38 WWWNEW G O L D C O M TSXNGD NY SE Am er ic an NG D Changes in Internal Controls over Financial Reporting There ha s b e en no ch ang e in the Com pan ys de sig n of intern al controls and pro c ed ures o v er fin a n c ial repo rting that has mate riall y affected o r is rea s o nabl y likel y to ma terially affect the Comp an ys inte rn al controls o v e r financi a l rep o r ting du ring th e perio d co ve red b y this M D A CAUT IONARY NOTES Cautionary Note to US Readers Concerning Estimates of Mineral Reserves and Mineral Resources This M D A wa s prepa re d in acco rda n ce with Ca nadia n stan d a rd s for rep o rting of min e ral resou r ce estimate s which diffe r in some re spe c t s from United States stand ard s In parti cula r and without limiting the gen erality of the fore going the te rms infe r red mineral resource s indi ca ted mine ra l re sou r ces mea su red m i neral re sou r ce s a nd mi neral re so urces used o r referen c e d in this MDA a r e Ca nadia n mineral discl osu r e term s as defined i n accord an ce with National Instrum e nt 43101 Standards of Disclo su re for Mineral Proj ects NI 431 01 und er th e guideli nes set out in the 2014 Cana dia n Institute of Mining Metal l urg y an d Pet r oleu m Stand ard s for Mine ral Re so urce s and Min e ral Re serve s De finitions a n d Guideli n e s May 2 014 th e CIM Stand ard s Until re ce ntly the CIM Standa rds differed si gnifica ntly fro m stand ard s in t he Unite d States The US Securi tie s and Exch ang e Commi ssio n the SEC has ad opted amend ment s to its discl osu r e rul e s to m odernize the mineral pro p e rty di scl osure requi rem e n t s for issue r s who s e se cu rities a r e regi st ered with th e SEC und er th e US Securit i es E x chang e Act of 193 4 as a m end ed the E xch an ge Act The s e ame ndm e n ts be came e ffective Fe bru a ry 2 5 2019 the SEC M odernization Rule s with compli an ce required for the first fisca l year begi nnin g on or after Janua ry 1 20 21 The SEC Mode rni z atio n Rul e s re pla c e the hi stori c al prope rty di scl osure re qu ireme n ts fo r mining regi strants that we re inclu ded in S E C Indu stry Guide 7 whi c h will be resc i nded from an d after the re quire d compli ance date of the SEC Mod e rni z ation Ru les As a re sult of the adoption of the SEC Mode rni z ation Rul e s the SEC no w recogni ze s e s timate s of measured mi neral re sou r ces indi cate d mineral re source s a nd i nferred min e ral resou r ces In addition th e SEC ha s a m ende d its d e finitions of pro ven mi neral re serve s and pro babl e mineral re se rve s to b e su b stantiall y si milar to th e correspon ding definition s un der the CIM S t andards a s requi re d und er NI 431 01 Accordin gly during this p e riod lea d ing up to the complian c e dat e of the SEC Mode rni z atio n Rul e s info rmation rega rding min e ral reso urce s o r mineral re se rve s contain e d or refe ren c ed in this MDA may not be compa r abl e to simila r info rm ation made p ublic b y Unite d States com panie s Rea ders a r e cautio ned tha t inferred mi neral re sou r ces ha ve a g r eat am ount of uncertaint y as to thei r exi s ten c e an d great un ce rtainty a s to th eir e c on omi c and le gal fea s ibility It can not be a s sum ed that all or any pa rt of an inferred mine ral re sou r ce will eve r be upgra ded to a highe r categ o r y Un der Ca nadia n rule s estimates of inferred mineral resour ces may not form the basi s of feas ibilit y or other economic studies except in limited circum sta n ce s The term re sou r ce does not eq uate to the te rm reserve s Re ade rs should not to assume that all or an y part of measured or indi cated mi neral resources will ever be converted into mine ral rese rves Re a ders a r e also cautio ned not to assum e th at all or an y p a rt of an inferred mi ne ral resou r ce exi s ts or is e c on omicall y o r le gally min eabl e