building on the progress achieved in the final four months of 2018, mill throughput, availability and recoveries are expected to improve throughout the year, as follows:
    • Overall mill availability has been a key area of focus in recent quarters, which will continue into the first quarter. The replacement of the ball mill trunnion was recently completed and several additional upgrades are expected to be completed during the first quarter that are designed to correct and improve all circuits, with a particular focus on grinding, stripping and carbon regeneration. As such, availability is expected to remain lower during the first quarter, with the objective of achieving an average of 90% during the second half of the year.
    • Following the replacement of the ball mill trunnion, efforts will be directed on maximizing efficient use of the Semi-Autogenous Grinding (SAG) and ball mills as well as on commissioning the pebble crusher, with the overall objective of optimizing both throughput and grind size. A finer grind size combined with continued optimization of stripping and carbon regeneration will result in a potential reduction of total gold losses in solids and solutions. A targeted 90-92% recovery is planned for 2019, with January averaging 91%. The Company is confident in reaching the targeted average daily throughput rate of 24,000 tonnes per day during the second half of the year, once the overall mill run-rate and increased availability are achieved.
  • Operating expense and cash costs on a per ounce basis are expected to be higher in 2019 as compared to the fourth quarter of 2018 due to the higher planned strip ratio and lower planned grades as described above, however overall unit costs will continue to decrease throughout the year as mine and mill efficiencies improve, and cost controls and procurement initiatives are implemented.
  • Total sustaining capital is expected to be between $210 and $230 million for the year. Management has carefully reviewed the capital requirements for the year with the objective of positioning the operation for efficient and sustainable long-term success:
    • Up to 72% ($150-$165 million) of sustaining capital requirements for the year is to complete deferred mine construction, primarily related to the tailings disposal facility, installation of wick drains to implement the engineered stabilization of the waste dumps, completion of the water treatment train, construction of a maintenance and warehouse facility, mill modifications and improvements that allow efficient operation of the gravity circuit, pebble crusher, ore classification system and camp facility.
    • Other sustaining capital of an estimated $60 to $65 million includes additional mobile equipment requirements (purchase and lease) to expand the mining fleet as well as the mill and surface equipment fleet, mill upgrades to support achievement of targeted throughput, availability and recoveries and additional pumping capacity. Approximately $33 million of other sustaining and working capital primarily consists of the phase 2 capitalized stripping program of the mine plan and capital projects that were not completed in 2018.
  • AISC will increase in 2019 as compared to the fourth quarter of 2018 due to higher sustaining capital requirements as described above. It is expected that sustaining capital requirements will decrease significantly beginning in 2020 as all remaining construction and mill upgrades are completed and the mining fleet has been expanded to planned levels.
  • Other non-sustaining expenses of between $5 and $8 million is related to the decision to postpone the development of the underground and includes demobilization costs as well as transfer of ownership of underground infrastructure from the contractor to the operation.
  • Consistent with the Company’s focus on organic growth opportunities, an exploration program will be launched in 2019 that will focus on the northeast trend and potential expansion of the Intrepid zone.
  • In 2019 the Company will re-examine several aspects of the life of mine plan with the objective of updating the mine plan in the latter part of the year, with a focus on:
    • Open pit mining and processing of medium and high-grade ore reserves (refer to the press release “New Gold Reports Fourth Quarter and Year-end Financial Results” dated February 14, 2019) with the objective of potentially delivering increased margins and positive free cash flow starting in 2020.
    • Optimization of the pit design in order to extract medium and high-grade ore at the optimal strip ratio with a focus on identifying alternative, on-site sources of NAG waste material that is required for construction of additional tailings capacity, which correspondingly contribute to overall optimization of open pit execution and efficiency.
    • Benchmarking of best industry practices in order to optimize mining and milling operations while reducing costs.
    • Potential reduction of overall sustaining capital with a focus on optimizing sustaining capital requirements for mining, processing and tailings disposal of the medium and high-grade grade ore. The Company will work with external experts regarding the optimization of the current tailings facility design with the objective of reducing both capital requirements and total waste material requirements for the construction of future stages.
    • Development and execution of underground mining will be optimized with the objective of further enhancing free cash flow generation during the years of processing medium and high-grade ore.

New Afton Mine: 2019 Guidance Estimates

The New Afton Mine is expected to deliver another year of solid production and low costs that drive strong free cash flow streams. The objective for 2019 is to reinvest in the long-term future of this high-quality asset by re-launching a self-funded development strategy for the C-zone, which will extend mine life to 2030 with robust economics. A strategic exploration program will be launched during the year that will follow-up on key targets located below the C-zone as well as regional targets on the larger land package.

New Afton 2019 Operational Guidance

2019 Estimates

Gold produced (ounces)

55,000 – 65,000

Copper produced (Mlbs)

75 – 85

Gold eq. ounces produced1

215,000 – 245,000

Operating Expense per gold ounce

$480 – $520

Operating Expense per copper pound

$0.95 – $1.15

Cash Costs per gold ounce (with by-product credits) (i)

($1,350) – ($1,310)

Cash Costs per gold eq. ounce (i)

$600 – $640

All-in Sustaining Costs per gold ounce (with by-product credits) (i)

($500) – ($420)

All-in Sustaining Costs per gold eq. ounce (on a co-product basis) (i)

$810 – $890

Sustaining Capital, ARO Amort. & Other ($M)

2019 Estimates

Sustaining Capital

$45 – $55

–   Tailings Facility Dam Raise

$17 – $20

–   B3 Mine Development and Equipment

$20 – $25

–   Other Sustaining Capital

$6 – $8

–   Capitalized Sustaining Exploration

~$2

ARO Amortization and Other ($M)

~$1

Non-Sustaining Capital and Exploration Expense ($M)

2019 Estimates

Growth Capital (i)  (C-zone mine development and equipment)

$40 – $45

Exploration Expense

~$4

1.  Gold equivalent ounces for New Afton includes approximately 255,000 to 265,000 ounces of silver.

 

2019 Operational Key Performance Indicators

New Afton Operating KPIs

2019 Estimates

Ore tonnes mined per day

16,000 – 17,000

Tonnes milled per calendar day

14,000 – 15,000

Gold grade milled (g/t)

~0.45

Gold recovery (%)

76 – 80%

Copper grade milled (%)

~0.86%

Copper recovery (%)

80 – 85%

Mill availability (%)

92 – 96%

Unit Operating Costs

2019 Estimates

Underground mining costs ($/tonne mined)

$7.75 – $8.25

Processing costs ($/per tonne milled)

$8.50 – $9.25

Site G&A ($/tonne milled)

$2.25 – $2.75

 

  • Gold and copper production for the year is expected to be lower than the prior year, primarily related to planned lower gold and copper grades, which is consistent with the current mine plan. Production will continue to drive solid operating and cash cost performance for the year.
  • Mine productivity is expected to remain consistent with the prior year levels. During the year, the excess tonnes mined over tonnes milled will support New Afton’s ore sorting initiative, resulting in optimal mill grades being processed and lower grade ore being stockpiled for future processing.
  • A Phase 1 mill upgrade to maximize supergene ore recovery was completed in 2018, on time and on budget. The Phase 2 portion of the mill upgrade will be completed in the third quarter of 2019 as supergene mill feed ore continues to increase throughout the year.
  • Operating expense and cash costs, on a per gold ounce and copper pound basis, are expected to be slightly higher in 2019 as compared to 2018, primarily due to lower planned grades, however, unit costs are expected to remain consistent with the prior year.
  • Sustaining capital is expected to increase over the prior year and primarily includes:
    • Development of the B3 zone in order to sustain ongoing production during the C-zone development period. Capital requirements for the B3 zone in 2020 are expected to be consistent with 2019 with the remaining one-third of the capital requirements for the B3 zone to be spread over the 2021 to 2024 period.
    • A scheduled tailings dam raise, as per the current mine plan.
  • AISC is expected to increase in 2019 as compared to 2018, due to higher sustaining capital requirements and higher cash costs, as described above.
  • As previously disclosed, an internally funded development strategy (assuming spot prices of $1,300 per gold ounce and $2.75 per copper pound at a foreign exchange rate of 1.30 Canadian dollars to 1 US dollar) for the New Afton C-zone is underway, which will extend mine life to 2030 with robust economics. Subsequently, growth capital for the year is expected to increase significantly over 2018, primarily related to C-zone development activities.
    • Growth capital for 2019 is estimated to be between $40 and $45 million, which primarily consists of advancing an exploration decline and the purchase of required mobile equipment and infrastructure ($5 to 7.5 million).
    • Growth capital in 2020 is expected to be consistent with 2019 and during those years the operation is expected to deliver a strong positive cash flow stream. Growth capital is expected to increase substantially during the period from 2021 to 2023, during which time the operation is expected to remain cash flow neutral. The operation is expected to return to positive cash flow status beginning in 2024 as remaining capital requirements decline and are spread over the years 2024 and 2025.
    • In 2019, management will continue to de-risk the execution of C-zone project, primarily focused on mine plan optimization, reducing capital requirements, finalization of the tailings disposal scenario and advancing permitting efforts, with the objective of updating the life of mine plan in the latter part of 2019.
  • During the year, the Company will launch a strategic exploration program at New Afton that will focus on previously identified exploration targets located below the C-zone as well as regionally over the land package, which could further extend mine life.

Cerro San Pedro Mine

  • During the year closure activities will continue that primarily focus on closing and reclaiming mine infrastructure while working closely with local communities and governments in order to leave a positive legacy.
  • Residual leach will continue in 2019 with proceeds from metal sales partially offsetting the cost of closing and reclaiming mine infrastructure.

Blackwater Project

  • The Company will continue to assess alternative project scenarios that would consider lower initial capital requirements and a higher-grade pit configuration that would generate positive returns at current metals prices.
  • Continue to work on receiving Environmental Assessment (EA) approval in 2019, and actively working with First Nations to complete Participation Agreements (PA).
  • During 2019, the Company may consider other strategic alternatives with respect to the Blackwater project.

New Gold 2019 Hedging Strategy

  • In December 2018, New Gold has entered into zero-cost collar gold and copper hedging programs for 2019 only. The upcoming year is a critical period for the company as we complete construction at Rainy River Mine and relaunch the development of the New Afton C-zone to support the long-term success of the Company.
    • Gold Hedge: 192,000 gold ounces (16,000 per month) at a minimum gold price of $1,230 per ounce and a maximum price of $1,300 per ounce).
    • Copper Hedge: 47.6 million pounds of copper (approx. 4 million pounds per month) at a minimum copper price of $2.50 per pound and a maximum price of $3.00 per pound.

About New Gold Inc.
New Gold is a Canadian-focused intermediate gold mining company. The Company has a portfolio of two core producing assets in top-rated jurisdictions, the Rainy River and New Afton Mines in Canada. The Company also operates the Cerro San Pedro Mine in Mexico (which transitioned to residual leaching in 2016). In addition, New Gold owns 100% of the Blackwater project located in Canada. New Gold’s objective is to be a leading intermediate gold producer, focused on the environment and social responsibility. For further information on the Company, please visit www.newgold.com.

Cautionary Note Regarding Forward-Looking Statements
Certain information contained in this news release, including any information relating to New Gold’s future financial or operating performance are “forward looking”. All statements in this news release, other than statements of historical fact, which address events, results, outcomes or developments that New Gold expects to occur are “forward-looking statements”. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the use of forward-looking terminology such as “plans”, “expects”, “is expected”, “budget”, “scheduled”, “targeted”, “estimates”, “forecasts”, “intends”, “anticipates”, “projects”, “potential”, “believes” or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “should”, “might”, “will” or “will be taken”, “occur” or “be achieved” or the negative connotation of such terms. Forward-looking statements in this news release include, among others, statements made under the headings “New Gold Consolidated Operational Estimates”, “Rainy River Mine: Guidance Estimates”, “2019 Operational Key Performance Indicators”, “New Afton Mine: 2019 Guidance Estimates” as well as other statements elsewhere in this news release, including, among others, statements with respect to: guidance for production, operating expense, all-in sustaining costs and total cash costs, and the factors contributing to those expected results, including mill throughput and metal recoveries, as well as expected capital and other expenditures; planned development activities and timing for 2019 and future years at the Rainy River Mine and New Afton Mine, including the completion of construction capital and mill upgrades at Rainy River and the development of the New Afton C-Zone; launching of strategic exploration programs; expectations with respect to repositioning Rainy River for profitable mining and the potential of the New Afton C-Zone, targeted timing for permits, including the Blackwater EA.

All forward-looking statements in this news release are based on the opinions and estimates of management as of the date such statements are made and are subject to important risk factors and uncertainties, many of which are beyond New Gold’s ability to control or predict. Certain material assumptions regarding such forward-looking statements are discussed in this news release, New Gold’s latest annual management’s discussion and analysis (“MD&A”), Annual Information Form and Technical Reports filed at www.sedar.com and on EDGAR at www.sec.gov. In addition to, and subject to, such assumptions discussed in more detail elsewhere, the forward-looking statements in this news release are also subject to the following assumptions: (1) there being no significant disruptions affecting New Gold’s operations; (2) political and legal developments in jurisdictions where New Gold operates, or may in the future operate, being consistent with New Gold’s current expectations; (3) the accuracy of New Gold’s current mineral reserve and mineral resource estimates; (4) the exchange rate between the Canadian dollar and U.S. dollar, and to a lesser extent, the Mexican Peso, being approximately consistent with current levels; (5) prices for diesel, natural gas, fuel oil, electricity and other key supplies being approximately consistent with current levels; (6) equipment, labour and materials costs increasing on a basis consistent with New Gold’s current expectations; (7) arrangements with First Nations and other Aboriginal groups in respect of the Rainy River mine and Blackwater project being consistent with New Gold’s current expectations; and (8) all required permits, licenses and authorizations being obtained from the relevant governments and other relevant stakeholders within the expected timelines and the absence of material negative comments during the applicable regulatory processes , (9) the result of feasibility studies and other studies being realized and (10) metals and other commodity prices and exchange rates being consistent with those estimated for the purposes of 2019 guidance.

Forward-looking statements are necessarily based on estimates and assumptions that are inherently subject to known and unknown risks, uncertainties and other factors that may cause actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking statements. Such factors include, without limitation: significant capital requirements and the availability and management of capital resources; additional funding requirements; price volatility in the spot and forward markets for metals and other commodities; fluctuations in the international currency markets and in the rates of exchange of the currencies of Canada, the United States and, to a lesser extent, Mexico; discrepancies between actual and estimated production, between actual and estimated mineral reserves and mineral resources and between actual and estimated metallurgical recoveries; risks related to early production at the Rainy River Mine, including failure of equipment, machinery, the process circuit or other processes to perform as designed or intended; fluctuation in treatment and refining charges; changes in national and local government legislation in Canada, the United States and, to a lesser extent, Mexico or any other country in which New Gold currently or may in the future carry on business; taxation; controls, regulations and political or economic developments in the countries in which New Gold does or may carry on business; the speculative nature of mineral exploration and development, including the risks of obtaining and  maintaining the validity and enforceability of the necessary licenses and permits and complying with the permitting requirements of each jurisdiction in which New Gold operates, the lack of certainty with respect to foreign legal systems, which may not be immune from the influence of political pressure, corruption or other factors that are inconsistent with the rule of law; the uncertainties inherent to current and future legal challenges New Gold is or may become a party to; diminishing quantities or grades of mineral reserves and mineral resources; competition; loss of key employees; rising costs of labour, supplies, fuel and equipment; actual results of current exploration or reclamation activities; uncertainties inherent to mining economic studies; changes in project parameters as plans continue to be refined; accidents; labour disputes; defective title to mineral claims or property or contests over claims to mineral properties; unexpected delays and costs inherent to consulting and accommodating rights of Indigenous groups; risks, uncertainties and unanticipated delays associated with obtaining and maintaining necessary licenses, permits and authorizations and complying with permitting requirements. In addition, there are risks and hazards associated with the business of mineral exploration, development and mining, including environmental events and hazards, industrial accidents, unusual or unexpected formations, pressures, cave-ins, flooding and gold bullion losses and risks associated with a mine with a relatively limited history of commercial production, such as Rainy River, (and the risk of inadequate insurance or inability to obtain insurance to cover these risks) as well as “Risk Factors” included in New Gold’s Annual Information Form, MD&A and other disclosure documents filed on and available at www.sedar.com and on EDGAR at www.sec.gov. Forward-looking statements are not guarantees of future performance, and actual results and future events could materially differ from those anticipated in such statements. All of the forward-looking statements contained in this news release are qualified by these cautionary statements. New Gold expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, events or otherwise, except in accordance with applicable securities laws.

Technical Information
The scientific and technical information contained herein has been reviewed and approved by Eric Vinet, Vice President, Technical Services of New Gold. Mr. Vinet is a Professional Engineer and member of the Ordre des ingénieurs du Québec. He is a “Qualified Person” for the purposes of NI 43-101.

Cautionary Note to U.S. Readers Concerning Estimates of Mineral Reserves and Mineral Resources
Information concerning the properties and operations of New Gold has been prepared in accordance with Canadian standards under applicable Canadian securities laws, and may not be comparable to similar information for United States companies. The terms “Mineral Resource”, “Measured Mineral Resource”, “Indicated Mineral Resource” and “Inferred Mineral Resource” used in this news release are Canadian mining terms as defined in the Canadian Institute of Mining, Metallurgy and Petroleum (“CIM”) Definition Standards for Mineral Resources and Mineral Reserves adopted by CIM Council on May 10, 2014 and incorporated by reference in National Instrument 43-101. While the terms “Mineral Resource”, “Measured Mineral Resource”, “Indicated Mineral Resource” and “Inferred Mineral Resource” are recognized and required by Canadian securities regulations, they are not defined terms under standards of the United States Securities and Exchange Commission. As such, certain information contained in this news release concerning descriptions of mineralization and mineral resources under Canadian standards is not comparable to similar information made public by United States companies subject to the reporting and disclosure requirements of the United States Securities and Exchange Commission.

An “Inferred Mineral Resource” has a great amount of uncertainty as to its existence and as to its economic and legal feasibility. Under Canadian rules, estimates of inferred mineral resources may not form the basis of feasibility or pre-feasibility studies. It cannot be assumed that all or any part of an “Inferred Mineral Resource” will ever be upgraded to a higher confidence category. Readers are cautioned not to assume that all or any part of an “Inferred Mineral Resource” exists or is economically or legally mineable.

Under United States standards, mineralization may not be classified as a “Reserve” unless the determination has been made that the mineralization could be economically and legally produced or extracted at the time the reserve estimation is made. Readers are cautioned not to assume that all or any part of the measured or indicated mineral resources will ever be converted into mineral reserves. In addition, the definitions of “Proven Mineral Reserves” and “Probable Mineral Reserves” under CIM standards differ in certain respects from the standards of the United States Securities and Exchange Commission.

(i)             Non-GAAP Financial Performance Measures
Cash costs per gold ounce, all-in sustaining costs (AISC) per gold ounce, sustaining capital and growth capital are non-GAAP financial measures that do not have a standardized meaning under IFRS and may not be comparable to similar measures presented by other mining companies. It should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. The Company believes that these measures, together with measures determined in accordance with IFRS, provide investors with an improved ability to evaluate the underlying performance of the Company. In addition, certain non-GAAP measures are utilized, along with other measures, in the company scorecard to set incentive compensation goals and assess performance of its executives.

All-In Sustaining Costs
“All-in sustaining costs” per ounce is a non-GAAP financial measure. Consistent with guidance announced in 2013 by the World Gold Council, an association of various gold mining companies from around the world of which New Gold is a member, New Gold defines “all-in sustaining costs” per ounce as the sum of total cash costs, capital expenditures that are sustaining in nature, corporate general and administrative costs, capitalized and expensed exploration that is sustaining in nature and environmental reclamation costs, all divided by the ounces of gold sold to arrive at a per ounce figure. New Gold believes this non-GAAP financial measure provides further transparency into costs associated with producing gold and assists analysts, investors and other stakeholders of the Company in assessing the Company’s operating performance, its ability to generate free cash flow from current operations and its overall value. This data is furnished to provide additional information and is a non-GAAP financial measure. All-in sustaining costs presented do not have a standardized meaning under IFRS and may not be comparable to similar measures presented by other mining companies. It should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS and is not necessarily indicative of cash flow from operations under IFRS or operating costs presented under IFRS. Co-product all-in sustaining costs remove the impact of other metal sales that are produced as a by-product of gold production and apportion the all-in sustaining costs to each metal produced on a percentage of revenue basis, and subsequently divides the amount by the total ounces of gold or silver or pounds of copper or gold equivalent ounces sold, as the case may be, to arrive at per ounce or per pound figures. Gold equivalent ounces of copper and silver produced will be computed as pounds of copper and silver ounces produced multiplied by the ratio of the average realized copper and silver price to the average realized gold price. Unless otherwise indicated, all-in sustaining cost information in this news release is net of by-product sales.

“Sustaining costs” is a non-GAAP financial measure. New Gold defines sustaining costs as the difference between all-in sustaining costs and total cash costs, being the sum of net capital expenditures that are sustaining in nature, corporate general and administrative costs, capitalized and expensed exploration that is sustaining in nature, and environmental reclamation costs. New Gold terms non-sustaining capital costs to be “growth capital”. Management uses sustaining costs to understand the aggregate net result of the drivers of all-in sustaining costs other than total cash costs.  The line items between cash costs and all-in sustaining costs in the tables below break down the components of sustaining costs.  Sustaining costs is intended to provide additional information only, does not have any standardized meaning under IFRS, and may not be comparable to similar measures presented by other mining companies. It should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS.

Total Cash Costs
“Total cash costs” per ounce is a non-GAAP financial measure which is calculated in accordance with a standard developed by The Gold Institute, a worldwide association of suppliers of gold and gold products that ceased operations in 2002. Adoption of the standard is voluntary and the cost measures presented may not be comparable to other similarly titled measures of other companies. New Gold reports total cash costs on a sales basis. The Company believes that certain investors use this information to evaluate the Company’s performance and ability to generate liquidity through operating cash flow to fund future capital expenditures and working capital needs.  This measure, along with sales, is considered to be a key indicator of the Company’s ability to generate operating earnings and cash flow from its mining operations. Total cash costs include mine site operating costs such as mining, processing and administration costs, royalties, production taxes, and realized gains and losses on fuel contracts, but are exclusive of amortization, reclamation, capital and exploration costs and net of by-product sales. Total cash costs are then divided by ounces of gold sold to arrive at a per ounce figure. Co-product cash costs remove the impact of other metal sales that are produced as a by-product of gold production and apportion the cash costs to each metal produced on a percentage of revenue basis, and subsequently divides the amount by the total ounces of gold or silver or pounds of copper or gold equivalent ounces sold, as the case may be, to arrive at per ounce or per pound figures. Gold equivalent ounces of copper and silver produced will be computed as pounds of copper and silver ounces produced multiplied by the ratio of the average realized copper and silver price to the average realized gold price. Unless otherwise indicated, all total cash cost information in this news release is net of by-product sales. This data is furnished to provide additional information and is a non-GAAP financial measure. Total cash costs and co-product cash costs presented do not have a standardized meaning under IFRS and may not be comparable to similar measures presented by other mining companies. It should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS and is not necessarily indicative of cash flow from operations under IFRS or operating costs presented under GAAP.

For additional information with respect to the non-GAAP measures used by the Company, including reconciliation to the nearest IFRS measures, refer to the detailed Non-GAAP performance measure disclosure in the Management’s Discussion and Analysis for the year ended December 31, 2018 filed at www.sedar.com and on EDGAR at www.sec.gov.

NT5

Canada submits plan to save Wood Buffalo National Park – Cabin Radio

February 14, 2019

Canada has finally submitted its delayed plan to save Wood Buffalo National Park’s World Heritage Site status.

In June 2018, UNESCO warned the park must take action to avoid being deemed an endangered site – an outcome the local Slave River Coalition termed “terribly embarrassing for Canada.”

The United Nations’ involvement in the deteriorating health of the park dates back to 2014, when the Mikisew Cree First Nation first raised the alarm. A plan to rehabilitate the park was originally due on December 1, 2018, but that deadline was extended at Parks Canada’s request.

Groups involved in reviewing a draft of the plan say, in their eyes, the final version is lacking in some areas.

Read More: https://cabinradio.ca/13346/news/environment/canada-submits-plan-to-save-wood-buffalo-national-park/

SIGA named a Top Saskatchewan Employer for second year in a row

February 13, 2018 – Saskatoon, SK – SIGA has once again earned a spot as a Top Saskatchewan Employer, awarded by Canada’s Top 100 Employers project. Now in its 14th year, Saskatchewan’s Top Employers is a special designation that recognizes employers who offer the most progressive and forward-thinking programs.

Zane Hansen, SIGA’s President and CEO, is thrilled about the recognition and what it means for the organization.

“I’m immensely proud of our people. At SIGA, we’re committed to creating an environment where our employees are empowered to do great things in advancement of their careers and personal goals. This is why we offer competitive compensation, including generous benefits packages, training, career development opportunities, and a robust volunteer program that makes our local communities stronger, more vibrant places to live.” Hansen says.

The list of Saskatchewan’s Top Employers is based on an evaluation of eight common pillars: (1) Physical Workplace; (2) Work Atmosphere & Social; (3) Health, Financial & Family Benefits; (4) Vacation & Time Off; (5) Employee Communications; (6) Performance Management; (7) Training & Skills Development; and (8) Community Involvement. Organizations are compared to similar companies in their same industries.

Read the Top Saskatchewan Employers’ official 2019 announcement. You can also find the editorial reasons for selection here.

SIGA is a First Nation-owned and -operated organization and an equal opportunity employer that takes pride in our workforce, which is comprised of 64 per cent First Nation people. SIGA employs 1,948 people in full-time, part-time and casual positions.

-30-

Media contact:

Kailey Lavallee

Kailey.Lavallee@siga.sk.ca

306-477-7376

OR

Melody Lynch

melody.lynch@siga.sk.ca

306-477-7575

306-250-7235

About SIGA

SIGA’s mission is to strengthen the lives of First Nations people through employment, economic growth, positive community relations and achieving financial self-reliance. A non-profit organization, all net profits from SIGA’s casino operations go to local First Nation communities, community development corporations and the province’s general revenue fund. Sharing Success with Saskatchewan communities. SIGA.sk.ca

NT4

Restorative actions for non-Indigenous woman ‘won’t be easy,’ says Southern Chiefs justice director – CBC

Flin Flon woman posted racist remarks about Indigenous peoples on Facebook has the option to make amends

Feb 14, 2019

The director of justice for the Southern Chiefs’ Organization is praising a Flin Flon woman for choosing restorative justice to make amends for uttering threats toward Indigenous people last year.

“I applaud her for wanting to take that route because it won’t be easy,” said Chantell Barker, the head of restorative justice for 34 southern First Nation communities in Manitoba. Barker is also a former probation officer with Manitoba Justice.

“When you go through the court system you don’t have to face the people that you’ve harmed or you’ve hurt,” she said. “I know from the court system, it doesn’t repair relationships, it doesn’t provide reconciliation.”

Read More: https://www.cbc.ca/news/canada/manitoba/restorative-actions-applauded-southern-chiefs-organization-1.5018830

Albertan First Nation group prepares to support federal position in carbon tax court battle – Toronto Star

Feb. 14, 2019

CALGARY—With the Saskatchewan government’s argument against the national price on pollution out of the way, the Canadian government will make the case in court Thursday that a carbon tax is justified because climate change requires national action.

The Saskatchewan Court of Appeal is hearing a legal battle this week over the national carbon tax, known formally as the Greenhouse Gas Pollution Pricing Act, that has the federal government pitted against several provinces. Alberta groups have intervened on both sides.

Saskatchewan Premier Scott Moe’s government challenged the federal government’s act because they’ve argued the federally imposed levy violates provincial jurisdiction and would hurt the province’s economy. He believes his province’s own climate change strategy is sufficient enough to reduce emissions.

Read More: https://www.thestar.com/calgary/2019/02/14/albertan-first-nation-group-prepares-to-support-canadian-governments-position-in-carbon-tax-court-battle.html

New Gold Reports Fourth Quarter and Year-End Financial Results

TORONTO, Feb. 14, 2019 /PRNewswire/ – New Gold Inc. (“New Gold” or the “Company”) (TSX and NYSE American: NGD) reports fourth quarter and year-end results for the Company and provides updated Mineral Reserves and Resources as of December 31, 2018. (All amounts are in U.S. dollars unless otherwise indicated)

A conference call and webcast will follow to discuss these results at 8:30 a.m. Eastern time. A technical discussion of the Company’s 2019 guidance outlook will follow the presentation of the fourth quarter and year-end financial results (details are provided at the end of this press release).

(For detailed information, please refer to the Company’s Fourth Quarter and Year-End Management’s Discussion and Analysis (MD&A) and Financial Statements that are available on the Company’s website at www.newgold.com and on SEDAR at www.sedar.com. The Company uses certain non-GAAP financial performance measures throughout this press release. Please refer to the “Non-GAAP Financial Performance Measures” section of this press release and in the MD&A.)

Fourth Quarter and Year-End Highlights (Continuing Operations)

  • The Company reported gold production of 97,428 ounces (84,421 ounces sold) for the quarter at an average realized gold price of $1,230 per ounce. Annual gold production was 315,483 ounces (298,002 ounces sold), at an average realized gold price of $1,263 per ounce.
  • The Company produced 20.8 million pounds of copper (19.7 million pounds sold) for the quarter at an average realized copper price of $2.96 per pound and 85.1 million pounds (81.1 million pounds sold) for the year at an average realized copper price of $3.06 per pound.
  • Revenues for the quarter were $157.4 million and $604.5 million for the year.
  • Operating expense per gold ounce was $568 for the quarter and $648 for the year. Operating expense per copper pound was $1.37 for the quarter and $1.57 for the year.
  • All-in sustaining costs (AISC)1 per gold ounce were $688 for the quarter and $961 for the year. AISC per gold ounce on a co-product basis were $857 for the quarter and $1,051 for the year.
  • Net loss from continuing operations was $727.7 million ($1.26 per share) for the quarter, which includes a $671.1 million ($1.16 per share) impairment loss related to the Rainy River Mine ($452.9 million) and the Blackwater project ($218.2 million). Net loss from continuing operations for the year was $1,070.8 million ($1.85 per share), which includes a $953.2 million ($1.65 per share) after tax impairment loss related to the Rainy River Mine ($735.0 million) and the Blackwater project ($218.2 million).
  • Adjusted net earnings from continuing operations for the quarter, which excludes the impairment loss noted above, was $22.7million ($0.04 per share) and adjusted net loss for the year from continuing operations was $10.6 million ($0.02 per share).
  • For the fourth quarter, operating cash flow was $57.8 million ($0.10 per share) and $193.0 million ($0.33 per share) for the year. Operating cash flow, before changes in working capital, was $74.8 million ($0.13 per share) and $264.6 million ($0.47 per share) for the year.
  • The Company’s current available liquidity of $392.9 million secures the implementation of the Company’s 2019 operational plan.
  • In late 2018, the Company implemented a hedging strategy whereby it entered into gold and copper price option contracts to reduce exposure to fluctuations in gold and copper prices in 2019.

1. Refer to the “Non-GAAP Performance Measures section of this press release.

“The fourth quarter was a turning point for the Company as operations at Rainy River continued to improve as part of our short-term operational strategy to establish this asset for efficient and sustainable mining. Combined with the solid performance from the New Afton Mine, the Company reported a fourth quarter that delivered very encouraging results and we will build on that momentum in 2019,” stated Renaud Adams, President and CEO. “Our liquidity position will support the execution of our operational plan in 2019, which includes the completion of all remaining construction and mill upgrades at Rainy River that will position the asset for profitable operations beginning in 2020. We begin 2019 with a renewed vision for the future of the Company that is supported by a renewed focus on driving profitable mining at all our operations that will create sustainable value for shareholders.”

Financial Highlights

Continuing Operations1 Fourth Quarter 2018 Fourth Quarter 2017 Year-end 2018 Year-end 2017
Revenues from mining operations 157.4 123.5 604.5 388.7
Net earnings (loss), per share (1.26) (0.39) (1.85) (0.28)
Adj. net earnings (loss)2, per share 0.04 (0.04) (0.02) (0.04)
Operating cash flow, per share 0.10 0.10 0.33 0.35
Adj. operating cash flow2,3, per share 0.13 0.07 0.46 0.27
Total Operations3 Fourth Quarter 2018 Fourth Quarter 2017 Year-end 2018 Year-end 2017
Net earnings (loss), per share (1.26) (0.34) (2.12) (0.19)
Operating cash flow, per share 0.11 0.21 0.42 0.61
Adj. operating cash flow2,3, per share 0.14 0.16 0.58 0.53
1. Continuing operations are the Rainy River, New Afton and Cerro San Pedro Mines.
2. Refer to the “Non-GAAP Performance Measures section of this press release. Operating cash flow before changes in working capital.
3. Total operations include continuing operations and the Mesquite and Peak Mines that were sold in 2018 and presented as Discontinued Operations.
  • Revenue from continuing operations increased by $33.9 million, or 27%, for the quarter and $215.8 million, or 56%, for the year due to the increase in sales volumes from Rainy River.
  • Impairment loss recorded during the quarter was $452.9 million relating to Rainy River and $218.2 million relating to Blackwater. For the year, the Company recorded impairment losses of $836.6 million at Rainy River and $218.2 million at Blackwater, totaling $1,054.8 million pre-tax ($953.2 million after-tax). There was no tax recovery associated with the impairment losses at Rainy River and Blackwater recorded during the fourth quarter of 2018 as the Company has not recognized any deferred tax assets as at December 31, 2018. Refer to the consolidated financial statements for further information.
  • For the quarter and year, the net loss was impacted by the impairment loss at Rainy River and Blackwater, an inventory write-down at Cerro San Pedro, an increase in depreciation and depletion expenses and finance costs, which were partially offset by a higher operating margin when compared to the prior period.
  • Adjusted net earnings from continuing operations for the quarter increased compared to the prior-year quarter as the increase in operating margin and tax recovery was only partially offset by an increase in finance costs less finance income, depreciation and depletion expenses and exploration, business development, and corporate general and administrative expenses.
  • Adjusted net loss for the year decreased when compared to the prior year primarily due to an increase in the operating margin, a decrease in exploration, business development, and corporate general and administrative expenses, and an increase in income tax recovery when compared to the prior year. This was partially offset by an increase in depreciation and depletion expenses and an increase in finance costs less finance income, as the Company ceased capitalization of interest to its qualifying development property due to the commencement of commercial production at Rainy River.
  • The Company’s December 31, 2018 cash balance of $103.7 million, together with the $114.2 million available for drawdown under its credit facility at December 31, 2018, provided the Company with approximately $217.9 million of liquidity. The liquidity increased to $392.9 million with $175 million of additional Credit Facility availability upon the perfection of the Rainy River security in February 2019.

Operational Highlights

Continuing Operations1 Fourth Quarter 2018 Fourth Quarter 2017 Year-end 2018 Year-end 2017
Gold production (ounces) 97,428 58,070 315,483 149,009
Copper production (Mlbs) 20.8 24.6 85.1 90.6
Average realized gold price, per ounce2 1,230 1,268 1,263 1,278
Average realized copper price, per pound2 2.96 2.70 3.06 2.66
Operating expense, per gold ounce 568 731 648 605
Operating expense, per copper pound 1.37 1.56 1.57 1.26
Total cash costs, per gold ounce2 186 393 270 (82)
AISC, per gold ounce2 688 714 961 488
AISC, per gold ounce2 (co-product) 857 945 1,051 914
Sustaining capital ($M)2 30.7 11.2 174.8 43.3
Growth capital ($M)2 8.7 83.4 39.1 510.9
Total Operations Fourth Quarter 2018 Fourth Quarter 2017 Year-end 2018 Year-end 2017
Gold production (ounces) 110,559 145,992 455,448 422,411
AISC, per gold ounce2 718 771 925 727

1. Continuing operations include the Rainy River, New Afton and Cerro San Pedro Mines.

2. Refer to the “Non-GAAP Performance Measures section of this press release. Total operations include continuing operations and the Mesquite and Peak Mines that were sold in 2018

and presented as Discontinued Operations.

Rainy River Highlights

Rainy River Mine Fourth Quarter 2018 Fourth Quarter 2017 Year-end 2018 Year-end 2017
Gold produced (ounces) 77,202 28,509 227,284 28,509
Gold sold (ounces) 66,123 26,359 214,804 26,359
Average realized gold price, per ounce1 1,229 1,276 1,260 1,276
Operating expense, per gold ounce 648 1,432 826 1,432
Total cash costs, per gold ounce1 641 1,436 820 1,436
AISC, per gold ounce1 1,054 1,549 1,501 1,549
Sustaining capital ($M)1 25.6 2.6 142.1 2.6
Growth capital ($M)1 6.1 80.7 28.5 496.7
1. Refer to the “Non-GAAP Performance Measures section of this press release.
Rainy River Mine Q1 18 Q2 18 Q3 18 Q4 18 2018
Tonnes mined per day (ore and waste) 112,432 107,416 102,290 111,507 108,392
Ore tonnes mined per day 36,296 36,043 30,439 32,054 33,687
Strip ratio (waste:ore) 2.1 1.98 2.36 2.48 2.22
Tonnes milled per calendar day 17,534 16,549 16,962 20,668 17,934
Tonnes milled run rate1 22,771 22,364 22,318 25,835 23,291
Gold grade milled (g/t) 1.08 1.24 1.21 1.42 1.25
Gold recovery (%) 81% 87% 87% 89% 86%
Mill availability (%) 77% 74% 76% 80% 77%
Gold production (oz) 39,325 55,219 55,538 77,202 227,284
1. Run rate is defined by (total tonnes milled / mill availability) / calendar days.
  • In the first full year of operations, Rainy River’s safety performance continued to improve throughout the year with the mine reporting a 0.93 Total Reported Injury Frequency Rate (TRIFR) by the end of the year, as compared to 2.94 in 2017.
  • The Rainy River Mine reported continued improvement in operational performance and delivered the best ever quarterly gold production of 77,202 ounces (66,123 sold), and 227,284 ounces (214,814 sold) for the year, achieving revised annual guidance of between 210,000 and 250,000 gold ounces.
  • Operating expense per gold ounce was $648 for the quarter and $826 for the year, higher than revised annual guidance of between $730 and $770 per ounce, primarily due to the impact of start-up challenges and unplanned maintenance related to the mill facility impacting both production and costs. Operating expense per gold ounce for the quarter declined by 15% over the prior quarter, primarily driven by the improved operational performance achieved during the quarter.
  • All-in sustaining costs (AISC) per gold ounce were $1,054 for the quarter and $1,501 for the year, which included costs related to the mill upgrade, and $71.6 million ($333 per ounce) of construction costs that have been categorized as sustaining capital1. Excluding construction, AISC for the year were $1,168 per ounce. AISC for the year were lower than revised guidance of between $1,600 and $1700 per ounce, due to lower than planned sustaining capital expenditures incurred during the year. AISC is expected to be higher in 2019 as sustaining capital requirements increase in order to complete remaining construction and mill upgrades.
  • Growth capital1 for the quarter was $6.1 million, and $28.5 million for the year, primarily related to the underground project and the payment of working capital related to project development (pre-commercial production).
  • The mill run-rate averaged 25,835 tonnes per day for the quarter, the first full quarter in which the mill averaged a daily run rate above the target 24,000 tonnes per day. Milling operations were suspended for approximately 10 days during the quarter in order to repair the Semi-Autogenous Grinding (SAG) mill starter and to address the ball mill trunnion, which was replaced during the first quarter of 2019.
  • Mill gold recovery for the quarter was 89%. During the quarter, considerable efforts were deployed to improve the carbon regeneration and stripping circuits, allowing for an improved overall recovery of more than 90% during the second half of December. Mill recoveries are expected to continue to improve over the next two quarters as ongoing mill upgrades and the optimization of the grinding circuit are completed.
  • A total of 10.3 million tonnes were mined during the quarter, for an average of 111,507 tonnes per day, including 2.53 million tonnes of medium and high-grade ore.
  • Grade reconciliation for the quarter continued to be in line with the resource and dig-shape models, providing additional confidence in the deposit.
  • Consistent with the renewed vision of repositioning the Rainy River Mine for long-term success, the Company has adopted a disciplined approach to capital allocation as well as mine life optimization. Accordingly, management has deferred the 2019 underground mine development plan to 2020. During 2019, the Company will launch a comprehensive review that includes alternative underground mining scenarios with the overall objective of reducing capital and improving the return on investment for the underground portion of the life of mine.

New Afton Highlights

New Afton Mine Fourth Quarter 2018 Fourth Quarter 2017 Year-end 2018 Year-end 2017
Gold produced (ounces) 18,778 22,384 77,329 86,163
Gold sold (ounces) 17,176 20,132 72,489 81,067
Copper produced (Mlbs) 20.8 24.6 85.1 90.6
Copper sold (Mlbs) 19.7 22.0 81.1 84.5
Average realized gold price, per ounce1 1,237 1,254 1,266 1,280
Average realized copper price, per pound1 2.96 2.70 3.06 2.66
Operating expense, per gold ounce 375 362 384 412
Operating expense, per copper pound 0.90 0.78 0.93 0.85
Total cash costs, per gold ounce1 (1,629) (1,363) (1,626) (1,126)
Total cash costs, per gold ounce (co-product)1 482 484 495 530
Total cash costs, per copper pound (co-product)1 1.16 1.04 1.19 1.10
AISC, per gold ounce1 (1,306) (909) (1,147) (605)
AISC, per gold ounce (co-product)1 567 617 623 692
AISC, per copper pound (co-product)1 1.36 1.33 1.50 1.44
Sustaining capital ($M)1 5.0 8.3 32.6 39.3
Growth capital ($M)1 1.0 0.3 3.3 2.9
1. Refer to the “Non-GAAP Performance Measures section of this press release.
New Afton Mine Q1 18 Q2 18 Q3 18 Q4 18 2018
Underground mine tpd 16,751 13,654 17,105 17,099 16,156
Gold grade milled (g/t) 0.57 0.50 0.55 0.51 0.53
Gold recovery (%) 84% 86% 85% 84% 85%
Gold production (oz) 19,998 18,637 19,916 18,778 77,329
Copper grade milled (%) 0.94 0.82 0.89 0.82 0.87
Copper recovery (%) 83% 84% 83% 83% 83%
Copper production (Mlbs) 22.2 20.4 21.7 20.8 85.1
  • The New Afton Mine achieved a significant safety milestone in late December reaching one million person-hours without lost-time injury.
  • The New Afton Mine produced 18,778 gold ounces for the quarter and 77,329 ounces for the year, exceeding the high end of annual guidance of between 55,000 and 65,000 gold ounces. Copper production for the quarter was 20.8 million pounds and 85.1 million pounds for the year, reaching the high end of annual guidance of between 75 and 85 million pounds of copper.
  • Operating expense per gold ounce was $375 for the quarter and $384 for the year, 16% lower than annual guidance of between $455 and $495 per gold ounce. Operating expense per copper pound for the quarter was $0.90 and $0.93 for the year, 15% lower than annual guidance of between $1.10 to $1.30 per copper pound.
  • All-in sustaining costs (AISC) per gold ounce for the quarter were ($1,306) for the quarter and ($1,147) for the year, 12% lower than annual guidance of between ($1,020) and ($980) per gold ounce.
  • Sustaining capital for the quarter was $5.0 million and $32.6 million for the year, primarily related to tailings dam raises, equipment purchases and mill upgrades.
  • Growth capital for the quarter was $1.0 million and $3.3 million for the year, primarily related to the New Afton C-zone.
  • An ore segregation strategy commenced during the quarter and was further enhanced with the recent commissioning of an ore scanner, which is expected to increase overall mill grade.
  • The initial phase of a two-phase mill upgrade to address supergene ore recovery was completed on time and on budget during the quarter, which included the installation of pressure jigs and a magnetic separator with commissioning currently underway. The second phase of the planned upgrade will be launched during the first quarter of 2019 with commissioning scheduled for the third quarter.
  • An internally funded development strategy (assuming a $1,300 gold and $2.75 copper price and a foreign exchange rate of 1.30 Canadian dollars to 1 U.S. dollar) for the New Afton C-zone has been launched. The development of the C-zone would provide mine life extension to 2030 with robust economics.

Recent Corporate Highlights

  • The sale of the Mesquite Mine was completed in the quarter for gross proceeds of $158 million, with net working capital adjustments of $4 million anticipated to be received in February.
  • Mr. Rob Chausse was appointed as Chief Financial Officer effective November 5, 2018. Mr. Chausse brings more than 25 years of international finance experience exclusively in the mining sector that enhances the collective experience of the leadership team.
  • On December 11, 2018, the Company announced a restructuring of the senior leadership team to better align the corporate structure with the smaller asset base of two operating assets, the Rainy River and New Afton Mines, as well as the Blackwater project.

Mineral Reserves and Resources (as of December 31, 2018)

As at December 31, 2018, New Gold is reporting Mineral Reserves and Resources for the Company as summarized in the table below. Detailed Mineral Reserve and Resource tables follow at the end of this press release.

Mineral Reserves and Resources Summary1

As at December 31, 2018
Gold koz Silver koz Copper Mlbs
Proven and Probable Reserves
Rainy River 4,186 12,116
New Afton 1,077 3,280 903
Blackwater 8,170 60,800
Total Proven and Probable 13,433 76,196 903

Measured and Indicated resources

(exclusive of reserves)(1)

4,600 19,699 891
Inferred resources(1) 1,001 3,860 132
1. Refer to the detailed mineral reserve and mineral resource tables follow at the end of this press release.
  • Consolidated gold reserves decreased by approximately 35,000 ounces as compared to year-end 2017 (mid-year 2018 for the Rainy River Mine). This decrease includes approximately 218,000 ounces of mining depletion at Rainy River during Q3 and Q4 and approximately 79,000 ounces of mining depletion at the New Afton Mine. Mining depletion was partially offset by approximately 262,000 ounces of positive resource-to-reserve conversions from updated mining designs and operational plans.
  • Measured and Indicated resources decreased marginally due to the resource to reserve conversion at New Afton. Measured and Indicated resources at Rainy River and Blackwater remain materially unchanged as compared to previously reported Measured and Indicated resources.
  • Inferred resources were relatively unchanged from the prior year.

Conference Call and Webcast Information

  • Participants may listen to the webcast by registering on our website at www.newgold.com.
  • Participants may also listen to the conference call by calling toll free 1-888-231-8191, or 1-647-427-7450 outside of the U.S. and Canada.
  • A recorded playback of the conference call will be available until March 14, 2019 by calling toll free 1-855-859-2056, or 1-416-849-0833 outside of the U.S. and Canada, passcode 3178625. An archived webcast will also be available until May 14, 2019 at www.newgold.com.

About New Gold Inc.
New Gold is a Canadian-focused intermediate gold mining company. The Company has a portfolio of two core producing assets, the Rainy River and New Afton Mines in Canada. The Company also operates the Cerro San Pedro Mine in Mexico (which transitioned to residual leaching in 2016). In addition, New Gold owns 100% of the Blackwater project located in Canada. New Gold’s objective is to be a leading intermediate gold producer, focused on the environment and social responsibility. For further information on the Company, please visit www.newgold.com.

Mineral Reserves and Resources (as of December 31, 2018)

Mineral Reserves Statement

Metal grade Contained metal
Tonnes
000s
Gold
g/t
Silver
g/t
Copper
%
Gold
Koz
Silver
Koz
Copper
Mlbs
RAINY RIVER
Direct processing reserves
Open Pit
Proven 18,663 1.24 2.4 744 1,450
Probable 47,670 1.18 3.0 1,810 4,542
Open Pit P&P (direct proc.) 66,333 1.20 2.8 2,554 5,993
Underground
Proven
Probable 8,954 3.55 9.5 1,021 2,728
Underground P&P (direct proc.) 8,954 3.55 9.5 1,021 2,728
Low grade reserves
Open Pit
Proven 8,430 0.36 2.0 97 541
Probable 32,714 0.35 2.3 366 2,428
Open Pit P&P (low grade) 41,145 0.35 2.2 463 2,969
Surface Stockpiles
Proven 7,307 0.63 1.8 147 426
Open Pit P&P (stockpile) 7,307 0.63 1.8 147 426
Combined P&P
Proven 34,400 0.89 2.4 989 2,291
Probable 89,339 1.11 3.4 3,197 9,825
Total Rainy River P&P 123,739 1.05 3.0 4,186 12,116
NEW AFTON
A&B Zones
Proven
Probable 25,731 0.51 1.9 0.74 420 1,612 420
C-zone
Proven
Probable 26,911 0.76 1.9 0.82 657 1,668 484
Total New Afton P&P 52,642 0.64 1.9 0.78 1,077 3,280 903
BLACKWATER
Direct processing reserves
Proven 124,500 0.95 5.5 3,790 22,100
Probable 169,700 0.68 4.1 3,730 22,300
P&P (direct proc.) 294,300 0.79 4.7 7,510 44,400
Low grade reserves
Proven 20,100 0.50 3.6 330 2,300
Probable 30,100 0.34 14.6 330 14,100
P&P (low grade) 50,200 0.40 10.2 650 16,400
Combined Direct proc. & Low grade
Proven 144,600 0.88 5.3 4,110 24,400
Probable 199,800 0.63 5.7 4,050 36,400
Total Blackwater P&P 344,400 0.74 5.5 8,170 60,800
TOTAL PROVEN & PROBABLE RESERVES 13,433 76,136 903

Measured & Indicated (exclusive of Reserves)

Metal grade Contained metal
Tonnes
000s
Gold
g/t
Silver
g/t
Copper
%
Gold
Koz
Silver
Koz
Copper
Mlbs
RAINY RIVER
Direct processing resources
Open Pit
Measured 2,990 1.13 5.6 109 534
Indicated 26,370 1.13 3.3 955 2,759
Open Pit M&I (direct proc.) 29,360 1.13 3.5 1,064 3,292
Underground
Measured
Indicated 7,908 3.06 8.6 778 2,188
Underground M&I (direct proc.) 7,908 3.06 8.6 778 2,188
Low grade resources
Open Pit
Measured 2,465 0.35 3.1 28 248
Indicated 23,135 0.36 2.1 269 1,592
Open Pit M&I (low grade) 25,600 0.36 2.2 297 1,840
Combined M&I
Measured 5,455 0.78 4.5 137 782
Indicated 57,412 1.08 3.5 2,002 6,539
Total Rainy River M&I 62,867 1.06 3.6 2,139 7,321
NEW AFTON
A&B Zones
Measured 15,239 0.64 2.0 0.86 315 972 289
Indicated 8,530 0.51 2.8 0.77 140 776 145
A&B Zone M&I 23,769 0.60 2.3 0.83 455 1,748 434
C-zone
Measured 5,711 0.79 2.0 0.96 144 366 120
Indicated 11,976 0.72 2.1 0.87 279 809 230
C-zone M&I 17,687 0.74 2.1 0.90 423 1,174 350
HW Lens
Measured
Indicated 10,951 0.52 2.1 0.44 183 722 107
HW Lens M&I 10,951 0.52 2.1 0.44 183 722 107
Combined M&I
Measured 20,950 0.68 2.0 0.89 459 1,338 410
Indicated 31,457 0.60 2.3 0.69 602 2,307 481
Total New Afton M&I 52,407 0.63 2.2 0.77 1,061 3,645 891
BLACKWATER
Direct processing resources
Measured 288 1.39 6.6 13 61
Indicated 45,249 0.84 4.6 1,225 6,692
M&I (direct proc.) 45,537 0.85 4.6 1,238 6,753
Low grade resources
Measured
Indicated 15,779 0.32 3.9 162 1,980
M&I (low grade) 15,779 0.32 3.9 162 1,980
Total Blackwater M&I 61,316 0.71 4.4 1,400 8,733
Total M&I RESOURCES 4,600 19,699 891

Inferred Mineral Resources

Metal grade Contained metal
Tonnes
000s
Gold
g/t
Silver
g/t
Copper
%
Gold
Koz
Silver
Koz
Copper
Mlbs
RAINY RIVER
Direct processing
Open Pit 5,883 1.17 3.1 222 578
Underground 1,270 3.68 3.8 150 156
Total Direct Processing 7,153 1.62 3.2 372 733
Low grade resources
Open Pit 6,049 0.37 1.4 72 274
Rainy River Inferred 13,202 1.05 2.4 444 1,007
NEW AFTON
A&B Zones 6,530 0.35 1.4 0.38 74 295 54
C-zone 7,034 0.43 1.4 0.51 98 309 77
HW Lens
New Afton Inferred 13,564 0.39 1.4 0.45 172 605 132
BLACKWATER
Direct processing 13,905 0.76 4.0 341 1,788
Low grade resources 4,207 0.33 3.4 44 460
Blackwater Inferred 18,112 0.66 3.9 385 2,248
TOTAL INFERRED 1,001 3,860 132

Notes to Mineral Reserve and Resource Estimates

1. New Gold’s Mineral Reserves and Mineral Resources have been estimated in accordance with the CIM Standards, which are incorporated by reference in NI 43-101.

2. All Mineral Reserve and Mineral Resource estimates for New Gold’s properties and projects are effective December 31, 2018.

3. New Gold’s year-end 2018 Mineral Reserves and Mineral Resources have been estimated based on the following metal prices and foreign exchange (FX) rate criteria:

Gold

$/ounce

Silver

$/ounce

Copper

$/pound

FX

CAD:USD

Mineral Reserves $1,275 $17.00 $3.00 1.30
Mineral Resources $1,350 $18.00 $3.25 1.30

4. Lower cut-offs for the Company’s Mineral Reserves and Mineral Resources are outlined in the following table:

Mineral Property

Mineral Reserves

Lower cut-off

Mineral Resources

Lower Cut-off

Rainy River O/P direct processing: 0.30 – 0.50 g/t AuEq 0.30 – 0.50 g/t AuEq
O/P low grade material: 0.30 g/t AuEq 0.30 g/t AuEq
U/G direct processing: 2.20 g/t AuEq 2.00 g/t AuEq
New Afton Main Zone – B1 & B2 Blocks: C$ 17.00/t All Resources:  0.40% CuEq
B3 Block & C-zone: C$ 24.00/t
Blackwater O/P direct processing: 0.26 – 0.38 g/t AuEq All Resources:  0.40 g/t AuEq
O/P low grade material: 0.32 g/t AuEq

5. New Gold reports its measured and indicated mineral resources exclusive of mineral reserves. Measured and indicated mineral resources that are not mineral reserves do not have demonstrated economic viability. Inferred mineral resources have a greater amount of uncertainty as to their existence and technical feasibility, do not have demonstrated economic viability, and are likewise exclusive of mineral reserves.  Numbers may not add due to rounding.

6. Mineral resources are classified as measured, indicated and inferred based on relative levels of confidence in their estimation and on technical and economic parameters consistent with the methods considered to be most suitable to their potential commercial extraction. The designators ‘open pit’ and ‘underground’ may be used to indicate the envisioned mining method for different portions of a resource. Similarly the designators ‘direct processing’ and ‘lower grade material’ may be applied to differentiate material envisioned to be mined and processed directly from material to be mined and stored separately for future processing. Mineral reserves and mineral resources may be materially affected by environmental, permitting, legal, title, taxation, sociopolitical, marketing and other risks and relevant issues. Additional details regarding mineral reserve and mineral resource estimation, classification, reporting parameters, key assumptions and associated risks for each of New Gold’s material properties are provided in the respective NI 43-101 Technical Reports, which are available at www.sedar.com.

7. The preparation of New Gold’s consolidated statement and estimation of mineral reserves has been completed under the oversight and review of Mr. Nicholas Kwong, Director of Technical Services for the Company. Mr. Kwong is a Professional Engineer and member of the Professional Engineers of Ontario. Preparation of the New Gold’s consolidated statement and estimation of mineral resources has been completed under the oversight and review of Mr. Mark Petersen, a consultant to New Gold and former Vice President, Exploration for the Company. Mr. Petersen is an SME Registered Member, AIPG Certified Professional Geologist. Messrs. Kwong and Petersen are “Qualified Persons” as defined by NI 43-101.

Cautionary Note Regarding Forward-Looking Statements
Certain information contained in this news release, including any information relating to New Gold’s future financial or operating performance are “forward looking”. All statements in this news release, other than statements of historical fact, which address events, results, outcomes or developments that New Gold expects to occur are “forward-looking statements”. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the use of forward-looking terminology such as “plans”, “expects”, “is expected”, “budget”, “scheduled”, “targeted”, “estimates”, “forecasts”, “intends”, “anticipates”, “projects”, “potential”, “believes” or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “should”, “might” or “will be taken”, “occur” or “be achieved” or the negative connotation of such terms. Forward-looking statements in this news release include, among others, statements with respect to: mineral resources and mineral reserve estimates; completion of construction capital and mill upgrade at Rainy River, expectations with respect to mill recoveries; the launch in 2019 of a comprehensive review of alternative underground mining scenarios as well as potential operational and cost efficiencies at Rainy River; timing of the second phase of the planned mill upgrade at New Afton; the expectations with respect to extending mine life at New-Afton as a result of the development of the C-zone;  and the sources of funding and potential financial performance of the New Afton C-zone.

All forward-looking statements in this news release are based on the opinions and estimates of management as of the date such statements are made and are subject to important risk factors and uncertainties, many of which are beyond New Gold’s ability to control or predict. Certain material assumptions regarding such forward-looking statements are discussed in this news release, New Gold’s latest annual management’s discussion and analysis (“MD&A”), Annual Information Form and Technical Reports filed at www.sedar.com and on EDGAR at www.sec.gov. In addition to, and subject to, such assumptions discussed in more detail elsewhere, the forward-looking statements in this news release are also subject to the following assumptions: (1) there being no significant disruptions affecting New Gold’s operations; (2) political and legal developments in jurisdictions where New Gold operates, or may in the future operate, being consistent with New Gold’s current expectations; (3) the accuracy of New Gold’s current mineral reserve and mineral resource estimates; (4) the exchange rate between the Canadian dollar and U.S. dollar, and to a lesser extent, the Mexican Peso, being approximately consistent with current levels; (5) prices for diesel, natural gas, fuel oil, electricity and other key supplies being approximately consistent with current levels; (6) equipment, labour and materials costs increasing on a basis consistent with New Gold’s current expectations; (7) arrangements with First Nations and other Aboriginal groups in respect of the Rainy River mine and Blackwater project being consistent with New Gold’s current expectations; and (8) all required permits, licenses and authorizations being obtained from the relevant governments and other relevant stakeholders within the expected timelines and the absence of material negative comments during the applicable regulatory processes; (9) the result of feasibility studies and other studies being realized, and (10) metals and other commodity prices and exchange rates being consistent with those estimated for the purposes of 2019 guidance.

Forward-looking statements are necessarily based on estimates and assumptions that are inherently subject to known and unknown risks, uncertainties and other factors that may cause actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking statements. Such factors include, without limitation: significant capital requirements and the availability and management of capital resources; additional funding requirements; price volatility in the spot and forward markets for metals and other commodities; fluctuations in the international currency markets and in the rates of exchange of the currencies of Canada, the United States and, to a lesser extent, Mexico; discrepancies between actual and estimated production, between actual and estimated mineral reserves and mineral resources and between actual and estimated metallurgical recoveries; risks related to early production at the Rainy River Mine, including failure of equipment, machinery, the process circuit or other processes to perform as designed or intended; fluctuation in treatment and refining charges; changes in national and local government legislation in Canada, the United States and, to a lesser extent, Mexico or any other country in which New Gold currently or may in the future carry on business; taxation; controls, regulations and political or economic developments in the countries in which New Gold does or may carry on business; the speculative nature of mineral exploration and development, including the risks of obtaining and  maintaining the validity and enforceability of the necessary licenses and permits and complying with the permitting requirements of each jurisdiction in which New Gold operates, the lack of certainty with respect to foreign legal systems, which may not be immune from the influence of political pressure, corruption or other factors that are inconsistent with the rule of law; the uncertainties inherent to current and future legal challenges New Gold is or may become a party to; diminishing quantities or grades of mineral reserves and mineral resources; competition; loss of key employees; rising costs of labour, supplies, fuel and equipment; actual results of current exploration or reclamation activities; uncertainties inherent to mining economic studies; changes in project parameters as plans continue to be refined; accidents; labour disputes; defective title to mineral claims or property or contests over claims to mineral properties; unexpected delays and costs inherent to consulting and accommodating rights of Indigenous groups; risks, uncertainties and unanticipated delays associated with obtaining and maintaining necessary licenses, permits and authorizations and complying with permitting requirements. In addition, there are risks and hazards associated with the business of mineral exploration, development and mining, including environmental events and hazards, industrial accidents, unusual or unexpected formations, pressures, cave-ins, flooding and gold bullion losses and risks associated with a mine with relatively limited history of commercial production, such as Rainy River, (and the risk of inadequate insurance or inability to obtain insurance to cover these risks) as well as “Risk Factors” included in New Gold’s Annual Information Form, MD&A and other disclosure documents filed on and available at www.sedar.com and on EDGAR at www.sec.gov. Forward-looking statements are not guarantees of future performance, and actual results and future events could materially differ from those anticipated in such statements. All of the forward-looking statements contained in this news release are qualified by these cautionary statements. New Gold expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, events or otherwise, except in accordance with applicable securities laws.

Technical Information
The scientific and technical information relating to mineral reserves and mineral resources estimate contained herein has been reviewed and approved by Mr. Mark A. Petersen, a consultant to New Gold and its former Vice President, Exploration. All other scientific and technical information has been reviewed and approved by Mr. Nicholas Kwong, Director, Business Improvement of New Gold. Mr. Petersen is an SME Registered Member and AIPG Certified Professional Geologist. Mr. Kwong is a Professional Engineer and a member of the Association of Professional Engineers and Geoscientists of British Columbia. Messrs. Petersen and Kwong are “Qualified Persons” for the purposes of NI 43-101.

Cautionary Note to U.S. Readers Concerning Estimates of Mineral Reserves and Mineral Resources
Information concerning the properties and operations of New Gold has been prepared in accordance with Canadian standards under applicable Canadian securities laws, and may not be comparable to similar information for United States companies. The terms “Mineral Resource”, “Measured Mineral Resource”, “Indicated Mineral Resource” and “Inferred Mineral Resource” used in this news release are Canadian mining terms as defined in the Canadian Institute of Mining, Metallurgy and Petroleum (“CIM”) Definition Standards for Mineral Resources and Mineral Reserves adopted by CIM Council on May 10, 2014 and incorporated by reference in National Instrument 43-101. While the terms “Mineral Resource”, “Measured Mineral Resource”, “Indicated Mineral Resource” and “Inferred Mineral Resource” are recognized and required by Canadian securities regulations, they are not defined terms under standards of the United States Securities and Exchange Commission. As such, certain information contained in this news release concerning descriptions of mineralization and mineral resources under Canadian standards is not comparable to similar information made public by United States companies subject to the reporting and disclosure requirements of the United States Securities and Exchange Commission.

An “Inferred Mineral Resource” has a great amount of uncertainty as to its existence and as to its economic and legal feasibility. Under Canadian rules, estimates of inferred mineral resources may not form the basis of feasibility or pre-feasibility studies. It cannot be assumed that all or any part of an “Inferred Mineral Resource” will ever be upgraded to a higher confidence category. Readers are cautioned not to assume that all or any part of an “Inferred Mineral Resource” exists or is economically or legally mineable.

Under United States standards, mineralization may not be classified as a “Reserve” unless the determination has been made that the mineralization could be economically and legally produced or extracted at the time the reserve estimation is made. Readers are cautioned not to assume that all or any part of the measured or indicated mineral resources will ever be converted into mineral reserves. In addition, the definitions of “Proven Mineral Reserves” and “Probable Mineral Reserves” under CIM standards differ in certain respects from the standards of the United States Securities and Exchange Commission.

Non-GAAP Financial Performance Measures
Cash costs per gold ounce, all-in sustaining costs (AISC) per gold ounce, sustaining capital and growth capital are non-GAAP financial measures that do not have a standardized meaning under IFRS and may not be comparable to similar measures presented by other mining companies. It should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. The Company believes that these measures, together with measures determined in accordance with IFRS, provide investors with an improved ability to evaluate the underlying performance of the Company. In addition, certain non-GAAP measures are utilized, along with other measures, in the Company scorecard to set incentive compensation goals and assess performance of its executives.

All-In Sustaining Costs
“All-in sustaining costs” per ounce is a non-GAAP financial measure. Consistent with guidance announced in 2013 by the World Gold Council, an association of various gold mining companies from around the world of which New Gold is a member, New Gold defines “all-in sustaining costs” per ounce as the sum of total cash costs, capital expenditures that are sustaining in nature, corporate general and administrative costs, capitalized and expensed exploration that is sustaining in nature and environmental reclamation costs, all divided by the ounces of gold sold to arrive at a per ounce figure. New Gold believes this non-GAAP financial measure provides further transparency into costs associated with producing gold and assists analysts, investors and other stakeholders of the Company in assessing the Company’s operating performance, its ability to generate free cash flow from current operations and its overall value. This data is furnished to provide additional information and is a non-GAAP financial measure. All-in sustaining costs presented do not have a standardized meaning under IFRS and may not be comparable to similar measures presented by other mining companies. It should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS and is not necessarily indicative of cash flow from operations under IFRS or operating costs presented under IFRS.

“Sustaining costs” is a non-GAAP financial measure. New Gold defines sustaining costs as the difference between all-in sustaining costs and total cash costs, being the sum of net capital expenditures that are sustaining in nature, corporate general and administrative costs, capitalized and expensed exploration that is sustaining in nature, and environmental reclamation costs. New Gold terms non-sustaining capital costs to be “growth capital”. Management uses sustaining costs to understand the aggregate net result of the drivers of all-in sustaining costs other than total cash costs.  The line items between cash costs and all-in sustaining costs in the tables below break down the components of sustaining costs.  Sustaining costs is intended to provide additional information only, does not have any standardized meaning under IFRS, and may not be comparable to similar measures presented by other mining companies. It should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS.

Total Cash Costs
“Total cash costs” per ounce is a non-GAAP financial measure which is calculated in accordance with a standard developed by The Gold Institute, a worldwide association of suppliers of gold and gold products that ceased operations in 2002. Adoption of the standard is voluntary and the cost measures presented may not be comparable to other similarly titled measures of other companies. New Gold reports total cash costs on a sales basis. The Company believes that certain investors use this information to evaluate the Company’s performance and ability to generate liquidity through operating cash flow to fund future capital expenditures and working capital needs.  This measure, along with sales, is considered to be a key indicator of the Company’s ability to generate operating earnings and cash flow from its mining operations. Total cash costs include mine site operating costs such as mining, processing and administration costs, royalties, production taxes, and realized gains and losses on fuel contracts, but are exclusive of amortization, reclamation, capital and exploration costs and net of by-product sales. Total cash costs are then divided by ounces of gold sold to arrive at a per ounce figure. Co-product cash costs remove the impact of other metal sales that are produced as a by-product of gold production and apportion the cash costs to each metal produced on a percentage of revenue basis, and subsequently divides the amount by the total ounces of gold or silver or pounds of copper sold, as the case may be, to arrive at per ounce or per pound figures. Unless otherwise indicated, all total cash cost information in this news release is net of by-product sales. This data is furnished to provide additional information and is a non-GAAP financial measure. Total cash costs and co-product cash costs presented do not have a standardized meaning under IFRS and may not be comparable to similar measures presented by other mining companies. It should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS and is not necessarily indicative of cash flow from operations under IFRS or operating costs presented under GAAP.

Adjusted Net Earnings/(Loss)
“Adjusted net earnings/(loss)” and “adjusted net earnings/(loss) per share” are non-GAAP financial measures. Net earnings/(loss) have been adjusted and tax affected for the group of costs in “Other gains and losses”, impairment losses, inventory write-downs and certain non-recurring items on the condensed consolidated income statement. The adjusted entries are also impacted for tax to the extent that the underlying entries are impacted for tax in the unadjusted net earnings/(loss) from continuing operations. The Company uses this measure for its own internal purposes. Management’s internal budgets and forecasts and public guidance do not reflect fair value changes on senior notes and non-hedged derivatives, foreign currency translation and fair value through profit or loss and financial asset gains/losses. Consequently, the presentation of adjusted net earnings and adjusted net earnings per share enables investors and analysts to better understand the underlying operating performance of our core mining business through the eyes of management. Management periodically evaluates the components of adjusted net earnings and adjusted net earnings per share based on an internal assessment of performance measures that are useful for evaluating the operating performance of our business and a review of the non-GAAP measures used by mining industry analysts and other mining companies. Adjusted net (loss)/earnings and adjusted net (loss)/earnings per share are intended to provide additional information only and do not have any standardized meaning under IFRS and may not be comparable to similar measures presented by other companies. They should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. The measures are not necessarily indicative of operating profit or cash flows from operations as determined under IFRS.

Average Realized Price
“Average realized price per ounce or pound sold” is a non-GAAP financial measure with no standard meaning under IFRS. Management uses this measure to better understand the price realized in each reporting period for gold, silver, and copper sales. Average realized price is intended to provide additional information only and does not have any standardized definition under IFRS; it should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. Other companies may calculate this measure differently and this measure is unlikely to be comparable to similar measures presented by other companies.

For additional information with respect to the non-GAAP measures used by the Company, including reconciliation to the nearest IFRS measures, refer to the detailed Non-GAAP performance measure disclosure in the Management’s Discussion and Analysis for the year ended December 31, 2018 filed at www.sedar.com and on EDGAR at www.sec.gov.

NT4

TransCanada Declares Quarterly Dividends

CALGARY, Alberta, Feb. 14, 2019 (GLOBE NEWSWIRE) — News Release — TransCanada Corporation (TSX, NYSE: TRP) (TransCanada or the Company) today announced that the Board of Directors (Board) of TransCanada declared a quarterly dividend of $0.75 per common share for the quarter ending March 31, 2019, on the Company’s outstanding common shares. The common share dividend is payable on April 30, 2019 to shareholders of record at the close of business on March 29, 2019.

The Board also declared quarterly dividends on the outstanding Cumulative First Preferred Shares as follows:

For the period up to but excluding March 29, 2019, payable on March 29, 2019, to shareholders of record at the close of business on February 28, 2019:
  • Series 1 – $0.204125 per share
  • Series 2 – $0.21897534 per share
  • Series 3 – $0.1345 per share
  • Series 4 – $0.1804 per share
For the period up to but excluding April 30, 2019, payable on April 30, 2019, to shareholders of record at the close of business on April 1, 2019:
  • Series 5 – $0.14143750 per share
  • Series 6 – $0.19756849 per share
  • Series 7 – $0.25 per share
  • Series 9 – $0.265625 per share

These dividends are designated by TransCanada to be eligible dividends for purposes of the Income Tax Act (Canada) and any similar provincial or territorial legislation. An enhanced dividend tax credit applies to eligible dividends paid to Canadian residents.

The Board also approved the issuance of common shares from treasury at a two per cent discount under TransCanada’s Dividend Reinvestment Plan (DRP). Under the DRP, investors holding TransCanada common or preferred shares can receive common shares instead of cash dividend payments. For further details, including how to enroll in the program, please refer to TransCanada.com/Dividends.

With more than 65 years’ experience, TransCanada is a leader in the responsible development and reliable operation of North American energy infrastructure including natural gas and liquids pipelines, power generation and gas storage facilities. TransCanada operates one of the largest natural gas transmission networks that extends more than 92,600 kilometres (57,500 miles), connecting major gas supply basins to markets across North America. TransCanada is a leading provider of gas storage and related services with 653 billion cubic feet of storage capacity. A large independent power producer, TransCanada currently owns or has interests in more than 6,600 megawatts of power generation in Canada and the United States. TransCanada is also the developer and operator of one of North America’s leading liquids pipeline systems that extends approximately 4,900 kilometres (3,000 miles), connecting growing continental oil supplies to key markets and refineries. TransCanada’s common shares trade on the Toronto and New York stock exchanges under the symbol TRP. Visit TransCanada.com to learn more, or connect with us on social media.

FORWARD-LOOKING INFORMATION

This publication contains certain information that is forward-looking and is subject to important risks and uncertainties (such statements are usually accompanied by words such as “anticipate”, “expect”, “believe”, “may”, “will”, “should”, “estimate”, “intend” or other similar words). Forward-looking statements in this document are intended to provide TransCanada security holders and potential investors with information regarding TransCanada and its subsidiaries, including management’s assessment of TransCanada’s and its subsidiaries’ future plans and financial outlook. All forward-looking statements reflect TransCanada’s beliefs and assumptions based on information available at the time the statements were made and as such are not guarantees of future performance. Readers are cautioned not to place undue reliance on this forward-looking information, which is given as of the date it is expressed in this news release, and not to use future-oriented information or financial outlooks for anything other than their intended purpose. TransCanada undertakes no obligation to update or revise any forward-looking information except as required by law. For additional information on the assumptions made, and the risks and uncertainties which could cause actual results to differ from the anticipated results, refer to the Fourth Quarter 2018 Financial Highlights release and 2018 Annual Report filed under TransCanada’s profile on SEDAR at www.sedar.com and with the U.S. Securities and Exchange Commission at www.sec.gov.

Media Inquiries:
Grady Semmens
403.920.7859 or 800.608.7859

TransCanada Investor & Analyst Inquiries:
David Moneta / Duane Alexander
403.920.7911 or 800.361.6522

NT4

Festival envisions Indigenous resurgence – Queen’s Journal

February 14, 2019

Attendees at the Ka’tarohkwi Indigenous Arts Festival will see artwork free of restrictions.

The Isabel Bader Centre for the Performing Arts is hosting the festival throughout February and March. It’ll feature Indigenous performance artists, films, and musicians, celebrating their work and innovation in Canada.

The festival is being held alongside the Soundings exhibit currently on display at the Agnes Etherington Art Centre.

“We are excited to share this diverse array of performances by acclaimed Indigenous artists working across theatre, dance, music, film and performance art,” said Soundings curator, Dylan Robinson, in a Queen’s media release.

Read More: https://www.queensjournal.ca/story/2019-02-14/arts/festival-envisions-indigenous-resurgence/

Orbit Garant Drilling Reports Fiscal 2018 Second Quarter Financial Results

February 13, 2019

Val-d’Or, Quebec, February 13, 2019 – Orbit Garant Drilling Inc. (TSX: OGD) (“Orbit Garant” or the “Company”) today announced its financial results for the three and six-month periods ended December 31, 2018. All dollar amounts are in Canadian dollars unless otherwise stated. Percentage calculations are based on numbers in the financial statements and may not correspond to rounded figures presented in this news release.

Financial Summary

($ amounts in millions,

except per share amounts)

Three months ended
Dec. 31 2018
Three months ended
Dec. 31, 2017

Six months ended

Dec. 31, 2018

Six months ended

Dec. 31, 2017

Revenue $33.7 $43.0 $71.0 $85.5
Gross Profit $2.9 $5.1 $8.5 $11.8
Gross Margin (%) 8.6 11.7 12.0 13.8
Adjusted Gross Margin (%)¹ 15.2 16.3 17.9 18.4
EBITDA2 $0.9 $3.3 $4.3 $8.3
Net earnings (loss) $(1.7) $0.8 $(1.3) $2.5
Net earnings (loss) per share
       – Basic and diluted $(0.04) $0.02 $(0.03) $0.07
Total metres drilled 311,318 371,161 627,363 775,423

1Adjusted Gross Margin is a non-IFRS financial measure and is defined as Gross Profit excluding depreciation expenses. See “Reconciliation of Non-IFRS financial measures”.

2 EBITDA is a non-IFRS financial measure and is defined as earnings before interest, taxes, depreciation, and amortization. See “Reconciliation of Non-IFRS financial measures”.

“Our decline in revenue and metres drilled for the quarter reflects lower drilling activity in both Canada and Chile compared to the same quarter last year, which was a record second quarter in both revenue and metres drilled. This past quarter still represents our second highest revenue total for this three-month period in company history. With the recent rapid expansion of our global operations, our margins are more impacted by the slowdown in drilling activity. Our profitability for the quarter was also impacted by costs related to our acquisition in Burkina Faso,” said Eric Alexandre, President & CEO of Orbit Garant.

“We’re pleased with the early results of the Burkina Faso acquisition, with drill deployment up from seven at the time of acquisition to 12 at quarter-end. Looking more broadly at our business, with global gold and base metal reserves of mining companies continuing to be depleted, we expect mineral exploration spending to increase in order to address this decline. With our expanded international presence and our strong position in Canada, we are increasingly well positioned to capitalize on market opportunities as they arise,” added Mr. Alexandre.

Second Quarter Results

Revenue for the three-month period ended December 31, 2018 (“Q2 FY2019”) totalled $33.7 million, compared to $43.0 million for the three-month period ended December 31, 2017 (“Q2 FY2018”). Drilling Canada revenue was $23.6 million, compared to $28.3 million in Q2 FY2018, reflecting a decline in metres drilled during the quarter, partially offset by an increase in average revenue per metre drilled. Drilling International revenue was $10.1 million, compared to $14.7 million in Q2 FY2018. The decline in international revenue is primarily attributable to the conclusion of a large drilling contract in Chile, partially offset by increased drilling activity in Burkina Faso.

Orbit Garant’s fleet drilled a total of 311,318 metres in the quarter, compared to 371,161 metres drilled in the very strong Q2 FY2018 period. Consolidated average revenue per metre drilled decreased 6.7% to $107.85 compared to $115.64 in Q2 FY2018. The decline in consolidated average revenue per metre drilled is primarily attributable to a lower proportion of specialized drilling in international markets in the quarter, partially offset by higher prices on drilling contracts in Canada.

Gross profit and gross margin for Q2 FY2019 were $2.9 million and 8.6%, respectively, compared to $5.1 million and 11.7%, respectively, in Q2 FY2018. Depreciation expenses totalling $2.2 million are included in cost of contract revenue for Q2 FY2019 compared $2.0 million in Q2 FY2018. Adjusted gross margin, excluding depreciation expenses, was 15.2% in Q2 FY2019, compared to 16.3% in Q2 FY2018. The decrease in gross profit and margins was primarily attributable to lower drilling volumes in Canada, partially offset by higher gross profit and margins on international contracts.

General and administrative (G&A) expenses were $4.8 million (representing 14.4% of revenue) in Q2 FY2019, compared to $4.3 million (representing 10.0% of revenue) in Q2 FY2018. Increased G&A expenses are primarily attributable to $0.7 million of acquisition and integration costs related to the Company’s acquisition of the drilling business of Projet Production International BF S.A. (“PPI”) in Burkina Faso during Q2 FY2019.

Earnings before interest, taxes, depreciation and amortization (“EBITDA”)¹totalled $0.9 million in Q2 FY2019, compared to $3.3 million in Q2 FY2018.

The Company’s net loss for Q2 FY2019 was $1.7 million, or $0.04 per share, compared to net earnings of $0.8 million, or $0.02 per share, in Q2 FY2018. Lower gross profit and margins, as discussed above, and costs related to the acquisition of PPI contributed to the Company’s net loss for Q2 FY2019.

During Q2 FY2019, Orbit Garant generated $7.6 million from financing activities compared to $5.5 million in Q2 FY2018. The Company drew down a net amount of $7.1 million during Q2 FY2019 on its secured, three-year revolving credit facility (the “Credit Facility”), compared to $1.4 million in Q2 FY2018, largely due to the financing impact of the PPI acquisition. As at December 31, 2018, the Company had $27.1 million drawn under the Credit Facility, compared to $18.1 million as at June 30, 2018.

As at December 31, 2018, Orbit Garant had working capital of $57.1 million ($53.3 million as at June 30, 2018), and 37,008,756 common shares issued and outstanding.

Orbit Garant’s unaudited interim condensed consolidated financial statements and management’s discussion and analysis for the three and six-month periods ended December 31, 2018 are available on the Company’s website at www.orbitgarant.com or SEDAR at www.sedar.com.

Conference call

Eric Alexandre, President and CEO, and Alain Laplante, Vice President and CFO, will host a conference call for analysts and investors on Thursday, February 14, 2019 at 10:00 a.m. (ET). The dial-in numbers for the conference call are 416-764-8609 or 1-888-390-0605. A live webcast of the call will be available on Orbit Garant’s website at: http://www.orbitgarant.com/en/sites/fog/investors.aspx. The webcast will be archived following conclusion of the call.

To access a replay of the conference call dial 416-764-8677 or 1-888-390-0541, passcode: 490114 #. The replay will be available until February 21, 2019.

RECONCILIATION OF NON – IFRS FINANCIAL MEASURES

Financial data has been prepared in conformity with IFRS. However, certain measures used in this discussion and analysis do not have any standardized meaning under IFRS and could be calculated differently by other companies. The Company believes that certain non-IFRS financial measures, when presented in conjunction with comparable IFRS financial measures, are useful to investors and other readers because the information is an appropriate measure to evaluate the Company’s operating performance. Internally, the Company uses this non-IFRS financial information as an indicator of business performance. These measures are provided for information purposes, in addition to, and not as a substitute for, measures of financial performance prepared in accordance with IFRS.

EBITDA: Net earnings (loss) before interest, taxes, depreciation and amortization.

Adjusted gross margin: Contract revenue less operating costs. Operating expenses comprise material and service expenses, personnel expenses, other operating expenses, excluding depreciation.

EBITDA

Management believes that EBITDA is an important measure when analyzing its operating profitability, as it removes the impact of financing costs, certain non-cash items and income taxes. As a result, Management considers it a useful and comparable benchmark for evaluating the Company’s performance, as companies rarely have the same capital and financing structure.

Reconciliation of EBITDA

(unaudited)

(in millions of dollars)

3 months ended

December 31, 2018

3 months ended

December 31, 2017

6 months ended

December 31, 2018

6 months ended

December 31, 2017

Net earnings (net loss) for the period (1.7) 0.8 (1.3) 2.5
Add:
Finance costs 0.5 0.5 0.9 0.9
Income tax expense (0.4) (0.3) 0.6
Depreciation and amortization 2.5 2.3 4.7 4.4
EBITDA 0.9 3.3 4.3 8.4

Adjusted Gross Margin

Although adjusted gross margin and margin are not recognized financial measures defined by IFRS, Management considers them to be important measures as they represent the Company’s core profitability, without the impact of depreciation expense. As a result, Management believes they provide a useful and comparable benchmark for evaluating the Company’s performance.

Reconciliation of Adjusted Gross Margin

 

(unaudited)

(in millions of dollars)

3 months ended

December 31, 2018

3 months ended

December 31, 2017

6 months ended

December 31, 2018

6 months ended

December 31, 2017

Contract revenue 33.7 43.0 71.0 85.5
Cost of contract revenue (including depreciation) 30.8 38.0 62.5 73.7
Less depreciation (2.2) (2.0) (4.2) (3.9)
Direct costs 28.6 36.0 58.3 69.8
Adjusted gross profit 5.1 7.0 12.7 15.7
Adjusted gross margin (%) (1) 15.2 16.3 17.9 18.4

(1) Adjusted gross profit, divided by contract revenue X 100

 

About Orbit Garant

Headquartered in Val-d’Or, Quebec, Orbit Garant is one of the largest Canadian-based mineral drilling companies, providing both underground and surface drilling services in Canada and internationally through its 236 drill rigs and more than 1,300 employees. Orbit Garant provides services to major, intermediate and junior mining companies, through each stage of mining exploration, development and production. The Company also provides geotechnical drilling services to mining or mineral exploration companies, engineering and environmental consultant firms, and government agencies. For more information, please visit the Company’s website at www.orbitgarant.com.

Forward-looking information

This news release may contain forward-looking statements (within the meaning of applicable securities laws) relating to business of Orbit Garant Drilling Inc. (the “Company”) and the environment in which it operates. Forward-looking statements are identified by words such as “believe”, “anticipate”, “expect”, “intend”, “plan”, “will”, “may” and other similar expressions. These statements are based on the Company’s expectations, estimates, forecasts and projections. They are not guarantees of future performance and involve risks and uncertainties that are difficult to control or predict. These risks and uncertainties are discussed in the Company’s regulatory filings available at www.sedar.com. There can be no assurance that forward-looking statements will prove to be accurate as actual outcomes and results may differ materially from those expressed in these forward-looking statements. Readers, therefore, should not place undue reliance on any such forward-looking statements. Further, a forward-looking statement speaks only as of the date on which such statement is made. The Company undertakes no obligation to publicly update any such statement or to reflect new information or the occurrence of future events or circumstances.

For further information:

Alain Laplante                                                                                                 Bruce Wigle
Vice President and Chief Financial Officer                                                Investor Relations
(819) 824-2707 ext. 122                                                                                 (647) 496-7856

NT4

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