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<SEC-DOCUMENT>0001137171-06-001725.txt : 20060814
<SEC-HEADER>0001137171-06-001725.hdr.sgml : 20060814
<ACCEPTANCE-DATETIME>20060814155811
ACCESSION NUMBER:		0001137171-06-001725
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		10
CONFORMED PERIOD OF REPORT:	20060810
FILED AS OF DATE:		20060814
DATE AS OF CHANGE:		20060814

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			New Gold Inc. /FI
		CENTRAL INDEX KEY:			0000800166
		STANDARD INDUSTRIAL CLASSIFICATION:	METAL MINING [1000]
		IRS NUMBER:				000000000
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-31722
		FILM NUMBER:		061030272

	BUSINESS ADDRESS:	
		STREET 1:		#601-595 HOWE STREET, SUITE
		CITY:			VANCOUVER
		STATE:			A1
		ZIP:			V6C 2T5
		BUSINESS PHONE:		(604) 687-1629

	MAIL ADDRESS:	
		STREET 1:		#601-595 HOWE STREET, SUITE
		CITY:			VANCOUVER
		STATE:			A1
		ZIP:			V6C 2T5

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	DRC RESOURCES CORP                                      /FI
		DATE OF NAME CHANGE:	19860904
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>newgold6k081406.htm
<DESCRIPTION>NEW GOLD INC. FORM 6-K
<TEXT>
<!doctype html public "-//IETF//DTD HTML//EN">
<HTML>
<HEAD>
<TITLE>CC Filed by Filing Services Canada Inc. 403-717-3898</TITLE>
<META NAME="author" CONTENT="Bradley J. Dick">
<META NAME="date" CONTENT="08/11/2006">
</HEAD>
<BODY style="line-height:12pt; font-family:Times New Roman; font-size:10pt; color:#000000">
<P style="margin:0pt" align=center><BR></P>
<P style="margin:0pt"><BR></P>
<P style="line-height:14pt; margin:0pt; font-size:12pt" align=center><B>U.S. SECURITIES AND EXCHANGE COMMISSION</B></P>
<P style="line-height:13pt; margin:0pt; font-size:11pt" align=center><B>Washington, D.C. 20549</B></P>
<P style="margin:0pt" align=center><BR></P>
<P style="margin:0pt" align=center><BR></P>
<P style="line-height:16pt; margin:0pt; font-size:14pt" align=center><B>FORM 6-K</B></P>
<P style="margin:0pt"><BR></P>
<P style="line-height:14pt; margin:0pt; font-size:12pt" align=center><B>REPORT OF FOREIGN PRIVATE ISSUER</B></P>
<P style="line-height:14pt; margin:0pt; font-size:12pt" align=center><B>PURSUANT TO RULE 13a-16 or 15d-16 OF</B></P>
<P style="line-height:14pt; margin:0pt; font-size:12pt" align=center><B>THE SECURITIES EXCHANGE ACT OF 1934</B></P>
<P style="margin:0pt"><BR></P>
<P style="line-height:14pt; margin:0pt; font-size:12pt" align=center>For the month of August, 2006</P>
<P style="line-height:14pt; margin:0pt; font-size:12pt" align=center>Commission File Number 1-31722</P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt"><BR></P>
<P style="line-height:16pt; margin:0pt; padding-left:32.4pt; text-indent:-32.4pt; font-size:14pt" align=center><B>NEW GOLD INC.</B></P>
<P style="margin:0pt; padding-left:32.4pt; text-indent:-32.4pt" align=center><I>(Exact name of registrant as specified in its charter)</I></P>
<P style="margin:0pt" align=center><BR></P>
<P style="line-height:13pt; margin:0pt; padding-left:32.4pt; text-indent:-32.4pt; font-size:11pt" align=center><B>595 Howe Street, Suite #601, Vancouver, British Columbia, Canada &nbsp;V6C 2T5</B></P>
<P style="line-height:13pt; margin:0pt; padding-left:32.4pt; text-indent:-32.4pt; font-size:11pt" align=center><B>(604) 687-1629</B></P>
<P style="margin:0pt; padding-left:32.4pt; text-indent:-32.4pt" align=center><I>(Address of principal executive offices)</I></P>
<P style="margin:0pt"><BR></P>
<P style="line-height:14pt; margin-top:12pt; margin-bottom:0pt; text-indent:32.4pt; font-size:12pt" align=justify>Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.</P>
<P style="line-height:14pt; margin-top:12pt; margin-bottom:0pt; text-indent:32.4pt; font-size:12pt" align=justify>Form 20-F&nbsp;<U>__X__</U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Form 40-F&nbsp;<U>___</U></P>
<P style="line-height:14pt; margin-top:12pt; margin-bottom:0pt; text-indent:32.4pt; font-size:12pt" align=justify>Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101 (b)(1):&nbsp;___</P>
<P style="line-height:14pt; margin-top:12pt; margin-bottom:0pt; text-indent:32.4pt; font-size:12pt" align=justify>Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):&nbsp;___</P>
<P style="line-height:14pt; margin-top:12pt; margin-bottom:0pt; text-indent:36pt; font-size:12pt" align=justify>Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.</P>
<P style="line-height:14pt; margin-top:12pt; margin-bottom:0pt; text-indent:36pt; font-size:12pt" align=justify>Yes&nbsp;<U>_X__</U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No&nbsp;__<U> _</U></P>
<P style="line-height:14pt; margin-top:12pt; margin-bottom:0pt; text-indent:36pt; font-size:12pt" align=justify>If &quot;Yes&quot; is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): <U>82- 713___</U>.</P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt" align=center><BR>
<BR></P>
<HR style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size=1.333>
<P style="margin:0pt; page-break-before:always" align=center><BR></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt" align=center><BR></P>
<P style="line-height:14pt; margin:0pt; padding-left:36pt; padding-right:36pt; font-size:12pt" align=center><B>EXHIBIT INDEX</B></P>
<P style="margin:0pt"><BR></P>
<P style="line-height:14pt; margin:0pt; font-size:12pt">The following is a list of Exhibits included as part of this Report on Form 6-K.</P>
<P style="margin:0pt"><BR></P>
<P style="line-height:14pt; margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:-18pt; font-size:12pt">1.</P>
<P style="line-height:14pt; margin:0pt; padding-left:36pt; font-size:12pt"><a href="financials.htm">Financial Statements for the period ending June 30, 2006</a> </P>
<P style="margin:0pt"><BR></P>
<P style="line-height:14pt; margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:-18pt; font-size:12pt">2.</P>
<P style="line-height:14pt; margin:0pt; padding-left:36pt; font-size:12pt"><a href="mda.htm">MD&amp;A as of June 30, 2006</a> </P>
<P style="margin:0pt"><BR></P>
<P style="line-height:14pt; margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:-18pt; font-size:12pt">3.</P>
<P style="line-height:14pt; margin:0pt; padding-left:36pt; font-size:12pt"><a href="letter.htm">Second Quarter 2006 Letter to Shareholders</a> </P>
<P style="margin:0pt"><BR></P>
<P style="line-height:14pt; margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:-18pt; font-size:12pt">4.</P>
<P style="line-height:14pt; margin:0pt; padding-left:36pt; font-size:12pt"><a href="ceocert.htm">Form 52-109F2 &#150; CEO Certification for Q2 2006</a> </P>
<P style="margin:0pt"><BR></P>
<P style="line-height:14pt; margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:-18pt; font-size:12pt">5.</P>
<P style="line-height:14pt; margin:0pt; padding-left:36pt; font-size:12pt"><a href="cfocert.htm">Form 52-109F2 &#150; CFO Certification for Q2 2006</a> </P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt" align=center><BR>
<BR></P>
<HR style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size=1.333>
<P style="margin:0pt; page-break-before:always" align=center><BR></P>
<P style="margin:0pt"><BR></P>
<P style="line-height:14pt; margin:0pt; font-size:12pt" align=center><B>SIGNATURES</B></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt"><BR></P>
<P style="line-height:14pt; margin:0pt; font-size:12pt" align=justify>Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.</P>
<P style="margin:0pt"><BR></P>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD width=216.9></TD><TD width=36></TD><TD width=225.9></TD></TR>
<TR><TD valign=top width=289.2>&nbsp;</TD><TD valign=top width=349.2 colspan=2><P style="line-height:14pt; margin:0pt; font-size:12pt" align=justify><B>NEW GOLD INC.</B></P>
</TD></TR>
<TR><TD valign=top width=289.2>&nbsp;</TD><TD valign=top width=349.2 colspan=2><P style="line-height:14pt; margin:0pt; font-size:12pt" align=justify>(Registrant)</P>
</TD></TR>
<TR><TD valign=top width=289.2>&nbsp;</TD><TD valign=top width=349.2 colspan=2>&nbsp;</TD></TR>
<TR><TD valign=top width=289.2><P style="line-height:14pt; margin:0pt; font-size:12pt" align=justify>Date:&nbsp;&nbsp;August 10, 2006</P>
</TD><TD valign=top width=48><P style="line-height:14pt; margin:0pt; font-size:12pt" align=justify><B>By:</B></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=301.2><P style="line-height:14pt; margin:0pt; font-size:12pt" align=justify><B><I>&#147;Christopher J. Bradbrook&#148;</I></B></P>
</TD></TR>
<TR><TD valign=top width=289.2>&nbsp;</TD><TD valign=top width=48>&nbsp;</TD><TD valign=top width=301.2><P style="line-height:14pt; margin:0pt; font-size:12pt" align=justify>Christopher J. Bradbrook</P>
<P style="line-height:14pt; margin:0pt; font-size:12pt" align=justify>President and Chief Executive Officer</P>
</TD></TR>
</TABLE>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin-top:10pt; margin-bottom:0pt" align=justify><BR></P>
<P style="margin:0pt" align=center><BR></P>
<P style="margin:0pt" align=center><BR>
<BR></P>
</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>financials.htm
<DESCRIPTION>FINANCIALS
<TEXT>
<!doctype html public "-//IETF//DTD HTML//EN">
<HTML>
<HEAD>
<TITLE>CC Filed by Filing Services Canada Inc. 403-717-3898</TITLE>
<META NAME="author" CONTENT="System Manager">
<META NAME="date" CONTENT="08/11/2006">
</HEAD>
<BODY style="line-height:12pt; font-family:Times New Roman; font-size:10pt; color:#000000">
<P style="margin:0pt"><img src="logo.gif" alt="[financials002.gif]" height=97 width=188></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt"><BR></P>
<P style="line-height:14pt; margin:0pt; font-family:Arial Narrow; font-size:12pt" align=center><FONT FACE="Arial Narrow"><B>NEW GOLD INC.</B></FONT></P>
<P style="margin:0pt; font-family:Arial" align=center><FONT FACE="Arial"><I>(an Exploration Stage Company)</I></FONT></P>
<P style="margin:0pt" align=center><BR></P>
<P style="line-height:14pt; margin:0pt; font-family:Arial; font-size:12pt" align=center><B>INTERIM FINANCIAL STATEMENTS</B></P>
<P style="margin:0pt" align=center><BR></P>
<P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=center><B>June 30, 2006</B></P>
<P style="margin:0pt" align=center><BR></P>
<P style="margin:0pt" align=center><BR></P>
<P style="margin:0pt" align=center><BR></P>
<P style="margin:0pt" align=center><BR></P>
<P style="margin:0pt" align=center><BR></P>
<P style="margin:0pt" align=center><BR></P>
<P style="margin:0pt" align=center><BR></P>
<P style="margin:0pt" align=center><BR></P>
<P style="margin:0pt" align=right><BR>
<BR></P>
<HR style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size=1.333>
<P style="line-height:normal; margin:0pt; font-family:Arial; page-break-before:always">New Gold Inc.</P>
<P style="margin-top:0pt; margin-bottom:4.15pt; font-family:Arial">(An Exploration Stage Company)</P>
<P style="margin:0pt; font-family:Arial; font-size:12pt"><b>BALANCE SHEETS</b></P>
<P style="margin-top:0pt; margin-bottom:3.35pt; font-family:Arial"><B>As at June 30, 2006 and
December 31, 2005</B></P>
<P style="margin:0pt; padding-bottom:3pt; font-family:Arial; border-bottom:0.5pt solid #000000"><I>(Unaudited and Canadian dollars)</I></P>
<P style="margin:0pt; page-break-before:always" align=right>&nbsp;</P>
<center><TABLE style="font-size:10pt" cellspacing=0><TR><TD width=284.4></TD><TD width=18></TD><TD width=81></TD><TD width=19.8></TD><TD width=79.2></TD></TR>
<TR><TD valign=top width=379.2>&nbsp;</TD><TD valign=top width=24>&nbsp;</TD><TD valign=top width=108>&nbsp;</TD><TD valign=top width=26.4>&nbsp;</TD><TD valign=top width=105.6>&nbsp;</TD></TR>
<TR><TD style="border-bottom:0.5pt solid #000000" valign=top width=379.2>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=24>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=108><P style="margin:0pt; font-family:Arial" align=right><B>June 30</B></P>
<P style="margin:0pt; font-family:Arial" align=right><B>2006</B></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=26.4>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=105.6><P style="margin:0pt; font-family:Arial" align=right>December 31 2005</P>
</TD></TR>
<TR><TD valign=top width=379.2><P style="margin:0pt; font-family:Arial"><B>ASSETS</B></P>
</TD><TD valign=top width=24>&nbsp;</TD><TD valign=top width=108><P style="margin:0pt; font-family:Arial" align=center><B>&nbsp;</B></P>
</TD><TD valign=top width=26.4>&nbsp;</TD><TD valign=top width=105.6><P style="margin:0pt; font-family:Arial" align=center><B>&nbsp;</B></P>
</TD></TR>
<TR><TD valign=top width=379.2>&nbsp;</TD><TD valign=top width=24>&nbsp;</TD><TD valign=top width=108><P style="margin:0pt; font-family:Arial" align=center><B>&nbsp;</B></P>
</TD><TD valign=top width=26.4>&nbsp;</TD><TD valign=top width=105.6>&nbsp;</TD></TR>
<TR><TD valign=top width=379.2><P style="margin:0pt; font-family:Arial"><B>Current assets</B></P>
</TD><TD valign=top width=24>&nbsp;</TD><TD valign=top width=108><P style="margin:0pt; font-family:Arial" align=center><B>&nbsp;</B></P>
</TD><TD valign=top width=26.4>&nbsp;</TD><TD valign=top width=105.6><P style="margin:0pt; font-family:Arial" align=center><B>&nbsp;</B></P>
</TD></TR>
<TR><TD valign=top width=379.2><P style="margin:0pt; font-family:Arial">Cash and cash equivalents</P>
</TD><TD valign=top width=24><P style="margin:0pt; font-family:Arial" align=right><B>$</B></P>
</TD><TD valign=top width=108><P style="margin:0pt; font-family:Arial" align=right><B>76,928,478</B></P>
</TD><TD valign=top width=26.4><P style="margin:0pt; font-family:Arial" align=right>$</P>
</TD><TD valign=top width=105.6><P style="margin:0pt; padding-right:-5.4pt; font-family:Arial" align=center>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18,178,820</P>
</TD></TR>
<TR><TD valign=top width=379.2><P style="margin:0pt; font-family:Arial">Accrued interest receivable</P>
</TD><TD valign=top width=24>&nbsp;</TD><TD valign=top width=108><P style="margin:0pt; font-family:Arial" align=right><B>139,220</B></P>
</TD><TD valign=top width=26.4>&nbsp;</TD><TD valign=top width=105.6><P style="margin:0pt; padding-right:-5.4pt; font-family:Arial" align=center>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19,763</P>
</TD></TR>
<TR><TD valign=top width=379.2><P style="margin:0pt; font-family:Arial">Amounts receivable</P>
</TD><TD valign=top width=24>&nbsp;</TD><TD valign=top width=108><P style="margin:0pt; font-family:Arial" align=right><B>846,030</B></P>
</TD><TD valign=top width=26.4>&nbsp;</TD><TD valign=top width=105.6><P style="margin:0pt; padding-right:-5.4pt; font-family:Arial" align=center>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;305,810</P>
</TD></TR>
<TR><TD style="border-bottom:0.5pt solid #000000" valign=top width=379.2><P style="margin:0pt; font-family:Arial">Prepaid expenses</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=24>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=108><P style="margin:0pt; font-family:Arial" align=right><B>249,065</B></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=26.4>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=105.6><P style="margin:0pt; padding-right:-5.4pt; font-family:Arial" align=center>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107,686</P>
</TD></TR>
<TR><TD valign=top width=379.2>&nbsp;</TD><TD valign=top width=24>&nbsp;</TD><TD valign=top width=108><P style="margin:0pt; font-family:Arial" align=right><B>78,162,793</B></P>
</TD><TD valign=top width=26.4>&nbsp;</TD><TD valign=top width=105.6><P style="margin:0pt; padding-right:-5.4pt; font-family:Arial" align=center>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18,612,079</P>
</TD></TR>
<TR><TD valign=top width=379.2>&nbsp;</TD><TD valign=top width=24>&nbsp;</TD><TD valign=top width=108>&nbsp;</TD><TD valign=top width=26.4>&nbsp;</TD><TD valign=top width=105.6>&nbsp;</TD></TR>
<TR><TD valign=top width=379.2><P style="margin:0pt; font-family:Arial"><B>Mineral Properties &#150; Schedule </B><I>(Note 2)</I></P>
</TD><TD valign=top width=24>&nbsp;</TD><TD valign=top width=108><P style="margin:0pt; font-family:Arial" align=right><B>31,500,507</B></P>
</TD><TD valign=top width=26.4>&nbsp;</TD><TD valign=top width=105.6><P style="margin:0pt; padding-right:-5.4pt; font-family:Arial" align=center>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22,561,015</P>
</TD></TR>
<TR><TD style="border-bottom:0.5pt solid #000000" valign=top width=379.2><P style="margin:0pt; font-family:Arial"><B>Property and Equipment </B><I>(Note 3)</I></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=24>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=108><P style="margin:0pt; font-family:Arial" align=right><B>684,948</B></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=26.4>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=105.6><P style="margin:0pt; padding-right:-5.4pt; font-family:Arial" align=center>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;578,499</P>
</TD></TR>
<TR><TD style="border-bottom:2pt double #000000" valign=top width=379.2>&nbsp;</TD><TD style="border-bottom:2pt double #000000" valign=top width=24><P style="margin:0pt; font-family:Arial" align=right><B>$</B></P>
</TD><TD style="border-bottom:2pt double #000000" valign=top width=108><P style="margin:0pt; font-family:Arial" align=right><B>110,348,248</B></P>
</TD><TD style="border-bottom:2pt double #000000" valign=top width=26.4><P style="margin:0pt; font-family:Arial" align=right>$</P>
</TD><TD style="border-bottom:2pt double #000000" valign=top width=105.6><P style="margin:0pt; padding-right:-5.4pt; font-family:Arial" align=center>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41,751,593</P>
</TD></TR>
<TR><TD valign=top width=379.2>&nbsp;</TD><TD valign=top width=24>&nbsp;</TD><TD valign=top width=108>&nbsp;</TD><TD valign=top width=26.4>&nbsp;</TD><TD valign=top width=105.6>&nbsp;</TD></TR>
<TR><TD valign=top width=379.2><P style="margin:0pt; font-family:Arial"><B>LIABILITIES</B></P>
</TD><TD valign=top width=24>&nbsp;</TD><TD valign=top width=108>&nbsp;</TD><TD valign=top width=26.4>&nbsp;</TD><TD valign=top width=105.6>&nbsp;</TD></TR>
<TR><TD valign=top width=379.2>&nbsp;</TD><TD valign=top width=24>&nbsp;</TD><TD valign=top width=108>&nbsp;</TD><TD valign=top width=26.4>&nbsp;</TD><TD valign=top width=105.6>&nbsp;</TD></TR>
<TR><TD valign=top width=379.2><P style="margin:0pt; font-family:Arial"><B>Current Liabilities</B></P>
</TD><TD valign=top width=24>&nbsp;</TD><TD valign=top width=108>&nbsp;</TD><TD valign=top width=26.4>&nbsp;</TD><TD valign=top width=105.6>&nbsp;</TD></TR>
<TR><TD valign=top width=379.2><P style="margin:0pt; font-family:Arial">Accounts payable and accrued liabilities</P>
</TD><TD valign=top width=24><P style="margin:0pt; font-family:Arial" align=right><B>$</B></P>
</TD><TD valign=top width=108><P style="margin:0pt; font-family:Arial" align=right><B>1,703,105</B></P>
</TD><TD valign=top width=26.4><P style="margin:0pt; font-family:Arial" align=right>$</P>
</TD><TD valign=top width=105.6><P style="margin:0pt; padding-right:-5.4pt; font-family:Arial" align=center>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,767,475</P>
</TD></TR>
<TR><TD style="border-bottom:0.5pt solid #000000" valign=top width=379.2><P style="margin:0pt; font-family:Arial">Current portion of capital lease payable <I>(Note 4)</I></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=24>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=108><P style="margin:0pt; font-family:Arial" align=right><B>-</B></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=26.4>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=105.6><P style="margin:0pt; padding-right:-5.4pt; font-family:Arial" align=center>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30,228</P>
</TD></TR>
<TR><TD valign=top width=379.2>&nbsp;</TD><TD valign=top width=24>&nbsp;</TD><TD valign=top width=108><P style="margin:0pt; font-family:Arial" align=right><B>1,703,105</B></P>
</TD><TD valign=top width=26.4>&nbsp;</TD><TD valign=top width=105.6><P style="margin:0pt; padding-right:-5.4pt; font-family:Arial" align=center>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,797,703</P>
</TD></TR>
<TR><TD valign=top width=379.2>&nbsp;</TD><TD valign=top width=24>&nbsp;</TD><TD valign=top width=108>&nbsp;</TD><TD valign=top width=26.4>&nbsp;</TD><TD valign=top width=105.6>&nbsp;</TD></TR>
<TR><TD valign=top width=379.2>&nbsp;</TD><TD valign=top width=24>&nbsp;</TD><TD valign=top width=108>&nbsp;</TD><TD valign=top width=26.4>&nbsp;</TD><TD valign=top width=105.6>&nbsp;</TD></TR>
<TR><TD style="border-bottom:0.5pt solid #000000" valign=top width=379.2><P style="margin:0pt; font-family:Arial"><B>Future income taxes </B></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=24>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=108><P style="margin:0pt; font-family:Arial" align=right><B>4,248,794</B></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=26.4>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=105.6><P style="margin:0pt; padding-right:-5.4pt; font-family:Arial" align=center>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4,384,680</P>
</TD></TR>
<TR><TD style="border-bottom:0.5pt solid #000000" valign=top width=379.2>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=24>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=108><P style="margin:0pt; font-family:Arial" align=right><B>5,951,899</B></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=26.4>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=105.6><P style="margin:0pt; padding-right:-5.4pt; font-family:Arial" align=center>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8,182,383</P>
</TD></TR>
<TR><TD valign=top width=379.2>&nbsp;</TD><TD valign=top width=24>&nbsp;</TD><TD valign=top width=108>&nbsp;</TD><TD valign=top width=26.4>&nbsp;</TD><TD valign=top width=105.6>&nbsp;</TD></TR>
<TR><TD valign=top width=379.2><P style="margin:0pt; font-family:Arial"><B>SHAREHOLDERS&#146; EQUITY</B></P>
</TD><TD valign=top width=24>&nbsp;</TD><TD valign=top width=108>&nbsp;</TD><TD valign=top width=26.4>&nbsp;</TD><TD valign=top width=105.6>&nbsp;</TD></TR>
<TR><TD valign=top width=379.2>&nbsp;</TD><TD valign=top width=24>&nbsp;</TD><TD valign=top width=108>&nbsp;</TD><TD valign=top width=26.4>&nbsp;</TD><TD valign=top width=105.6>&nbsp;</TD></TR>
<TR><TD valign=top width=379.2><P style="margin:0pt; font-family:Arial"><B>Share Capital </B><I>(Note 5)</I></P>
</TD><TD valign=top width=24>&nbsp;</TD><TD valign=top width=108><P style="margin:0pt; font-family:Arial" align=right><B>109,314,523</B></P>
</TD><TD valign=top width=26.4>&nbsp;</TD><TD valign=top width=105.6><P style="margin:0pt; padding-right:-5.4pt; font-family:Arial" align=center>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39,461,796</P>
</TD></TR>
<TR><TD valign=top width=379.2><P style="margin:0pt; font-family:Arial"><B>Common share purchase warrants </B><I>(Note 6)</I></P>
</TD><TD valign=top width=24>&nbsp;</TD><TD valign=top width=108><P style="margin:0pt; font-family:Arial" align=right><B>2,000,160</B></P>
</TD><TD valign=top width=26.4>&nbsp;</TD><TD valign=top width=105.6><P style="margin:0pt; padding-right:-5.4pt; font-family:Arial" align=center>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</P>
</TD></TR>
<TR><TD valign=top width=379.2><P style="margin:0pt; font-family:Arial"><B>Contributed surplus</B><I> (Note 9)</I></P>
</TD><TD valign=top width=24>&nbsp;</TD><TD valign=top width=108><P style="margin:0pt; font-family:Arial" align=right><B>2,893,680</B></P>
</TD><TD valign=top width=26.4>&nbsp;</TD><TD valign=top width=105.6><P style="margin:0pt; padding-right:-5.4pt; font-family:Arial" align=center>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,727,584</P>
</TD></TR>
<TR><TD style="border-bottom:0.5pt solid #000000" valign=top width=379.2><P style="margin:0pt; font-family:Arial"><B>Deficit</B></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=24>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=108><P style="line-height:13pt; margin:0pt; padding-right:-14.4pt; font-family:Arial" align=center><B>&nbsp;&nbsp;&nbsp;&nbsp;(9,812,014)</B></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=26.4>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=105.6><P style="margin:0pt; padding-right:-5.4pt; font-family:Arial" align=right>(7,620,170)</P>
</TD></TR>
<TR><TD style="border-bottom:0.5pt solid #000000" valign=top width=379.2>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=24>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=108><P style="margin:0pt; font-family:Arial" align=right><B>104,396,349</B></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=26.4>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=105.6><P style="margin:0pt; padding-right:-5.4pt; font-family:Arial" align=center>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33,569,210</P>
</TD></TR>
<TR><TD style="border-bottom:2pt double #000000" valign=top width=379.2>&nbsp;</TD><TD style="border-bottom:2pt double #000000" valign=top width=24><P style="margin:0pt; font-family:Arial" align=right><B>$</B></P>
</TD><TD style="border-bottom:2pt double #000000" valign=top width=108><P style="margin:0pt; font-family:Arial" align=right><B>110,348,248</B></P>
</TD><TD style="border-bottom:2pt double #000000" valign=top width=26.4><P style="margin:0pt; font-family:Arial" align=right>$</P>
</TD><TD style="border-bottom:2pt double #000000" valign=top width=105.6><P style="margin:0pt; padding-right:-5.4pt; font-family:Arial" align=center>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41,751,593</P>
</TD></TR>
</TABLE></center>
<P style="line-height:13pt; margin-top:0pt; margin-bottom:-13pt; font-family:Arial; font-size:11pt"><B>Commitments and Contingent Liabilities</B><I> (Note 12)</I></P>
<P style="margin:0pt; text-indent:356.4pt; font-family:Arial"><I>See accompanying notes.</I></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt"><BR></P>
<P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt"><B>APPROVED BY THE BOARD</B></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt"><BR></P>
<P style="line-height:13pt; margin-top:0pt; margin-bottom:-13pt; font-family:Arial; font-size:11pt"><B><I>&#147;Christopher J. Bradbrook&#148;</I></B></P>
<P style="line-height:13pt; margin:0pt; text-indent:252pt; font-family:Arial; font-size:11pt"><B><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&#147;Paul B. Sweeney&#148;</I></B></P>
<P style="line-height:13pt; margin-top:0pt; margin-bottom:-13pt; font-family:Arial; font-size:11pt">___________________________</P>
<P style="line-height:13pt; margin:0pt; text-indent:288pt; font-family:Arial; font-size:11pt">__________________________</P>
<P style="line-height:13pt; margin-top:0pt; margin-bottom:-13pt; font-family:Arial; font-size:11pt">Christopher J. &nbsp;Bradbrook</P>
<P style="line-height:13pt; margin:0pt; text-indent:288pt; font-family:Arial; font-size:11pt">Paul B. Sweeney</P>
<P style="line-height:13pt; margin-top:0pt; margin-bottom:-13pt; font-family:Arial; font-size:11pt">Director</P>
<P style="line-height:13pt; margin:0pt; text-indent:288pt; font-family:Arial; font-size:11pt">Director</P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt"><BR>
<BR></P>
<HR style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size=1.333>
<P style="line-height:normal; margin:0pt; font-family:Arial; page-break-before:always">New Gold Inc.<FONT FACE="Arial Narrow"><B> </B></FONT></P>
<P style="margin-top:0pt; margin-bottom:4.15pt; font-family:Arial">(An Exploration Stage Company)</P>
<P style="margin:0pt; font-family:Arial; font-size:12pt"><B>STATEMENTS OF OPERATIONS AND DEFICIT</B></P>
<P style="margin-top:0pt; margin-bottom:3.35pt; font-family:Arial"><B>For the three and six month periods ended June 30, 2006 and 2005</B></P>
<P style="margin:0pt; padding-bottom:3pt; font-family:Arial; border-bottom:0.5pt solid #000000"><I>(Unaudited and Canadian dollars)</I></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt"><BR>
<BR>
<BR></P>
<center><TABLE style="font-size:10pt" cellspacing=0><TR><TD width=221.4></TD><TD width=63></TD><TD width=63></TD><TD width=63></TD><TD width=68.4></TD></TR>
<TR><TD valign=top width=295.2>&nbsp;</TD><TD valign=top width=168 colspan=2><P style="margin:0pt; font-family:Arial" align=center><B>Three months ended</B></P>
</TD><TD valign=top width=175.2 colspan=2><P style="margin:0pt; font-family:Arial" align=center><B>Six months ended</B></P>
</TD></TR>
<TR><TD valign=top width=295.2>&nbsp;</TD><TD valign=top width=84><P style="line-height:10pt; margin:0pt; font-family:Arial; font-size:8pt" align=center><B>June 30, 2006</B></P>
</TD><TD valign=top width=84><P style="line-height:10pt; margin:0pt; font-family:Arial; font-size:8pt" align=center><B>June 30, 2005</B></P>
</TD><TD valign=top width=84><P style="line-height:10pt; margin:0pt; font-family:Arial; font-size:8pt" align=center><B>June 30, 2006</B></P>
</TD><TD valign=top width=91.2><P style="line-height:10pt; margin:0pt; font-family:Arial; font-size:8pt" align=center><B>June 30, 2005</B></P>
</TD></TR>
<TR><TD valign=top width=295.2><P style="margin:0pt; font-family:Arial"><B>Income</B></P>
</TD><TD valign=top width=84>&nbsp;</TD><TD valign=top width=84>&nbsp;</TD><TD valign=top width=84>&nbsp;</TD><TD valign=top width=91.2>&nbsp;</TD></TR>
<TR><TD style="border-bottom:0.5pt solid #000000" valign=top width=295.2><P style="margin:0pt; font-family:Arial">Interest and other income</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=84><P style="margin:0pt; padding-right:-5.4pt; font-family:Arial" align=center><B>$ &nbsp;&nbsp;781,885</B></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=84><P style="margin:0pt; padding-right:-5.4pt; font-family:Arial">$ &nbsp;&nbsp;&nbsp;&nbsp;131,878</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=84><P style="margin:0pt; padding-right:-5.4pt; font-family:Arial" align=center><B>$ &nbsp;1,148,060</B></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=91.2><P style="margin:0pt; padding-right:-9pt; font-family:Arial">$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;278,234</P>
</TD></TR>
<TR><TD valign=top width=295.2>&nbsp;</TD><TD valign=top width=84>&nbsp;</TD><TD valign=top width=84>&nbsp;</TD><TD valign=top width=84>&nbsp;</TD><TD valign=top width=91.2>&nbsp;</TD></TR>
<TR><TD valign=top width=295.2><P style="margin:0pt; font-family:Arial"><B>Expenses</B></P>
</TD><TD valign=top width=84>&nbsp;</TD><TD valign=top width=84>&nbsp;</TD><TD valign=top width=84>&nbsp;</TD><TD valign=top width=91.2>&nbsp;</TD></TR>
<TR><TD valign=top width=295.2><P style="margin:0pt; font-family:Arial">Amortization</P>
</TD><TD valign=top width=84><P style="margin:0pt; font-family:Arial" align=right><B>29,770</B></P>
</TD><TD valign=top width=84><P style="margin:0pt; font-family:Arial" align=right>21,952</P>
</TD><TD valign=top width=84><P style="margin:0pt; font-family:Arial" align=right><B>57,915</B></P>
</TD><TD valign=top width=91.2><P style="margin:0pt; font-family:Arial" align=right>43,992</P>
</TD></TR>
<TR><TD valign=top width=295.2><P style="margin:0pt; font-family:Arial">Consulting and management fees</P>
</TD><TD valign=top width=84><P style="margin:0pt; font-family:Arial" align=right><B>1,000</B></P>
</TD><TD valign=top width=84><P style="margin:0pt; font-family:Arial" align=right>17,368</P>
</TD><TD valign=top width=84><P style="margin:0pt; font-family:Arial" align=right><B>16,646</B></P>
</TD><TD valign=top width=91.2><P style="margin:0pt; font-family:Arial" align=right>19,947</P>
</TD></TR>
<TR><TD valign=top width=295.2><P style="margin:0pt; font-family:Arial">Foreign exchange (gain)</P>
</TD><TD valign=top width=84><P style="margin:0pt; padding-right:-5.4pt; font-family:Arial" align=center><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(61)</B></P>
</TD><TD valign=top width=84><P style="margin:0pt; padding-right:-5.4pt; font-family:Arial" align=center>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5,487)</P>
</TD><TD valign=top width=84><P style="margin:0pt; font-family:Arial" align=right><B>5,445</B></P>
</TD><TD valign=top width=91.2><P style="margin:0pt; padding-right:-9pt; font-family:Arial" align=center>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8,006)</P>
</TD></TR>
<TR><TD valign=top width=295.2><P style="margin:0pt; font-family:Arial">Insurance</P>
</TD><TD valign=top width=84><P style="margin:0pt; font-family:Arial" align=right><B>58,997</B></P>
</TD><TD valign=top width=84><P style="margin:0pt; font-family:Arial" align=right>29,838</P>
</TD><TD valign=top width=84><P style="margin:0pt; font-family:Arial" align=right><B>102,433</B></P>
</TD><TD valign=top width=91.2><P style="margin:0pt; font-family:Arial" align=right>89,998</P>
</TD></TR>
<TR><TD valign=top width=295.2><P style="margin:0pt; font-family:Arial">Loss on disposal of equipment</P>
</TD><TD valign=top width=84><P style="margin:0pt; font-family:Arial" align=right><B>-</B></P>
</TD><TD valign=top width=84><P style="margin:0pt; font-family:Arial" align=right>-</P>
</TD><TD valign=top width=84><P style="margin:0pt; font-family:Arial" align=right><B>8,122</B></P>
</TD><TD valign=top width=91.2><P style="margin:0pt; font-family:Arial" align=right>-</P>
</TD></TR>
<TR><TD valign=top width=295.2><P style="margin:0pt; font-family:Arial">Office and miscellaneous</P>
</TD><TD valign=top width=84><P style="margin:0pt; font-family:Arial" align=right><B>63,326</B></P>
</TD><TD valign=top width=84><P style="margin:0pt; font-family:Arial" align=right>21,325</P>
</TD><TD valign=top width=84><P style="margin:0pt; font-family:Arial" align=right><B>97,571</B></P>
</TD><TD valign=top width=91.2><P style="margin:0pt; font-family:Arial" align=right>47,868</P>
</TD></TR>
<TR><TD valign=top width=295.2><P style="margin:0pt; font-family:Arial">Professional fees</P>
</TD><TD valign=top width=84><P style="margin:0pt; font-family:Arial" align=right><B>141,207</B></P>
</TD><TD valign=top width=84><P style="margin:0pt; font-family:Arial" align=right>3,958</P>
</TD><TD valign=top width=84><P style="margin:0pt; font-family:Arial" align=right><B>232,532</B></P>
</TD><TD valign=top width=91.2><P style="margin:0pt; font-family:Arial" align=right>21,574</P>
</TD></TR>
<TR><TD valign=top width=295.2><P style="margin:0pt; font-family:Arial">Regulatory and filing fees</P>
</TD><TD valign=top width=84><P style="margin:0pt; font-family:Arial" align=right><B>11,412</B></P>
</TD><TD valign=top width=84><P style="margin:0pt; font-family:Arial" align=right>38,663</P>
</TD><TD valign=top width=84><P style="margin:0pt; font-family:Arial" align=right><B>135,920</B></P>
</TD><TD valign=top width=91.2><P style="margin:0pt; font-family:Arial" align=right>54,232</P>
</TD></TR>
<TR><TD valign=top width=295.2><P style="margin:0pt; font-family:Arial">Rent</P>
</TD><TD valign=top width=84><P style="margin:0pt; font-family:Arial" align=right><B>30,780</B></P>
</TD><TD valign=top width=84><P style="margin:0pt; font-family:Arial" align=right>20,690</P>
</TD><TD valign=top width=84><P style="margin:0pt; font-family:Arial" align=right><B>60,080</B></P>
</TD><TD valign=top width=91.2><P style="margin:0pt; font-family:Arial" align=right>36,109</P>
</TD></TR>
<TR><TD valign=top width=295.2><P style="margin:0pt; font-family:Arial">Stock-based compensation <I>(Note 7)</I></P>
</TD><TD valign=top width=84><P style="margin:0pt; font-family:Arial" align=right><B>814,562</B></P>
</TD><TD valign=top width=84><P style="margin:0pt; font-family:Arial" align=right>-</P>
</TD><TD valign=top width=84><P style="margin:0pt; font-family:Arial" align=right><B>1,433,128</B></P>
</TD><TD valign=top width=91.2><P style="margin:0pt; font-family:Arial" align=right>572,615</P>
</TD></TR>
<TR><TD valign=top width=295.2><P style="margin:0pt; font-family:Arial">Telephone</P>
</TD><TD valign=top width=84><P style="margin:0pt; font-family:Arial" align=right><B>10,535</B></P>
</TD><TD valign=top width=84><P style="margin:0pt; font-family:Arial" align=right>3,587</P>
</TD><TD valign=top width=84><P style="margin:0pt; font-family:Arial" align=right><B>17,850</B></P>
</TD><TD valign=top width=91.2><P style="margin:0pt; font-family:Arial" align=right>5,317</P>
</TD></TR>
<TR><TD valign=top width=295.2><P style="margin:0pt; font-family:Arial">Transfer agent</P>
</TD><TD valign=top width=84><P style="margin:0pt; font-family:Arial" align=right><B>6,661</B></P>
</TD><TD valign=top width=84><P style="margin:0pt; font-family:Arial" align=right>7,452</P>
</TD><TD valign=top width=84><P style="margin:0pt; font-family:Arial" align=right><B>19,359</B></P>
</TD><TD valign=top width=91.2><P style="margin:0pt; font-family:Arial" align=right>9,235</P>
</TD></TR>
<TR><TD valign=top width=295.2><P style="margin:0pt; font-family:Arial">Travel, conferences and promotion</P>
</TD><TD valign=top width=84><P style="margin:0pt; font-family:Arial" align=right><B>177,156</B></P>
</TD><TD valign=top width=84><P style="margin:0pt; font-family:Arial" align=right>177,792</P>
</TD><TD valign=top width=84><P style="margin:0pt; font-family:Arial" align=right><B>328,905</B></P>
</TD><TD valign=top width=91.2><P style="margin:0pt; font-family:Arial" align=right>225,702</P>
</TD></TR>
<TR><TD style="border-bottom:0.5pt solid #000000" valign=top width=295.2><P style="margin:0pt; font-family:Arial">Wages and benefits</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=84><P style="margin:0pt; font-family:Arial" align=right><B>302,492</B></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=84><P style="margin:0pt; font-family:Arial" align=right>679,777</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=84><P style="margin:0pt; font-family:Arial" align=right><B>955,709</B></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=91.2><P style="margin:0pt; font-family:Arial" align=right>869,809</P>
</TD></TR>
<TR><TD valign=top width=295.2>&nbsp;</TD><TD valign=top width=84><P style="margin:0pt; font-family:Arial" align=right><B>1,647,837</B></P>
</TD><TD valign=top width=84><P style="margin:0pt; font-family:Arial" align=right>1,016,915</P>
</TD><TD valign=top width=84><P style="margin:0pt; font-family:Arial" align=right><B>3,471,615</B></P>
</TD><TD valign=top width=91.2><P style="margin:0pt; font-family:Arial" align=right>1,988,392</P>
</TD></TR>
<TR><TD valign=top width=295.2>&nbsp;</TD><TD valign=top width=84>&nbsp;</TD><TD valign=top width=84>&nbsp;</TD><TD valign=top width=84>&nbsp;</TD><TD valign=top width=91.2>&nbsp;</TD></TR>
<TR><TD style="border-bottom:0.5pt solid #000000" valign=top width=295.2><P style="margin:0pt; font-family:Arial"><B>Income tax recovery (expense)</B></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=84><P style="margin:0pt; font-family:Arial" align=right><B>10,157</B></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=84><P style="margin:0pt; font-family:Arial" align=right>81,959</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=84><P style="margin:0pt; font-family:Arial" align=right><B>131,711</B></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=91.2><P style="margin:0pt; font-family:Arial" align=right>81,172</P>
</TD></TR>
<TR><TD valign=top width=295.2>&nbsp;</TD><TD valign=top width=84>&nbsp;</TD><TD valign=top width=84>&nbsp;</TD><TD valign=top width=84>&nbsp;</TD><TD valign=top width=91.2>&nbsp;</TD></TR>
<TR><TD valign=top width=295.2><P style="margin:0pt; font-family:Arial"><B>Loss for the period</B></P>
</TD><TD valign=top width=84><P style="font-family: Arial; margin: 0pt" align=right><B>&nbsp;&nbsp;(855,795)</B></P>
</TD><TD valign=top width=84><P style="font-family: Arial; margin: 0pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;(803,078)</P>
</TD><TD valign=top width=84><P style="font-family: Arial; margin: 0pt" align=right><B>&nbsp;&nbsp;(2,191,844)</B></P>
</TD><TD valign=top width=91.2><P style="font-family: Arial; margin: 0pt" align=right>&nbsp;&nbsp;(1,628,986)</P>
</TD></TR>
<TR><TD valign=top width=295.2>&nbsp;</TD><TD valign=top width=84>
    <p style="font-family: Arial; margin: 0pt" align="right"><b>&nbsp;</b></p>
  </TD><TD valign=top width=84>
    <p style="font-family: Arial; margin: 0pt" align="right">&nbsp;</p>
  </TD><TD valign=top width=84>
    <p style="font-family: Arial; margin: 0pt" align="right"><b>&nbsp;</b></p>
  </TD><TD valign=top width=91.2>
    <p style="font-family: Arial; margin: 0pt" align="right">&nbsp;</p>
  </TD></TR>
<TR><TD style="border-bottom:0.5pt solid #000000" valign=top width=295.2><P style="margin:0pt; font-family:Arial"><B>Deficit, beginning of period</B></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=84><P style="font-family: Arial; margin: 0pt" align="right"><B>&nbsp;(8,956,219)</B></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=84><P style="font-family: Arial; margin: 0pt" align=right>&nbsp;(5,046,738)</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=84><P style="font-family: Arial; margin: 0pt" align=right><B>&nbsp;&nbsp;(7,620,170)</B></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=91.2><P style="font-family: Arial; margin: 0pt" align=right>&nbsp;&nbsp;(4,220,830)</P>
</TD></TR>
<TR><TD valign=top width=295.2>&nbsp;</TD><TD valign=top width=84>
    <p style="font-family: Arial; margin: 0pt" align="right"><b>&nbsp;</b></p>
  </TD><TD valign=top width=84>
    <p style="font-family: Arial; margin: 0pt" align="right">&nbsp;</p>
  </TD><TD valign=top width=84>
    <p style="font-family: Arial; margin: 0pt" align="right"><b>&nbsp;</b></p>
  </TD><TD valign=top width=91.2>
    <p style="font-family: Arial; margin: 0pt" align="right">&nbsp;</p>
  </TD></TR>
<TR><TD style="border-bottom:2pt double #000000" valign=top width=295.2><P style="margin:0pt; font-family:Arial"><B>Deficit, end of period</B></P>
</TD><TD style="border-bottom:2pt double #000000" valign=top width=84><P style="font-family: Arial; margin: 0pt" align="right"><B>$(9,812,014)</B></P>
</TD><TD style="border-bottom:2pt double #000000" valign=top width=84><P style="font-family: Arial; margin: 0pt" align=right>&nbsp;(5,849,816)</P>
</TD><TD style="border-bottom:2pt double #000000" valign=top width=84><P style="font-family: Arial; margin: 0pt" align=right><B>$(9,812,014)</B></P>
</TD><TD style="border-bottom:2pt double #000000" valign=top width=91.2><P style="font-family: Arial; margin: 0pt" align=right>&nbsp;&nbsp;(5,849,816)</P>
</TD></TR>
<TR><TD valign=top width=295.2>&nbsp;</TD><TD valign=top width=84>&nbsp;</TD><TD valign=top width=84>&nbsp;</TD><TD valign=top width=84>&nbsp;</TD><TD valign=top width=91.2>&nbsp;</TD></TR>
<TR><TD style="border-bottom:2pt double #000000" valign=top width=295.2><P style="margin:0pt; font-family:Arial"><B>Weighted average number of shares outstanding</B></P>
</TD><TD style="border-bottom:2pt double #000000" valign=top width=84><P style="margin:0pt" align=right><BR></P>
</TD><TD style="border-bottom:2pt double #000000" valign=top width=84><P style="margin:0pt" align=right><BR></P>
</TD><TD style="border-bottom:2pt double #000000" valign=top width=84><P style="margin:0pt" align=right><BR></P>
<P style="margin:0pt; font-family:Arial" align=right><B>22,652,472</B></P>
</TD><TD style="border-bottom:2pt double #000000" valign=top width=91.2><P style="margin:0pt" align=right><BR></P>
<P style="margin:0pt; font-family:Arial" align=right>13,688,267</P>
</TD></TR>
<TR><TD valign=top width=295.2>&nbsp;</TD><TD valign=top width=84>&nbsp;</TD><TD valign=top width=84>&nbsp;</TD><TD valign=top width=84>&nbsp;</TD><TD valign=top width=91.2>&nbsp;</TD></TR>
<TR><TD style="border-bottom:2pt double #000000" valign=top width=295.2><P style="margin:0pt; font-family:Arial"><B>Loss per share (basic and diluted)</B></P>
</TD><TD style="border-bottom:2pt double #000000" valign=top width=84><P style="margin:0pt; padding-right:-5.4pt; font-family:Arial"><B>$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.04) </B></P>
</TD><TD style="border-bottom:2pt double #000000" valign=top width=84><P style="margin:0pt; padding-right:-5.4pt; font-family:Arial">$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.06)</P>
</TD><TD style="border-bottom:2pt double #000000" valign=top width=84><P style="margin:0pt; padding-right:-5.2pt; font-family:Arial"><B>$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.10)</B></P>
</TD><TD style="border-bottom:2pt double #000000" valign=top width=91.2><P style="margin:0pt; padding-right:-9pt; font-family:Arial">$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.12)</P>
</TD></TR>
</TABLE></center>
<P style="margin:0pt; font-family:Arial"><I>See accompanying notes.</I></P>
<P style="margin:0pt" align=center><BR>
<BR></P>
<HR style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size=1.333>
<P style="line-height:normal; margin:0pt; padding-left:-27pt; padding-right:-18pt; font-family:Arial; page-break-before:always">New Gold Inc.<FONT FACE="Arial Narrow"><B> </B></FONT></P>
<P style="margin-top:0pt; margin-bottom:4.15pt; padding-left:-27pt; padding-right:-18pt; font-family:Arial">(An Exploration Stage Company)</P>
<P style="margin:0pt; padding-left:-27pt; padding-right:-18pt; font-family:Arial; font-size:12pt"><B>STATEMENTS OF CASH FLOWS</B></P>
<P style="margin-top:0pt; margin-bottom:3.35pt; padding-left:-27pt; padding-right:-18pt; font-family:Arial"><B>For the three and six month periods ended June 30, 2006 and 2005 </B></P>
<P style="margin:0pt; padding-left:-27pt; padding-right:-18pt; padding-bottom:3pt; font-family:Arial; border-bottom:0.5pt solid #000000"><I>(Unaudited and Canadian dollars)</I></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt" align=center><BR>
<BR>
<BR></P>
<center><TABLE style="font-size:10pt" cellspacing=0><TR><TD width=211.2></TD><TD width=66.45></TD><TD width=66.45></TD><TD width=66.45></TD><TD width=68.25></TD></TR>
<TR><TD valign=top width=281.6>&nbsp;</TD><TD valign=top width=177.2 colspan=2><P style="margin:0pt; font-family:Arial" align=center><B>Three months ended</B></P>
</TD><TD valign=top width=179.6 colspan=2><P style="margin:0pt; font-family:Arial" align=center><B>Six months ended</B></P>
</TD></TR>
<TR><TD valign=top width=281.6>&nbsp;</TD><TD valign=top width=88.6><P style="line-height:10pt; margin:0pt; font-family:Arial; font-size:8pt" align=center><B>June 30, 2006</B></P>
</TD><TD valign=top width=88.6><P style="line-height:10pt; margin:0pt; font-family:Arial; font-size:8pt" align=center><B>June 30, 2005</B></P>
</TD><TD valign=top width=88.6><P style="line-height:10pt; margin:0pt; font-family:Arial; font-size:8pt" align=center><B>June 30, 2006</B></P>
</TD><TD valign=top width=91><P style="line-height:10pt; margin:0pt; font-family:Arial; font-size:8pt" align=center><B>June 30, 2005</B></P>
</TD></TR>
<TR><TD valign=top width=281.6><P style="margin:0pt; font-family:Arial"><B>Cash provided by (used for)</B></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt; font-family:Arial"><B>OPERATING ACTIVITIES</B></P>
</TD><TD valign=top width=88.6>&nbsp;</TD><TD valign=top width=88.6>&nbsp;</TD><TD valign=top width=88.6>&nbsp;</TD><TD valign=top width=91>&nbsp;</TD></TR>
<TR><TD valign=top width=281.6><P style="margin:0pt; font-family:Arial">Loss for the period</P>
</TD><TD valign=top width=88.6><P style="font-family: Arial; margin: 0pt" align=right><B>$ &nbsp;(855,795)</B></P>
</TD><TD valign=top width=88.6><P style="font-family: Arial; margin: 0pt" align=right>$ &nbsp;&nbsp;(803,078)</P>
</TD><TD valign=top width=88.6><P style="font-family: Arial; margin: 0pt" align=right><B>$ (2,191,844)</B></P>
</TD><TD valign=top width=91><P style="font-family: Arial; margin: 0pt" align="right">$ (1,628,986)</P>
</TD></TR>
<TR><TD valign=top width=281.6><P style="margin:0pt; font-family:Arial">Items not involving cash:</P>
</TD><TD valign=top width=88.6>
    <p style="font-family: Arial; margin: 0pt" align="right"><b>&nbsp;</b></p>
  </TD><TD valign=top width=88.6>
    <p style="font-family: Arial; margin: 0pt" align="right">&nbsp;</p>
  </TD><TD valign=top width=88.6>
    <p style="font-family: Arial; margin: 0pt" align="right"><b>&nbsp;</b></p>
  </TD><TD valign=top width=91>
    <p style="font-family: Arial; margin: 0pt" align="right">&nbsp;</p>
  </TD></TR>
<TR><TD valign=top width=281.6><P style="margin:0pt; font-family:Arial"><B>&nbsp;&nbsp;&nbsp;</B>Amortization</P>
</TD><TD valign=top width=88.6><P style="margin:0pt; font-family:Arial" align=right><B>29,770</B></P>
</TD><TD valign=top width=88.6><P style="margin:0pt; font-family:Arial" align=right>21,952</P>
</TD><TD valign=top width=88.6><P style="margin:0pt; font-family:Arial" align=right><B>57,915</B></P>
</TD><TD valign=top width=91><P style="margin:0pt; font-family:Arial" align=right>43,992</P>
</TD></TR>
<TR><TD valign=top width=281.6><P style="margin:0pt; font-family:Arial"><B>&nbsp;&nbsp;&nbsp;</B>Stock-based compensation</P>
</TD><TD valign=top width=88.6><P style="margin:0pt; font-family:Arial" align=right><B>814,562</B></P>
</TD><TD valign=top width=88.6><P style="margin:0pt; font-family:Arial" align=right>-</P>
</TD><TD valign=top width=88.6><P style="margin:0pt; font-family:Arial" align=right><B>1,433,128</B></P>
</TD><TD valign=top width=91><P style="margin:0pt; font-family:Arial" align=right>572,615</P>
</TD></TR>
<TR><TD valign=top width=281.6><P style="margin:0pt; font-family:Arial"><B>&nbsp;&nbsp;&nbsp;</B>Loss on disposal of equipment</P>
</TD><TD valign=top width=88.6><P style="margin:0pt; font-family:Arial" align=right><B>-</B></P>
</TD><TD valign=top width=88.6>
    <p style="font-family: Arial; margin: 0pt" align="right">&nbsp;</p>
  </TD><TD valign=top width=88.6><P style="margin:0pt; font-family:Arial" align=right><B>8,122</B></P>
</TD><TD valign=top width=91>
    <p style="font-family: Arial; margin: 0pt" align="right">&nbsp;</p>
  </TD></TR>
<TR><TD style="border-bottom:0.5pt solid #000000" valign=top width=281.6><P style="margin:0pt; font-family:Arial"><B>&nbsp;&nbsp;&nbsp;</B>Future income taxes</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=88.6><P style="font-family: Arial; margin: 0pt" align=right><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10,157)</B></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=88.6><P style="font-family: Arial; margin: 0pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(81,959)</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=88.6><P style="font-family: Arial; margin: 0pt" align=right><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(135,886)</B></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=91><P style="font-family: Arial; margin: 0pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(81,172)</P>
</TD></TR>
<TR><TD valign=top width=281.6><P style="margin:0pt; font-family:Arial"><B>&nbsp;&nbsp;&nbsp;</B></P>
</TD><TD valign=top width=88.6><P style="font-family: Arial; margin: 0pt" align=right><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21,620)</B></P>
</TD><TD valign=top width=88.6><P style="font-family: Arial; margin: 0pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(863,085)</P>
</TD><TD valign=top width=88.6><P style="font-family: Arial; margin: 0pt" align=right><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(828,565)</B></P>
</TD><TD valign=top width=91><P style="font-family: Arial; margin: 0pt" align=right>&nbsp;(1,093,551)</P>
</TD></TR>
<TR><TD style="border-bottom:0.5pt solid #000000" valign=top width=281.6><P style="line-height:11.5pt; margin:0pt; font-family:Arial; font-size:9.5pt">Net change in non-cash working capital items</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=88.6><P style="font-family: Arial; margin: 0pt" align=right><B>&nbsp;&nbsp;&nbsp;(345,575)</B></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=88.6><P style="margin:0pt; font-family:Arial" align=right>679,278</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=88.6><P style="font-family: Arial; margin: 0pt" align=right><B>&nbsp;&nbsp;&nbsp;(1,085,050)</B></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=91><P style="margin:0pt; font-family:Arial" align=right>303,137</P>
</TD></TR>
<TR><TD style="border-bottom:0.5pt solid #000000" valign=top width=281.6><P style="margin:0pt; font-family:Arial">Cash used for operating activities</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=88.6><P style="font-family: Arial; margin: 0pt" align=right><B>&nbsp;&nbsp;&nbsp;(367,195)</B></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=88.6><P style="font-family: Arial; margin: 0pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(183,807)</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=88.6><P style="font-family: Arial; margin: 0pt" align=right><B>&nbsp;&nbsp;&nbsp;(1.913,615)</B></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=91><P style="font-family: Arial; margin: 0pt" align=right>&nbsp;&nbsp;&nbsp;(790,414)</P>
</TD></TR>
<TR><TD valign=top width=281.6>&nbsp;</TD><TD valign=top width=88.6>
    <p style="font-family: Arial; margin: 0pt" align="right"><b>&nbsp;</b></p>
  </TD><TD valign=top width=88.6>
    <p style="font-family: Arial; margin: 0pt" align="right">&nbsp;</p>
  </TD><TD valign=top width=88.6>
    <p style="font-family: Arial; margin: 0pt" align="right"><b>&nbsp;</b></p>
  </TD><TD valign=top width=91>
    <p style="font-family: Arial; margin: 0pt" align="right">&nbsp;</p>
  </TD></TR>
<TR><TD valign=top width=281.6><P style="margin:0pt; font-family:Arial"><B>INVESTING ACTIVITIES</B></P>
</TD><TD valign=top width=88.6>
    <p style="font-family: Arial; margin: 0pt" align="right"><b>&nbsp;</b></p>
  </TD><TD valign=top width=88.6>
    <p style="font-family: Arial; margin: 0pt" align="right">&nbsp;</p>
  </TD><TD valign=top width=88.6>
    <p style="font-family: Arial; margin: 0pt" align="right"><b>&nbsp;</b></p>
  </TD><TD valign=top width=91>
    <p style="font-family: Arial; margin: 0pt" align="right">&nbsp;</p>
  </TD></TR>
<TR><TD valign=top width=281.6><P style="margin:0pt; font-family:Arial">Payments for mineral properties and exploration costs</P>
</TD><TD valign=top width=88.6><P style="font-family: Arial; margin: 0pt" align=right><b><BR></b></P>
<P style="font-family: Arial; margin: 0pt" align=right><B>(5,441,823)</B></P>
</TD><TD valign=top width=88.6><P style="font-family: Arial; margin: 0pt" align=right><BR></P>
<P style="font-family: Arial; margin: 0pt" align=right>&nbsp;&nbsp;&nbsp;(4,252,999)</P>
</TD><TD valign=top width=88.6><P style="font-family: Arial; margin: 0pt" align=right><b><BR></b></P>
<P style="font-family: Arial; margin: 0pt" align=right><B>(10,217,418)</B></P>
</TD><TD valign=top width=91><P style="font-family: Arial; margin: 0pt" align=right><BR></P>
<P style="font-family: Arial; margin: 0pt" align=right>&nbsp;&nbsp;(7,333,816)</P>
</TD></TR>
<TR><TD valign=top width=281.6><P style="margin:0pt; font-family:Arial">Proceeds on sale of equipment</P>
</TD><TD valign=top width=88.6><P style="margin:0pt; font-family:Arial" align=right><B>-</B></P>
</TD><TD valign=top width=88.6><P style="margin:0pt; font-family:Arial" align=right>-</P>
</TD><TD valign=top width=88.6><P style="margin:0pt; font-family:Arial" align=right><B>30,228</B></P>
</TD><TD valign=top width=91><P style="margin:0pt; font-family:Arial" align=right>-</P>
</TD></TR>
<TR><TD style="border-bottom:0.5pt solid #000000" valign=top width=281.6><P style="margin:0pt; font-family:Arial">Acquisition of property and equipment</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=88.6><P style="font-family: Arial; margin: 0pt" align=right><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(52,029)</B></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=88.6><P style="font-family: Arial; margin: 0pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(28,498)</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=88.6><P style="font-family: Arial; margin: 0pt" align=right><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(202,715)</B></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=91><P style="font-family: Arial; margin: 0pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(38,408)</P>
</TD></TR>
<TR><TD style="border-bottom:0.5pt solid #000000" valign=top width=281.6><P style="margin:0pt; font-family:Arial">Cash used for investing activities</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=88.6><P style="font-family: Arial; margin: 0pt" align=right><B>(5,493,852)</B></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=88.6><P style="font-family: Arial; margin: 0pt" align=right>&nbsp;&nbsp;&nbsp;(4,281,497)</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=88.6><P style="font-family: Arial; margin: 0pt" align=right><B>(10,389,904)</B></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=91><P style="font-family: Arial; margin: 0pt" align=right>&nbsp;&nbsp;(7,372,224)</P>
</TD></TR>
<TR><TD valign=top width=281.6>&nbsp;</TD><TD valign=top width=88.6>
    <p style="font-family: Arial; margin: 0pt" align="right"><b>&nbsp;</b></p>
  </TD><TD valign=top width=88.6>
    <p style="font-family: Arial; margin: 0pt" align="right">&nbsp;</p>
  </TD><TD valign=top width=88.6>
    <p style="font-family: Arial; margin: 0pt" align="right"><b>&nbsp;</b></p>
  </TD><TD valign=top width=91>
    <p style="font-family: Arial; margin: 0pt" align="right">&nbsp;</p>
  </TD></TR>
<TR><TD valign=top width=281.6><P style="margin:0pt; font-family:Arial"><B>FINANCING ACTIVITIES</B></P>
</TD><TD valign=top width=88.6>
    <p style="font-family: Arial; margin: 0pt" align="right"><b>&nbsp;</b></p>
  </TD><TD valign=top width=88.6>
    <p style="font-family: Arial; margin: 0pt" align="right">&nbsp;</p>
  </TD><TD valign=top width=88.6>
    <p style="font-family: Arial; margin: 0pt" align="right"><b>&nbsp;</b></p>
  </TD><TD valign=top width=91>
    <p style="font-family: Arial; margin: 0pt" align="right">&nbsp;</p>
  </TD></TR>
<TR><TD valign=top width=281.6><P style="margin:0pt; font-family:Arial">Payments on capital lease</P>
</TD><TD valign=top width=88.6><P style="margin:0pt; font-family:Arial" align=right><B>-</B></P>
</TD><TD valign=top width=88.6><P style="font-family: Arial; margin: 0pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5,668)</P>
</TD><TD valign=top width=88.6><P style="font-family: Arial; margin: 0pt" align=right><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(30,228)</B></P>
</TD><TD valign=top width=91><P style="font-family: Arial; margin: 0pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11,335)</P>
</TD></TR>
<TR><TD style="border-bottom:0.5pt solid #000000" valign=top width=281.6><P style="margin:0pt; font-family:Arial">Cash proceeds from shares issued</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=88.6><P style="margin:0pt; font-family:Arial" align=right><B>520,232</B></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=88.6><P style="margin:0pt; font-family:Arial" align=right>2,973,609</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=88.6><P style="margin:0pt; font-family:Arial" align=right><B>71,083,405</B></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=91><P style="margin:0pt; font-family:Arial" align=right>2,973,609</P>
</TD></TR>
<TR><TD style="border-bottom:0.5pt solid #000000" valign=top width=281.6><P style="margin:0pt; font-family:Arial">Cash provided by (used for) financing activities</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=88.6><P style="font-family: Arial; margin: 0pt" align=right><b><BR></b></P>
<P style="margin:0pt; font-family:Arial" align=right><B>520,232</B></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=88.6><P style="font-family: Arial; margin: 0pt" align=right><BR></P>
<P style="margin:0pt; font-family:Arial" align=right>2,967,941</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=88.6><P style="font-family: Arial; margin: 0pt" align=right><b><BR></b></P>
<P style="margin:0pt; font-family:Arial" align=right><B>71,053,177</B></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=91><P style="font-family: Arial; margin: 0pt" align=right><BR></P>
<P style="margin:0pt; font-family:Arial" align=right>2,962,274</P>
</TD></TR>
<TR><TD valign=top width=281.6>&nbsp;</TD><TD valign=top width=88.6>
    <p style="font-family: Arial; margin: 0pt" align="right"><b>&nbsp;</b></p>
  </TD><TD valign=top width=88.6>
    <p style="font-family: Arial; margin: 0pt" align="right">&nbsp;</p>
  </TD><TD valign=top width=88.6>
    <p style="font-family: Arial; margin: 0pt" align="right"><b>&nbsp;</b></p>
  </TD><TD valign=top width=91>
    <p style="font-family: Arial; margin: 0pt" align="right">&nbsp;</p>
  </TD></TR>
<TR><TD style="border-bottom:0.5pt solid #000000" valign=top width=281.6><P style="margin:0pt; font-family:Arial"><B>Increase (Decrease) in cash and cash equivalents</B></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=88.6><P style="font-family: Arial; margin: 0pt" align=right><b><BR></b></P>
<P style="font-family: Arial; margin: 0pt" align="right"><B>&nbsp;&nbsp;(5,340,815)</B></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=88.6><P style="font-family: Arial; margin: 0pt" align=right><BR></P>
<P style="font-family: Arial; margin: 0pt" align=right>&nbsp;&nbsp;(1,497,363)</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=88.6><P style="font-family: Arial; margin: 0pt" align=right><b><BR></b></P>
<P style="margin:0pt; font-family:Arial" align=right><B>58,749,658</B></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=91><P style="font-family: Arial; margin: 0pt" align=right><BR></P>
<P style="font-family: Arial; margin: 0pt" align=right>&nbsp;&nbsp;(5,200,364)</P>
</TD></TR>
<TR><TD valign=top width=281.6>&nbsp;</TD><TD valign=top width=88.6>
    <p style="font-family: Arial; margin: 0pt" align="right"><b>&nbsp;</b></p>
  </TD><TD valign=top width=88.6>
    <p style="font-family: Arial; margin: 0pt" align="right">&nbsp;</p>
  </TD><TD valign=top width=88.6>
    <p style="font-family: Arial; margin: 0pt" align="right"><b>&nbsp;</b></p>
  </TD><TD valign=top width=91>
    <p style="font-family: Arial; margin: 0pt" align="right">&nbsp;</p>
  </TD></TR>
<TR><TD style="border-bottom:0.5pt solid #000000" valign=top width=281.6><P style="margin:0pt; font-family:Arial"><B>Cash and cash equivalents, beginning </B></P>
<P style="margin:0pt; font-family:Arial"><B>of period</B></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=88.6><P style="font-family: Arial; margin: 0pt" align=right><b><BR></b></P>
<P style="margin:0pt; font-family:Arial" align=right><B>82,269,293</B></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=88.6><P style="font-family: Arial; margin: 0pt" align=right><BR></P>
<P style="margin:0pt; font-family:Arial" align=right>21,326,584</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=88.6><P style="font-family: Arial; margin: 0pt" align=right><b><BR></b></P>
<P style="margin:0pt; font-family:Arial" align=right><B>18,178,820</B></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=91><P style="font-family: Arial; margin: 0pt" align=right><BR></P>
<P style="margin:0pt; font-family:Arial" align=right>25,029,585</P>
</TD></TR>
<TR><TD style="border-bottom:2pt double #000000" valign=top width=281.6><P style="margin:0pt; font-family:Arial"><B>Cash and cash equivalents, end of period</B></P>
</TD><TD style="border-bottom:2pt double #000000" valign=top width=88.6><P style="margin:0pt; font-family:Arial" align=right><B>$76,928,478</B></P>
</TD><TD style="border-bottom:2pt double #000000" valign=top width=88.6><P style="margin:0pt; font-family:Arial" align=right>$19,829,221</P>
</TD><TD style="border-bottom:2pt double #000000" valign=top width=88.6><P style="margin:0pt; font-family:Arial" align=right><B>$76,928,478</B></P>
</TD><TD style="border-bottom:2pt double #000000" valign=top width=91><P style="margin:0pt; font-family:Arial" align=right>$19,829,221</P>
</TD></TR>
<TR><TD valign=top width=281.6>&nbsp;</TD><TD valign=top width=88.6>
    <p style="font-family: Arial; margin: 0pt" align="right"><b>&nbsp;</b></p>
  </TD><TD valign=top width=88.6>
    <p style="font-family: Arial; margin: 0pt" align="right"><b>&nbsp;</b></p>
  </TD><TD valign=top width=88.6>
    <p style="font-family: Arial; margin: 0pt" align="right"><b>&nbsp;</b></p>
  </TD><TD valign=top width=91>
    <p style="font-family: Arial; margin: 0pt" align="right">&nbsp;</p>
  </TD></TR>
<TR><TD valign=top width=281.6><P style="margin:0pt; font-family:Arial"><B>Cash and cash equivalents comprises:</B></P>
</TD><TD valign=top width=88.6>
    <p style="font-family: Arial; margin: 0pt" align="right"><b>&nbsp;</b></p>
  </TD><TD valign=top width=88.6>
    <p style="font-family: Arial; margin: 0pt" align="right"><b>&nbsp;</b></p>
  </TD><TD valign=top width=88.6>
    <p style="font-family: Arial; margin: 0pt" align="right"><b>&nbsp;</b></p>
  </TD><TD valign=top width=91>
    <p style="font-family: Arial; margin: 0pt" align="right">&nbsp;</p>
  </TD></TR>
<TR><TD valign=top width=281.6><P style="margin:0pt; font-family:Arial">Cash</P>
</TD><TD valign=top width=88.6>
    <p style="font-family: Arial; margin: 0pt" align="right"><b>&nbsp;</b></p>
  </TD><TD valign=top width=88.6>
    <p style="font-family: Arial; margin: 0pt" align="right"><b>&nbsp;</b></p>
  </TD><TD valign=top width=88.6><P style="margin:0pt; font-family:Arial" align=right><B>$ &nbsp;1,847,187</B></P>
</TD><TD valign=top width=91><P style="font-family: Arial; margin: 0pt" align="right">$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;450,064</P>
</TD></TR>
<TR><TD style="border-bottom:0.5pt solid #000000" valign=top width=281.6><P style="margin:0pt; font-family:Arial">Term deposits and short-term discount notes</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=88.6>
    <p style="font-family: Arial; margin: 0pt" align="right"><b>&nbsp;</b></p>
  </TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=88.6>
    <p style="font-family: Arial; margin: 0pt" align="right"><b>&nbsp;</b></p>
  </TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=88.6><P style="margin:0pt; font-family:Arial" align=right><B>75,081,290</B></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=91><P style="margin:0pt; font-family:Arial" align=right>19,379,157</P>
</TD></TR>
<TR><TD style="border-bottom:2pt double #000000" valign=top width=281.6>&nbsp;</TD><TD style="border-bottom:2pt double #000000" valign=top width=88.6>
    <p style="font-family: Arial; margin: 0pt" align="right"><b>&nbsp;</b></p>
  </TD><TD style="border-bottom:2pt double #000000" valign=top width=88.6>
    <p style="font-family: Arial; margin: 0pt" align="right"><b>&nbsp;</b></p>
  </TD><TD style="border-bottom:2pt double #000000" valign=top width=88.6><P style="margin:0pt; font-family:Arial" align=right><B>$76,928,477</B></P>
</TD><TD style="border-bottom:2pt double #000000" valign=top width=91><P style="font-family: Arial; margin: 0pt" align="right">$ 19,829,221</P>
</TD></TR>
</TABLE></center>
<P style="margin:0pt; font-family:Arial"><I>See accompanying notes.</I></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt; font-family:Arial"><I>For supplemental disclosure of non-cash investing and financing activities, refer to Note 10.</I></P>
<P style="margin:0pt"><BR>
<BR></P>
<HR style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size=1.333>
<P style="line-height:normal; margin:0pt; font-family:Arial; page-break-before:always">New Gold Inc.<B><SMALL> </SMALL></B></P>
<P style="margin-top:0pt; margin-bottom:4.15pt; font-family:Arial">(An Exploration Stage Company)</P>
<P style="margin-top:0pt; margin-bottom:4pt; font-family:Arial; font-size:12pt"><B>SCHEDULES OF MINERAL PROPERTIES</B></P>
<P style="margin-top:0pt; margin-bottom:3.35pt; padding-right:-12.6pt; font-family:Arial"><B>For the six month period ended June 30, 2006 and year ended December 31, 2005</B></P>
<P style="margin-top:0pt; margin-bottom:3.35pt; padding-right:-12.6pt; padding-bottom:3pt; font-family:Arial; border-bottom:0.5pt solid #000000"><I>(Unaudited and Canadian Dollars)</I></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt"><BR></P>
<center><TABLE style="font-size:10pt" cellspacing=0><TR><TD width=221.4></TD><TD width=18></TD><TD width=63></TD><TD width=18></TD><TD width=54></TD><TD width=18></TD><TD width=63></TD><TD width=18></TD><TD width=63></TD></TR>
<TR><TD style="border-bottom:0.5pt solid #000000" valign=top width=295.2>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=24>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=84>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=24>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=72>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=24>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=84><P style="margin:0pt; font-family:Arial" align=right><B>2006</B></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=24>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=84><P style="margin:0pt; font-family:Arial" align=right>2005</P>
</TD></TR>
<TR><TD valign=top width=295.2>&nbsp;</TD><TD valign=top width=24>&nbsp;</TD><TD valign=top width=84>&nbsp;</TD><TD valign=top width=24>&nbsp;</TD><TD valign=top width=72>&nbsp;</TD><TD valign=top width=24>&nbsp;</TD><TD valign=top width=84>&nbsp;</TD><TD valign=top width=24>&nbsp;</TD><TD valign=top width=84>&nbsp;</TD></TR>
<TR><TD valign=top width=295.2><P style="margin:0pt; font-family:Arial"><B>ACQUISITION COSTS</B></P>
</TD><TD valign=top width=24>&nbsp;</TD><TD valign=top width=84>&nbsp;</TD><TD valign=top width=24>&nbsp;</TD><TD valign=top width=72>&nbsp;</TD><TD valign=top width=24>&nbsp;</TD><TD valign=top width=84>&nbsp;</TD><TD valign=top width=24>&nbsp;</TD><TD valign=top width=84>&nbsp;</TD></TR>
<TR><TD valign=top width=295.2><P style="margin:0pt; font-family:Arial">Kamloops Afton Claims</P>
</TD><TD valign=top width=24>&nbsp;</TD><TD valign=top width=84>&nbsp;</TD><TD valign=top width=24>&nbsp;</TD><TD valign=top width=72>&nbsp;</TD><TD valign=top width=24><P style="margin:0pt; font-family:Arial" align=right><B>$</B></P>
</TD><TD valign=top width=84><P style="margin:0pt; font-family:Arial" align=right>601,734</P>
</TD><TD valign=top width=24><P style="margin:0pt; font-family:Arial" align=right>$</P>
</TD><TD valign=top width=84><P style="margin:0pt; padding-right:-3.6pt; font-family:Arial" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;601,734</P>
</TD></TR>
<TR><TD valign=top width=295.2><P style="margin:0pt; font-family:Arial">Kamloops Ajax-Python Claims</P>
</TD><TD valign=top width=24>&nbsp;</TD><TD valign=top width=84>&nbsp;</TD><TD valign=top width=24>&nbsp;</TD><TD valign=top width=72>&nbsp;</TD><TD valign=top width=24>&nbsp;</TD><TD valign=top width=84><P style="margin:0pt; font-family:Arial" align=right>48,732</P>
</TD><TD valign=top width=24>&nbsp;</TD><TD valign=top width=84><P style="margin:0pt; padding-right:-3.6pt; font-family:Arial" align=right>48,732</P>
</TD></TR>
<TR><TD style="border-bottom:0.5pt solid #000000" valign=top width=295.2><P style="margin:0pt; font-family:Arial">Timmins, Ontario Claims</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=24>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=84>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=24>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=72>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=24>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=84><P style="margin:0pt; font-family:Arial" align=right>1</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=24>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=84><P style="margin:0pt; padding-right:-3.6pt; font-family:Arial" align=right>1</P>
</TD></TR>
<TR><TD style="border-bottom:0.5pt solid #000000" valign=top width=295.2><P style="margin:0pt; font-family:Arial"><B>Balance, End of Period/Year</B></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=24>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=84>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=24>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=72>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=24><P style="margin:0pt; font-family:Arial" align=right><B>$</B></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=84><P style="margin:0pt; font-family:Arial" align=right>650,467</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=24><P style="margin:0pt; font-family:Arial" align=right>$</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=84><P style="margin:0pt; padding-right:-3.6pt; font-family:Arial" align=right>650,467</P>
</TD></TR>
<TR><TD valign=top width=295.2>&nbsp;</TD><TD valign=top width=24>&nbsp;</TD><TD valign=top width=84>&nbsp;</TD><TD valign=top width=24>&nbsp;</TD><TD valign=top width=72>&nbsp;</TD><TD valign=top width=24>&nbsp;</TD><TD valign=top width=84>&nbsp;</TD><TD valign=top width=24>&nbsp;</TD><TD valign=top width=84>&nbsp;</TD></TR>
<TR><TD valign=top width=295.2><P style="margin:0pt; font-family:Arial"><B>DEFERRED EXPLORATION COSTS</B></P>
</TD><TD valign=top width=24>&nbsp;</TD><TD valign=top width=84>&nbsp;</TD><TD valign=top width=24>&nbsp;</TD><TD valign=top width=72>&nbsp;</TD><TD valign=top width=24>&nbsp;</TD><TD valign=top width=84>&nbsp;</TD><TD valign=top width=24>&nbsp;</TD><TD valign=top width=84>&nbsp;</TD></TR>
<TR><TD style="border-bottom:0.5pt solid #000000" valign=top width=295.2>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=24>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=84><P style="margin:0pt; font-family:Arial" align=right><B>Afton</B></P>
<P style="margin:0pt; font-family:Arial" align=right><B>Claims</B></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=120 colspan=3><P style="margin:0pt; padding-right:12.6pt; font-family:Arial" align=right><B>Ajax-Python &nbsp;&nbsp;&nbsp;&nbsp;</B></P>
<P style="margin:0pt; padding-right:12.6pt; font-family:Arial" align=right><B>Claims</B></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=84><P style="margin:0pt" align=right><BR></P>
<P style="margin:0pt; font-family:Arial" align=right><B>2006</B></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=24>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=84><P style="margin:0pt" align=right><BR></P>
<P style="margin:0pt; padding-right:-3.6pt; font-family:Arial" align=right>2005</P>
</TD></TR>
<TR><TD valign=top width=295.2>&nbsp;</TD><TD valign=top width=24>&nbsp;</TD><TD valign=top width=84>&nbsp;</TD><TD valign=top width=24>&nbsp;</TD><TD valign=top width=72>&nbsp;</TD><TD valign=top width=24>&nbsp;</TD><TD valign=top width=84>&nbsp;</TD><TD valign=top width=24>&nbsp;</TD><TD valign=top width=84>&nbsp;</TD></TR>
<TR><TD style="border-bottom:0.5pt solid #000000" valign=top width=295.2><P style="margin:0pt; font-family:Arial"><B>Balance, Beginning of Period/Year</B></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=24><P style="margin:0pt; font-family:Arial" align=right>$</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=84><P style="margin:0pt; font-family:Arial" align=right>21,683,446</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=24><P style="margin:0pt; font-family:Arial" align=center>$</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=72><P style="margin:0pt; font-family:Arial" align=right>227,102</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=24><P style="margin:0pt; font-family:Arial" align=right><B>$</B></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=84><P style="margin:0pt; font-family:Arial" align=right><B>21,910,548</B></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=24><P style="margin:0pt; font-family:Arial" align=right>$</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=84><P style="margin:0pt; padding-right:-3.6pt; font-family:Arial" align=right>5,343,465</P>
</TD></TR>
<TR><TD valign=top width=295.2><P style="margin:0pt; font-family:Arial"><B>Surface Exploration Costs</B></P>
</TD><TD valign=top width=24>&nbsp;</TD><TD valign=top width=84>&nbsp;</TD><TD valign=top width=24>&nbsp;</TD><TD valign=top width=72>&nbsp;</TD><TD valign=top width=24>&nbsp;</TD><TD valign=top width=84>&nbsp;</TD><TD valign=top width=24>&nbsp;</TD><TD valign=top width=84>&nbsp;</TD></TR>
<TR><TD valign=top width=295.2><P style="margin:0pt; font-family:Arial">&nbsp;&nbsp;&nbsp;Option payment</P>
</TD><TD valign=top width=24>&nbsp;</TD><TD valign=top width=84><P style="margin:0pt; font-family:Arial" align=right>-</P>
</TD><TD valign=top width=24>&nbsp;</TD><TD valign=top width=72><P style="margin:0pt; font-family:Arial" align=right>15,000</P>
</TD><TD valign=top width=24>&nbsp;</TD><TD valign=top width=84><P style="margin:0pt; font-family:Arial" align=right><B>15,000</B></P>
</TD><TD valign=top width=24>&nbsp;</TD><TD valign=top width=84><P style="margin:0pt; padding-right:-3.6pt; font-family:Arial" align=center>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</P>
</TD></TR>
<TR><TD valign=top width=295.2><P style="margin:0pt; font-family:Arial"><B>&nbsp;&nbsp;&nbsp;</B>Assays and testing</P>
</TD><TD valign=top width=24>&nbsp;</TD><TD valign=top width=84><P style="margin:0pt; font-family:Arial" align=right>54,800</P>
</TD><TD valign=top width=24>&nbsp;</TD><TD valign=top width=72><P style="margin:0pt; font-family:Arial" align=right>29,779</P>
</TD><TD valign=top width=24>&nbsp;</TD><TD valign=top width=84><P style="margin:0pt; font-family:Arial" align=right><B>84,579</B></P>
</TD><TD valign=top width=24>&nbsp;</TD><TD valign=top width=84><P style="margin:0pt; padding-right:-3.6pt; font-family:Arial" align=right>13,430</P>
</TD></TR>
<TR><TD valign=top width=295.2><P style="margin:0pt; font-family:Arial"><B>&nbsp;&nbsp;&nbsp;</B>Drilling</P>
</TD><TD valign=top width=24>&nbsp;</TD><TD valign=top width=84><P style="margin:0pt; font-family:Arial" align=right>542,442</P>
</TD><TD valign=top width=24>&nbsp;</TD><TD valign=top width=72><P style="margin:0pt; font-family:Arial" align=right>348,004</P>
</TD><TD valign=top width=24>&nbsp;</TD><TD valign=top width=84><P style="margin:0pt; font-family:Arial" align=right><B>890,446</B></P>
</TD><TD valign=top width=24>&nbsp;</TD><TD valign=top width=84><P style="margin:0pt; padding-right:-3.6pt; font-family:Arial" align=right>&nbsp;217,441</P>
</TD></TR>
<TR><TD valign=top width=295.2><P style="margin:0pt; font-family:Arial"><B>&nbsp;&nbsp;&nbsp;</B>Geological consulting</P>
</TD><TD valign=top width=24>&nbsp;</TD><TD valign=top width=84><P style="margin:0pt; font-family:Arial" align=right>-</P>
</TD><TD valign=top width=24>&nbsp;</TD><TD valign=top width=72><P style="margin:0pt; font-family:Arial" align=right>-</P>
</TD><TD valign=top width=24>&nbsp;</TD><TD valign=top width=84><P style="margin:0pt; font-family:Arial" align=right><B>-</B></P>
</TD><TD valign=top width=24>&nbsp;</TD><TD valign=top width=84><P style="margin:0pt; padding-right:-3.6pt; font-family:Arial" align=right>219,780</P>
</TD></TR>
<TR><TD valign=top width=295.2><P style="margin:0pt; font-family:Arial"><B>&nbsp;&nbsp;&nbsp;</B>Miscellaneous</P>
</TD><TD valign=top width=24>&nbsp;</TD><TD valign=top width=84><P style="margin:0pt; font-family:Arial" align=right>31,044</P>
</TD><TD valign=top width=24>&nbsp;</TD><TD valign=top width=72><P style="margin:0pt; font-family:Arial" align=right>40,838</P>
</TD><TD valign=top width=24>&nbsp;</TD><TD valign=top width=84><P style="margin:0pt; font-family:Arial" align=right><B>71,882</B></P>
</TD><TD valign=top width=24>&nbsp;</TD><TD valign=top width=84><P style="margin:0pt; padding-right:-3.6pt; font-family:Arial" align=right>16,975</P>
</TD></TR>
<TR><TD valign=top width=295.2><P style="margin:0pt; font-family:Arial"><B>&nbsp;&nbsp;&nbsp;</B>Staking and filing fees</P>
</TD><TD valign=top width=24>&nbsp;</TD><TD valign=top width=84><P style="margin:0pt; font-family:Arial" align=right>15,070</P>
</TD><TD valign=top width=24>&nbsp;</TD><TD valign=top width=72><P style="margin:0pt; font-family:Arial" align=right>18,703</P>
</TD><TD valign=top width=24>&nbsp;</TD><TD valign=top width=84><P style="margin:0pt; font-family:Arial" align=right><B>33,773</B></P>
</TD><TD valign=top width=24>&nbsp;</TD><TD valign=top width=84><P style="margin:0pt; padding-right:-3.6pt; font-family:Arial" align=right>2,127</P>
</TD></TR>
<TR><TD valign=top width=295.2><P style="margin:0pt; font-family:Arial"><B>&nbsp;&nbsp;&nbsp;</B>Supplies and equipment rental</P>
</TD><TD valign=top width=24>&nbsp;</TD><TD valign=top width=84><P style="margin:0pt; font-family:Arial" align=right>22,186</P>
</TD><TD valign=top width=24>&nbsp;</TD><TD valign=top width=72><P style="margin:0pt; font-family:Arial" align=right>-</P>
</TD><TD valign=top width=24>&nbsp;</TD><TD valign=top width=84><P style="margin:0pt; font-family:Arial" align=right><B>22,186</B></P>
</TD><TD valign=top width=24>&nbsp;</TD><TD valign=top width=84><P style="margin:0pt; padding-right:-3.6pt; font-family:Arial" align=right>67,130</P>
</TD></TR>
<TR><TD valign=top width=295.2><P style="margin:0pt; font-family:Arial">&nbsp;&nbsp;&nbsp;Travel and accommodation</P>
</TD><TD valign=top width=24>&nbsp;</TD><TD valign=top width=84><P style="margin:0pt; font-family:Arial" align=right>3,762</P>
</TD><TD valign=top width=24>&nbsp;</TD><TD valign=top width=72><P style="margin:0pt; font-family:Arial" align=right>-</P>
</TD><TD valign=top width=24>&nbsp;</TD><TD valign=top width=84><P style="margin:0pt; font-family:Arial" align=right><B>3,762</B></P>
</TD><TD valign=top width=24>&nbsp;</TD><TD valign=top width=84><P style="margin:0pt; padding-right:-3.6pt; font-family:Arial" align=right>16,020</P>
</TD></TR>
<TR><TD style="border-bottom:0.5pt solid #000000" valign=top width=295.2><P style="margin:0pt; font-family:Arial"><B>&nbsp;&nbsp;&nbsp;</B>Wages and benefits</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=24>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=84><P style="margin:0pt; font-family:Arial" align=right>51,440</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=24>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=72><P style="margin:0pt; font-family:Arial" align=right>53,438</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=24>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=84><P style="margin:0pt; font-family:Arial" align=right><B>104,878</B></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=24>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=84><P style="margin:0pt; padding-right:-3.6pt; font-family:Arial" align=right>121,207</P>
</TD></TR>
<TR><TD style="border-bottom:0.5pt solid #000000" valign=top width=295.2>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=24>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=84><P style="margin:0pt; font-family:Arial" align=right>720,744</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=24>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=72><P style="margin:0pt; font-family:Arial" align=right>505,762</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=24>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=84><P style="margin:0pt; font-family:Arial" align=right><B>1,226,506</B></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=24>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=84><P style="margin:0pt; padding-right:-3.6pt; font-family:Arial" align=right>674,110</P>
</TD></TR>
<TR><TD valign=top width=295.2><P style="margin:0pt; font-family:Arial"><B>Underground Exploration Costs</B></P>
</TD><TD valign=top width=24>&nbsp;</TD><TD valign=top width=84>&nbsp;</TD><TD valign=top width=24>&nbsp;</TD><TD valign=top width=72>&nbsp;</TD><TD valign=top width=24>&nbsp;</TD><TD valign=top width=84>&nbsp;</TD><TD valign=top width=24>&nbsp;</TD><TD valign=top width=84>&nbsp;</TD></TR>
<TR><TD valign=top width=295.2><P style="margin:0pt; font-family:Arial">&nbsp;&nbsp;&nbsp;Assays and testing</P>
</TD><TD valign=top width=24>&nbsp;</TD><TD valign=top width=84><P style="margin:0pt; font-family:Arial" align=right>244,074</P>
</TD><TD valign=top width=24>&nbsp;</TD><TD valign=top width=72><P style="margin:0pt; font-family:Arial" align=right>-</P>
</TD><TD valign=top width=24>&nbsp;</TD><TD valign=top width=84><P style="margin:0pt; font-family:Arial" align=right><B>244,074</B></P>
</TD><TD valign=top width=24>&nbsp;</TD><TD valign=top width=84><P style="margin:0pt; padding-right:-3.6pt; font-family:Arial" align=right>306,938</P>
</TD></TR>
<TR><TD valign=top width=295.2><P style="margin:0pt; font-family:Arial">&nbsp;&nbsp;&nbsp;Drilling</P>
</TD><TD valign=top width=24>&nbsp;</TD><TD valign=top width=84><P style="margin:0pt; font-family:Arial" align=right>3,820,759</P>
</TD><TD valign=top width=24>&nbsp;</TD><TD valign=top width=72><P style="margin:0pt; font-family:Arial" align=right>-</P>
</TD><TD valign=top width=24>&nbsp;</TD><TD valign=top width=84><P style="margin:0pt; font-family:Arial" align=right><B>3,820,759</B></P>
</TD><TD valign=top width=24>&nbsp;</TD><TD valign=top width=84><P style="font-family: Arial; margin: 0pt; padding-right: -3.6pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;1,942,818</P>
</TD></TR>
<TR><TD valign=top width=295.2><P style="margin:0pt; font-family:Arial">&nbsp;&nbsp;&nbsp;Engineering</P>
</TD><TD valign=top width=24>&nbsp;</TD><TD valign=top width=84><P style="margin:0pt; font-family:Arial" align=right>7,760</P>
</TD><TD valign=top width=24>&nbsp;</TD><TD valign=top width=72><P style="margin:0pt; font-family:Arial" align=right>-</P>
</TD><TD valign=top width=24>&nbsp;</TD><TD valign=top width=84><P style="margin:0pt; font-family:Arial" align=right><B>7,760</B></P>
</TD><TD valign=top width=24>&nbsp;</TD><TD valign=top width=84><P style="margin:0pt; padding-right:-3.6pt; font-family:Arial" align=right>46,943</P>
</TD></TR>
<TR><TD valign=top width=295.2><P style="margin:0pt; font-family:Arial">&nbsp;&nbsp;&nbsp;Geological consulting</P>
</TD><TD valign=top width=24>&nbsp;</TD><TD valign=top width=84><P style="margin:0pt; font-family:Arial" align=right>22,590</P>
</TD><TD valign=top width=24>&nbsp;</TD><TD valign=top width=72><P style="margin:0pt; font-family:Arial" align=right>-</P>
</TD><TD valign=top width=24>&nbsp;</TD><TD valign=top width=84><P style="margin:0pt; font-family:Arial" align=right><B>22,590</B></P>
</TD><TD valign=top width=24>&nbsp;</TD><TD valign=top width=84><P style="margin:0pt; padding-right:-3.6pt; font-family:Arial" align=right>680,515</P>
</TD></TR>
<TR><TD valign=top width=295.2><P style="margin:0pt; font-family:Arial">&nbsp;&nbsp;&nbsp;Insurance</P>
</TD><TD valign=top width=24>&nbsp;</TD><TD valign=top width=84><P style="margin:0pt; font-family:Arial" align=right>31,612</P>
</TD><TD valign=top width=24>&nbsp;</TD><TD valign=top width=72><P style="margin:0pt; font-family:Arial" align=right>-</P>
</TD><TD valign=top width=24>&nbsp;</TD><TD valign=top width=84><P style="margin:0pt; font-family:Arial" align=right><B>31,612</B></P>
</TD><TD valign=top width=24>&nbsp;</TD><TD valign=top width=84><P style="margin:0pt; padding-right:-3.6pt; font-family:Arial" align=right>6,111</P>
</TD></TR>
<TR><TD valign=top width=295.2><P style="margin:0pt; font-family:Arial">&nbsp;&nbsp;&nbsp;Office costs</P>
</TD><TD valign=top width=24>&nbsp;</TD><TD valign=top width=84><P style="margin:0pt; font-family:Arial" align=right>55,718</P>
</TD><TD valign=top width=24>&nbsp;</TD><TD valign=top width=72><P style="margin:0pt; font-family:Arial" align=right>-</P>
</TD><TD valign=top width=24>&nbsp;</TD><TD valign=top width=84><P style="margin:0pt; font-family:Arial" align=right><B>55,718</B></P>
</TD><TD valign=top width=24>&nbsp;</TD><TD valign=top width=84><P style="margin:0pt; padding-right:-3.6pt; font-family:Arial" align=center>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</P>
</TD></TR>
<TR><TD valign=top width=295.2><P style="margin:0pt; font-family:Arial">&nbsp;&nbsp;&nbsp;Miscellaneous</P>
</TD><TD valign=top width=24>&nbsp;</TD><TD valign=top width=84><P style="margin:0pt; font-family:Arial" align=right>51,651</P>
</TD><TD valign=top width=24>&nbsp;</TD><TD valign=top width=72><P style="margin:0pt; font-family:Arial" align=right>-</P>
</TD><TD valign=top width=24>&nbsp;</TD><TD valign=top width=84><P style="margin:0pt; font-family:Arial" align=right><B>51,651</B></P>
</TD><TD valign=top width=24>&nbsp;</TD><TD valign=top width=84><P style="margin:0pt; padding-right:-3.6pt; font-family:Arial" align=right>6,485</P>
</TD></TR>
<TR><TD valign=top width=295.2><P style="margin:0pt; font-family:Arial">&nbsp;&nbsp;&nbsp;Road construction and maintenance</P>
</TD><TD valign=top width=24>&nbsp;</TD><TD valign=top width=84><P style="margin:0pt; font-family:Arial" align=right>10,463</P>
</TD><TD valign=top width=24>&nbsp;</TD><TD valign=top width=72><P style="margin:0pt; font-family:Arial" align=right>-</P>
</TD><TD valign=top width=24>&nbsp;</TD><TD valign=top width=84><P style="margin:0pt; font-family:Arial" align=right><B>10,463</B></P>
</TD><TD valign=top width=24>&nbsp;</TD><TD valign=top width=84><P style="margin:0pt; padding-right:-3.6pt; font-family:Arial" align=right>45,115</P>
</TD></TR>
<TR><TD valign=top width=295.2><P style="margin:0pt; font-family:Arial">&nbsp;&nbsp;&nbsp;Staking and filing fees</P>
</TD><TD valign=top width=24>&nbsp;</TD><TD valign=top width=84><P style="margin:0pt; font-family:Arial" align=right>619</P>
</TD><TD valign=top width=24>&nbsp;</TD><TD valign=top width=72><P style="margin:0pt; font-family:Arial" align=right>-</P>
</TD><TD valign=top width=24>&nbsp;</TD><TD valign=top width=84><P style="margin:0pt; font-family:Arial" align=right><B>619</B></P>
</TD><TD valign=top width=24>&nbsp;</TD><TD valign=top width=84><P style="margin:0pt; padding-right:-3.6pt; font-family:Arial" align=right>10,406</P>
</TD></TR>
<TR><TD valign=top width=295.2><P style="margin:0pt; font-family:Arial">&nbsp;&nbsp;&nbsp;Supplies and equipment rental</P>
</TD><TD valign=top width=24>&nbsp;</TD><TD valign=top width=84><P style="margin:0pt; font-family:Arial" align=right>28,000</P>
</TD><TD valign=top width=24>&nbsp;</TD><TD valign=top width=72><P style="margin:0pt; font-family:Arial" align=right>-</P>
</TD><TD valign=top width=24>&nbsp;</TD><TD valign=top width=84><P style="margin:0pt; font-family:Arial" align=right><B>28,000</B></P>
</TD><TD valign=top width=24>&nbsp;</TD><TD valign=top width=84><P style="margin:0pt; padding-right:-3.6pt; font-family:Arial" align=right>197,777</P>
</TD></TR>
<TR><TD valign=top width=295.2><P style="margin:0pt; font-family:Arial">&nbsp;&nbsp;&nbsp;Surveying</P>
</TD><TD valign=top width=24>&nbsp;</TD><TD valign=top width=84><P style="margin:0pt; font-family:Arial" align=right>13,876</P>
</TD><TD valign=top width=24>&nbsp;</TD><TD valign=top width=72><P style="margin:0pt; font-family:Arial" align=right>-</P>
</TD><TD valign=top width=24>&nbsp;</TD><TD valign=top width=84><P style="margin:0pt; font-family:Arial" align=right><B>13,876</B></P>
</TD><TD valign=top width=24>&nbsp;</TD><TD valign=top width=84><P style="margin:0pt; padding-right:-3.6pt; font-family:Arial" align=right>-</P>
</TD></TR>
<TR><TD valign=top width=295.2><P style="margin:0pt; font-family:Arial">&nbsp;&nbsp;&nbsp;Travel and accommodation</P>
</TD><TD valign=top width=24>&nbsp;</TD><TD valign=top width=84><P style="margin:0pt; font-family:Arial" align=right>41,296</P>
</TD><TD valign=top width=24>&nbsp;</TD><TD valign=top width=72><P style="margin:0pt; font-family:Arial" align=right>-</P>
</TD><TD valign=top width=24>&nbsp;</TD><TD valign=top width=84><P style="margin:0pt; font-family:Arial" align=right><B>41,296</B></P>
</TD><TD valign=top width=24>&nbsp;</TD><TD valign=top width=84><P style="margin:0pt; padding-right:-3.6pt; font-family:Arial" align=right>94,941</P>
</TD></TR>
<TR><TD valign=top width=295.2><P style="margin:0pt; font-family:Arial">&nbsp;&nbsp;&nbsp;Tunneling and decline costs</P>
</TD><TD valign=top width=24>&nbsp;</TD><TD valign=top width=84><P style="margin:0pt; font-family:Arial" align=right>-</P>
</TD><TD valign=top width=24>&nbsp;</TD><TD valign=top width=72><P style="margin:0pt; font-family:Arial" align=right>-</P>
</TD><TD valign=top width=24>&nbsp;</TD><TD valign=top width=84><P style="margin:0pt; font-family:Arial" align=right><B>-</B></P>
</TD><TD valign=top width=24>&nbsp;</TD><TD valign=top width=84><P style="margin:0pt; padding-right:-3.6pt; font-family:Arial" align=right>11,981,887</P>
</TD></TR>
<TR><TD valign=top width=295.2><P style="margin:0pt; font-family:Arial">&nbsp;&nbsp;&nbsp;Utilities</P>
</TD><TD valign=top width=24>&nbsp;</TD><TD valign=top width=84><P style="margin:0pt; font-family:Arial" align=right>76,213</P>
</TD><TD valign=top width=24>&nbsp;</TD><TD valign=top width=72><P style="margin:0pt; font-family:Arial" align=right>-</P>
</TD><TD valign=top width=24>&nbsp;</TD><TD valign=top width=84><P style="margin:0pt; font-family:Arial" align=right><B>76,213</B></P>
</TD><TD valign=top width=24>&nbsp;</TD><TD valign=top width=84><P style="margin:0pt; padding-right:-3.6pt; font-family:Arial" align=right>191,462</P>
</TD></TR>
<TR><TD style="border-bottom:0.5pt solid #000000" valign=top width=295.2><P style="margin:0pt; font-family:Arial">&nbsp;&nbsp;&nbsp;Wages and benefits</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=24>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=84><P style="margin:0pt; font-family:Arial" align=right>664,400</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=24>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=72>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=24>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=84><P style="margin:0pt; font-family:Arial" align=right><B>664,400</B></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=24>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=84><P style="margin:0pt; padding-right:-3.6pt; font-family:Arial" align=right>381,575</P>
</TD></TR>
<TR><TD style="border-bottom:0.5pt solid #000000" valign=top width=295.2>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=24>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=84><P style="margin:0pt; font-family:Arial" align=right>5,069,031</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=24>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=72><P style="margin:0pt; font-family:Arial" align=right>-</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=24>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=84><P style="margin:0pt; font-family:Arial" align=right><B>5,069,031</B></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=24>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=84><P style="margin:0pt; padding-right:-3.6pt; font-family:Arial" align=right>15,892,973</P>
</TD></TR>
<TR><TD valign=top width=295.2>&nbsp;</TD><TD valign=top width=24>&nbsp;</TD><TD valign=top width=84>&nbsp;</TD><TD valign=top width=24>&nbsp;</TD><TD valign=top width=72>&nbsp;</TD><TD valign=top width=24>&nbsp;</TD><TD valign=top width=84>&nbsp;</TD><TD valign=top width=24>&nbsp;</TD><TD valign=top width=84>&nbsp;</TD></TR>
<TR><TD style="border-bottom:0.5pt solid #000000" valign=top width=295.2><P style="margin:0pt; font-family:Arial"><B>Feasibility Study</B></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=24>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=84><P style="margin:0pt; font-family:Arial" align=right>2,643,955</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=24>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=72><P style="margin:0pt; font-family:Arial" align=right>-</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=24>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=84><P style="margin:0pt; font-family:Arial" align=right><B>2,643,955</B></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=24>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=84><P style="margin:0pt; font-family:Arial" align=right>-</P>
</TD></TR>
<TR><TD style="border-bottom:0.5pt solid #000000" valign=top width=295.2><P style="margin:0pt; font-family:Arial"><B>Balance, End of Period/Year</B></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=24><P style="margin:0pt; font-family:Arial" align=right>$</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=84><P style="margin:0pt; font-family:Arial" align=right>30,117,176</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=24><P style="margin:0pt; font-family:Arial" align=right>$</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=72><P style="margin:0pt; font-family:Arial" align=right>732,864</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=24><P style="margin:0pt; font-family:Arial" align=right>$</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=84><P style="margin:0pt; padding-left:-5.4pt; font-family:Arial" align=right><B>30,850,040</B></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=24><P style="margin:0pt; font-family:Arial" align=right>$</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=84><P style="margin:0pt; padding-right:-3.6pt; font-family:Arial" align=right>21,910,548</P>
</TD></TR>
<TR><TD style="border-bottom:3pt double #000000" valign=top width=295.2><P style="margin:0pt"><BR></P>
<P style="margin:0pt; font-family:Arial"><B>Mineral Properties</B></P>
</TD><TD style="border-bottom:3pt double #000000" valign=top width=24>&nbsp;</TD><TD style="border-bottom:3pt double #000000" valign=top width=84>&nbsp;</TD><TD style="border-bottom:3pt double #000000" valign=top width=24>&nbsp;</TD><TD style="border-bottom:3pt double #000000" valign=top width=72>&nbsp;</TD><TD style="border-bottom:3pt double #000000" valign=top width=24><P style="margin:0pt; font-family:Arial" align=right>&nbsp;$</P>
</TD><TD style="border-bottom:3pt double #000000" valign=top width=84><P style="margin:0pt" align=right><BR></P>
<P style="margin:0pt; padding-left:-5.4pt; font-family:Arial" align=right><B>31,500,507</B></P>
</TD><TD style="border-bottom:3pt double #000000" valign=top width=24><P style="margin:0pt; font-family:Arial" align=right>&nbsp;$</P>
</TD><TD style="border-bottom:3pt double #000000" valign=top width=84><P style="margin:0pt" align=right><BR></P>
<P style="margin:0pt; padding-right:-3.6pt; font-family:Arial" align=right>22,561,015</P>
</TD></TR>
</TABLE></center>
<P style="margin:0pt; font-family:Arial"><I>See accompanying notes.</I></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt"><BR>
<BR></P>
<HR style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size=1.333>
<P style="line-height:normal; margin:0pt; font-family:Arial; page-break-before:always">New Gold Inc.<B><SMALL> </SMALL></B></P>
<P style="margin-top:0pt; margin-bottom:4.15pt; font-family:Arial">(An Exploration Stage Company)</P>
<P style="margin-top:0pt; margin-bottom:4pt; font-family:Arial; font-size:12pt"><B>SCHEDULES OF MINERAL PROPERTIES</B></P>
<P style="margin-top:0pt; margin-bottom:3.35pt; padding-right:-12.6pt; font-family:Arial"><B>For the six month period ended June 30, 2006 and year ended December 31, 2005</B></P>
<P style="margin-top:0pt; margin-bottom:3.35pt; padding-right:-12.6pt; padding-bottom:3pt; font-family:Arial; border-bottom:0.5pt solid #000000"><I>(Unaudited and Canadian Dollars)</I></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt"><BR></P>
<P style="line-height:9.2pt; margin-top:0pt; margin-bottom:-9.2pt; padding-left:18pt; text-indent:-18pt; font-family:Arial; font-size:12pt"><B>1.</B></P>
<P style="line-height:9.8pt; margin:0pt; padding-left:18pt; font-family:Arial Narrow; font-size:12pt"><FONT FACE="Arial Narrow"><B>NATURE OF OPERATIONS</B></FONT></P>
<P style="line-height:3pt; margin:0pt; padding-bottom:3pt; font-family:Arial; font-size:1pt; border-bottom:0.75pt solid #000000"><FONT FACE="Arial">0.5</FONT></P>
<P style="margin:0pt"><BR></P>
<P style="line-height:13pt; margin:0pt; padding-left:18pt; font-family:Arial; font-size:11pt" align=justify>New Gold Inc. (the &#147;Company&#148;) is in the process of exploring and developing mineral properties. &nbsp;Its principal project, the Afton copper-gold project located in British Columbia, has previously been subject to exploration, an advanced scoping study and has not yet been confirmed to have economically viable copper/gold reserves. The Company is proceeding to complete a feasibility study in 2006 to confirm whether economical reserves exist. &nbsp;&nbsp;</P>
<P style="margin:0pt" align=justify><BR></P>
<P style="line-height:13pt; margin:0pt; padding-left:18pt; font-family:Arial; font-size:11pt" align=justify>The underlying value of the Company&#146;s mineral claims is dependent upon the existence and economic recovery of mineral reserves, and the ability of the Company to raise financing to complete the development and operation of the project. &nbsp;In addition, the investments may be subject to changes in government regulations related to mining activities, economic instability and access rights disruption.</P>
<P style="margin:0pt" align=justify><BR></P>
<P style="line-height:13pt; margin:0pt; padding-left:18pt; font-family:Arial; font-size:11pt" align=justify>The Company believes it has adequate funds available to meet its corporate and administrative obligations plus its funding requirement to complete the feasibility study for the Afton copper/gold project and related administration expenses while having surplus funds available for exploration. Management will have to pursue additional financing upon the completion of a positive feasibility to finance the projects construction. There can be no assurance it will be able to raise sufficient funds when these funds are required. </P>
<P style="margin:0pt" align=justify><BR></P>
<P style="line-height:13pt; margin:0pt; padding-left:18pt; font-family:Arial; font-size:11pt" align=justify>These interim financial statements of the Company have been prepared in accordance with accounting principles generally accepted in Canada and should be read in conjunction with the Company&#146;s audited annual financial statements for the year ended 2005.</P>
<P style="margin:0pt" align=justify><BR></P>
<P style="line-height:9.2pt; margin-top:0pt; margin-bottom:-9.2pt; padding-left:18pt; text-indent:-18pt; font-family:Arial; font-size:12pt"><B>2.</B></P>
<P style="line-height:9.8pt; margin:0pt; padding-left:18pt; font-family:Arial Narrow; font-size:12pt"><FONT FACE="Arial Narrow"><B>MINERAL PROPERTIES</B></FONT></P>
<P style="margin:0pt; padding-bottom:3pt; border-bottom:0.75pt solid #000000"><BR></P>
<P style="margin:0pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:-12pt; padding-left:18pt; font-family:Arial"><FONT FACE="Arial"><B><I>a)</I></B></FONT></P>
<P style="line-height:13pt; margin:0pt; padding-left:18pt; text-indent:18pt; font-family:Arial; font-size:11pt"><B><I>Kamloops, B.C. &quot;Afton&quot; Mineral Property</I></B></P>
<P style="margin:0pt" align=justify><BR></P>
<P style="line-height:13pt; margin:0pt; padding-left:36pt; font-family:Arial; font-size:11pt" align=justify>The Afton mineral properties consist of 17 new mineral claims, converted from heritage claims or staked under the new mineral tenure system in British Columbia and 14 heritage claims, covering a total area of 6,916 hectares.</P>
<P style="margin:0pt" align=justify><BR></P>
<P style="line-height:13pt; margin:0pt; padding-left:36pt; font-family:Arial; font-size:11pt" align=justify>Under the terms of two option agreements (&#147;Option&#148;) dated September 22, 1999 to acquire the Afton Mineral Claims, the Company issued, over several years, 2 million common shares and completed an aggregate work commitment totaling $6.5 million to earn the rights to the mineral claims. Under the terms of the Option, the optionors retained a 10% net profit royalty. (see note 12(a))</P>
<P style="margin:0pt" align=justify><BR></P>
<P style="line-height:13pt; margin:0pt; padding-left:36pt; font-family:Arial; font-size:11pt" align=justify>The Company has a 100% interest in the mineral claims subject to the 10% net profit royalty maintained by the optionors, which can be purchased on or before December 1, 2010 for $2 million in cash or shares of the Company.</P>
<P style="margin:0pt"><BR>
<BR></P>
<HR style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size=1.333>
<P style="line-height:normal; margin:0pt; font-family:Arial; page-break-before:always">New Gold Inc.<B><SMALL> </SMALL></B></P>
<P style="margin-top:0pt; margin-bottom:4.15pt; font-family:Arial">(An Exploration Stage Company)</P>
<P style="margin-top:0pt; margin-bottom:4pt; font-family:Arial; font-size:12pt"><B>SCHEDULES OF MINERAL PROPERTIES</B></P>
<P style="margin-top:0pt; margin-bottom:3.35pt; padding-right:-12.6pt; font-family:Arial"><B>For the six month period ended June 30, 2006 and year ended December 31, 2005</B></P>
<P style="margin-top:0pt; margin-bottom:3.35pt; padding-right:-12.6pt; padding-bottom:3pt; font-family:Arial; border-bottom:0.5pt solid #000000"><I>(Unaudited and Canadian Dollars)</I></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:-12pt; padding-left:18pt; font-family:Arial"><B><I>b)</I></B></P>
<P style="line-height:13pt; margin:0pt; padding-left:18pt; text-indent:18pt; font-family:Arial; font-size:11pt"><B><I>Kamloops, B.C., &quot;Ajax&quot; Mineral Property</I></B></P>
<P style="margin:0pt" align=justify><BR></P>
<P style="line-height:13pt; margin:0pt; padding-left:36pt; font-family:Arial; font-size:11pt" align=justify>The Company owns a 100% interest in the Ajax - Python Claim Group, subject to a 2% net smelter royalty, consisting of nine new mineral claims, converted from heritage claims or staked under the new mineral tenure system in British Columbia and fifteen heritage claims covering 3,330 hectares.</P>
<P style="margin:0pt" align=justify><BR></P>
<P style="line-height:9.2pt; margin-top:0pt; margin-bottom:-9.2pt; padding-left:18pt; text-indent:-18pt; font-family:Arial; font-size:12pt"><B>3.</B></P>
<P style="line-height:9.8pt; margin:0pt; padding-left:18pt; font-family:Arial Narrow; font-size:12pt"><FONT FACE="Arial Narrow"><B>PROPERTY AND EQUIPMENT</B></FONT></P>
<P style="margin:0pt; padding-bottom:3pt; border-bottom:0.75pt solid #000000"><BR></P>
<P style="margin:0pt"><BR></P>
<center><TABLE style="font-size:10pt" cellspacing=0><TR><TD width=224.65></TD><TD width=12.05></TD><TD width=64.35></TD><TD width=12.05></TD><TD width=70></TD><TD width=12.05></TD><TD width=64.35></TD></TR>
<TR><TD valign=top width=299.533>&nbsp;</TD><TD valign=top width=16.067>&nbsp;</TD><TD valign=top width=85.8>&nbsp;</TD><TD valign=top width=16.067>&nbsp;</TD><TD valign=top width=93.333>&nbsp;</TD><TD valign=top width=101.867 colspan=2><P style="line-height:13pt; margin:0pt; font-family:Arial" align=right><FONT FACE="Arial"><B>Net Book</B></FONT></P>
</TD></TR>
<TR><TD valign=top width=299.533><P style="line-height:13pt; margin:0pt; font-family:Arial"><B>2006</B></P>
</TD><TD valign=top width=16.067>&nbsp;</TD><TD valign=top width=85.8>&nbsp;</TD><TD valign=top width=16.067>&nbsp;</TD><TD valign=top width=93.333><P style="line-height:13pt; margin:0pt; font-family:Arial" align=right><B>Accumulated</B></P>
</TD><TD valign=top width=16.067>&nbsp;</TD><TD valign=top width=85.8><P style="line-height:13pt; margin:0pt; font-family:Arial" align=right><B>Value </B></P>
</TD></TR>
<TR><TD style="border-bottom:0.5pt solid #000000" valign=top width=299.533>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=16.067>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=85.8><P style="line-height:13pt; margin:0pt; font-family:Arial" align=right><B>Cost</B></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=16.067>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=93.333><P style="line-height:13pt; margin:0pt; font-family:Arial" align=right><B>Amortization</B></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=16.067>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=85.8><P style="line-height:13pt; margin:0pt; font-family:Arial" align=right><B>2006</B></P>
</TD></TR>
<TR><TD valign=top width=299.533><P style="line-height:13pt; margin-top:2.5pt; margin-bottom:0pt; font-family:Arial">Land</P>
</TD><TD valign=top width=16.067><P style="line-height:13pt; margin-top:2.5pt; margin-bottom:0pt; font-family:Arial" align=right>$</P>
</TD><TD valign=top width=85.8><P style="line-height:13pt; margin-top:2.5pt; margin-bottom:0pt; font-family:Arial" align=right>56,900</P>
</TD><TD valign=top width=16.067><P style="line-height:13pt; margin-top:2.5pt; margin-bottom:0pt; font-family:Arial" align=right>$</P>
</TD><TD valign=top width=93.333><P style="line-height:13pt; margin-top:2.5pt; margin-bottom:0pt; font-family:Arial" align=right>-</P>
</TD><TD valign=top width=16.067><P style="line-height:13pt; margin-top:2.5pt; margin-bottom:0pt; font-family:Arial" align=right>$</P>
</TD><TD valign=top width=85.8><P style="line-height:13pt; margin-top:2.5pt; margin-bottom:0pt; font-family:Arial" align=right>56,900</P>
</TD></TR>
<TR><TD valign=top width=299.533><P style="line-height:13pt; margin:0pt; font-family:Arial">Building</P>
</TD><TD valign=top width=16.067>&nbsp;</TD><TD valign=top width=85.8><P style="line-height:13pt; margin:0pt; font-family:Arial" align=right>104,700</P>
</TD><TD valign=top width=16.067>&nbsp;</TD><TD valign=top width=93.333><P style="line-height:13pt; margin:0pt; font-family:Arial" align=right>13,088</P>
</TD><TD valign=top width=16.067>&nbsp;</TD><TD valign=top width=85.8><P style="line-height:13pt; margin:0pt; font-family:Arial" align=right>91,612</P>
</TD></TR>
<TR><TD valign=top width=299.533><P style="line-height:13pt; margin:0pt; font-family:Arial">Transportation vehicles</P>
</TD><TD valign=top width=16.067>&nbsp;</TD><TD valign=top width=85.8><P style="line-height:13pt; margin:0pt; font-family:Arial" align=right>100,210</P>
</TD><TD valign=top width=16.067>&nbsp;</TD><TD valign=top width=93.333><P style="line-height:13pt; margin:0pt; font-family:Arial" align=right>73,539</P>
</TD><TD valign=top width=16.067>&nbsp;</TD><TD valign=top width=85.8><P style="line-height:13pt; margin:0pt; font-family:Arial" align=right>26,671</P>
</TD></TR>
<TR><TD valign=top width=299.533><P style="line-height:13pt; margin:0pt; font-family:Arial">Mining equipment</P>
</TD><TD valign=top width=16.067>&nbsp;</TD><TD valign=top width=85.8><P style="line-height:13pt; margin:0pt; font-family:Arial" align=right>484,673</P>
</TD><TD valign=top width=16.067>&nbsp;</TD><TD valign=top width=93.333><P style="line-height:13pt; margin:0pt; font-family:Arial" align=right>78,064</P>
</TD><TD valign=top width=16.067>&nbsp;</TD><TD valign=top width=85.8><P style="line-height:13pt; margin:0pt; font-family:Arial" align=right>406,609</P>
</TD></TR>
<TR><TD style="border-bottom:0.5pt solid #000000" valign=top width=299.533><P style="line-height:13pt; margin:0pt; font-family:Arial">Office and computer equipment</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=16.067>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=85.8><P style="line-height:13pt; margin:0pt; font-family:Arial" align=right>168,483</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=16.067>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=93.333><P style="line-height:13pt; margin:0pt; font-family:Arial" align=right>65,327</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=16.067>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=85.8><P style="line-height:13pt; margin:0pt; font-family:Arial" align=right>103,156</P>
</TD></TR>
<TR><TD style="border-bottom:2pt double #000000" valign=top width=299.533><P style="line-height:13pt; margin-top:1.65pt; margin-bottom:0pt; font-family:Arial"><B>Balance, June 30, 2006</B></P>
</TD><TD style="border-bottom:2pt double #000000" valign=top width=16.067><P style="line-height:13pt; margin-top:1.65pt; margin-bottom:0pt; font-family:Arial" align=right><B>$</B></P>
</TD><TD style="border-bottom:2pt double #000000" valign=top width=85.8><P style="line-height:13pt; margin-top:1.65pt; margin-bottom:0pt; font-family:Arial" align=right><B>914,966</B></P>
</TD><TD style="border-bottom:2pt double #000000" valign=top width=16.067><P style="line-height:13pt; margin-top:1.65pt; margin-bottom:0pt; font-family:Arial" align=right><B>$</B></P>
</TD><TD style="border-bottom:2pt double #000000" valign=top width=93.333><P style="line-height:13pt; margin-top:1.65pt; margin-bottom:0pt; font-family:Arial" align=right><B>230,018</B></P>
</TD><TD style="border-bottom:2pt double #000000" valign=top width=16.067><P style="line-height:13pt; margin-top:1.65pt; margin-bottom:0pt; font-family:Arial" align=right><B>$</B></P>
</TD><TD style="border-bottom:2pt double #000000" valign=top width=85.8><P style="line-height:13pt; margin-top:1.65pt; margin-bottom:0pt; font-family:Arial" align=right><B>684,948</B></P>
</TD></TR>
</TABLE></center>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt"><BR></P>
<center><TABLE style="font-size:10pt" cellspacing=0><TR><TD width=224.65></TD><TD width=12.05></TD><TD width=64.35></TD><TD width=12.05></TD><TD width=70></TD><TD width=12.05></TD><TD width=64.35></TD></TR>
<TR><TD valign=top width=299.533>&nbsp;</TD><TD valign=top width=16.067>&nbsp;</TD><TD valign=top width=85.8>&nbsp;</TD><TD valign=top width=16.067>&nbsp;</TD><TD valign=top width=93.333>&nbsp;</TD><TD valign=top width=101.867 colspan=2><P style="line-height:13pt; margin:0pt; font-family:Arial" align=right><B>Net Book</B></P>
</TD></TR>
<TR><TD valign=top width=299.533><P style="line-height:13pt; margin:0pt; font-family:Arial"><B>2005</B></P>
</TD><TD valign=top width=16.067>&nbsp;</TD><TD valign=top width=85.8>&nbsp;</TD><TD valign=top width=16.067>&nbsp;</TD><TD valign=top width=93.333><P style="line-height:13pt; margin:0pt; font-family:Arial" align=right><B>Accumulated</B></P>
</TD><TD valign=top width=16.067>&nbsp;</TD><TD valign=top width=85.8><P style="line-height:13pt; margin:0pt; font-family:Arial" align=right><B>Value</B></P>
</TD></TR>
<TR><TD style="border-bottom:0.5pt solid #000000" valign=top width=299.533>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=16.067>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=85.8><P style="line-height:13pt; margin:0pt; font-family:Arial" align=right><B>Cost</B></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=16.067>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=93.333><P style="line-height:13pt; margin:0pt; font-family:Arial" align=right><B>Amortization</B></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=16.067>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=85.8><P style="line-height:13pt; margin:0pt; font-family:Arial" align=right><B>2005</B></P>
</TD></TR>
<TR><TD valign=top width=299.533><P style="line-height:13pt; margin-top:2.5pt; margin-bottom:0pt; font-family:Arial">Land</P>
</TD><TD valign=top width=16.067><P style="line-height:13pt; margin-top:2.5pt; margin-bottom:0pt; font-family:Arial" align=right>$</P>
</TD><TD valign=top width=85.8><P style="line-height:13pt; margin-top:2.5pt; margin-bottom:0pt; font-family:Arial" align=right>56,900</P>
</TD><TD valign=top width=16.067><P style="line-height:13pt; margin-top:2.5pt; margin-bottom:0pt; font-family:Arial" align=right>$</P>
</TD><TD valign=top width=93.333><P style="line-height:13pt; margin-top:2.5pt; margin-bottom:0pt; font-family:Arial" align=right>-</P>
</TD><TD valign=top width=16.067><P style="line-height:13pt; margin-top:2.5pt; margin-bottom:0pt; font-family:Arial" align=right>$</P>
</TD><TD valign=top width=85.8><P style="line-height:13pt; margin-top:2.5pt; margin-bottom:0pt; font-family:Arial" align=right>56,900</P>
</TD></TR>
<TR><TD valign=top width=299.533><P style="line-height:13pt; margin:0pt; font-family:Arial">Building</P>
</TD><TD valign=top width=16.067>&nbsp;</TD><TD valign=top width=85.8><P style="line-height:13pt; margin:0pt; font-family:Arial" align=right>104,700</P>
</TD><TD valign=top width=16.067>&nbsp;</TD><TD valign=top width=93.333><P style="line-height:13pt; margin:0pt; font-family:Arial" align=right>10,470</P>
</TD><TD valign=top width=16.067>&nbsp;</TD><TD valign=top width=85.8><P style="line-height:13pt; margin:0pt; font-family:Arial" align=right>94,230</P>
</TD></TR>
<TR><TD valign=top width=299.533><P style="line-height:13pt; margin:0pt; font-family:Arial">Transportation vehicles</P>
</TD><TD valign=top width=16.067>&nbsp;</TD><TD valign=top width=85.8><P style="line-height:13pt; margin:0pt; font-family:Arial" align=right>130,071</P>
</TD><TD valign=top width=16.067>&nbsp;</TD><TD valign=top width=93.333><P style="line-height:13pt; margin:0pt; font-family:Arial" align=right>58,434</P>
</TD><TD valign=top width=16.067>&nbsp;</TD><TD valign=top width=85.8><P style="line-height:13pt; margin:0pt; font-family:Arial" align=right>71,637</P>
</TD></TR>
<TR><TD valign=top width=299.533><P style="line-height:13pt; margin:0pt; font-family:Arial">Mining equipment</P>
</TD><TD valign=top width=16.067>&nbsp;</TD><TD valign=top width=85.8><P style="line-height:13pt; margin:0pt; font-family:Arial" align=right>304,296</P>
</TD><TD valign=top width=16.067>&nbsp;</TD><TD valign=top width=93.333><P style="line-height:13pt; margin:0pt; font-family:Arial" align=right>43,845</P>
</TD><TD valign=top width=16.067>&nbsp;</TD><TD valign=top width=85.8><P style="line-height:13pt; margin:0pt; font-family:Arial" align=right>260,451</P>
</TD></TR>
<TR><TD style="border-bottom:0.5pt solid #000000" valign=top width=299.533><P style="line-height:13pt; margin:0pt; font-family:Arial">Office and computer equipment</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=16.067>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=85.8><P style="line-height:13pt; margin:0pt; font-family:Arial" align=right>146,146</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=16.067>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=93.333><P style="line-height:13pt; margin:0pt; font-family:Arial" align=right>50,865</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=16.067>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=85.8><P style="line-height:13pt; margin:0pt; font-family:Arial" align=right>95,281</P>
</TD></TR>
<TR><TD style="border-bottom:2pt double #000000" valign=top width=299.533><P style="line-height:13pt; margin-top:1.65pt; margin-bottom:0pt; font-family:Arial">Balance, December 31, 2005</P>
</TD><TD style="border-bottom:2pt double #000000" valign=top width=16.067><P style="line-height:13pt; margin-top:1.65pt; margin-bottom:0pt; font-family:Arial" align=right>$</P>
</TD><TD style="border-bottom:2pt double #000000" valign=top width=85.8><P style="line-height:13pt; margin-top:1.65pt; margin-bottom:0pt; font-family:Arial" align=right>742,113</P>
</TD><TD style="border-bottom:2pt double #000000" valign=top width=16.067><P style="line-height:13pt; margin-top:1.65pt; margin-bottom:0pt; font-family:Arial" align=right>$</P>
</TD><TD style="border-bottom:2pt double #000000" valign=top width=93.333><P style="line-height:13pt; margin-top:1.65pt; margin-bottom:0pt; font-family:Arial" align=right>163,614</P>
</TD><TD style="border-bottom:2pt double #000000" valign=top width=16.067><P style="line-height:13pt; margin-top:1.65pt; margin-bottom:0pt; font-family:Arial" align=right>$</P>
</TD><TD style="border-bottom:2pt double #000000" valign=top width=85.8><P style="line-height:13pt; margin-top:1.65pt; margin-bottom:0pt; font-family:Arial" align=right>578,499</P>
</TD></TR>
</TABLE></center>
<P style="margin:0pt" align=justify><BR></P>
<P style="line-height:9.2pt; margin-top:0pt; margin-bottom:-9.2pt; padding-left:18pt; text-indent:-18pt; font-family:Arial; font-size:12pt"><B>4.</B></P>
<P style="line-height:9.8pt; margin:0pt; padding-left:18pt; font-family:Arial Narrow; font-size:12pt"><FONT FACE="Arial Narrow"><B>CAPITAL LEASE PAYABLE</B></FONT></P>
<P style="margin:0pt; padding-bottom:3pt; border-bottom:0.75pt solid #000000"><BR></P>
<P style="margin:0pt"><BR></P>
<center><TABLE style="font-size:10pt" cellspacing=0><TR><TD width=307.45></TD><TD width=11.8></TD><TD width=64.8></TD><TD width=11.8></TD><TD width=63></TD></TR>
<TR><TD valign=top width=409.933>&nbsp;</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=186.133 colspan=3>&nbsp;</TD></TR>
<TR><TD style="border-bottom:0.5pt solid #000000" valign=top width=409.933>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=15.733>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=86.4><P style="margin:0pt; font-family:Arial" align=right><FONT FACE="Arial"><B>2006</B></FONT></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=15.733>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=84><P style="margin:0pt; font-family:Arial" align=right>2005</P>
</TD></TR>
<TR><TD valign=top width=409.933><P style="line-height:13pt; margin-top:2.5pt; margin-bottom:0pt; font-family:Arial">GMAC, 0%, repayable in monthly installments of $1,889,</P>
</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=86.4>&nbsp;</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=84>&nbsp;</TD></TR>
<TR><TD valign=top width=409.933><P style="line-height:13pt; margin:0pt; padding-left:14.4pt; font-family:Arial">matures April 30, 2007</P>
</TD><TD valign=top width=15.733><P style="line-height:13pt; margin:0pt; font-family:Arial" align=right><B>$</B></P>
</TD><TD valign=top width=86.4><P style="line-height:13pt; margin:0pt; padding-right:0.2pt; font-family:Arial" align=right><B>&nbsp;-</B></P>
</TD><TD valign=top width=15.733><P style="line-height:13pt; margin:0pt; font-family:Arial" align=right>$</P>
</TD><TD valign=top width=84><P style="line-height:13pt; margin:0pt; padding-right:0.2pt; font-family:Arial" align=right>30,228</P>
</TD></TR>
<TR><TD style="border-bottom:0.5pt solid #000000" valign=top width=409.933><P style="line-height:13pt; margin:0pt; font-family:Arial">Less: current portion due within one year</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=15.733>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=86.4><P style="line-height:13pt; margin:0pt; padding-right:0.2pt; font-family:Arial" align=right><B>&nbsp;-</B></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=15.733>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=84><P style="line-height: 13pt; font-family: Arial; margin: 0pt; padding-right: 0.2pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;(30,228)</P>
</TD></TR>
<TR><TD style="border-bottom:2pt double #000000" valign=top width=409.933>&nbsp;</TD><TD style="border-bottom:2pt double #000000" valign=top width=15.733><P style="line-height:13pt; margin-top:1.65pt; margin-bottom:0pt; font-family:Arial" align=right><B>$</B></P>
</TD><TD style="border-bottom:2pt double #000000" valign=top width=86.4><P style="line-height:13pt; margin-top:1.65pt; margin-bottom:0pt; padding-right:0.2pt; font-family:Arial" align=right><B>-</B></P>
</TD><TD style="border-bottom:2pt double #000000" valign=top width=15.733><P style="line-height:13pt; margin-top:1.65pt; margin-bottom:0pt; font-family:Arial" align=right>$</P>
</TD><TD style="border-bottom:2pt double #000000" valign=top width=84><P style="line-height:13pt; margin-top:1.65pt; margin-bottom:0pt; font-family:Arial" align=right><B>- &nbsp;&nbsp;&nbsp;&nbsp;</B></P>
</TD></TR>
</TABLE></center>
<P style="margin:0pt"><BR></P>
<P style="line-height:13pt; margin:0pt; padding-left:18pt; font-family:Arial; font-size:11pt" align=justify>In January 2006, the Company sold a transportation vehicle to a former director of the Company who took over the related capital lease payments.</P>
<P style="margin:0pt" align=justify><BR>
<BR></P>
<HR style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size=1.333>
<P style="line-height:normal; margin:0pt; font-family:Arial; page-break-before:always">New Gold Inc.<B><SMALL> </SMALL></B></P>
<P style="margin-top:0pt; margin-bottom:4.15pt; font-family:Arial">(An Exploration Stage Company)</P>
<P style="margin-top:0pt; margin-bottom:4pt; font-family:Arial; font-size:12pt"><B>SCHEDULES OF MINERAL PROPERTIES</B></P>
<P style="margin-top:0pt; margin-bottom:3.35pt; padding-right:-12.6pt; font-family:Arial"><B>For the six month period ended June 30, 2006 and year ended December 31, 2005</B></P>
<P style="margin-top:0pt; margin-bottom:3.35pt; padding-right:-12.6pt; padding-bottom:3pt; font-family:Arial; border-bottom:0.5pt solid #000000"><I>(Unaudited and Canadian Dollars)</I></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt" align=justify><BR></P>
<P style="line-height: 9.2pt; text-indent: -18pt; font-family: Arial; font-size: 12pt; margin-top: 0pt; margin-bottom: -9.2pt; padding-left: 18pt"><B>5.</B></P>
<P style="line-height: 9.8pt; font-family: Arial Narrow; font-size: 12pt; margin: 0pt; padding-left: 18pt"><FONT FACE="Arial Narrow"><B>SHARE CAPITAL</B></FONT></P>
<P style="border-bottom: 0.75pt solid #000000; margin: 0pt; padding-bottom: 3pt"><BR></P>
<P style="line-height:13pt; margin:0pt; padding-left:18pt; font-family:Arial; font-size:11pt">&nbsp;</P>
<P style="line-height:13pt; margin:0pt; padding-left:18pt; font-family:Arial; font-size:11pt"><FONT FACE="Arial"><B><I>Authorized</I></B></FONT></P>
<P style="line-height:13pt; margin:0pt; padding-left:18pt; font-family:Arial; font-size:11pt" align=justify>Unlimited number of common shares without par value. &nbsp;</P>
<P style="margin:0pt"><BR></P>
<P style="line-height:13pt; margin:0pt; padding-left:18pt; font-family:Arial; font-size:11pt"><B><I>Issued and Outstanding</I></B></P>
<P style="margin:0pt"><BR></P>
<center><TABLE style="font-size:10pt" cellspacing=0><TR><TD width=298.8></TD><TD width=75.6></TD><TD width=18></TD><TD width=72></TD></TR>
<TR><TD style="border-bottom:0.5pt solid #000000" valign=top width=398.4>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=100.8><P style="line-height:13pt; margin:0pt; font-family:Arial" align=right><B>Number of Shares</B></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=24>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=96><P style="line-height:13pt; margin:0pt" align=right><BR></P>
<P style="line-height:13pt; margin:0pt; font-family:Arial" align=right><B>Amount</B></P>
</TD></TR>
<TR><TD valign=top width=398.4><P style="line-height:13pt; margin-top:2.5pt; margin-bottom:0pt; font-family:Arial">Balance, December 31, 2004</P>
</TD><TD valign=top width=100.8><P style="line-height:13pt; margin-top:2.5pt; margin-bottom:0pt; font-family:Arial" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13,941,766</P>
</TD><TD valign=top width=24><P style="line-height:13pt; margin-top:2.5pt; margin-bottom:0pt; font-family:Arial" align=right>$</P>
</TD><TD valign=top width=96><P style="line-height:13pt; margin-top:2.5pt; margin-bottom:0pt; font-family:Arial" align=right>33,008,361</P>
</TD></TR>
<TR><TD valign=top width=398.4><P style="line-height:13pt; margin:0pt; font-family:Arial">Issued for cash</P>
</TD><TD valign=top width=100.8>&nbsp;</TD><TD valign=top width=24>&nbsp;</TD><TD valign=top width=96>&nbsp;</TD></TR>
<TR><TD valign=top width=398.4><P style="line-height:13pt; margin:0pt; font-family:Arial">&nbsp;&nbsp;&nbsp;Private placements, net of share issue costs <I>(a)</I></P>
</TD><TD valign=top width=100.8><P style="line-height:13pt; margin:0pt; font-family:Arial" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,330,000</P>
</TD><TD valign=top width=24>&nbsp;</TD><TD valign=top width=96><P style="line-height:13pt; margin:0pt; font-family:Arial" align=right>9,254,319</P>
</TD></TR>
<TR><TD valign=top width=398.4><P style="line-height:13pt; margin:0pt; font-family:Arial">&nbsp;&nbsp;&nbsp;Issued for finders&#146; fee <I>(a)</I></P>
</TD><TD valign=top width=100.8><P style="line-height:13pt; margin:0pt; font-family:Arial" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103,951</P>
</TD><TD valign=top width=24>&nbsp;</TD><TD valign=top width=96><P style="line-height:13pt; margin:0pt; font-family:Arial" align=right>669,788</P>
</TD></TR>
<TR><TD valign=top width=398.4><P style="line-height:13pt; margin:0pt; font-family:Arial">Tax effect on flow-through shares</P>
</TD><TD valign=top width=100.8><P style="line-height:13pt; margin:0pt; font-family:Arial" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</P>
</TD><TD valign=top width=24>&nbsp;</TD><TD valign=top width=96><P style="line-height:13pt; margin:0pt; padding-right:-12.6pt; font-family:Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3,530,672)</P>
</TD></TR>
<TR><TD style="border-bottom:0.5pt solid #000000" valign=top width=398.4><P style="line-height:13pt; margin:0pt; font-family:Arial">Issued for mineral properties <I>(b)</I></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=100.8><P style="line-height:13pt; margin:0pt; font-family:Arial" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200,000</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=24>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=96><P style="line-height:13pt; margin:0pt; font-family:Arial" align=right>60,000</P>
</TD></TR>
<TR><TD valign=top width=398.4><P style="line-height:13pt; margin-top:1.65pt; margin-bottom:0pt; font-family:Arial">Balance, December 31, 2005</P>
</TD><TD valign=top width=100.8><P style="line-height:13pt; margin-top:1.65pt; margin-bottom:0pt; font-family:Arial" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15,575,717</P>
</TD><TD valign=top width=24><P style="line-height:13pt; margin-top:1.65pt; margin-bottom:0pt; font-family:Arial" align=right>$</P>
</TD><TD valign=top width=96><P style="line-height:13pt; margin-top:1.65pt; margin-bottom:0pt; font-family:Arial" align=right>39,461,796</P>
</TD></TR>
<TR><TD valign=top width=398.4><P style="line-height:13pt; margin:0pt; font-family:Arial">Issued for cash</P>
</TD><TD valign=top width=100.8>&nbsp;</TD><TD valign=top width=24>&nbsp;</TD><TD valign=top width=96>&nbsp;</TD></TR>
<TR><TD valign=top width=398.4><P style="line-height:13pt; margin:0pt; font-family:Arial">&nbsp;&nbsp;&nbsp;Pursuant to a prospectus offering, net of share issue costs (c) </P>
</TD><TD valign=top width=100.8><P style="line-height:13pt; margin:0pt; font-family:Arial" align=center>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8,334,000</P>
</TD><TD valign=top width=24>&nbsp;</TD><TD valign=top width=96><P style="line-height:13pt; margin:0pt; font-family:Arial" align=right>68,566,495</P>
</TD></TR>
<TR><TD valign=top width=398.4><P style="line-height:13pt; margin:0pt; font-family:Arial">Exercise of stock options</P>
</TD><TD valign=top width=100.8><P style="line-height:13pt; margin:0pt; font-family:Arial" align=right>153,000</P>
</TD><TD valign=top width=24>&nbsp;</TD><TD valign=top width=96><P style="line-height:13pt; margin:0pt; font-family:Arial" align=right>1,019,200</P>
</TD></TR>
<TR><TD valign=top width=398.4><P style="line-height:13pt; margin:0pt; font-family:Arial">Transfer from contributed surplus <I>(See note 9)</I></P>
</TD><TD valign=top width=100.8><P style="line-height:13pt; margin:0pt; font-family:Arial" align=right>-</P>
</TD><TD valign=top width=24>&nbsp;</TD><TD valign=top width=96><P style="line-height:13pt; margin:0pt; font-family:Arial" align=right>267,032</P>
</TD></TR>
<TR><TD style="border-top:0.5pt solid #000000; border-bottom:3pt double #000000" valign=top width=398.4><P style="line-height:13pt; margin-top:1.65pt; margin-bottom:0pt; font-family:Arial"><B>Balance, June 30, 2006</B></P>
</TD><TD style="border-top:0.5pt solid #000000; border-bottom:3pt double #000000" valign=top width=100.8><P style="line-height:13pt; margin-top:1.65pt; margin-bottom:0pt; font-family:Arial" align=right><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24,062,717</B></P>
</TD><TD style="border-top:0.5pt solid #000000; border-bottom:3pt double #000000" valign=top width=24><P style="line-height:13pt; margin-top:2.5pt; margin-bottom:0pt; font-family:Arial" align=right>$</P>
</TD><TD style="border-top:0.5pt solid #000000; border-bottom:3pt double #000000" valign=top width=96><P style="line-height:13pt; margin-top:2.5pt; margin-bottom:0pt; font-family:Arial" align=right><B>109,314,523</B></P>
</TD></TR>
</TABLE></center>
<P style="margin:0pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:-12pt; padding-left:36pt; text-indent:-18pt; font-family:Arial" align=justify><B><I>a)</I></B></P>
<P style="line-height:13pt; margin:0pt; padding-left:36pt; font-family:Arial; font-size:11pt" align=justify>On April 22, 2005, the Company completed a non-brokered private placement by issuing 400,000 flow-through common shares at a price of $7.50 per share for gross proceeds of $3 million (net proceeds $2,793,809). The Company issued 29,000 shares, at a market value of $6.20 per share, as a finders&#146; fee for the placement of common shares.</P>
<P style="margin:0pt" align=justify><BR></P>
<P style="line-height:13pt; margin:0pt; padding-left:36pt; font-family:Arial; font-size:11pt" align=justify>On October 6, 2005, the Company completed a non-brokered private placement by issuing 430,000 flow-through common shares at a price of $7.00 per share for gross proceeds of $3.01 million. The Company issued 36,331 shares, at a market value of $5.78 per share, as a finders&#146; fee for placement of the common shares.</P>
<P style="margin:0pt" align=justify><BR></P>
<P style="line-height:13pt; margin:0pt; padding-left:36pt; font-family:Arial; font-size:11pt" align=justify>On December 22, 2005, the Company completed a non-brokered private placement by issuing 500,000 flow-through common shares at a price of $8.00 per share for gross proceeds of $4.0 million. The Company issued 38,620 shares, at a market value of $7.25 per share, as a finders&#146; fee for placement of the common shares.</P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin-top:0pt; margin-bottom:-12pt; padding-left:36pt; text-indent:-18pt; font-family:Arial" align=justify><B><I>b)</I></B></P>
<P style="line-height: 13pt; font-family: Arial; font-size: 11pt; margin: 0pt; padding-left: 36pt" align=justify>The Company issued the final share commitment of 200,000 common shares at a deemed value of $0.30 per share in accordance with the Afton mineral claim agreement.</P>
<P style="margin:0pt" align=justify><BR></P>
<P style="font-family: Arial; text-indent: -18pt; margin-top: 0pt; margin-bottom: -12pt; padding-left: 36pt" align=justify><B><I>c) </I></B>&nbsp;</P>
<P style="line-height: 13pt; font-family: Arial; font-size: 11pt; margin: 0pt; padding-left: 36pt" align=justify>On February 28, 2006, the Company completed a short form prospectus filing in Canada to issue, through a syndicate of underwriters, 8,334,000 units at $9.00 per unit for gross cash proceeds of $75,006,000. &nbsp;Each unit consisted of one common share and one-half of a share purchase warrant. &nbsp;A commission of 5.25% was paid to the underwriters. &nbsp;The gross proceeds have been allocated $8.76 to the common shares and $0.24 to one-half of a share purchase warrant.</P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt" align=justify><BR>
<BR></P>
<HR style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size=1.333>
<P style="line-height:normal; margin:0pt; font-family:Arial; page-break-before:always">New Gold Inc.<B><SMALL> </SMALL></B></P>
<P style="margin-top:0pt; margin-bottom:4.15pt; font-family:Arial">(An Exploration Stage Company)</P>
<P style="margin-top:0pt; margin-bottom:4pt; font-family:Arial; font-size:12pt"><B>SCHEDULES OF MINERAL PROPERTIES</B></P>
<P style="margin-top:0pt; margin-bottom:3.35pt; padding-right:-12.6pt; font-family:Arial"><B>For the six month period ended June 30, 2006 and year ended December 31, 2005</B></P>
<P style="margin-top:0pt; margin-bottom:3.35pt; padding-right:-12.6pt; padding-bottom:3pt; font-family:Arial; border-bottom:0.5pt solid #000000"><I>(Unaudited and Canadian Dollars)</I></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt" align=justify><BR></P>
<P style="line-height:normal; margin:0pt; padding-bottom:3pt; font-family:Arial; font-size:12pt; border-bottom:0.5pt solid #000000"><B>6. </B><FONT FACE="Arial Narrow"><B>SHARE PURCHASE WARRANTS</B></FONT></P>
<P style="margin:0pt"><BR></P>
<P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=justify>As at June 30, 2006, the following common share purchase warrants were issued and outstanding:</P>
<center><TABLE style="font-size:10pt" cellspacing=0><TR><TD width=298.8></TD><TD width=75.6></TD><TD width=18></TD><TD width=64.8></TD></TR>
<TR><TD valign=top width=398.4>&nbsp;</TD><TD valign=top width=100.8><P style="line-height:13pt; margin:0pt; font-family:Arial" align=right><B>Number of</B></P>
</TD><TD valign=top width=24>&nbsp;</TD><TD valign=top width=86.4>&nbsp;</TD></TR>
<TR><TD style="border-bottom:0.5pt solid #000000" valign=top width=398.4>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=100.8><P style="line-height:13pt; margin:0pt; font-family:Arial" align=right><B>Shares</B></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=24>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=86.4><P style="line-height:13pt; margin:0pt; font-family:Arial" align=right><B>Amount</B></P>
</TD></TR>
<TR><TD valign=top width=398.4>&nbsp;</TD><TD valign=top width=100.8>&nbsp;</TD><TD valign=top width=24>&nbsp;</TD><TD valign=top width=86.4>&nbsp;</TD></TR>
<TR><TD valign=top width=398.4><P style="line-height:13pt; margin:0pt; font-family:Arial">Issued for cash</P>
</TD><TD valign=top width=100.8>&nbsp;</TD><TD valign=top width=24>&nbsp;</TD><TD valign=top width=86.4>&nbsp;</TD></TR>
<TR><TD style="border-bottom:0.5pt solid #000000" valign=top width=398.4><P style="line-height:13pt; margin:0pt; font-family:Arial">&nbsp;&nbsp;&nbsp;Pursuant to a prospectus offering<I> (Note 5(c))</I></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=100.8><P style="line-height:13pt; margin:0pt; font-family:Arial" align=right>4,167,000</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=24><P style="line-height:13pt; margin:0pt; padding-left:-5.75pt; text-indent:-0.75pt; font-family:Arial" align=center>$</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=86.4><P style="line-height:13pt; margin:0pt; font-family:Arial" align=right>2,000,160</P>
</TD></TR>
<TR><TD style="border-bottom:2pt double #000000" valign=top width=398.4><P style="line-height:13pt; margin-top:1.65pt; margin-bottom:0pt; font-family:Arial"><B>Balance, March 31, 2006</B></P>
</TD><TD style="border-bottom:2pt double #000000" valign=top width=100.8><P style="line-height:13pt; margin-top:1.65pt; margin-bottom:0pt; font-family:Arial" align=right><B>4,167,000</B></P>
</TD><TD style="border-bottom:2pt double #000000" valign=top width=24><P style="line-height:13pt; margin-top:1.65pt; margin-bottom:0pt; text-indent:-0.75pt; font-family:Arial"><B>$</B></P>
</TD><TD style="border-bottom:2pt double #000000" valign=top width=86.4><P style="line-height:13pt; margin-top:1.65pt; margin-bottom:0pt; font-family:Arial" align=right><B>2,000,160</B></P>
</TD></TR>
</TABLE></center>
<P style="margin:0pt"><BR></P>
<P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=justify>Each whole warrant is exercisable to purchase one common share at a price of $12.00 per share until February 28, 2008. &nbsp;The warrants have been listed for trading on the Toronto Stock Exchange.</P>
<P style="margin:0pt" align=justify><BR></P>
<P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=justify>The exercise of the outstanding share purchase warrants in the loss calculation would be anti-dilutive.</P>
<P style="margin:0pt"><BR></P>
<P style="line-height:normal; margin:0pt; font-family:Arial Narrow; font-size:12pt"><FONT FACE="Arial Narrow"><B>7</FONT>. STOCK OPTIONS</B></P>
<P style="margin:0pt; padding-bottom:3pt; border-bottom:0.75pt solid #000000" align=justify><BR></P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin-top:0pt; margin-bottom:-12pt; padding-left:36pt; text-indent:-18pt; font-family:Arial" align=justify><FONT FACE="Arial"><B><I>a)</I></B></FONT></P>
<P style="line-height:13pt; margin:0pt; padding-left:36pt; font-family:Arial; font-size:11pt" align=justify>On May 4, 2005, at the Company&#146;s Annual General Meeting, the disinterested shareholders approved a change to the Company&#146;s Stock Option Plan (&#147;Plan&#148;). The approved change increased the number of options issuable from a fixed amount of 1,000,000 options to 10% of the outstanding capital of the Company on a reloading basis. The reloading basis allows the number of options eligible to be issued to increase to the current 10% level of the then present outstanding capital of the Company. In addition, exercised options are also automatically reloaded into the Plan. &nbsp;The Plan also requires disinterested shareholders to renew their approval every three years.</P>
<P style="margin:0pt" align=justify><BR></P>
<P style="line-height:13pt; margin:0pt; padding-left:36pt; font-family:Arial; font-size:11pt" align=justify>In addition, the Company has issued under the 2% inducement rules available under the TSX regulations, a total of 500,000 stock options to senior officers which are not included in the 10% allowable issuable amount.</P>
<P style="margin:0pt" align=justify><BR></P>
<P style="line-height:13pt; margin:0pt; padding-left:36pt; font-family:Arial; font-size:11pt" align=justify>Options issued subsequent to the approval of the new Plan primarily vest one half after six months and the remainder after one year from the date of issuance.</P>
<P style="margin:0pt" align=justify><BR></P>
<P style="line-height:13pt; margin:0pt; padding-left:36pt; font-family:Arial; font-size:11pt" align=justify>As at June 30, 2006, the stock options held by directors, consultants and employees are as follows:</P>
<P style="margin:0pt" align=justify><BR>
<BR></P>
<HR style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size=1.333>
<P style="line-height:normal; margin:0pt; font-family:Arial; page-break-before:always">New Gold Inc.<B><SMALL> </SMALL></B></P>
<P style="margin-top:0pt; margin-bottom:4.15pt; font-family:Arial">(An Exploration Stage Company)</P>
<P style="margin-top:0pt; margin-bottom:4pt; font-family:Arial; font-size:12pt"><B>SCHEDULES OF MINERAL PROPERTIES</B></P>
<P style="margin-top:0pt; margin-bottom:3.35pt; padding-right:-12.6pt; font-family:Arial"><B>For the six month period ended June 30, 2006 and year ended December 31, 2005</B></P>
<P style="margin-top:0pt; margin-bottom:3.35pt; padding-right:-12.6pt; padding-bottom:3pt; font-family:Arial; border-bottom:0.5pt solid #000000"><I>(Unaudited and Canadian Dollars)</I></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt" align=justify><BR></P>
<center><TABLE style="font-size:10pt" cellspacing=0><TR><TD width=153></TD><TD width=54.4></TD><TD width=71.6></TD><TD width=90.4></TD><TD width=68></TD></TR>
<TR><TD valign=top width=204>&nbsp;</TD><TD valign=top width=168 colspan=2><P style="margin:0pt; font-family:Arial" align=right><B>&nbsp;<U>Options Exercisable</U></B></P>
</TD><TD valign=top width=211.2 colspan=2><P style="margin:0pt; font-family:Arial" align=right><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Options Outstanding</U></B></P>
</TD></TR>
<TR><TD style="border-bottom:0.5pt solid #000000" valign=top width=204><P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt; font-family:Arial" align=justify><B>Option Strike Price</B></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=72.533>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=95.467><P style="margin:0pt; font-family:Arial" align=right><B>Weighted Average Remaining Life (Years)</B></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=120.533>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=90.667><P style="margin:0pt; font-family:Arial" align=right><B>Weighted Average Remaining Life (Years)</B></P>
</TD></TR>
<TR><TD valign=top width=204><P style="margin:0pt; font-family:Arial" align=justify>$4.60</P>
</TD><TD valign=top width=72.533><P style="margin:0pt; font-family:Arial" align=right>600,000</P>
</TD><TD valign=top width=95.467><P style="margin:0pt; font-family:Arial" align=right>3.3</P>
</TD><TD valign=top width=120.533><P style="margin:0pt; font-family:Arial" align=right>600,000</P>
</TD><TD valign=top width=90.667><P style="margin:0pt; font-family:Arial" align=right>3.3</P>
</TD></TR>
<TR><TD valign=top width=204><P style="margin:0pt; font-family:Arial" align=justify>$4.61 to $5.99</P>
</TD><TD valign=top width=72.533><P style="margin:0pt; font-family:Arial" align=right>12,000</P>
</TD><TD valign=top width=95.467><P style="margin:0pt; font-family:Arial" align=right>4.2</P>
</TD><TD valign=top width=120.533><P style="margin:0pt; font-family:Arial" align=right>12,000</P>
</TD><TD valign=top width=90.667><P style="margin:0pt; font-family:Arial" align=right>4.2</P>
</TD></TR>
<TR><TD valign=top width=204><P style="margin:0pt; font-family:Arial" align=justify>$6.00 to $6.99</P>
</TD><TD valign=top width=72.533><P style="margin:0pt; font-family:Arial" align=right>527,000</P>
</TD><TD valign=top width=95.467><P style="margin:0pt; font-family:Arial" align=right>4.1</P>
</TD><TD valign=top width=120.533><P style="margin:0pt; font-family:Arial" align=right>697,500</P>
</TD><TD valign=top width=90.667><P style="margin:0pt; font-family:Arial" align=right>4.1</P>
</TD></TR>
<TR><TD valign=top width=204><P style="margin:0pt; font-family:Arial" align=justify>$7.00 to $7.99</P>
</TD><TD valign=top width=72.533><P style="margin:0pt; font-family:Arial" align=right>195,000</P>
</TD><TD valign=top width=95.467><P style="margin:0pt; font-family:Arial" align=right>4.0</P>
</TD><TD valign=top width=120.533><P style="margin:0pt; font-family:Arial" align=right>265,000</P>
</TD><TD valign=top width=90.667><P style="margin:0pt; font-family:Arial" align=right>4.1</P>
</TD></TR>
<TR><TD valign=top width=204><P style="margin:0pt; font-family:Arial" align=justify>$8.00 to $8.99</P>
</TD><TD valign=top width=72.533><P style="margin:0pt; font-family:Arial" align=right>-</P>
</TD><TD valign=top width=95.467><P style="margin:0pt; font-family:Arial" align=right>-</P>
</TD><TD valign=top width=120.533><P style="margin:0pt; font-family:Arial" align=right>60,000</P>
</TD><TD valign=top width=90.667><P style="margin:0pt; font-family:Arial" align=right>4.8</P>
</TD></TR>
<TR><TD style="border-bottom:0.5pt solid #000000" valign=top width=204><P style="margin:0pt; font-family:Arial" align=justify>$11.00</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=72.533><P style="margin:0pt; font-family:Arial" align=right>-</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=95.467><P style="margin:0pt; font-family:Arial" align=right>-</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=120.533><P style="margin:0pt; font-family:Arial" align=right>565,000</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=90.667><P style="margin:0pt; font-family:Arial" align=right>4.9</P>
</TD></TR>
<TR><TD style="border-bottom:2pt double #000000" valign=top width=204>&nbsp;</TD><TD style="border-bottom:2pt double #000000" valign=top width=72.533><P style="margin-top:2.5pt; margin-bottom:0pt; font-family:Arial" align=right><B>1,334,000</B></P>
</TD><TD style="border-bottom:2pt double #000000" valign=top width=95.467><P style="margin-top:2.5pt; margin-bottom:0pt; font-family:Arial" align=right><B>3.7</B></P>
</TD><TD style="border-bottom:2pt double #000000" valign=top width=120.533><P style="margin-top:2.5pt; margin-bottom:0pt; font-family:Arial" align=right><B>2,199,000</B></P>
</TD><TD style="border-bottom:2pt double #000000" valign=top width=90.667><P style="margin-top:2.5pt; margin-bottom:0pt; font-family:Arial" align=right><B>4.1</B></P>
</TD></TR>
</TABLE></center>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt" align=justify><BR></P>
<center><TABLE style="font-size:10pt" cellspacing=0><TR><TD width=226.9></TD><TD width=67.65></TD><TD width=14.95></TD><TD width=60.2></TD><TD width=68.55></TD></TR>
<TR><TD valign=top width=302.533>&nbsp;</TD><TD valign=top width=90.2>&nbsp;</TD><TD valign=top width=19.933>&nbsp;</TD><TD valign=top width=80.267><P style="margin:0pt; font-family:Arial" align=right><B>Weighted</B></P>
</TD><TD valign=top width=91.4><P style="margin:0pt; font-family:Arial" align=right><B>Weighted</B></P>
</TD></TR>
<TR><TD valign=top width=302.533>&nbsp;</TD><TD valign=top width=90.2>&nbsp;</TD><TD valign=top width=19.933>&nbsp;</TD><TD valign=top width=80.267><P style="margin:0pt; font-family:Arial" align=right><B>Average</B></P>
</TD><TD valign=top width=91.4><P style="margin:0pt; font-family:Arial" align=right><B>Average</B></P>
</TD></TR>
<TR><TD valign=top width=302.533>&nbsp;</TD><TD valign=top width=90.2><P style="margin:0pt; font-family:Arial" align=right><B>Options</B></P>
</TD><TD valign=top width=19.933>&nbsp;</TD><TD valign=top width=80.267><P style="margin:0pt; font-family:Arial" align=right><B>Exercise</B></P>
</TD><TD valign=top width=91.4><P style="margin:0pt; font-family:Arial" align=right><B>Remaining</B></P>
</TD></TR>
<TR><TD style="border-bottom:0.5pt solid #000000" valign=top width=302.533>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=90.2><P style="margin:0pt; font-family:Arial" align=right><B>Outstanding</B></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=19.933>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=80.267><P style="margin:0pt; font-family:Arial" align=right><B>Price</B></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=91.4><P style="margin:0pt; font-family:Arial" align=right><B>Life (Years)</B></P>
</TD></TR>
<TR><TD valign=top width=302.533><P style="line-height:13pt; margin:0pt; font-family:Arial">Balance, December 31, 2004</P>
</TD><TD valign=top width=90.2><P style="line-height:13pt; margin:0pt; font-family:Arial" align=right>&nbsp;700,000</P>
</TD><TD valign=top width=19.933>&nbsp;</TD><TD valign=top width=80.267><P style="line-height:13pt; margin:0pt; font-family:Arial" align=right>&nbsp;$4.87</P>
</TD><TD valign=top width=91.4><P style="line-height:13pt; margin:0pt; font-family:Arial" align=right>&nbsp;4.3</P>
</TD></TR>
<TR><TD valign=top width=302.533><P style="line-height:13pt; margin:0pt; font-family:Arial">&nbsp;&nbsp;&nbsp;Granted</P>
</TD><TD valign=top width=90.2><P style="line-height:13pt; margin:0pt; font-family:Arial" align=right>&nbsp;1,042,000</P>
</TD><TD valign=top width=19.933>&nbsp;</TD><TD valign=top width=80.267><P style="line-height:13pt; margin:0pt; font-family:Arial" align=right>&nbsp;$6.82</P>
</TD><TD valign=top width=91.4><P style="line-height:13pt; margin:0pt; font-family:Arial" align=right>&nbsp;4.5</P>
</TD></TR>
<TR><TD style="border-bottom:0.5pt solid #000000" valign=top width=302.533><P style="line-height:13pt; margin:0pt; font-family:Arial">&nbsp;&nbsp;&nbsp;Terminated</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=90.2><P style="line-height:13pt; margin:0pt; padding-right:-8.9pt; font-family:Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15,000)</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=19.933>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=80.267><P style="line-height:13pt; margin:0pt; padding-right:-5.75pt; font-family:Arial" align=center>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(6.40)</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=91.4><P style="line-height:13pt; margin:0pt; font-family:Arial" align=right>&nbsp;-</P>
</TD></TR>
<TR><TD valign=top width=302.533><P style="line-height:13pt; margin:0pt; font-family:Arial">Balance, December 31, 2005</P>
</TD><TD valign=top width=90.2><P style="line-height:13pt; margin:0pt; font-family:Arial" align=right>&nbsp;1,727,000</P>
</TD><TD valign=top width=19.933>&nbsp;</TD><TD valign=top width=80.267><P style="line-height:13pt; margin:0pt; font-family:Arial" align=right>$6.04</P>
</TD><TD valign=top width=91.4><P style="line-height:13pt; margin:0pt; font-family:Arial" align=right>&nbsp;4.5</P>
</TD></TR>
<TR><TD valign=top width=302.533><P style="line-height:13pt; margin:0pt; font-family:Arial">&nbsp;&nbsp;&nbsp;Granted</P>
</TD><TD valign=top width=90.2><P style="line-height:13pt; margin:0pt; font-family:Arial" align=right>&nbsp;625,000</P>
</TD><TD valign=top width=19.933>&nbsp;</TD><TD valign=top width=80.267><P style="line-height:13pt; margin:0pt; font-family:Arial" align=right>$10.80</P>
</TD><TD valign=top width=91.4><P style="line-height:13pt; margin:0pt; font-family:Arial" align=right>&nbsp;4.8</P>
</TD></TR>
<TR><TD style="border-bottom:0.5pt solid #000000" valign=top width=302.533><P style="line-height:13pt; margin:0pt; font-family:Arial">&nbsp;&nbsp;&nbsp;Exercised</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=90.2><P style="line-height:13pt; margin:0pt; padding-right:-8.9pt; font-family:Arial" align=center>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(153,000)</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=19.933>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=80.267><P style="line-height: 13pt; font-family: Arial; margin: 0pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(6.67)</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=91.4><P style="line-height:13pt; margin:0pt; font-family:Arial" align=right>&nbsp;-</P>
</TD></TR>
<TR><TD style="border-bottom:2pt double #000000" valign=top width=302.533><P style="line-height:13pt; margin:0pt; font-family:Arial"><B>Balance, June 30, 2006</B></P>
</TD><TD style="border-bottom:2pt double #000000" valign=top width=90.2><P style="line-height:13pt; margin:0pt; padding-right:0.1pt; font-family:Arial" align=right><B>&nbsp;2,199,000</B></P>
</TD><TD style="border-bottom:2pt double #000000" valign=top width=19.933>&nbsp;</TD><TD style="border-bottom:2pt double #000000" valign=top width=80.267><P style="line-height:13pt; margin:0pt; font-family:Arial" align=right><B>$7.35</B></P>
</TD><TD style="border-bottom:2pt double #000000" valign=top width=91.4><P style="line-height:13pt; margin:0pt; font-family:Arial" align=right><B>&nbsp;4.1</B></P>
</TD></TR>
</TABLE></center>
<P style="margin:0pt" align=justify><BR></P>
<P style="line-height:13pt; margin:0pt; padding-left:36pt; font-family:Arial; font-size:11pt" align=justify>The fair value of new options amortized during the period ended June 30, 2006 has been estimated at the date of grant using a Black-Scholes option pricing model. &nbsp;The current period valuation was calculated with the following assumptions: weighted average risk free interest rate of 3.98% to 4.42% (2005 - 3.44%); volatility factor of the expected market price of the Company&#146;s common stock of 40% (2005 - 43%); and a weighted average expected life of the options of 2.5 years (2005 - 2.5 years). &nbsp;The resulting weighted average cost per option granted was $3.13 (2005 - $2.54). &nbsp;The estimated fair value of the options is expensed over the vesting period.</P>
<P style="margin:0pt" align=justify><BR></P>
<P style="line-height:13pt; margin:0pt; padding-left:36pt; font-family:Arial; font-size:11pt" align=justify>The fair value compensation recorded for the period ended June 30, 2006 in respect of awards granted in 2006 was $1,433,128 (2005 - $572,615).</P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin-top:0pt; margin-bottom:-12pt; padding-left:36pt; text-indent:-18pt; font-family:Arial" align=justify><B><I>b)</I></B></P>
<P style="line-height:13pt; margin:0pt; padding-left:36pt; font-family:Arial; font-size:11pt" align=justify><B><I>Compensation Options</I></B></P>
<P style="margin:0pt" align=justify><BR></P>
<P style="line-height:13pt; margin:0pt; padding-left:36pt; font-family:Arial; font-size:11pt" align=justify>As at June 30, 2006, the following compensation options were issued and outstanding:</P>
<P style="margin:0pt" align=justify><BR></P>
<center><TABLE style="font-size:10pt" cellspacing=0><TR><TD width=279.15></TD><TD width=78.65></TD><TD width=14.6></TD><TD width=64.65></TD></TR>
<TR><TD valign=top width=372.2>&nbsp;</TD><TD valign=top width=104.867>&nbsp;</TD><TD valign=top width=19.467>&nbsp;</TD><TD valign=top width=86.2><P style="margin:0pt; font-family:Arial" align=right><B>Weighted</B></P>
</TD></TR>
<TR><TD valign=top width=372.2>&nbsp;</TD><TD valign=top width=104.867><P style="margin:0pt; font-family:Arial" align=right><B>Number of</B></P>
</TD><TD valign=top width=19.467>&nbsp;</TD><TD valign=top width=86.2><P style="margin:0pt; font-family:Arial" align=right><B>Average</B></P>
</TD></TR>
<TR><TD valign=top width=372.2>&nbsp;</TD><TD valign=top width=104.867><P style="margin:0pt; font-family:Arial" align=right><B>Compensation</B></P>
</TD><TD valign=top width=19.467>&nbsp;</TD><TD valign=top width=86.2><P style="margin:0pt; font-family:Arial" align=right><B>Exercise</B></P>
</TD></TR>
<TR><TD style="border-bottom:0.5pt solid #000000" valign=top width=372.2><P style="margin:0pt; padding-right:214.75pt; font-family:Arial" align=right><B>Expiry Date &nbsp;&nbsp;</B></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=104.867><P style="margin-top:0pt; margin-bottom:0.85pt; font-family:Arial" align=right><B>Options</B></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=19.467>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=86.2><P style="margin-top:0pt; margin-bottom:0.85pt; font-family:Arial" align=right><B>Price</B></P>
</TD></TR>
<TR><TD style="border-bottom:2pt double #000000" valign=top width=372.2><P style="margin:0pt; font-family:Arial">October 13, 2006</P>
</TD><TD style="border-bottom:2pt double #000000" valign=top width=104.867><P style="margin:0pt; font-family:Arial" align=right>50,000</P>
</TD><TD style="border-bottom:2pt double #000000" valign=top width=19.467>&nbsp;</TD><TD style="border-bottom:2pt double #000000" valign=top width=86.2><P style="margin:0pt; font-family:Arial" align=right>$4.60</P>
</TD></TR>
</TABLE></center>
<P style="margin:0pt"><BR></P>
<P style="line-height:13pt; margin:0pt; padding-left:18pt; text-indent:18pt; font-family:Arial; font-size:11pt">The exercise of the outstanding options in the loss calculation would be anti-dilutive.</P>
<P style="margin:0pt"><BR>
<BR></P>
<HR style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size=1.333>
<P style="line-height:normal; margin:0pt; font-family:Arial; page-break-before:always">New Gold Inc.<B><SMALL> </SMALL></B></P>
<P style="margin-top:0pt; margin-bottom:4.15pt; font-family:Arial">(An Exploration Stage Company)</P>
<P style="margin-top:0pt; margin-bottom:4pt; font-family:Arial; font-size:12pt"><B>SCHEDULES OF MINERAL PROPERTIES</B></P>
<P style="margin-top:0pt; margin-bottom:3.35pt; padding-right:-12.6pt; font-family:Arial"><B>For the six month period ended June 30, 2006 and year ended December 31, 2005</B></P>
<P style="margin-top:0pt; margin-bottom:3.35pt; padding-right:-12.6pt; padding-bottom:3pt; font-family:Arial; border-bottom:0.5pt solid #000000"><I>(Unaudited and Canadian Dollars)</I></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt"><BR></P>
<P style="line-height:normal; margin:0pt; font-family:Arial Narrow; font-size:12pt"><FONT FACE="Arial Narrow"><B>8</FONT>. &nbsp;RELATED PARTY TRANSACTIONS</B></P>
<P style="margin:0pt; padding-bottom:3pt; border-bottom:0.75pt solid #000000"><BR></P>
<P style="margin:0pt"><BR></P>
<center><TABLE style="font-size:10pt" cellspacing=0><TR><TD width=307.45></TD><TD width=12.95></TD><TD width=63.65></TD><TD width=11.8></TD><TD width=63></TD></TR>
<TR><TD style="border-top:0.5pt solid #000000" valign=top width=409.933>&nbsp;</TD><TD style="border-top:0.5pt solid #000000" valign=top width=17.267>&nbsp;</TD><TD style="border-top:0.5pt solid #000000" valign=top width=184.6 colspan=3><P style="margin-top:1.65pt; margin-bottom:0pt; font-family:Arial" align=center><FONT FACE="Arial"><B>Six months ended</B></FONT></P>
</TD></TR>
<TR><TD style="border-bottom:0.5pt solid #000000" valign=top width=409.933>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=17.267>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=84.867><P style="line-height:10pt; margin-top:1.35pt; margin-bottom:0pt; font-family:Arial; font-size:8pt" align=center><B>&nbsp;June 30, 2006</B></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=15.733>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=84><P style="line-height:10pt; margin-top:1.35pt; margin-bottom:0pt; font-family:Arial; font-size:8pt" align=center><B>June 30, 2005</B></P>
</TD></TR>
<TR><TD valign=bottom width=409.933><P style="margin-top:2.5pt; margin-bottom:0pt; font-family:Arial">For wages and consulting services charged by a related &nbsp;&nbsp;person of a Director. &nbsp;Effective January, 2006, these services ceased to be provided by the related party.</P>
</TD><TD valign=bottom width=17.267><P style="margin:0pt; font-family:Arial" align=right><B>$</B></P>
</TD><TD valign=bottom width=84.867><P style="margin:0pt; padding-right:0.2pt; font-family:Arial" align=right><B>&nbsp;-</B></P>
</TD><TD valign=bottom width=15.733><P style="margin:0pt; padding-left:-6.4pt; padding-right:-1.25pt; font-family:Arial" align=center>&nbsp;&nbsp;$</P>
</TD><TD valign=bottom width=84><P style="margin:0pt; font-family:Arial" align=right>&nbsp;48,000</P>
</TD></TR>
</TABLE></center>
<P style="margin:0pt"><BR></P>
<P style="line-height:normal; margin:0pt; font-family:Arial Narrow; font-size:12pt"><FONT FACE="Arial Narrow"><B>9</FONT>. &nbsp;CONTRIBUTED SURPLUS</B></P>
<P style="margin:0pt; padding-bottom:3pt; border-bottom:0.75pt solid #000000"><BR></P>
<P style="margin:0pt"><BR></P>
<P style="line-height:13pt; margin:0pt; padding-left:18pt; font-family:Arial; font-size:11pt"><FONT FACE="Arial">The following table identifies the changes in contributed surplus for the period:</FONT></P>
<P style="margin:0pt"><BR></P>
<center><TABLE style="font-size:10pt" cellspacing=0 align=center><TR><TD width=227.7></TD><TD width=155.7></TD></TR>
<TR><TD valign=top width=303.6>&nbsp;</TD><TD valign=top width=207.6><P style="margin:0pt; font-family:Arial" align=right><B>Stock-Based</B></P>
</TD></TR>
<TR><TD valign=top width=303.6>&nbsp;</TD><TD valign=top width=207.6><P style="margin:0pt; font-family:Arial" align=right><B>Compensation</B></P>
</TD></TR>
<TR><TD style="border-top:0.5pt solid #000000" valign=top width=303.6><P style="margin-top:1.65pt; margin-bottom:0pt; font-family:Arial">Balance &#150; December 31, 2005</P>
</TD><TD style="border-top:0.5pt solid #000000" valign=top width=207.6><P style="margin-top:1.65pt; margin-bottom:0pt; font-family:Arial" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1,727,584</P>
</TD></TR>
<TR><TD width=303.6><P style="margin-top:0pt; margin-bottom:0.85pt; font-family:Arial">Stock-based compensation</P>
</TD><TD width=207.6><P style="margin-top:0pt; margin-bottom:0.85pt; font-family:Arial" align=right>1,433,128</P>
</TD></TR>
<TR><TD style="border-bottom:0.5pt solid #000000" valign=top width=303.6><P style="margin:0pt; font-family:Arial">Transfer of exercised options to share capital</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=207.6><P style="margin:0pt; padding-right:-2.7pt; font-family:Arial" align=right>(267,032)</P>
</TD></TR>
<TR><TD style="border-bottom:2pt double #000000" valign=top width=303.6><P style="margin:0pt; font-family:Arial">Balance &#150; June 30, 2006</P>
</TD><TD style="border-bottom:2pt double #000000" valign=top width=207.6><P style="margin:0pt; font-family:Arial" align=right><B>2,893,680</B></P>
</TD></TR>
</TABLE></center>
<P style="margin:0pt"><BR></P>
<P style="line-height:normal; margin:0pt; font-family:Arial Narrow; font-size:12pt"><FONT FACE="Arial Narrow"><B>10</FONT>. &nbsp;SUPPLEMENTARY CASH FLOW INFORMATION</B></P>
<P style="margin:0pt; padding-bottom:3pt; border-bottom:0.75pt solid #000000"><BR></P>
<P style="margin:0pt"><BR></P>
<P style="line-height:13pt; margin:0pt; padding-left:18pt; font-family:Arial; font-size:11pt"><FONT FACE="Arial">The Company conducted non-cash investing and financing activities as follows:</FONT></P>
<P style="margin:0pt"><BR></P>
<center><TABLE style="font-size:10pt" cellspacing=0><TR><TD width=302.4></TD><TD width=11.8></TD><TD width=66.4></TD><TD width=11.8></TD><TD width=66.45></TD></TR>
<TR><TD style="border-top:0.5pt solid #000000" valign=top width=403.2>&nbsp;</TD><TD style="border-top:0.5pt solid #000000" valign=top width=15.733>&nbsp;</TD><TD style="border-top:0.5pt solid #000000" valign=top width=192.867 colspan=3><P style="margin:0pt; padding-left:1.15pt; font-family:Arial" align=center><B>Six months ended</B></P>
</TD></TR>
<TR><TD style="border-bottom:0.5pt solid #000000" valign=top width=403.2>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=15.733>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=88.533><P style="line-height:10pt; margin:0pt; font-family:Arial; font-size:8pt" align=center><B>June 30, 2006</B></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=15.733>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=88.6><P style="line-height:10pt; margin:0pt; padding-left:1.15pt; font-family:Arial; font-size:8pt" align=center><B>June 30, 2005</B></P>
</TD></TR>
<TR><TD valign=top width=403.2><P style="line-height:13pt; margin:0pt; font-family:Arial">Investing Activities</P>
</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=88.533><P style="line-height:13pt; margin:0pt; padding-right:0.2pt; font-family:Arial" align=right><B>&nbsp;</B></P>
</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=88.6><P style="line-height:13pt; margin:0pt; font-family:Arial" align=right>&nbsp;</P>
</TD></TR>
<TR><TD valign=top width=403.2><P style="line-height:13pt; margin:0pt; text-indent:-307.25pt; font-family:Arial">&nbsp;&nbsp;&nbsp;Non-cash working capital incurred for mineral properties and &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=88.533><P style="line-height:13pt; margin:0pt; padding-right:0.2pt; font-family:Arial" align=right><B>&nbsp;</B></P>
</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=88.6><P style="line-height:13pt; margin:0pt; font-family:Arial" align=right>&nbsp;</P>
</TD></TR>
<TR><TD valign=top width=403.2><P style="line-height:13pt; margin:0pt; text-indent:-66.7pt; font-family:Arial">&nbsp;&nbsp;&nbsp;exploration costs</P>
</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=88.533><P style="line-height: 13pt; font-family: Arial; margin: 0pt; padding-right: 0.2pt" align=right><B>&nbsp;(1,277,926)</B></P>
</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=88.6><P style="line-height:13pt; margin:0pt; font-family:Arial" align=right>&nbsp;-</P>
</TD></TR>
<TR><TD valign=top width=403.2><P style="line-height:13pt; margin:0pt; font-family:Arial">Financing Activities</P>
</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=88.533><P style="line-height:13pt; margin:0pt; padding-right:0.2pt; font-family:Arial" align=right><B>&nbsp;</B></P>
</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=88.6><P style="line-height:13pt; margin:0pt; font-family:Arial" align=right>&nbsp;</P>
</TD></TR>
<TR><TD valign=top width=403.2><P style="line-height:13pt; margin:0pt; font-family:Arial">&nbsp;&nbsp;&nbsp;Value assigned to options granted</P>
<P style="line-height:13pt; margin:0pt; padding-left:9pt; text-indent:27pt; font-family:Arial">Option exercise proceeds included in amounts receivable and received on July 6, 2006</P>
</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=88.533><P style="line-height:13pt; margin:0pt; padding-right:0.2pt; font-family:Arial" align=right><B>1,433,128</B></P>
<P style="line-height:13pt; margin:0pt" align=right><BR></P>
<P style="line-height:13pt; margin:0pt; padding-right:0.2pt; font-family:Arial" align=right><B>502,450</B></P>
</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=88.6><P style="line-height:13pt; margin:0pt; font-family:Arial" align=right>572,615</P>
<P style="line-height:13pt; margin:0pt" align=right><BR></P>
<P style="line-height:13pt; margin:0pt; font-family:Arial" align=right>- &nbsp;&nbsp;&nbsp;&nbsp;</P>
</TD></TR>
</TABLE></center>
<P style="margin:0pt"><BR></P>
<P style="line-height:normal; margin:0pt; font-family:Arial Narrow; font-size:12pt"><FONT FACE="Arial Narrow"><B>11</FONT>. &nbsp;FINANCIAL INSTRUMENTS</B></P>
<P style="margin:0pt; padding-bottom:3pt; border-bottom:0.75pt solid #000000"><BR></P>
<P style="margin:0pt" align=justify><BR></P>
<P style="line-height:13pt; margin:0pt; padding-left:18pt; font-family:Arial; font-size:11pt" align=justify><FONT FACE="Arial">The Company's financial instruments consist of cash, term deposits, corporate notes, amounts receivable, accounts payable and accrued liabilities, and capital lease payable. Unless otherwise noted, it is management's opinion that the Company is not exposed to significant interest, currency, or credit risks arising from these financial instruments.</FONT><B> </B>The fair values of cash, term deposits, corporate notes, amounts receivable and accounts payable and accrued liabilities approximate their carrying values due to the relatively short period to maturity of these instruments.<B> </B></P>
<P style="margin:0pt"><BR>
<BR></P>
<HR style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size=1.333>
<P style="line-height:normal; margin:0pt; font-family:Arial; page-break-before:always">New Gold Inc.<B><SMALL> </SMALL></B></P>
<P style="margin-top:0pt; margin-bottom:4.15pt; font-family:Arial">(An Exploration Stage Company)</P>
<P style="margin-top:0pt; margin-bottom:4pt; font-family:Arial; font-size:12pt"><B>SCHEDULES OF MINERAL PROPERTIES</B></P>
<P style="margin-top:0pt; margin-bottom:3.35pt; padding-right:-12.6pt; font-family:Arial"><B>For the six month period ended June 30, 2006 and year ended December 31, 2005</B></P>
<P style="margin-top:0pt; margin-bottom:3.35pt; padding-right:-12.6pt; padding-bottom:3pt; font-family:Arial; border-bottom:0.5pt solid #000000"><I>(Unaudited and Canadian Dollars)</I></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt"><BR></P>
<P style="line-height:normal; margin:0pt; font-family:Arial Narrow; font-size:12pt"><FONT FACE="Arial Narrow"><B>12</FONT>. &nbsp;COMMITMENTS AND CONTINGENT LIABILITIES</B></P>
<P style="margin:0pt; padding-bottom:3pt; border-bottom:0.75pt solid #000000"><BR></P>
<P style="margin:0pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:-12pt; padding-left:36pt; text-indent:-18pt; font-family:Arial" align=justify><FONT FACE="Arial"><B><I>a)</I></B></FONT></P>
<P style="line-height:13pt; margin:0pt; padding-left:36pt; font-family:Arial; font-size:11pt" align=justify>Under the terms of the Option agreements to acquire the mineral properties for the Afton Mineral Claims, the optionors retained a 10% net profit royalty which can be purchased on or before December 1, 2010 for $2,000,000 in cash or shares of the Company.</P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin-top:0pt; margin-bottom:-12pt; padding-left:36pt; text-indent:-18pt; font-family:Arial" align=justify><B><I>b)</I></B></P>
<P style="line-height:13pt; margin:0pt; padding-left:36pt; font-family:Arial; font-size:11pt" align=justify>As at June 30, 2006 the Company has approximately $2.4 million remaining to spend under contractual arrangements related to the feasibility study.</P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin-top:0pt; margin-bottom:-12pt; padding-left:36pt; text-indent:-18pt; font-family:Arial" align=justify><B><I>c)</I></B></P>
<P style="line-height:13pt; margin:0pt; padding-left:36pt; font-family:Arial; font-size:11pt" align=justify>In February 2006, the Company completed an arm&#146;s length agreement with the owner (&#147;optionor&#148;) of one mineral claim, located in the Kamloops Mining Division and contiguous to the Company&#146;s Ajax Property, to explore the property. As a result, the Company paid $15,000 for the exclusive rights to explore this property for one year. &nbsp;The exclusive exploration rights may be extended by making payments of, respectively, $15,000 and $50,000 for successive one year periods to February 24<SUP>th</SUP> in each of the years 2007 and 2008. &nbsp;The Company may at any time during the option period purchase the property by paying $100,000 and reserving to the optionor &nbsp;a 1.5% net smelter return royalty on production from the property. In the event the Company acquires the property, it holds the sole right, prior to production commencing, to purchase the 1.5% net smelter return royalty f
or $100,000 per one-fifteenth (1/15<SUP>th</SUP>) of the royalty being purchased. All payments subsequent to the initial $15,000 are payable in cash or equivalent value in shares of New Gold at the optionor&#146;s discretion. &nbsp;The Company received transfer of title, which will be retransferred if the Company does not exercise the purchase option.</P>
<P style="margin:0pt" align=justify><BR></P>
<P style="line-height:13pt; margin-top:0pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-18pt; font-family:Arial; font-size:11pt" align=justify><B><I>d)</I></B></P>
<P style="line-height:13pt; margin:0pt; padding-left:36pt; font-family:Arial; font-size:11pt" align=justify>The Company is committed to an operating lease for office premise rentals in the aggregate of $103,707. The future minimum lease payments as at June 30, 2006 are as follows:</P>
<P style="margin:0pt"><BR></P>
<center><TABLE style="font-size:10pt" cellspacing=0 align=center><TR><TD width=64.8></TD><TD width=16.4></TD><TD width=50.4></TD></TR>
<TR><TD valign=top width=86.4><P style="margin:0pt; font-family:Arial">2006</P>
</TD><TD valign=top width=21.867><P style="margin:0pt; font-family:Arial" align=right>$</P>
</TD><TD valign=top width=67.2><P style="margin:0pt; font-family:Arial" align=right>30,056</P>
</TD></TR>
<TR><TD valign=top width=86.4><P style="margin:0pt; font-family:Arial">2007</P>
</TD><TD valign=top width=21.867>&nbsp;</TD><TD valign=top width=67.2><P style="margin:0pt; font-family:Arial" align=right>62,591</P>
</TD></TR>
<TR><TD valign=top width=86.4><P style="margin:0pt; font-family:Arial">2008</P>
</TD><TD valign=top width=21.867>&nbsp;</TD><TD valign=top width=67.2><P style="margin:0pt; font-family:Arial" align=right>40,542</P>
</TD></TR>
<TR><TD style="border-bottom:0.5pt solid #000000" valign=top width=86.4><P style="margin:0pt; font-family:Arial">2009</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=21.867>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=67.2><P style="margin:0pt; font-family:Arial" align=right>6,673</P>
</TD></TR>
<TR><TD style="border-bottom:2pt double #000000" valign=top width=86.4>&nbsp;</TD><TD style="border-bottom:2pt double #000000" valign=top width=21.867><P style="margin-top:2.5pt; margin-bottom:0pt; font-family:Arial" align=right>$</P>
</TD><TD style="border-bottom:2pt double #000000" valign=top width=67.2><P style="margin-top:2.5pt; margin-bottom:0pt; font-family:Arial" align=right>139,862</P>
</TD></TR>
</TABLE></center>
<P style="margin:0pt"><BR></P>
<P style="line-height:normal; margin:0pt; font-family:Arial Narrow; font-size:12pt"><FONT FACE="Arial Narrow"><B>13</FONT>. &nbsp;ENVIRONMENTAL RISKS</B></P>
<P style="margin:0pt; padding-bottom:3pt; border-bottom:0.75pt solid #000000"><BR></P>
<P style="margin:0pt"><BR></P>
<P style="line-height:13pt; margin:0pt; padding-left:18pt; font-family:Arial; font-size:11pt" align=justify><FONT FACE="Arial">Existing and possible future environmental legislation, regulations and action could give rise to additional expense, including those for future removal and site restoration costs, capital expenditures, restrictions and delays in the activities of the Company, the extent of which cannot be predicted. Regulatory requirements and environmental standards are subject to constant evaluation and may be significantly increased, which could materially and adversely affect the business of the Company or its ability to develop its mineral properties on an economic basis. Before production can commence on any property, the Company must obtain regulatory and environmental approvals. There is no assurance that such approvals will be obtained on a timely basis or at all. The cost of compliance with changes in government regulations has the potential to reduce the profitability of operations or pre
clude entirely the economic development of mineral properties.</FONT></P>
<P style="margin:0pt" align=justify><BR>
<BR></P>
<HR style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size=1.333>
<P style="line-height:normal; margin:0pt; font-family:Arial; page-break-before:always">New Gold Inc.<B><SMALL> </SMALL></B></P>
<P style="margin-top:0pt; margin-bottom:4.15pt; font-family:Arial">(An Exploration Stage Company)</P>
<P style="margin-top:0pt; margin-bottom:4pt; font-family:Arial; font-size:12pt"><B>SCHEDULES OF MINERAL PROPERTIES</B></P>
<P style="margin-top:0pt; margin-bottom:3.35pt; padding-right:-12.6pt; font-family:Arial"><B>For the six month period ended June 30, 2006 and year ended December 31, 2005</B></P>
<P style="margin-top:0pt; margin-bottom:3.35pt; padding-right:-12.6pt; padding-bottom:3pt; font-family:Arial; border-bottom:0.5pt solid #000000"><I>(Unaudited and Canadian Dollars)</I></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt" align=justify><BR></P>
<P style="line-height:13pt; margin:0pt; padding-left:18pt; font-family:Arial; font-size:11pt" align=justify>Environmental expenditures that relate to ongoing environmental and reclamation programs are charged against operations as incurred or capitalized and amortized depending on their future economic benefits. Estimated future removal and site restoration costs, when the ultimate liability is reasonably determinable, are charged against operations over the estimated remaining life of the related business operation, net of expected recoveries.</P>
<P style="margin:0pt; padding-left:18pt; font-family:Arial" align=justify>&nbsp;</P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt"><BR>
<BR></P>
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</HTML>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>3
<FILENAME>mda.htm
<DESCRIPTION>MD&A
<TEXT>
<!doctype html public "-//IETF//DTD HTML//EN">
<HTML>
<HEAD>
<TITLE>CC Filed by Filing Services Canada Inc. 403-717-3898 </TITLE>
<META NAME="author" CONTENT="Paul Martin">
<META NAME="date" CONTENT="08/11/2006">
</HEAD>
<BODY style="line-height:12pt; font-family:Times New Roman; font-size:10pt; color:#000000">
<P style="margin:0pt; font-family:Arial"><FONT FACE="Arial">New Gold Inc. </FONT></P>
<P style="margin-top:0pt; margin-bottom:4.15pt; font-family:Arial">(An Exploration Stage Company)</P>
<P style="line-height:9.2pt; margin:0pt; font-family:Arial; font-size:12pt"><B>MANAGEMENT&#146;S DISCUSSION AND ANALYSIS</B></P>
<P style="margin:0pt; font-family:Arial"><B>June 30, 2006</B></P>
<P style="margin:0pt; padding-bottom:3pt; border-bottom:0.5pt solid #000000"><BR></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt" align=center><BR></P>
<P style="line-height:14pt; margin:0pt; font-family:Arial; font-size:12pt" align=center><B>MANAGEMENT&#146;S DISCUSSION AND ANALYSIS</B></P>
<P style="margin:0pt" align=center><BR></P>
<P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=center><B>OF FINANCIAL CONDITIONS AND RESULTS OF OPERATION </B></P>
<P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=center><B>AT JUNE 30, 2006</B></P>
<P style="margin:0pt" align=center><BR></P>
<P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=justify><I>This Management Discussion and Analysis (&#147;MD&amp;A&#148;) is intended to supplement the Company&#146;s interim financial statements and notes thereto for the period ended June 30, 2006 (the &#147;Statements&#148;) and compares the financial results of the three and six month periods ended June 30, 2006 with those of the comparative periods in 2005. The reader is encouraged to review the Statements in conjunction with this document and the audited financial statements and MD&amp;A of the Company for the year ended December 31, 2005. This report is dated August 10, 2006 and the Company&#146;s public filings, including its most recent Annual Information Form, can be viewed on the SEDAR website (www.sedar.com).</I></P>
<P style="margin:0pt" align=justify><BR></P>
<P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=justify><I>The Company prepares and files its financial statements and MD&amp;A in Canadian (&#147;CDN&#148;) dollars and in accordance with Canadian Generally Accepted Accounting Principles (&#147;GAAP&#148;). Note 17 to the annual audited financial statements for the year ended December 31, 2005 describes the difference between GAAP and United States Generally Accepted Accounting Principles (&#147;USGAAP&#148;) and reconciles certain items contained in those audited financial statements.</I></P>
<P style="margin: 0pt; padding-bottom: 3pt" align=justify><BR></P>
<P style="line-height: 9.8pt; font-family: Arial Narrow; font-size: 12pt; border-bottom-style: double; border-bottom-color: #000000; margin: 0pt; padding-bottom: 3pt" align=justify><FONT FACE="Arial Narrow"><B>BUSINESS OVERVIEW</B></FONT></P>
<P style="margin: 0pt; padding-bottom: 3pt" align=justify><BR></P>
<P style="margin:0pt" align=justify><BR></P>
<P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=justify><FONT FACE="Arial"><B><I>Afton Copper-Gold Project</I></B></FONT></P>
<P style="margin:0pt" align=justify><BR></P>
<P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=justify>New Gold Inc. (&#147;New Gold&#148; or the &#147;Company&#148;) is a Canadian based resource company engaged in the exploration and development of base and precious metals properties. &nbsp;The current principle area of focus is the New Afton copper/gold project (&#147;Project&#148;) located in Kamloops, British Columbia. </P>
<P style="margin:0pt" align=justify><BR></P>
<P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=justify>During the second quarter of 2006, the Company further advanced the feasibility study on the Project and continued with its exploration program. In the comparative quarter in 2005, the focus was on the underground exploration decline development and infill drilling. The feasibility study is approximately 50% completed and is targeted to be finalized towards the end of 2006 or shortly thereafter. To date the feasibility study has been focused on updating the resource estimate, the mining method selection, tailings deposition methods and locations, metallurgical testing and environmental review and permitting processes. The Company is continuing with its permitting and financing efforts with a view to being able to make a construction decision on the Project shortly after completion of the feasibility study and to commence activities in 2007.</P>
<P style="margin:0pt" align=justify><BR></P>
<P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=justify>During the second quarter, the Company provided two exploration drilling updates which covered the final results of the in-fill drilling program and the identification of a new mineralized zone below the existing resource at New Afton. The results of the Company&#146;s drilling programs can be viewed on the Company&#146;s website, <FONT COLOR=#0000FF><B><U>www.newgoldinc.com</U></B></FONT><U>,</U> or on SEDAR.</P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt" align=justify><BR>
<BR></P>
<HR style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size=1.333>
<P style="margin:0pt; font-family:Arial; page-break-before:always">New Gold Inc. </P>
<P style="margin-top:0pt; margin-bottom:4.15pt; font-family:Arial">(An Exploration Stage Company)</P>
<P style="line-height:9.2pt; margin:0pt; font-family:Arial; font-size:12pt"><B>MANAGEMENT&#146;S DISCUSSION AND ANALYSIS</B></P>
<P style="margin:0pt; font-family:Arial"><B>June 30, 2006</B></P>
<P style="margin:0pt; padding-bottom:3pt; border-bottom:0.5pt solid #000000"><BR></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt" align=justify><BR></P>
<P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=justify><B><I>Afton and Ajax Exploration Properties</I></B></P>
<P style="margin:0pt" align=justify><BR></P>
<P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=justify>The Company has embarked on a significant exploration program for 2006 and committed $6.5 million to evaluate both the underground targets around the existing resource at Afton as well as a surface drilling program to evaluate areas outside of the current resource at Afton and to focus on the Ajax claims area. The Company wide commitment for exploration for Afton and Ajax was re-evaluated at the mid-year point and expanded to $9.9 million for the full year.</P>
<P style="margin:0pt"><BR></P>
<P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=justify>During the second quarter of 2006 the Company completed 6,506 metres of underground drilling at Afton, 659 metres of surface drilling at Afton and 1,253 metres of surface drilling at Ajax including the newly optioned Magnum property. The total metres of 8,418 were below the planned 12,930 metres in part due to the requirement to complete geo-technical drilling in support of the feasibility study (which totaled 2,727 metres for the quarter) as well as the decision to reevaluate the surface drilling program.</P>
<P style="margin:0pt" align=justify><BR></P>
<P style="line-height:9.8pt; margin:0pt; font-family:Arial Narrow; font-size:12pt" align=justify><FONT FACE="Arial Narrow"><B>SELECTED QUARTERLY INFORMATION</B></FONT></P>
<P style="margin:0pt; padding-bottom:3pt; border-bottom:0.75pt solid #000000" align=justify><BR></P>
<P style="margin:0pt" align=justify><BR></P>
<P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=justify><FONT FACE="Arial">The results of operations summarized in the following tables have been prepared in accordance with GAAP:</FONT></P>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD width=158.4></TD><TD width=82.3></TD><TD width=79.7></TD><TD width=78.3></TD><TD width=72></TD></TR>
<TR><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=211.2><P style="line-height:13pt; margin-top:0pt; margin-bottom:0.85pt; font-family:Arial"><I>$Cdn</I></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=109.733><P style="line-height:13pt; margin-top:0pt; margin-bottom:0.85pt; font-family:Arial" align=right><B>2006</B></P>
<P style="line-height:13pt; margin-top:0pt; margin-bottom:0.85pt; font-family:Arial" align=right><B>2<SUP>nd</SUP> Quarter</B></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=106.267><P style="line-height:13pt; margin-top:0pt; margin-bottom:0.85pt; font-family:Arial" align=right>2006</P>
<P style="line-height:13pt; margin-top:0pt; margin-bottom:0.85pt; font-family:Arial" align=right>1<SUP>st </SUP>Quarter</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=104.4><P style="line-height:13pt; margin-top:0pt; margin-bottom:0.85pt; font-family:Arial" align=right>2005</P>
<P style="line-height:13pt; margin-top:0pt; margin-bottom:0.85pt; font-family:Arial" align=right>4<SUP>th</SUP> Quarter</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=96><P style="line-height:13pt; margin-top:0pt; margin-bottom:0.85pt; font-family:Arial" align=right>2005</P>
<P style="line-height:13pt; margin-top:0pt; margin-bottom:0.85pt; font-family:Arial" align=right>3<SUP>rd</SUP> Quarter</P>
</TD></TR>
<TR><TD valign=bottom width=211.2>&nbsp;</TD><TD valign=bottom width=109.733>&nbsp;</TD><TD valign=bottom width=106.267>&nbsp;</TD><TD valign=bottom width=104.4>&nbsp;</TD><TD valign=bottom width=96>&nbsp;</TD></TR>
<TR><TD valign=bottom width=211.2><P style="line-height:13pt; margin:0pt; font-family:Arial"><B>Income Statement</B></P>
</TD><TD valign=bottom width=109.733>&nbsp;</TD><TD valign=bottom width=106.267>&nbsp;</TD><TD valign=bottom width=104.4>&nbsp;</TD><TD valign=bottom width=96>&nbsp;</TD></TR>
<TR><TD valign=bottom width=211.2><P style="line-height:13pt; margin:0pt; font-family:Arial">(Loss)</P>
</TD><TD valign=bottom width=109.733><P style="line-height: 13pt; font-family: Arial; margin: 0pt" align=right><B>$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(855,795)</B></P>
</TD><TD valign=bottom width=106.267><P style="line-height: 13pt; font-family: Arial; margin: 0pt" align=right>$ &nbsp;&nbsp;&nbsp;(1,336,049)</P>
</TD><TD valign=bottom width=104.4><P style="line-height: 13pt; font-family: Arial; margin: 0pt" align=right>$ &nbsp;&nbsp;&nbsp;(1,279,500)</P>
</TD><TD valign=bottom width=96><P style="line-height: 13pt; font-family: Arial; margin: 0pt" align=right>$ &nbsp;&nbsp;&nbsp;&nbsp;(490,854)</P>
</TD></TR>
<TR><TD valign=bottom width=211.2><P style="line-height:13pt; margin:0pt; font-family:Arial">Loss per share</P>
</TD><TD valign=bottom width=109.733><P style="line-height: 13pt; font-family: Arial; margin: 0pt" align=right><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.04)</B></P>
</TD><TD valign=bottom width=106.267><P style="line-height: 13pt; font-family: Arial; margin: 0pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.06)</P>
</TD><TD valign=bottom width=104.4><P style="line-height: 13pt; font-family: Arial; margin: 0pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.08)</P>
</TD><TD valign=bottom width=96><P style="line-height: 13pt; font-family: Arial; margin: 0pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.04)</P>
</TD></TR>
<TR><TD valign=bottom width=211.2>&nbsp;</TD><TD valign=bottom width=109.733>
    <p style="line-height: 13pt; font-family: Arial; margin: 0pt" align="right"><b>&nbsp;</b></p>
  </TD><TD valign=bottom width=106.267>
    <p style="line-height: 13pt; font-family: Arial; margin: 0pt" align="right">&nbsp;</p>
  </TD><TD valign=bottom width=104.4>
    <p style="line-height: 13pt; font-family: Arial; margin: 0pt" align="right">&nbsp;</p>
  </TD><TD valign=bottom width=96>
    <p style="line-height: 13pt; font-family: Arial; margin: 0pt" align="right">&nbsp;</p>
  </TD></TR>
<TR><TD valign=bottom width=211.2><P style="line-height:13pt; margin:0pt; font-family:Arial"><B>Balance Sheet</B></P>
</TD><TD valign=bottom width=109.733><P style="line-height:13pt; margin:0pt; font-family:Arial" align=right><B>&nbsp;</B></P>
</TD><TD valign=bottom width=106.267><P style="line-height:13pt; margin:0pt; font-family:Arial" align=right>&nbsp;</P>
</TD><TD valign=bottom width=104.4><P style="line-height:13pt; margin:0pt; font-family:Arial" align=right>&nbsp;</P>
</TD><TD valign=bottom width=96><P style="line-height:13pt; margin:0pt; font-family:Arial" align=right>&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=211.2><P style="line-height:13pt; margin:0pt; font-family:Arial">Working Capital</P>
</TD><TD valign=bottom width=109.733><P style="line-height:13pt; margin:0pt; font-family:Arial" align=right><B>76,459,688</B></P>
</TD><TD valign=bottom width=106.267><P style="line-height:13pt; margin:0pt; font-family:Arial" align=right>80,307,904</P>
</TD><TD valign=bottom width=104.4><P style="line-height:13pt; margin:0pt; font-family:Arial" align=right>14,814,376</P>
</TD><TD valign=bottom width=96><P style="line-height:13pt; margin:0pt; font-family:Arial" align=right>13,099,254</P>
</TD></TR>
<TR><TD valign=bottom width=211.2><P style="line-height:13pt; margin:0pt; font-family:Arial">Total Assets</P>
</TD><TD valign=bottom width=109.733><P style="line-height:13pt; margin:0pt; font-family:Arial" align=right><B>110,348,248</B></P>
</TD><TD valign=bottom width=106.267><P style="line-height:13pt; margin:0pt; font-family:Arial" align=right>110,204,266</P>
</TD><TD valign=bottom width=104.4><P style="line-height:13pt; margin:0pt; font-family:Arial" align=right>41,751,593</P>
</TD><TD valign=bottom width=96><P style="line-height:13pt; margin:0pt; font-family:Arial" align=right>34,180,290</P>
</TD></TR>
<TR><TD valign=bottom width=211.2>&nbsp;</TD><TD valign=bottom width=109.733>
    <p style="line-height: 13pt; font-family: Arial; margin: 0pt" align="right"><b>&nbsp;</b></p>
  </TD><TD valign=bottom width=106.267>
    <p style="line-height: 13pt; font-family: Arial; margin: 0pt" align="right">&nbsp;</p>
  </TD><TD valign=bottom width=104.4>
    <p style="line-height: 13pt; font-family: Arial; margin: 0pt" align="right">&nbsp;</p>
  </TD><TD valign=bottom width=96>
    <p style="line-height: 13pt; font-family: Arial; margin: 0pt" align="right">&nbsp;</p>
  </TD></TR>
<TR><TD valign=bottom width=211.2><P style="line-height:13pt; margin:0pt; font-family:Arial"><B>Statement of Cash Flows</B></P>
</TD><TD valign=bottom width=109.733><P style="line-height: 13pt; font-family: Arial; margin: 0pt" align="right"><b><BR></b></P>
</TD><TD valign=bottom width=106.267><P style="line-height: 13pt; font-family: Arial; margin: 0pt" align="right"><BR></P>
</TD><TD valign=bottom width=104.4><P style="line-height: 13pt; font-family: Arial; margin: 0pt" align="right"><BR></P>
</TD><TD valign=bottom width=96><P style="line-height: 13pt; font-family: Arial; margin: 0pt" align="right"><BR></P>
</TD></TR>
<TR><TD valign=bottom width=211.2><P style="line-height:13pt; margin:0pt; padding-left:14.4pt; text-indent:-14.4pt; font-family:Arial">Payments for mineral properties exploration costs</P>
</TD><TD valign=bottom width=109.733><P style="line-height: 13pt; font-family: Arial; margin: 0pt" align=right><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5,441,823)</B></P>
</TD><TD valign=bottom width=106.267><P style="line-height: 13pt; font-family: Arial; margin: 0pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4,775,593)</P>
</TD><TD valign=bottom width=104.4><P style="line-height: 13pt; font-family: Arial; margin: 0pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4,810,406)</P>
</TD><TD valign=bottom width=96><P style="line-height: 13pt; font-family: Arial; margin: 0pt" align=right>&nbsp;&nbsp;&nbsp;(4,422,861)</P>
</TD></TR>
<TR><TD valign=bottom width=211.2><P style="line-height:13pt; margin:0pt; padding-left:14.4pt; text-indent:-14.4pt; font-family:Arial">Cash flow from (used for) financing activities</P>
</TD><TD valign=bottom width=109.733><P style="line-height:13pt; margin:0pt; font-family:Arial" align=right><B>520,232</B></P>
</TD><TD valign=bottom width=106.267><P style="line-height:13pt; margin:0pt; font-family:Arial" align=right>70,532,945</P>
</TD><TD valign=bottom width=104.4><P style="line-height:13pt; margin:0pt; font-family:Arial" align=right>6,944,830</P>
</TD><TD valign=bottom width=96><P style="line-height: 13pt; font-family: Arial; margin: 0pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5,668)</P>
</TD></TR>
</TABLE>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt"><BR>
<BR></P>
<HR style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size=1.333>
<P style="margin:0pt; font-family:Arial; page-break-before:always">New Gold Inc. </P>
<P style="margin-top:0pt; margin-bottom:4.15pt; font-family:Arial">(An Exploration Stage Company)</P>
<P style="line-height:9.2pt; margin:0pt; font-family:Arial; font-size:12pt"><B>MANAGEMENT&#146;S DISCUSSION AND ANALYSIS</B></P>
<P style="margin:0pt; font-family:Arial"><B>June 30, 2006</B></P>
<P style="margin:0pt; padding-bottom:3pt; border-bottom:0.5pt solid #000000"><BR></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt"><BR></P>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD width=173.5></TD><TD width=66.25></TD><TD width=77.05></TD><TD width=75.95></TD><TD width=72></TD></TR>
<TR><TD style="border-bottom:0.5pt solid #000000" width=231.333><P style="line-height:13pt; margin-top:0pt; margin-bottom:0.85pt; font-family:Arial"><I>$Cdn</I></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=88.333><P style="line-height:13pt; margin-top:0pt; margin-bottom:0.85pt; font-family:Arial" align=right>2005</P>
<P style="line-height:13pt; margin-top:0pt; margin-bottom:0.85pt; font-family:Arial" align=right>2<SUP>nd</SUP> Quarter</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=102.733><P style="line-height:13pt; margin-top:0pt; margin-bottom:0.85pt; font-family:Arial" align=right>2005</P>
<P style="line-height:13pt; margin-top:0pt; margin-bottom:0.85pt; font-family:Arial" align=right>1<SUP>st</SUP> Quarter</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=101.267><P style="line-height:13pt; margin-top:0pt; margin-bottom:0.85pt; font-family:Arial" align=right>2004</P>
<P style="line-height:13pt; margin-top:0pt; margin-bottom:0.85pt; font-family:Arial" align=right>4<SUP>th</SUP> Quarter</P>
</TD><TD style="border-bottom:0.5pt solid #000000" width=96><P style="line-height:13pt; margin-top:0pt; margin-bottom:0.85pt; font-family:Arial" align=right>2004</P>
<P style="line-height:13pt; margin-top:0pt; margin-bottom:0.85pt; font-family:Arial" align=right>3<SUP>rd</SUP> Quarter</P>
</TD></TR>
<TR><TD valign=bottom width=231.333>&nbsp;</TD><TD valign=bottom width=88.333>&nbsp;</TD><TD valign=bottom width=102.733>&nbsp;</TD><TD valign=bottom width=101.267>&nbsp;</TD><TD valign=bottom width=96>&nbsp;</TD></TR>
<TR><TD valign=bottom width=231.333><P style="line-height:13pt; margin:0pt; font-family:Arial"><B>Income Statement</B></P>
</TD><TD valign=bottom width=88.333>&nbsp;</TD><TD valign=bottom width=102.733>&nbsp;</TD><TD valign=bottom width=101.267>&nbsp;</TD><TD valign=bottom width=96>&nbsp;</TD></TR>
<TR><TD valign=bottom width=231.333><P style="line-height:13pt; margin:0pt; font-family:Arial">Income/(Loss)</P>
</TD><TD valign=bottom width=88.333><P style="line-height: 13pt; font-family: Arial; margin: 0pt" align=right>$ &nbsp;&nbsp;&nbsp;(803,078)</P>
</TD><TD valign=bottom width=102.733><P style="line-height: 13pt; font-family: Arial; margin: 0pt" align=right>$ &nbsp;&nbsp;(825,908)</P>
</TD><TD valign=bottom width=101.267><P style="line-height: 13pt; font-family: Arial; margin: 0pt" align=right>$ &nbsp;(1,144,892)</P>
</TD><TD valign=bottom width=96><P style="line-height: 13pt; font-family: Arial; margin: 0pt" align=right>$ &nbsp;&nbsp;(146,626)</P>
</TD></TR>
<TR><TD valign=bottom width=231.333><P style="line-height:13pt; margin:0pt; font-family:Arial">Earnings/(Loss) per share</P>
</TD><TD valign=bottom width=88.333><P style="line-height: 13pt; font-family: Arial; margin: 0pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.06)</P>
</TD><TD valign=bottom width=102.733><P style="line-height: 13pt; font-family: Arial; margin: 0pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.06)</P>
</TD><TD valign=bottom width=101.267><P style="line-height: 13pt; font-family: Arial; margin: 0pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.09)</P>
</TD><TD valign=bottom width=96><P style="line-height: 13pt; font-family: Arial; margin: 0pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.01)</P>
</TD></TR>
<TR><TD valign=bottom width=231.333>&nbsp;</TD><TD valign=bottom width=88.333>
    <p style="line-height: 13pt; font-family: Arial; margin: 0pt" align="right">&nbsp;</p>
  </TD><TD valign=bottom width=102.733>
    <p style="line-height: 13pt; font-family: Arial; margin: 0pt" align="right">&nbsp;</p>
  </TD><TD valign=bottom width=101.267>
    <p style="line-height: 13pt; font-family: Arial; margin: 0pt" align="right">&nbsp;</p>
  </TD><TD valign=bottom width=96>
    <p style="line-height: 13pt; font-family: Arial; margin: 0pt" align="right">&nbsp;</p>
  </TD></TR>
<TR><TD valign=bottom width=231.333><P style="line-height:13pt; margin:0pt; font-family:Arial"><B>Balance Sheet</B></P>
</TD><TD valign=bottom width=88.333><P style="line-height:13pt; margin:0pt; font-family:Arial" align=right>&nbsp;</P>
</TD><TD valign=bottom width=102.733><P style="line-height:13pt; margin:0pt; font-family:Arial" align=right>&nbsp;</P>
</TD><TD valign=bottom width=101.267><P style="line-height:13pt; margin:0pt; font-family:Arial" align=right>&nbsp;</P>
</TD><TD valign=bottom width=96><P style="line-height:13pt; margin:0pt; font-family:Arial" align=right>&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=231.333><P style="line-height:13pt; margin:0pt; font-family:Arial">Working Capital</P>
</TD><TD valign=bottom width=88.333><P style="line-height:13pt; margin:0pt; font-family:Arial" align=right>17,784,732</P>
</TD><TD valign=bottom width=102.733><P style="line-height:13pt; margin:0pt; font-family:Arial" align=right>20,566,933</P>
</TD><TD valign=bottom width=101.267><P style="line-height:13pt; margin:0pt; font-family:Arial" align=right>24,166,554</P>
</TD><TD valign=bottom width=96><P style="line-height:13pt; margin:0pt; font-family:Arial" align=right>26,185,696</P>
</TD></TR>
<TR><TD valign=bottom width=231.333><P style="line-height:13pt; margin:0pt; font-family:Arial">Total Assets</P>
</TD><TD valign=bottom width=88.333><P style="line-height:13pt; margin:0pt; font-family:Arial" align=right>34,986,982</P>
</TD><TD valign=bottom width=102.733><P style="line-height:13pt; margin:0pt; font-family:Arial" align=right>31,639,796</P>
</TD><TD valign=bottom width=101.267><P style="line-height:13pt; margin:0pt; font-family:Arial" align=right>31,795,645</P>
</TD><TD valign=bottom width=96><P style="line-height:13pt; margin:0pt; font-family:Arial" align=right>30,729,760</P>
</TD></TR>
<TR><TD valign=bottom width=231.333>&nbsp;</TD><TD valign=bottom width=88.333>
    <p style="line-height: 13pt; font-family: Arial; margin: 0pt" align="right">&nbsp;</p>
  </TD><TD valign=bottom width=102.733>
    <p style="line-height: 13pt; font-family: Arial; margin: 0pt" align="right">&nbsp;</p>
  </TD><TD valign=bottom width=101.267>
    <p style="line-height: 13pt; font-family: Arial; margin: 0pt" align="right">&nbsp;</p>
  </TD><TD valign=bottom width=96>
    <p style="line-height: 13pt; font-family: Arial; margin: 0pt" align="right">&nbsp;</p>
  </TD></TR>
<TR><TD valign=bottom width=231.333><P style="line-height:13pt; margin:0pt; font-family:Arial"><B>Statement of Cash Flows</B></P>
</TD><TD valign=bottom width=88.333><P style="line-height: 13pt; font-family: Arial; margin: 0pt" align="right"><BR></P>
</TD><TD valign=bottom width=102.733><P style="line-height:13pt; margin:0pt; font-family:Arial" align=right>&nbsp;</P>
</TD><TD valign=bottom width=101.267><P style="line-height:13pt; margin:0pt; font-family:Arial" align=right>&nbsp;</P>
</TD><TD valign=bottom width=96><P style="line-height:13pt; margin:0pt; font-family:Arial" align=right>&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=231.333><P style="line-height:13pt; margin:0pt; padding-left:14.4pt; text-indent:-14.4pt; font-family:Arial">Payments for mineral claim interest and exploration costs</P>
</TD><TD valign=bottom width=88.333><P style="line-height: 13pt; font-family: Arial; margin: 0pt" align=right>&nbsp;&nbsp;(4,252,999)</P>
</TD><TD valign=bottom width=102.733><P style="line-height: 13pt; font-family: Arial; margin: 0pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;(3,080,817)</P>
</TD><TD valign=bottom width=101.267><P style="line-height: 13pt; font-family: Arial; margin: 0pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;(1,699,439)</P>
</TD><TD valign=bottom width=96><P style="line-height: 13pt; font-family: Arial; margin: 0pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(375,412)</P>
</TD></TR>
<TR><TD valign=bottom width=231.333><P style="line-height:13pt; margin:0pt; padding-left:14.4pt; text-indent:-14.4pt; font-family:Arial">Cash flow from (used for) financing activities</P>
</TD><TD valign=bottom width=88.333><P style="line-height:13pt; margin:0pt; font-family:Arial" align=right>2,967,941</P>
</TD><TD valign=bottom width=102.733><P style="line-height: 13pt; font-family: Arial; margin: 0pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5,667)</P>
</TD><TD valign=bottom width=101.267><P style="line-height:13pt; margin:0pt; font-family:Arial" align=right>169,323</P>
</TD><TD valign=bottom width=96><P style="line-height: 13pt; font-family: Arial; margin: 0pt" align=right>&nbsp;&nbsp;(1,362,332)</P>
</TD></TR>
</TABLE>
<P style="margin:0pt" align=justify><BR></P>
<P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=justify><B><I>Comparative Periods</I></B></P>
<P style="margin:0pt"><BR></P>
<P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=justify>During the second quarter of 2006, the Company invested approximately $5.4 million on its mineral properties as compared to $4.2 million in the comparative quarter in 2005, for an increase of $1.2 million. The increase is primarily the result of spending $2.5 million on underground exploration and support and $1.2 million on the feasibility study and $0.5 million on the surface exploration programs at Afton and Ajax and $0.7 million on tunneling costs related to activities which occurred in 2005 which were paid in 2006 in the second quarter of 2006. This compares to spending $3.0 million on tunneling and decline development in 2005 and $0.6 million on in-fill drilling and related assaying costs at the Afton Project and $0.3 million on the surface exploration programs at Afton and Ajax in the comparative quarter.</P>
<P style="margin:0pt" align=justify><BR></P>
<P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=justify>The Company incurred a loss of $0.9 million or $0.04 per share in the second quarter of 2006 opposed to a loss of $0.8 million or $0.06 per share in the same quarter of 2005. In the second quarter of 2006 the Company incurred higher expenditures for professional fees related to legal and accounting advice and higher stock based compensation charges. Wages and benefits were lower than in the comparative quarter in 2005, due to the charging of $0.4 million for contractual termination payments related to two senior employees.</P>
<P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=justify>&nbsp;</P>
<P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=justify>Interest income was $0.8 million for the second quarter of 2006 versus $0.1 million in the 2005 comparative period, a result of higher cash balances on hand from the equity offerings completed in December 2005 and February 2006 as well as higher interest rates.</P>
<P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=justify>&nbsp;</P>
<P style="line-height:8.6pt; margin:0pt; padding-bottom:3pt; font-family:Arial; font-size:12pt; border-bottom:0.75pt solid #000000" align=justify><B>LIQUIDITY &amp; CAPITAL RESOURCES</B></P>
<P style="margin:0pt" align=justify><BR></P>
<P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=justify>As at June 30, 2006,<B><I> </I></B>the Company had working capital of $76.4 million versus $14.8 million as at December 31, 2005. During the first quarter of 2006 the Company completed, by way of a short form prospectus, an offering of 8,334,000 units priced at $9.00 per unit for gross cash proceeds of $75 million. &nbsp;Each unit consisted of one common share and one-half of a share purchase warrant. &nbsp;Each whole warrant will be exercisable to purchase one common share at a price of $12.00 per share until February 28, 2008. &nbsp;In addition, the Company realized $1.0 </P>
<P style="margin:0pt" align=justify><BR>
<BR></P>
<HR style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size=1.333>
<P style="margin:0pt; font-family:Arial; page-break-before:always">New Gold Inc. </P>
<P style="margin-top:0pt; margin-bottom:4.15pt; font-family:Arial">(An Exploration Stage Company)</P>
<P style="line-height:9.2pt; margin:0pt; font-family:Arial; font-size:12pt"><B>MANAGEMENT&#146;S DISCUSSION AND ANALYSIS</B></P>
<P style="margin:0pt; font-family:Arial"><B>June 30, 2006</B></P>
<P style="margin:0pt; padding-bottom:3pt; border-bottom:0.5pt solid #000000"><BR></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt" align=justify><BR></P>
<P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=justify>million in cash proceeds from the exercise of 153,000 stock options during the first six months of the year.</P>
<P style="margin:0pt" align=justify><BR></P>
<P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=justify>The Company plans to complete its feasibility study prior to the end of 2006 and undertake a significant exploration program both from the underground and surface locations at and around the Project as well as at the Ajax property. The Company is currently completing a re-forecast of its expenditures for the year and anticipates increases in the feasibility costs, primarily due to geo-technical evaluation costs including drilling and some scope changes. A review of exploration costs has already been completed and extended from the initial budgeted amount, which only included drilling costs to mid year, from $8.4 million to $9.9 million which now includes costs for the Magnum optioned property located adjacent to the Ajax property and a three hole deep drilling program at the Project to further test the previously identified mineralization at depth.</P>
<P style="margin:0pt" align=justify><BR></P>
<P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=justify>The Company&#146;s current working capital level is sufficient to meet its presently planned funding requirements for this stage of the Project up to the end of 2006. </P>
<P style="margin:0pt" align=justify><BR></P>
<P style="line-height:13pt; margin:0pt; padding-bottom:3pt; font-family:Arial; font-size:11pt; border-bottom:0.5pt solid #000000" align=justify><B><I>Related Party Transactions</I></B></P>
<P style="margin:0pt" align=justify><BR></P>
<P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=justify>During the period ended June 30, 2006, the following related party transactions occurred:</P>
<P style="margin:0pt" align=justify><BR></P>
<TABLE style="font-size:10pt" cellspacing=0 align=center><TR><TD width=301.45></TD><TD width=18></TD><TD width=63></TD><TD width=18></TD><TD width=58.4></TD></TR>
<TR><TD valign=top width=401.933>&nbsp;</TD><TD valign=top width=24>&nbsp;</TD><TD valign=top width=84><P style="margin-top:1.65pt; margin-bottom:0pt; text-indent:21.6pt; font-family:Arial" align=center><B>&nbsp;2006</B></P>
</TD><TD valign=top width=24>&nbsp;</TD><TD valign=top width=77.867><P style="margin-top:1.65pt; margin-bottom:0pt; padding-right:-1pt; text-indent:18.15pt; font-family:Arial" align=right>2005</P>
</TD></TR>
<TR><TD valign=bottom width=401.933><P style="margin-top:2.5pt; margin-bottom:0pt; text-indent:-238.95pt; font-family:Arial">For wages and consulting services charged by a related person of a Director</P>
</TD><TD valign=bottom width=24><P style="margin:0pt; padding-left:-6.4pt; padding-right:-1.25pt; font-family:Arial" align=center>&nbsp;&nbsp;</P>
</TD><TD valign=bottom width=84><P style="margin:0pt; padding-right:0.2pt; font-family:Arial" align=right>-</P>
</TD><TD valign=bottom width=24><P style="margin:0pt; padding-left:-6.4pt; padding-right:-1.25pt; font-family:Arial" align=center>&nbsp;&nbsp;</P>
</TD><TD valign=bottom width=77.867><P style="margin:0pt; padding-right:-1pt; text-indent:9.15pt; font-family:Arial" align=right>48,000</P>
</TD></TR>
</TABLE>
<P style="margin:0pt" align=justify><BR></P>
<P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=justify>&nbsp;Subsequent to December 31, 2005, the services provided ceased to be a related party.</P>
<P style="margin: 0pt; padding-bottom: 3pt" align=justify><BR></P>
<P style="line-height:9.8pt; margin:0pt; padding-bottom:3pt; font-family:Arial Narrow; font-size:12pt; border-bottom:0.75pt solid #000000" align=justify><FONT FACE="Arial Narrow"><B>MANAGEMENT CHANGES</B></FONT></P>
<P style="margin:0pt" align=justify><BR></P>
<P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=justify><FONT FACE="Arial">During the month of June 2006, the Company hired a new senior geologist, Brian O&#146;Connor, and saw the departure of Mike Hibbitts, Vice President Exploration and Development. Mr. O&#146;Connor will serve as the Company&#146;s Qualified Person, as defined under the regulations of National Instrument 43-101. </FONT></P>
<P style="margin:0pt" align=justify><BR></P>
<P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=justify>In addition, two new Officers of the Company were added in the second quarter. John Mondin joined in April as the Company&#146;s Controller and John Pitcher joined in June as General Counsel and Corporate Secretary. </P>
<P style="margin:0pt; padding-bottom:3pt; border-bottom:0.75pt solid #000000" align=justify><BR>
<BR></P>
<HR style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size=1.333>
<P style="margin:0pt; font-family:Arial; page-break-before:always">New Gold Inc. </P>
<P style="margin-top:0pt; margin-bottom:4.15pt; font-family:Arial">(An Exploration Stage Company)</P>
<P style="line-height:9.2pt; margin:0pt; font-family:Arial; font-size:12pt"><B>MANAGEMENT&#146;S DISCUSSION AND ANALYSIS</B></P>
<P style="margin:0pt; font-family:Arial"><B>June 30, 2006</B></P>
<P style="margin:0pt; padding-bottom:3pt; border-bottom:0.5pt solid #000000"><BR></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt" align=justify><BR></P>
<P style="line-height:9.8pt; margin:0pt; padding-bottom:3pt; font-family:Arial Narrow; font-size:12pt; border-bottom:0.75pt solid #000000" align=justify><FONT FACE="Arial Narrow"><B>2006 OUTLOOK</B></FONT></P>
<P style="margin:0pt" align=justify><BR></P>
<P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=justify><FONT FACE="Arial">The Company&#146;s previously stated priorities remain for 2006. The Company will focus its main attention on the advancement of the Afton Project through the feasibility stage in 2006 in parallel with the advancement of the permitting and financing efforts. The Company is well funded to advance the Project to the completion of the Feasibility Study and will also assess the potential of its overall land package through a regional exploration program in 2006. The Company is working towards financing the Project by late 2006 or early 2007 as well as to continue to review its exploration requirements. In addition, the Company will be proceeding with the permitting process requirements of the Project, including both the environmental and social requirements.</FONT></P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt" align=justify><BR></P>
<P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=justify>As at August 10, 2006, the Company&#146;s outstanding capital was:</P>
<P style="margin:0pt" align=justify><BR></P>
<TABLE style="font-size:10pt" cellspacing=0 align=center><TR><TD width=131.4></TD><TD width=72></TD></TR>
<TR><TD valign=top width=175.2><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=justify>Common shares </P>
</TD><TD valign=top width=96><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>24,067,717</P>
</TD></TR>
<TR><TD valign=top width=175.2><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=justify>Warrants</P>
</TD><TD valign=top width=96><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>4,167,000</P>
</TD></TR>
<TR><TD valign=top width=175.2><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=justify>Common stock options</P>
</TD><TD valign=top width=96><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>2,194,000</P>
</TD></TR>
<TR><TD valign=top width=175.2><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=justify>Compensation options</P>
</TD><TD valign=top width=96><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>50,000</P>
</TD></TR>
</TABLE>
<P style="margin:0pt" align=justify><BR></P>
<P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=justify><B><I>Forward-Looking Statement</I></B></P>
<P style="margin:0pt" align=justify><BR></P>
<P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=justify>Certain of the statements made and information contained herein is &#147;forward- looking information&#148; within the meaning of the Ontario Securities Act or &#147;forward-looking statements&#148; within the meaning of Section&nbsp;21E of the Securities Exchange Act of 1934 of the United States. Forward-looking statements are subject to a variety of risks and uncertainties which could cause actual events or results to differ from those reflected in the forward-looking statements, including, without limitation, risks and uncertainties relating to the interpretation of drill results and the estimation of mineral resources and reserves, the geology, grade and continuity of mineral deposits, the possibility that future exploration, development or mining results will not be consistent with the Company&#146;s expectations, metal recoveries, accidents, equipment breakdowns, title matters and surface access, labour disputes or
 other unanticipated difficulties with or interruptions in production, the potential for delays in exploration or development activities or the completion of feasibility studies, the inherent uncertainty of production and cost estimates and the potential for unexpected costs and expenses, commodity price fluctuations, currency fluctuations, failure to obtain adequate financing on a timely basis and other risks and uncertainties, including those described under Risk Factors Relating to the Company&#146;s Business in the Company&#146;s Annual Information Form and in each management discussion and analysis. Forward-looking information is, in addition, based on various assumptions including, without limitation, the expectations and beliefs of management, the assumed long term price of copper and gold, that the feasibility study will confirm that a technically viable and economic operation exists, that the Company will receive required permits and access to surface rights, that the Company can access financing, a
ppropriate equipment and sufficient labour and that the political environment within British Columbia and Canada will continue to support the development of environmentally safe mining projects so that the Company will be able to commence the development of the Afton project within the timetable to be established by the feasibility study. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described </P>
<P style="margin:0pt" align=justify><BR>
<BR></P>
<HR style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size=1.333>
<P style="margin:0pt; font-family:Arial; page-break-before:always">New Gold Inc. </P>
<P style="margin-top:0pt; margin-bottom:4.15pt; font-family:Arial">(An Exploration Stage Company)</P>
<P style="line-height:9.2pt; margin:0pt; font-family:Arial; font-size:12pt"><B>MANAGEMENT&#146;S DISCUSSION AND ANALYSIS</B></P>
<P style="margin:0pt; font-family:Arial"><B>June 30, 2006</B></P>
<P style="margin:0pt; padding-bottom:3pt; border-bottom:0.5pt solid #000000"><BR></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt" align=justify><BR></P>
<P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=justify>in forward-looking statements. Accordingly, readers are advised not to place undue reliance on forward-looking statements.</P>
<P style="margin:0pt" align=justify><BR></P>
<P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=justify><B><I>US Investors Should Note</I></B></P>
<P style="margin:0pt" align=justify><BR></P>
<P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=justify>The U.S. Securities and Exchange Commission (&#147;SEC&#148;) permits mining companies, in their filings with the SEC to disclose only those mineral deposits that a company can economically and legally extract or produce. The Company may use certain terms in its publications such as &#147;resources&#148; that are prescribed by Canadian regulatory policy and guidelines but are not provided for in the SEC guidelines on publications and filings. Investors are cautioned not to assume that any part or all of the mineral deposits in a &#147;resource&#148; category will ever be converted into reserves.</P>
<P style="margin:0pt"><BR></P>
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<DOCUMENT>
<TYPE>EX-99.3
<SEQUENCE>4
<FILENAME>letter.htm
<DESCRIPTION>LETTER TO SHAREHOLDERS
<TEXT>
<!doctype html public "-//IETF//DTD HTML//EN">
<HTML>
<HEAD>
<TITLE>CC Filed by Filing Services Canada Inc. 403-717-3898</TITLE>
<META NAME="author" CONTENT="Chris Bradbrook">
<META NAME="date" CONTENT="08/11/2006">
</HEAD>
<BODY style="line-height:12pt; font-family:Times New Roman; font-size:10pt; color:#000000">
<P style="margin:0pt" align=center><img src="logo.gif" alt="[letter002.gif]" align=top height=96.133 width=197.733></P>
<P style="margin:0pt" align=center><BR><BR></P>
<P style="line-height:22pt; margin:0pt; font-family:Arial Narrow; font-size:20pt" align=center><FONT FACE="Arial Narrow"><B>Letter to Shareholders</B></FONT></P>
<P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=center><FONT FACE="Arial"><I>&nbsp;(All dollar amounts in Canadian dollars unless otherwise indicated)</I></FONT></P>
<P style="margin:0pt" align=justify><BR></P>
<P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=justify>It is a pleasure to be able to report that excellent progress continues to be made at our 100%-owned New Afton Copper-Gold (Cu-Au) Project, Kamloops, British Columbia. &nbsp;The project remains the primary focus of your Company&#146;s efforts. &nbsp;Work at the project during the second quarter was focused in two main areas, the Feasibility Study and Exploration. &nbsp;The Feasibility Study will determine the potential for developing the New Afton Project into a new underground Cu-Au mine by analyzing the technical and economic parameters. &nbsp;It remains on schedule for completion by the end of the fourth quarter 2006.</P>
<P style="margin:0pt" align=justify><BR></P>
<P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=justify>The updated resource estimation, which is a key component of the Feasibility Study, is nearing completion and will incorporate the results of the previous surface diamond drilling with the results of the more recent (2005) underground diamond drill program. &nbsp;The results of the latter program, in addition to the information acquired from the underground exploration decline, has provided us with an improved understanding of the geometry and distribution of the Cu-Au mineralization, and, as a result, the new resource will have a higher degree of definition and confidence than the existing resource. &nbsp;This in turn will allow us to outline potential mining scenarios and parameters with a greater degree of confidence. &nbsp;The updated resource estimation was initially scheduled for release by the end of the second quarter 2006; however, it has been delayed to allow for the completion of additional peer review work in
 order to ensure maximum certainty in the new resource once it is released. &nbsp;We hope to release the new resource in the near future.</P>
<P style="margin:0pt" align=justify><BR></P>
<P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=justify>Concurrent with the new resource estimation we have been conducting a mining trade-off study to determine the optimal mining method(s). &nbsp;The Advanced Scoping Study, completed on the project in 2004, suggested that the New Afton project could be mined by block caving techniques. &nbsp;This study, however, only considered the one method for mining the mineralization. &nbsp;The ongoing Feasibility Study has considered a number of alternate methods in addition to block caving. &nbsp;To date, it appears that the mineralization would be most effectively mined by some form of caving technique, and that if a new mine is developed, it will possibly be some combination of block caving and sub-level caving techniques. &nbsp;Our intention is to provide greater clarity, and more definition on the chosen mining method or methods, in the near future.</P>
<P style="margin:0pt" align=justify><BR></P>
<P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=justify>We continue to pursue permitting and financing in parallel to the Feasibility Study in order that, in the event the Study supports the development of a new underground mine, we can advance it as expeditiously as possible. &nbsp;The permitting process is well underway. &nbsp;A key component of this is the need to hold public consultation meetings. &nbsp;The first of these took place subsequent to quarter end on July 25, 2006 in Kamloops, and was well attended and provided much positive feedback. &nbsp;We also continue discussions with potential lenders as part of our plan to engage a bank (or banks) to formally review the project and assess the potential to finance it, based on the final engineered plan within the Feasibility Study. &nbsp;Our </P>
<P style="margin:0pt" align=justify><BR>
<BR></P>
<HR style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size=1.333>
<P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt; page-break-before:always" align=justify>goal is still to be in a position to decide, by the end of 2006 or beginning of 2007, if development of a mine should commence.</P>
<P style="margin:0pt" align=justify><BR></P>
<P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=justify>The results of the exploration work below the current resource continue to be very encouraging. &nbsp;During the quarter (on May 25, 2006), we were able to announce the significant discovery that mineralization remains open at depth, as several intersections were obtained as deep as 1 kilometre below surface, and up to 300 metres below the existing resource. &nbsp;The most significant of these intersections was 1.70% Cu, 1.47g/t Au, 3.51g/t Ag, and 0.09g/t Pd over a core length of 112m in hole UA-69. &nbsp;These intersections were obtained by underground diamond drilling from the exploration decline. &nbsp;During the quarter this continued in order to provide a better understanding of the geometry and extent of this mineralization. &nbsp;In addition, a surface diamond drill was brought to site at the end of the quarter which has the capacity to drill holes with a length of up to approximately 3000 metres. &nbsp;Initially
, this drill is testing for potential extensions of mineralization to a vertical depth of approximately 1.3 kilometres below surface. &nbsp;Currently, exploration continues at the New Afton project with two diamond drills at surface and one diamond drill underground.</P>
<P style="margin:0pt" align=justify><BR></P>
<P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=justify>Our finances remain strong with approximately $77M in cash at the end of the quarter. &nbsp;A substantial portion of this is intended to provide the bulk of our equity contribution to the capital required to develop a new mine. &nbsp;The Cu and Au metal prices remained strong. &nbsp;With limited new supply of Cu becoming available, we believe that assets such as our New Afton Project, in a politically stable jurisdiction, and with excellent infrastructure, will increase in importance within the mining industry. &nbsp;&nbsp;As a result, we hope to be able to place it into production as expeditiously as possible to benefit from the currently favourable metal price environment (assuming a positive Feasibility Study).</P>
<P style="margin:0pt" align=justify><BR></P>
<P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=justify>I would also like to welcome three important new additions to your management team which were made during the quarter. &nbsp;John Mondin joined us in April as our controller, John Pitcher joined in June as our General Counsel and Corporate Secretary, and Brian O&#146;Connor also joined in June as our Chief Geologist. &nbsp;Brian will also assume the responsibilities as the Company&#146;s Qualified Person as defined under National Instrument 43-101.</P>
<P style="margin:0pt" align=justify><BR></P>
<P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=justify>I have been fortunate enough to report positive progress during each of the seven quarters that I have been your President and CEO. &nbsp;This is a happy position to be in, and reflects the dedication and efforts of your officers, directors and employees, and I would like to thank all of them for their continued focus on creating shareholder value. &nbsp;I would also like to acknowledge the support for the project from the various communities in the Kamloops area, including the First Nations&#146; communities, and the Province of British Columbia, as we endeavour to build a new mine for the Kamloops area and British Columbia.</P>
<P style="margin:0pt" align=justify><BR></P>
<P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=justify>I look forward to being able to report further progress at the end of the third quarter, and would like to thank all of you for your continued support as shareholders of New Gold Inc. </P>
<P style="margin:0pt" align=justify><BR></P>
<P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=justify>On behalf of the board of directors,</P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt" align=justify><img src="letter003.jpg" alt="[letter003.jpg]" align=top height=36.133 width=178></P>
<P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=justify>&nbsp;</P>
<P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=justify>Chris J. Bradbrook</P>
<P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=justify>President and CEO</P>
<P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=justify>New Gold Inc.</P>
<P style="margin:0pt" align=justify><BR></P>
<P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=justify>August 10, 2006</P>
<P style="margin:0pt" align=justify><BR>
<BR></P>
</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.4
<SEQUENCE>5
<FILENAME>ceocert.htm
<DESCRIPTION>CEO CERTIFICATION
<TEXT>
<!doctype html public "-//IETF//DTD HTML//EN">
<HTML>
<HEAD>
<TITLE>CC Filed by Filing Services Canada Inc. 403-717-3898</TITLE>
<META NAME="author" CONTENT="Compaq">
<META NAME="date" CONTENT="08/11/2006">
</HEAD>
<BODY style="line-height:12pt; font-family:Times New Roman; font-size:10pt; color:#000000">
<P style="margin:0pt" align=center><img src="logo.gif" alt="[ceocert002.gif]" align=middle height=104 width=192></P>
<P style="margin-top:0pt; margin-bottom:5pt" align=center><B><I>TSX and AMEX Symbol: NGD </I></B></P>
<P style="margin-top:0pt; margin-bottom:-12pt"><B><I>#601 - 595 Howe Street, Vancouver, B. C. &nbsp;V6C 2T5</I></B></P>
<P style="margin:0pt; text-indent:303.25pt" align="right"><B><I>E-mail address: invest@newgoldinc.com</I></B></P>
<P style="margin-top:0pt; margin-bottom:-12pt"><B><I>Telephone: (604) 687-1629 ~ Fax: (604) 687-2845</I></B></P>
<P style="margin:0pt; text-indent:363.4pt" align="right"><B><I>Website: newgoldinc.com</I></B></P>
<P style="margin:0pt" align=center><BR></P>
<P style="margin:0pt" align=justify><BR></P>
<P style="line-height:13pt; margin:0pt; font-size:11pt" align=center><B>Form 52-109F2 <I>Certification of Interim Filings</I></B></P>
<P style="margin:0pt"><BR></P>
<P style="line-height:13pt; margin:0pt; font-size:11pt">I, <B><I>Christopher J. Bradbrook, Chief Executive Officer, New Gold Inc.</I></B>, certify that:</P>
<P style="margin:0pt"><BR></P>
<P style="line-height:13pt; margin-top:0pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; font-size:11pt">1.</P>
<P style="line-height:13pt; margin:0pt; padding-left:36pt; font-size:11pt">I have reviewed the interim filings (as this term is defined in Multilateral Instrument 52-109 <I>Certification of Disclosure in Issuers&#146; Annual and Interim Filings</I>) of <B><I>New Gold Inc.</I></B>, (the issuer) for the interim period ending <B><I>June 30, 2006</I></B>;</P>
<P style="margin:0pt"><BR></P>
<P style="line-height:13pt; margin-top:0pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; font-size:11pt">2.</P>
<P style="line-height:13pt; margin:0pt; padding-left:36pt; font-size:11pt">Based on my knowledge, the interim filings do not contain any untrue statement of a material fact or omit to state a material fact required to be stated or that is necessary to make a statement not misleading in light of the circumstances under which it was made, with respect to the period covered by the interim filings; </P>
<P style="margin:0pt"><BR></P>
<P style="line-height:13pt; margin-top:0pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; font-size:11pt">3.</P>
<P style="line-height:13pt; margin:0pt; padding-left:36pt; font-size:11pt">Based on my knowledge, the interim financial statements together with the other financial information included in the interim filings fairly present in all material respects the financial condition, results of operations and cash flows of the issuer, as of the date and for the periods presented in the interim filings;</P>
<P style="margin:0pt"><BR></P>
<P style="line-height:13pt; margin-top:0pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; font-size:11pt">4.</P>
<P style="line-height:13pt; margin:0pt; padding-left:36pt; font-size:11pt">The issuer's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures and internal control over financial reporting for the issuer, and we have:</P>
<P style="margin:0pt"><BR></P>
<P style="line-height:13pt; margin-top:0pt; margin-bottom:-13pt; padding-left:72pt; text-indent:-36pt; font-size:11pt">(a)</P>
<P style="line-height:13pt; margin:0pt; padding-left:72pt; font-size:11pt">designed such disclosure controls and procedures, or caused them to be designed under our supervision, to provide reasonable assurance that material information relating to the issuer, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which the interim filings are being prepared; and</P>
<P style="margin:0pt"><BR></P>
<P style="line-height:13pt; margin-top:0pt; margin-bottom:-13pt; padding-left:72pt; text-indent:-36pt; font-size:11pt">(b)</P>
<P style="line-height:13pt; margin:0pt; padding-left:72pt; font-size:11pt">designed such internal control over financial reporting, or caused it to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with the issuer&#146;s GAAP; and</P>
<P style="margin:0pt"><BR></P>
<P style="line-height:13pt; margin-top:0pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; font-size:11pt">5.</P>
<P style="line-height:13pt; margin:0pt; padding-left:36pt; font-size:11pt">I have caused the issuer to disclose in the interim MD&amp;A any change in the issuer&#146;s internal control over financial reporting that occurred during the issuer&#146;s most recent interim period that has materially affected, or is reasonably likely to materially affect, the issuer&#146;s internal control over financial reporting. </P>
<P style="margin:0pt"><BR></P>
<P style="line-height:13pt; margin:0pt; font-size:11pt">Date: &nbsp;August 10, 2006</P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt"><img src="ceocert003.jpg" alt="[ceocert003.jpg]" align=middle height=36.133 width=178></P>
<P style="line-height:13pt; margin:0pt; font-size:11pt">_______________________</P>
<P style="line-height:13pt; margin:0pt; font-size:11pt">Christopher J. Bradbook, CEO</P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt" align=justify><BR>
<BR></P>
</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.5
<SEQUENCE>6
<FILENAME>cfocert.htm
<DESCRIPTION>CFO CERTIFICATION
<TEXT>
<!doctype html public "-//IETF//DTD HTML//EN">
<HTML>
<HEAD>
<TITLE>CC Filed by Filing Services Canada Inc. 403-717-3898</TITLE>
<META NAME="author" CONTENT="Compaq">
<META NAME="date" CONTENT="08/11/2006">
</HEAD>
<BODY style="line-height:12pt; font-family:Times New Roman; font-size:10pt; color:#000000">
<P style="margin:0pt" align=center><img src="logo.gif" alt="[cfocert002.gif]" align=middle height=104 width=192></P>
<P style="margin-top:0pt; margin-bottom:5pt" align=center><B><I>TSX and AMEX Symbol: NGD </I></B></P>
<P style="margin-top:0pt; margin-bottom:-12pt"><B><I>#601 - 595 Howe Street, Vancouver, B. C. &nbsp;V6C 2T5</I></B></P>
<P style="margin:0pt; text-indent:303.25pt" align="right"><B><I>E-mail address: invest@newgoldinc.com</I></B></P>
<P style="margin-top:0pt; margin-bottom:-12pt"><B><I>Telephone: (604) 687-1629 ~ Fax: (604) 687-2845</I></B></P>
<P style="margin:0pt; text-indent:363.4pt" align="right"><B><I>Website: newgoldinc.com</I></B></P>
<P style="margin:0pt" align=center><BR></P>
<P style="margin:0pt" align=justify><BR></P>
<P style="line-height:13pt; margin:0pt; font-size:11pt" align=center><B>Form 52-109F2 <I>Certification of Interim Filings</I></B></P>
<P style="margin:0pt"><BR></P>
<P style="line-height:13pt; margin:0pt; font-size:11pt">I, <B><I>Paul D. Martin, Chief Financial Officer, New Gold Inc.</I></B>, certify that:</P>
<P style="margin:0pt"><BR></P>
<P style="line-height:13pt; margin-top:0pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; font-size:11pt">1.</P>
<P style="line-height:13pt; margin:0pt; padding-left:36pt; font-size:11pt">I have reviewed the interim filings (as this term is defined in Multilateral Instrument 52-109 <I>Certification of Disclosure in Issuers&#146; Annual and Interim Filings</I>) of <B><I>New Gold Inc.</I></B>, (the issuer) for the interim period ending <B><I>June 30, 2006</I></B>;</P>
<P style="margin:0pt"><BR></P>
<P style="line-height:13pt; margin-top:0pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; font-size:11pt">2.</P>
<P style="line-height:13pt; margin:0pt; padding-left:36pt; font-size:11pt">Based on my knowledge, the interim filings do not contain any untrue statement of a material fact or omit to state a material fact required to be stated or that is necessary to make a statement not misleading in light of the circumstances under which it was made, with respect to the period covered by the interim filings; </P>
<P style="margin:0pt"><BR></P>
<P style="line-height:13pt; margin-top:0pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; font-size:11pt">3.</P>
<P style="line-height:13pt; margin:0pt; padding-left:36pt; font-size:11pt">Based on my knowledge, the interim financial statements together with the other financial information included in the interim filings fairly present in all material respects the financial condition, results of operations and cash flows of the issuer, as of the date and for the periods presented in the interim filings;</P>
<P style="margin:0pt"><BR></P>
<P style="line-height:13pt; margin-top:0pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; font-size:11pt">4.</P>
<P style="line-height:13pt; margin:0pt; padding-left:36pt; font-size:11pt">The issuer's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures and internal control over financial reporting for the issuer, and we have:</P>
<P style="margin:0pt"><BR></P>
<P style="line-height:13pt; margin-top:0pt; margin-bottom:-13pt; padding-left:72pt; text-indent:-36pt; font-size:11pt">(a)</P>
<P style="line-height:13pt; margin:0pt; padding-left:72pt; font-size:11pt">designed such disclosure controls and procedures, or caused them to be designed under our supervision, to provide reasonable assurance that material information relating to the issuer, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which the interim filings are being prepared; and</P>
<P style="margin:0pt"><BR></P>
<P style="line-height:13pt; margin-top:0pt; margin-bottom:-13pt; padding-left:72pt; text-indent:-36pt; font-size:11pt">(b)</P>
<P style="line-height:13pt; margin:0pt; padding-left:72pt; font-size:11pt">designed such internal control over financial reporting, or caused it to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with the issuer&#146;s GAAP; and</P>
<P style="margin:0pt"><BR></P>
<P style="line-height:13pt; margin-top:0pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; font-size:11pt">5.</P>
<P style="line-height:13pt; margin:0pt; padding-left:36pt; font-size:11pt">I have caused the issuer to disclose in the interim MD&amp;A any change in the issuer&#146;s internal control over financial reporting that occurred during the issuer&#146;s most recent interim period that has materially affected, or is reasonably likely to materially affect, the issuer&#146;s internal control over financial reporting. </P>
<P style="margin:0pt"><BR></P>
<P style="line-height:13pt; margin:0pt; font-size:11pt">Date: &nbsp;August 10, 2006</P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt"><img src="cfocert003.jpg" alt="[cfocert003.jpg]" align=middle height=54.667 width=123.067></P>
<P style="line-height:13pt; margin:0pt; font-size:11pt">_______________________</P>
<P style="line-height:13pt; margin:0pt; font-size:11pt">Paul D. Martin, CFO</P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt" align=justify><BR>
<BR></P>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
