Fosterville Gold Mine Pours Its One Millionth Ounce

VANCOUVER, BC - Newmarket Gold reported that the Company's flagship Fosterville Gold Mine, the largest producing gold mine in Victoria, Australia, poured its one millionth ounce of gold In January. This important milestone represents over 11 years of continuous operations since mining commenced in 2004 and gold first poured in April of 2005.

Douglas Forster, President and Chief Executive Officer, Newmarket Gold said, "Fosterville's one millionth ounce of safe and sustainable production represents an important milestone for the mine and its entire team of dedicated employees. In its first one million ounces of production, Fosterville has logged more than 8 million man hours, processed 8.4 million tonnes of ore and accomplished world class recovery using a BIOX treatment system, all while maintaining an excellent safety record. With the commitment from all its employees, Fosterville will continue to deliver remarkable performance as it works towards producing its next million ounces. "

The millionth ounce is a significant achievement for Fosterville, surpassing the reserve estimated in the initial feasibility study, which included deepening three existing pits into the sulphide ore zone and the development of the underground mine currently in operation. A significant resource base, ongoing drilling success and a recent new high-grade visible gold discovery, all bode well for the future of ongoing strong gold production at Fosterville.

Ian Holland, General Manager, Fosterville Gold Mine, said, "The key to Fosterville's success has been our strong culture focused on best-in-class safety practices, sustainable environmental solutions and significant investment in our local community. Fosterville remains Victoria's largest and foremost gold producer with fantastic upside potential from our recent geological discoveries within the Lower Phoenix area, including the exciting Eagle Fault."