Newmarket Gold Announces Further High-Grade Drill Results and Record Monthly Production at the Fosterville Gold Mine

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Nov. 8, 2016) - Newmarket Gold ("Newmarket" or the "Company") (TSX:NMI)(OTCQX:NMKTF) is pleased to announce further positive drill results and record monthly production at the Fosterville Gold Mine, State of Victoria, Australia. Underground resource definition drilling has continued to target down-plunge extensions to the Lower Phoenix and Harrier South gold systems to assess the potential of Mineral Reserve expansion. Recent drill results from nine underground holes totaling 3,637 meters (m) have demonstrated the continuity of exceptional high-grade visible gold mineralization on both the newly discovered west dipping Lower Phoenix Footwall and Eagle Structures in the Lower Phoenix gold system.

An additional drilling program consisting of seven holes totaling 2,893m in the Harrier South gold system has reaffirmed the Mineral Reserve conversion potential of this area, returning the highest Harrier gold grades ever recorded. The Company is also pleased to report a further three surfaced-based drill holes totaling 2,591m from growth drilling exploration programs targeting the Lower Phoenix gold system (Figure 1). Recent drill results continue to support the potential to expand Fosterville's Mineral Resources and Reserves and confirm continuity of mineralization up-plunge (north) and down-plunge (south) on the Lower Phoenix gold system and down plunge on the Harrier South gold system. Additionally, the Company is pleased to note that Fosterville achieved record production for the month of October, totaling 15,116 ounces of gold at a record mill grade of 8.18 g/t Au and record recovery of 92.3%.

Highlight Drill Intercepts from Underground Near Mine Drilling at Fosterville Gold Mine:

• Drilling into the newly discovered west dipping Lower Phoenix Footwall Structure intersected significant high-grade gold mineralization including 550 g/t Au⁽¹⁾ over 3.75m (Estimated True Width "ETW" 3.5m) in hole UDH1278 (Including 4,592 g/t Au⁽¹⁾ over 0.4m [ETW 0.3m]) and 203 g/t Au⁽¹⁾ over 8.55m (ETW 2.4m) in hole UDH1740 (Including 1,521 g/t Au⁽¹⁾ over 1.0m [ETW 0.28m]). This structure has now been defined over a strike extent of 150m and vertical extent of 150m.