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<SEC-DOCUMENT>0001204459-08-002249.txt : 20081114
<SEC-HEADER>0001204459-08-002249.hdr.sgml : 20081114
<ACCEPTANCE-DATETIME>20081113194543
ACCESSION NUMBER:		0001204459-08-002249
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20081112
FILED AS OF DATE:		20081114
DATE AS OF CHANGE:		20081113

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:		081186675

	BUSINESS ADDRESS:	
		STREET 1:		3110 - 666 BURRARD ST.
		CITY:			VANCOUVER
		STATE:			A1
		ZIP:			V6C 2X8
		BUSINESS PHONE:		(604) 696-4100

	MAIL ADDRESS:	
		STREET 1:		3110 - 666 BURRARD ST.
		CITY:			VANCOUVER
		STATE:			A1
		ZIP:			V6C 2X8

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	DRC RESOURCES CORP                                      /FI
		DATE OF NAME CHANGE:	19860904
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>ngd111208f6k.htm
<DESCRIPTION>FORM 6-K
<TEXT>

<head>

<title>New Gold Inc.: Form 6-K - Prepared by TNT Filings Inc.</title>
</head>





<html>

<body>

<div style="border-top-style: solid; border-top-width: 1; padding-top: 1">
  <hr color="#000000" size="5">
</div>
<p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><b>
<font size="5">UNITED STATES</font></b></p>
<p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><b>
<font size="5">SECURITIES AND EXCHANGE COMMISSION</font></b></p>
<p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><b>
<font size="2">Washington, D.C. 20549</font></b></p>
<p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;<b><font size="2">___________________</font></b></p>
<p style="text-align: center; margin-top: 6pt; margin-bottom: 0pt"><b>
<font size="5">FORM 6-K</font></b></p>
<p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><b>
<font size="2">REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR<br>
15d-16 OF THE SECURITIES EXCHANGE ACT OF 1934</font></b></p>
<p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><b>
<font size="2">For the month of November, 2008</font></b></p>
<p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><b>
<font size="2">Commission File Number 001-31722</font></b></p>
<p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><b>
<font size="2">___________________</font></b></p>
<p style="text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><b>
<font size="6">New Gold Inc.</font></b></p>
<p style="text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt">
<font size="2">Park Place, 3110-666 Burrard Street</font></p>
<p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt">
<font size="2">Vancouver, British Columbia V6C 2X8</font></p>
<p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt">
<font size="2">Canada</font></p>
<p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt">
<font size="2">(</font><i><font size="2">Address of principal executive offices</font></i><font size="2">)</font></p>
<p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><b>
<font size="2">___________________</font></b></p>
<p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="text-align: justify; margin-top: 0pt; margin-bottom: 0pt">
<font size="2">Indicate by check mark whether the registrant files or will file
annual reports under cover of Form 20-F or Form 40-F.)<br>
&nbsp;</font></p>
<p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt">
<font size="2">Form 20-F</font> <font face="Wingdings 2" size="4">&#163;</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size="2">Form
40-F</font> <font face="Wingdings 2" size="4">Q</font></p>
<p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="text-align: justify; margin-top: 0pt; margin-bottom: 0pt">
<font size="2">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)</font>
<font face="Wingdings 2" size="4">&#163;</font></p>
<font FACE="Times New Roman" SIZE="2"><b>
<p>Note</b>: Regulation S-T Rule 101(b)(1) only permits the submission in paper
of a Form 6-K if submitted solely to provide an attached annual report to
security holders. </p>
</font>
<p style="text-align: justify; margin-top: 0pt; margin-bottom: 0pt">
<font size="2">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)</font>
<font face="Wingdings 2" size="4">&#163;</font></p>
<font FACE="Times New Roman" SIZE="2"><b>
<p ALIGN="JUSTIFY">Note: </b>Regulation S-T Rule 101(b)(7) only permits the
submission in paper of a Form 6-K if submitted to furnish a report or other
document that the registrant foreign private issuer must furnish and make public
under the laws of the jurisdiction in which the registrant is incorporated,
domiciled or legally organized (the registrant&#146;s &quot;home country&quot;), or under the
rules of the home country exchange on which the registrant&#146;s securities are
traded, as long as the report or other document is not a press release, is not
required to be and has not been distributed to the registrant&#146;s security
holders, and, if discussing a material event, has already been the subject of a
Form 6-K submission or other Commission filing on EDGAR. </p>
</font>
<p style="text-align: justify; margin-top: 0pt; margin-bottom: 0pt">
<font size="2">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.)</font></p>
<p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt">
<font size="2">Yes</font> <font face="Wingdings 2" size="4">&#163;</font><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No</font>
<font face="Wingdings 2" size="4">Q</font></p>
<p style="text-indent: 0.25in; text-align: left; margin-top: 0pt; margin-bottom: 0pt">
&nbsp;</p>
<p style="text-align: justify; margin-top: 0pt; margin-bottom: 0pt">
<font size="2">If &#147;Yes&#148; is marked, indicate below the file number assigned to
the registrant in connection with Rule 12g3-2(b): 82- <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</u>.</font></p>
<p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black noShade SIZE=5>
<p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><b>
<font size="2">DOCUMENTS FILED AS PART OF THIS FORM 6-K</font></b></p>
<p style="text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="text-align: left; margin-top: 0pt; margin-bottom: 0pt"><font size="2">
<a style="text-decoration: none" href="#EXHIBIT INDEX">See the Exhibit Index
hereto.</a></font></p>
<p style="text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><b>
<font size="2">SIGNATURES</font></b></p>
<p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="text-align: justify; margin-top: 0pt; margin-bottom: 0pt">
<font size="2">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.</font></p>
<p style="text-align: justify; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<table border="0" cellpadding="0" cellspacing="0" style="border-collapse: collapse" bordercolor="#111111" width="100%">
  <tr>
    <td width="50%" colspan="2">&nbsp;</td>
    <td width="50%"><b><small>NEW</small> <small>GOLD</small> <small>INC.</small></b></td>
  </tr>
  <tr>
    <td width="50%" colspan="2">&nbsp;</td>
    <td width="50%">&nbsp;</td>
  </tr>
  <tr>
    <td width="50%" colspan="2">&nbsp;</td>
    <td width="50%">&nbsp;</td>
  </tr>
  <tr>
    <td width="49%">&nbsp;</td>
    <td width="1%" align="left">
    <p style="margin-right: 15"><font size="2">By: </font></td>
    <td width="50%" style="border-bottom-style: solid; border-bottom-width: 1">
    <i>
    <font size="2">/s/ Basil Huxham</font></i></td>
  </tr>
  <tr>
    <td width="49%">&nbsp;</td>
    <td width="1%" align="left">
    <p style="margin-right: 15"><font size="2">Name:&nbsp;&nbsp; </font></td>
    <td width="50%" style="border-top-style: solid; border-top-width: 1; border-bottom-style: none; border-bottom-width: medium">
    <font size="2">Basil Huxham</font></td>
  </tr>
  <tr>
    <td width="49%">&nbsp;</td>
    <td width="1%" align="left">
    <p style="margin-right: 15"><font size="2">Title: </font></td>
    <td width="50%" style="border-top-style: none; border-top-width: medium">
    <font size="2">Executive Vice President and Chief Financial Officer</font></td>
  </tr>
  <tr>
    <td width="50%" colspan="2"><font size="2">Date: November 12, 2008</font></td>
    <td width="50%" style="border-top-style: none; border-top-width: medium">&nbsp;</td>
  </tr>
</table>
<p style="text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt">
<font size="2">2</font></p>
<p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black noShade SIZE=5>
<p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><b>
<font size="2"><a name="EXHIBIT INDEX">EXHIBIT INDEX</a></font></b></p>
<p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<table border="0" cellpadding="0" cellspacing="0" style="border-collapse: collapse" bordercolor="#111111" width="100%">
  <tr>
    <td width="14%" height="15"><u><b><font size="2">Exhibit</font></b></u></td>
    <td width="86%" height="15"><b><font size="2"><u>Description</u></font></b></td>
  </tr>
  <tr>
    <td width="14%" bgcolor="#E9F1F8">&nbsp;</td>
    <td width="86%" bgcolor="#E9F1F8">&nbsp;</td>
  </tr>
  <tr>
    <td width="14%" bgcolor="#E9F1F8"><font size="2">
    <a style="text-decoration: none" href="ngd111208exh991.htm">99.1</a></font></td>
    <td width="86%" bgcolor="#E9F1F8">
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; color:#000000" align=left>
<font size="2"><a style="text-decoration: none" href="ngd111208exh991.htm">Press Release
dated November 12, 2008</a></font></P>
    </td>
  </tr>
  </table>
<p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt">
<font size="2">3</font></p>
<p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<hr color="#000000" size="5">

</body>

</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>ngd111208exh991.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>

<head>
<title>New Gold Inc: Exhibit 99.1 - Prepared by TNT Filings Inc.</title>
</head>


<html>

<body>

<div style="border-top-style: solid; border-top-width: 1; padding-top: 1">
  <hr color="#000000" size="5">
</div>
<p align="center">
<img border="0" src="exh9911.jpg" width="387" height="113"></p>
<table CELLSPACING="0" BORDER="0" WIDTH="100%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111" height="92">
  <tr>
    <td align="center" style="border-top-style: solid; border-top-width: 1" height="20">&nbsp;</td>
  </tr>
  <tr>
    <td align="center" height="20"><font SIZE="4"><b>PRESS RELEASE</b></font></td>
  </tr>
  <tr>
    <td align="center" height="15"><hr color="#000000" size="1"></td>
  </tr>
  <tr>
    <td align="center" height="17"><font SIZE="5"><b>New Gold Announces Third
    Quarter Results and Revised New Afton Development Schedule </b></font></td>
  </tr>
  <tr>
    <td align="center" style="border-bottom-style: solid; border-bottom-width: 1" height="20">&nbsp;</td>
  </tr>
</table>
<font SIZE="2" face="Times New Roman">
<p align="justify">(All figures are in US dollars unless otherwise stated) </p>
<p ALIGN="JUSTIFY">November 12, 2008 &#150; VANCOUVER, BC &#150; New Gold Inc. (&quot;<b>New
Gold</b>&quot;) (TSX and AMEX &#150; NGD) today announced the financial and operational
results for the quarter ending September 30, 2008 and the revised New Afton
project development schedule. </p>
</font><b><font SIZE="2" face="Times New Roman">
<p align="justify">Q3 2008 Highlights </p>
</font></b><font FACE="Symbol MT" LANG="JA" SIZE="2">
<ul>
  <li>
  <p align="justify" style="margin-top: 0; margin-bottom: 0"></font><font FACE="Times New Roman" SIZE="2">Gold sales
  increased by 7% to 67,156 ounces over the prior quarter </li>
  </font><font FACE="Symbol MT" LANG="JA" SIZE="2">
  <li>
  <p align="justify" style="margin-top: 0; margin-bottom: 0"></font><font FACE="Times New Roman" SIZE="2">Total cash
  cost reduced by 8% to $566 per ounce (net of by-product credits) over the
  prior quarter </li>
  </font><font FACE="Symbol MT" LANG="JA" SIZE="2">
  <li>
  <p ALIGN="JUSTIFY" style="margin-top: 0; margin-bottom: 0"></font><font FACE="Times New Roman" SIZE="2">Adjusted net
  earnings <sup>(1)</sup> of $8.0 million or $0.04 per share, before write down
  of the Company&#146;s investment in Amapari. Net loss was $148.9 million including
  the $156.9 million Amapari impairment </li>
  </font><font FACE="Symbol MT" LANG="JA" SIZE="2">
  <li>
  <p align="justify" style="margin-top: 0; margin-bottom: 0"></font><font FACE="Times New Roman" SIZE="2">Foreign
  exchange gains of $15.5 million </li>
  </font><font FACE="Symbol MT" LANG="JA" SIZE="2">
  <li>
  <p align="justify" style="margin-top: 0; margin-bottom: 0"></font><font FACE="Times New Roman" SIZE="2">Cash and cash
  equivalents of $251.1 million </li>
  </font><font FACE="Symbol MT" LANG="JA" SIZE="2">
  <li>
  <p align="justify" style="margin-top: 0; margin-bottom: 0"></font><font SIZE="2" face="Times New Roman">Decision to
  slow development of the New Afton Project </li>
</ul>
<b>
<p align="justify">Revised New Afton Development Schedule </p>
</b>
<p align="justify">Due to the volatility and uncertainty of today&#146;s capital
markets and New Gold&#146;s current cash position coupled with the funding
requirements for the fast track construction of the New Afton project, New Gold
has made the decision to slow development of the project. </p>
<p align="justify">Under the revised development plan, surface construction will
be shut down in an orderly fashion over the coming weeks while development of
the underground workings will continue at a reduced rate to gain access to the
bottom of the ore body. The revised schedule projects a cash requirement of
approximately $83.0 million in 2009, as compared to the previous fast track
schedule which had a cash requirement of $320.0 million for the coming year.
Under the original fast track schedule, operations were to commence in late
2009, ramping up to achieve full production in the second quarter of 2011. With
the revised plan, surface construction would resume at the end of 2010 with
anticipated full production in the second half of 2012. </p>
<p align="justify">&quot;I am most conscious of the impacts that the decision to slow
the development of the New Afton project will have on our shareholders,
employees and the communities adjacent to the project,&quot; said Robert Gallagher,
President and Chief Executive Officer. &quot;In the current atmosphere of uncertain
financial markets, coupled with the severe cost pressures in the construction
industry, this is the right action to take to ensure completion of the project
in the shortest time frame while maximizing value to our stakeholders. We have
identified potential cost reductions in the revised development plan. At today&#146;s
commodity prices, New Afton will be a strong cash producer. New Gold is making
progress in putting in place the required funding that would enable us to
complete development of the project.&quot; </p>
<p align="center">1/4</p>
</font><HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black noShade SIZE=5>

<font FACE="Times New Roman" SIZE="2"><b>
<p align="justify">Amapari Write Down </p>
</b>
<p align="justify">New Gold has reviewed the carrying value of its investment in
Amapari and has concluded that there has been an impairment. The evaluation of
results from the 2007/2008 drill program has not added significant amounts of
oxides that would be economical to process in the existing heap leach circuit.
Remaining heap leachable material will be exhausted in the fourth quarter of
2009. Production beyond 2009 is subject to ongoing studies on the feasibility of
mining and processing the sulphide resources underlying and surrounding the
oxide pits. As a result of the limited mine life for the oxides and unproven
economic viability of the identified sulphide resources, management has written
down its investment in Amapari by $156.9 million, net of tax recoveries, to a
value of $10.6 million. </p>
<b>
<p align="justify">Third Quarter Financial Review </p>
</b>
<p align="justify">Consolidated revenue for the third quarter 2008 was $63.4
million with a realized gold price of $870 per ounce. Gold sales in the third
quarter were 67,156 ounces, consistent with previous guidance. Cash cost was
$566 per ounce, net of by-product sales for the third quarter, which is above
forecast due to higher operating costs at Amapari, lower copper concentrate
sales at Peak Mines and the impact of falling copper price on copper revenues
not yet received. </p>
<p align="justify">Consolidated net earnings for the third quarter 2008, before
the impairment charge, were $8.0 million, which includes a $15.5 million gain on
foreign exchange. Foreign exchange gains arise mainly from Canadian dollar
denominated monetary items and the revaluation of foreign future income tax
liabilities. </p>
<b>
<p align="justify">Third Quarter Operational Review </p>
<p align="justify">Cerro San Pedro </p>
</b>
<p align="justify">Cerro San Pedro achieved good results in the third quarter
with gold sales of 26,070 ounces. The increase in production over the second
quarter was due to a higher recovery as leach pads approach equilibrium. Total
cash cost, net of by-product sales for the third quarter, was $369 per ounce and
for the nine month period ending September 30, 2008 was $403 per ounce. Cash
cost was lower in the third quarter mainly because of the increase in the volume
of gold sold, offset by the reduction in the selling price of silver, higher
strip ratio and increased consumable costs. Operating cash flow from the mine
for the third quarter was $7.0 million. Consistent with previous guidance, gold
and silver production during the fourth quarter will be lower than previous
quarters as planned mining progresses through a lower grade, higher strip ratio
phase. </p>
<b>
<p align="justify">Amapari Mine </p>
</b>
<p align="justify">Amapari had gold sales of 16,661 ounces in the third quarter
at a realized gold price of $853 per ounce and cash cost of $882 per ounce
resulting in negative cash flow from operations of $5.1 million. The full impact
of the recently improved operating performance on production and cash cost is
expected to be realized in the fourth quarter due to delayed recoveries
associated with heap leaching. Recoverable ounces placed on the leach pads
increased 44 percent from 16,400 in the second quarter to 23,600 in the third
quarter. Higher mobile equipment availabilities resulted in more tonnes moved
and higher grade ore deliveries, while better plant availability increased
tonnes placed. Work to improve recovery is showing positive results with
completed piles averaging 75 percent in the quarter compared to historic results
in the low 60 percent range. </p>
<b>
<p align="justify">Peak Mines </p>
</b>
<p align="justify">Peak Mines gold sales in the third quarter totaled 24,425
ounces at a realized gold price of $878 per ounce sold. Gold production returned
to planned levels with improvement in ore grade as mining focused on primary
stopes. Record mill throughput of 196,633 tonnes reflects consistent underground
production and high mill availability. Total cash cost for the quarter was $560
per ounce, net of by-product sales. The higher than forecast cash cost is
primarily a result of a negative adjustment of approximately $155 per ounce to
copper concentrate accounts receivable, due to decreased copper prices.
Operating cash flow from the Peak Mines in the third quarter was $5.0 million
which was adversely impacted by the delay in receipt of copper concentrate
sales. </p>
<p align="center"></font><font style="font-size: 10pt">2/4</font></p>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black noShade SIZE=5><font FACE="Times New Roman" SIZE="2"><b>
<p align="justify">El Morro </p>
</b>
<p align="justify">New Gold has a 30 percent interest in the El Morro project
with joint venture partner and operator Xstrata plc (&quot;Xstrata&quot;). El Morro is a
450 million tonne copper-gold deposit located in north-central Chile. New Gold&#146;s
share of the project&#146;s reserves is 2 million ounces of gold and 1.7 billion
pounds of copper.<sup>(2)</sup> Development of the El Morro project is expected
to progress to the permitting stage with delivery of the project&#146;s Environmental
Impact Statement to the Chilean Authorities in the coming weeks. Permitting is
expected to take from 12 to 18 months, after which development activities could
proceed. Total capital cost of the project has been estimated at $2.5 billion.
New Gold has an agreement with Xstrata whereby Xstrata will finance, at New
Gold&#146;s election, 70 percent of New Gold&#146;s 30 percent share of El Morro&#146;s project
development costs. New Gold is pleased to see the project progressing towards
the permitting stage and views El Morro as an important part of its growth
pipeline. </p>
<b>
<p align="justify">Corporate Outlook </p>
</b>
<p align="justify">&quot;The third quarter saw improvements in operating performance
at Amapari and Peak Mines and we expect to see the full effect of those
improvements in the fourth quarter results. At Cerro San Pedro gold production
has ramped up continuously to record levels in the third quarter. Consistent
with previous guidance, production will be lower in the fourth quarter due to
planned mining of lower grade ore. Consolidated total cash cost, net of
by-product sales, will be adversely impacted with the recent decrease in copper
and silver prices. As a result, New Gold expects to exceed its cash cost
guidance for the full year but leaves its anticipated gold production of 250,000
ounces for the year unchanged&quot; said Robert Gallagher, President and Chief
Executive Officer. </p>
<p align="justify">&quot;In the current uncertain and volatile financial atmosphere,
New Gold has made the decision to slow development at the New Afton project to
maintain its solid financial position. At the end of the current quarter New
Gold has cash and cash equivalents of $251.1 million. New Afton is an important
part of New Gold&#146;s internal growth strategy and management is making progress in
putting in place the required funding that would enable us to resume full
development of the project.&quot; </p>
<p ALIGN="justify" style="margin-left: 4%">(1)</p>
<p ALIGN="justify" style="margin-left: 8%; margin-top: -25.5pt">This data
is furnished to provide additional information and is a non-GAAP measure. It
should not be considered in isolation as a substitute for measures of
performance prepared in accordance with GAAP and is not necessarily indicative
of net earnings presented under GAAP. </p>
<p ALIGN="justify" style="margin-left: 4%">(2) </p>
<p ALIGN="justify" style="margin-left: 8%; margin-top: -25.5pt">Proven and
probable reserves 450,234,000 tonnes; gold grade 0.46 gpt and copper 0.58%; the
qualified persons (as defined under NI 43-101) for the mineral reserve estimates
are Barton G. Stone, P.G., and Richard J. Lambert, P.E., Pincock, Allen &amp; Holt.
See El Morro Feasibility Technical Report, May 9, 2008. </p>
<p align="justify">Please click here to view the financial statements </p>
<p align="justify">Please click here to download the third quarter report </p>
<b>
<p align="justify">Conference Call-in Details </p>
</b>
<p ALIGN="JUSTIFY">New Gold will hold a conference call on Thursday, November
13, 2008 at 10:00 a.m. Pacific time to discuss these results. You may join the
call by dialing toll free 1-888-789-9572 or 1-416-695-7806 to access the call
from outside Canada or the U.S. You can listen to a recorded playback of the
call after the event until December 11, 2008 by dialing 1-800-408-3053 or
1-416-695-5800 for calls outside Canada and the U.S. Passcode 3273675. </p>
<p ALIGN="JUSTIFY">New Gold is an intermediate gold mining company with three
operating assets in Mexico, Brazil and Australia and two development projects in
each of Canada and Chile. For further information on New Gold, please visit our
website at<font color="#0000FF"><u> www.newgold.com. </u></font></p>
</font>
<p align="center"><font face="Times New Roman" size="2">3/4</font></p>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black noShade SIZE=5><font FACE="Times New Roman" size="2"><b>
<p align="justify">CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS <br>
</b>Certain information contained in this press release, including any
information as to New Gold&#146;s future financial or operating performance, may be
deemed &quot;forward looking&quot;. All statements in this press release, other than
statements of historical fact, that address events or developments that New Gold
expects to occur, are &quot;forward-looking statements&quot;. Forward-looking statements
are statements that are not historical facts and are generally, but not always,
identified by the words &quot;expects&quot;, &quot;does not expect&quot;, &quot;plans&quot;, &quot;anticipates&quot;,
&quot;does not anticipate&quot;, &quot;believes&quot;, &quot;intends&quot;, &quot;estimates&quot;, &quot;projects&quot;,
&quot;potential&quot;, &quot;scheduled&quot;, &quot;forecast&quot;, &quot;budget&quot; and similar expressions, or that
events or conditions &quot;will&quot;, &quot;would&quot;, &quot;may&quot;, &quot;could&quot;, &quot;should&quot; or &quot;might&quot; occur.
All such forward-looking statements are subject to important risk factors and
uncertainties, many of which are beyond New Gold&#146;s ability to control or
predict. Forward-looking statements are necessarily based on estimates and
assumptions that are inherently subject to known and unknown risks,
uncertainties and other factors that may cause New Gold&#146;s actual results, level
of activity, performance or achievements to be materially different from those
expressed or implied by such forward-looking statements. Such factors include,
without limitation: anticipated synergies from the business combination may not
be realized, there may be difficulties in integrating the operations and
personnel of New Gold, Peak Gold Ltd. and Metallica Resources Inc. New Gold is
subject to significant capital requirements associated with its expanded
operations and portfolio of development projects since completion of the
business combination; fluctuations in the international currency markets and in
the rates of exchange of the currencies of Canada, the United States, Australia,
Mexico and Chile; price volatility in the spot and forward markets for
commodities; impact of any hedging activities, including margin limits and
margin calls; discrepancies between actual and estimated production, between
actual and estimated reserves and resources and between actual and estimated
metallurgical recoveries; changes in national and local government legislation
in Canada, the United States, Australia, Mexico and Chile or any other country
in which New Gold currently or may in the future carry on business; taxation;
controls, regulations and political or economic developments in the countries in
which New Gold does or may carry on business; the speculative nature of mineral
exploration and development, including the risks of obtaining necessary licenses
and permits; diminishing quantities or grades of reserves; competition; loss of
key employees; additional funding requirements; actual results of current
exploration or reclamation activities; changes in project parameters as plans
continue to be refined; accidents; labour disputes; defective title to mineral
claims or property or contests over claims to mineral properties. In addition,
there are risks and hazards associated with the business of mineral exploration,
development and mining, including environmental hazards, industrial accidents,
unusual or unexpected formations, pressures, cave-ins, flooding and gold bullion
losses (and the risk of inadequate insurance or inability to obtain insurance,
to cover these risks) as well as &quot;Risks and Uncertainties&quot; included in New
Gold&#146;s MD&amp;A filed August 14, 2008 available at <u>www.sedar.com</u>.
Forward-looking statements are not guarantees of future performance, and actual
results and future events could materially differ from those anticipated in such
statements. All of the forward-looking statements contained in this press
release are qualified by these cautionary statements. New Gold expressly
disclaims any intention or obligation to update or revise any forward-looking
statements, whether as a result of new information, events or otherwise, except
in accordance with applicable securities laws. </p>
<b>
<p align="justify">CASH COST<br>
</b>&quot;Total cash cost&quot; figures are calculated in accordance with a standard
developed by The Gold Institute, which was a worldwide association of suppliers
of gold and gold products and included leading North American gold producers.
The Gold Institute ceased operations in 2002, but the standard is the accepted
standard of reporting cash cost of production in North America. Adoption of the
standard is voluntary and the cost measures presented may not be comparable to
other similarly titled measures of other companies. The Company reports total
cash cost on a sales basis. Total cash cost includes mine site operating costs
such as mining, processing, administration, royalties and production taxes, but
is exclusive of amortization, reclamation, capital and exploration costs. Total
cash cost is then divided by ounces sold to arrive at the total cash cost of
sales. The measure, along with sales, is considered to be a key indicator of a
company&#146;s ability to generate operating earnings and cash flow from its mining
operations. This data is furnished to provide additional information and is a
non-GAAP measure. It should not be considered in isolation as a substitute for
measures of performance prepared in accordance with GAAP and is not necessarily
indicative of operating costs presented under GAAP. </p>
<p align="justify">For further information please contact: </p>
<p align="justify">M&#233;lanie Hennessey <br>
Vice President Investor Relations <br>
<b>New Gold Inc. <br>
</b>Direct: +1 (604) 639-0022 <br>
Toll-free: +1 (888) 315-9715 <br>
Email: info@newgold.com <br>
Website:www.newgold.com </p>
<p align="center">4/4</p>
<hr color="#000000" size="5"></font>

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
