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<SEC-DOCUMENT>0001204459-09-000369.txt : 20090306
<SEC-HEADER>0001204459-09-000369.hdr.sgml : 20090306
<ACCEPTANCE-DATETIME>20090306161222
ACCESSION NUMBER:		0001204459-09-000369
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20090304
FILED AS OF DATE:		20090306
DATE AS OF CHANGE:		20090306

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:		09662977

	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>ngdf6k030509.htm
<DESCRIPTION>FORM 6-K
<TEXT>
<html>

<head>

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

<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: 14pt; 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 UNDER 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 </font></b><font size="2"><b>March 2009</b></font></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 office</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's &quot;home country&quot;), or under the
rules of the home country exchange on which the registrant'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'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">&nbsp;</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 &quot;Yes&quot; 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>
<div title="EE+ Page Break" style="font-size: 1pt; page-break-after: always; width: 100%; height: 1px">
  <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="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-indent: 4%; 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 style="border-collapse: collapse" borderColor="#111111" cellSpacing="0" cellPadding="0" width="100%" border="0">
  <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 align="left" width="1%">
    <p style="margin-right: 15px"><font size="2">By: </font></td>
    <td style="border-bottom: 1px solid" width="50%"><font size="2">/s/ Susan
    Toews</font></td>
  </tr>
  <tr>
    <td width="49%">&nbsp;</td>
    <td align="left" width="1%">
    <p style="margin-right: 15px"><font size="2">Name:&nbsp;&nbsp; </font></td>
    <td style="border-top: 1px solid; border-bottom: medium none" width="50%">
    <font size="2">Susan Toews</font></td>
  </tr>
  <tr>
    <td width="49%">&nbsp;</td>
    <td align="left" width="1%">
    <p style="margin-right: 15px"><font size="2">Title: </font></td>
    <td style="border-top: medium none" width="50%"><font size="2">Corporate
    Secretary</font></td>
  </tr>
  <tr>
    <td width="50%" colSpan="2"><font size="2">Date: March 4, 2009</font></td>
    <td style="border-top: medium none" width="50%">&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>
<div title="EE+ Page Break" style="font-size: 1pt; page-break-after: always; width: 100%; height: 1px">
  <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="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 style="border-collapse: collapse" borderColor="#111111" height="43" cellSpacing="0" cellPadding="0" width="100%" border="0">
  <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" height="15"><font size="2">&nbsp;</font></td>
    <td width="86%" bgColor="#E9F1F8" height="15"><font size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td width="14%" bgColor="#E9F1F8" height="13"><font size="2">
    <a href="exh991.htm" style="text-decoration: none">99.1</a></font></td>
    <td width="86%" bgColor="#E9F1F8" height="13">
    <font face="Times New Roman" size="2">
    <a href="exh991.htm" style="text-decoration: none">Press Release dated March
    4, 2009 </a></font></td>
  </tr>
</table>
<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>exh991.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
<html>

<head>

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

<body>

<div style="border-top-style: solid; border-top-width: 1; padding-top: 1">
  <hr color="#000000" size="5">
</div>
<table border="0" cellpadding="0" cellspacing="0" style="border-collapse: collapse" bordercolor="#111111" width="100%">
  <tr>
    <td width="50%">&nbsp;</td>
    <td width="50%">&nbsp;</td>
  </tr>
  <tr>
    <td width="50%">&nbsp;</td>
    <td width="50%">
    <p align="right"><b><font size="2">Exhibit 99.1</font></b></td>
  </tr>
  <tr>
    <td width="50%"><img border="0" src="exh9911.gif" width="255" height="82"></td>
    <td width="50%">
    <p align="right"><img border="0" src="exh9912.jpg" width="364" height="68"></td>
  </tr>
</table>
<table CELLSPACING="0" BORDER="0" WIDTH="100%" style="border-collapse: collapse" bordercolor="#111111" cellpadding="0">
  <tr>
    <td align="center" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
  </tr>
  <tr>
    <td align="center" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2">
    <p style="margin-top: 10; margin-bottom: 10">JOINT PRESS RELEASE</font></td>
  </tr>
  <tr>
    <td align="center"><b>
    <p style="margin-top: 10; margin-bottom: 0">New Gold Inc. and Western
    Goldfields Inc. Announce Business Combination</b></td>
  </tr>
  <tr>
    <td align="center" style="border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <p style="margin-top: 0; margin-bottom: 10">Building a Leading Intermediate
    Gold Producer</b></td>
  </tr>
</table>
<font SIZE="2">
<p align="justify">(All figures are in US dollars unless otherwise stated) </p>
<p ALIGN="JUSTIFY">March 4, 2009 &#150; VANCOUVER, BC &#150; New Gold Inc. (&quot;New Gold&quot;) (TSX
and NYSE Alternext &#150; NGD) and Western Goldfields Inc. (&quot;Western Goldfields&quot;) (TSX
- - WGI and NYSE Alternext &#150; WGW) today announce that they have entered into a
definitive agreement pursuant to which New Gold will acquire by way of a plan of
arrangement all of the outstanding common shares of Western Goldfields in
exchange for one New Gold common share and CDN$0.0001 in cash for each common
share of Western Goldfields (the &quot;<b>Transaction</b>&quot;). Upon completion of the
Transaction, existing New Gold and Western Goldfields shareholders will own
approximately 58% and 42% of the combined company, respectively. </p>
<p ALIGN="JUSTIFY">Based on the closing price of New Gold's common shares on the TSX of CDN$2.30 on March 3, 2009, this offer represents a premium of 19.2% to
the closing price of Western Goldfields shares on the TSX on March 3, 2009 and
20.1% to the 20-day volume weighted average trading price of both companies'
shares on the TSX. </p>
<b>
<p align="justify">Highlights of the Transaction: </p>
</b></font><font FACE="Symbol MT" LANG="JA" SIZE="2">
<ul>
  <li>
  <p ALIGN="JUSTIFY" style="margin-top: 0; margin-bottom: 0"></font>
  <font SIZE="2">Diversified gold production base from three gold mines in
  mining-friendly jurisdictions with forecasted gold production of approximately
  335,000 ounces in 2009, expected to grow to over 400,000 ounces in 2012 </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">Strong cash flow to fully fund the development at the New Afton
  gold-copper project in British Columbia </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">Delivers on industry consolidation in a rising gold price
  environment </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">Combines experienced management teams and boards of directors
  </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">Enhances market presence </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">Increases mineable reserves totaling 7.6 million gold ounces
  within a measured and indicated resource of 12.2 million gold ounces </li>
</ul>
<b>
<p align="justify">Management and Directors </p>
</b>
<p ALIGN="JUSTIFY">Upon completion of the Transaction, the executive management
will consist of Randall Oliphant, Executive Chairman; Robert Gallagher,
President and Chief Executive Officer; Brian Penny, Executive Vice President and
Chief Financial Officer; and James Currie, Executive Vice President and Chief
Operating Officer. The board of directors will be a combination of six current
directors of New Gold and four current directors of Western Goldfields, the
exact composition of which will be determined prior to the meetings of the
shareholders of both companies to approve the Transaction. </p>
<p ALIGN="JUSTIFY">Robert Gallagher, President and Chief Executive Officer of
New Gold says, &quot;We are delighted with the announcement of the business
combination with Western Goldfields. This is in line with our growth strategy
and vision of becoming a million ounce gold producer by 2012. This represents
significant value for New Gold and Western Goldfields shareholders with greater
leverage to gold in a larger intermediate gold mining company, diversified
production in mining&#150;friendly jurisdictions, and strengthened financial
position.&quot; </p>
</font><hr style="page-break-after: always" align="center" width="100%" color="black" noShade SIZE="5"><font FACE="Times New Roman" SIZE="2">
<p align="justify">Randall Oliphant, Chairman of Western Goldfields adds, &quot;The
combination of these two companies presents a great opportunity for both Western
Goldfields and New Gold shareholders. It provides both groups with exposure to a
very exciting development project in New Afton and cash flow sufficient to fund
its development. For Western Goldfields shareholders this also represents a
great first transaction aimed at enhancing shareholder value by diversifying our
asset base.&quot; </p>
<b>
<p align="justify">Benefits of the Transaction for New Gold Shareholders </p>
</b></font><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">Adds a high quality producing gold asset
  in a mining-friendly jurisdiction </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">Delivers sufficient cash flow to bring
  New Afton into production </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">Continues New Gold's strategy of leading
  sector consolidation </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">Increases New Gold's leverage to the
  current gold price environment </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">Enhances management strength </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">Improves market presence </li>
</ul>
<b>
<p align="justify">Benefits of the Transaction for Western Goldfields
Shareholders </p>
</b></font><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">Diversifies Western Goldfields from a
  single mine company to a multi-mine producer in mining-friendly jurisdictions
  </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">Delivers on Western Goldfields' strategy
  of growth through consolidation </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">Provides shareholders with a significant
  stake in the combined company </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">Improves market presence </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">Combines highly experienced management
  teams and boards of directors </li>
</ul>
<b>
<p align="justify">Pro Forma Selected Financial Information </p>
</b>
<p align="justify">The combined company will have a pro forma balance sheet at
December 31, 2008 with cash of $171 million, long term investments in Asset
Backed Commercial Paper of $77 million and debt of $275 million, consisting of
$7 million of short term borrowings, $154 million face value of Senior Secured
Notes, $45 million face value of Convertible Debentures and $69 million of
project financing. All pro forma figures are based on the unaudited December 31,
2008 balance sheets of Western Goldfields and New Gold, adjusted for New Gold's
repurchase of CDN$50.0 million face value of Senior Secured Notes for CDN$30.0
million on January 9, 2009. </p>
<b>
<p align="justify">Transaction Details </p>
</b>
<p align="justify">The Transaction is subject to regulatory approvals, court
approval and obtaining a minimum two-thirds approval of those shares voted at a
special meeting of the shareholders of Western Goldfields and majority approval
at a special meeting of the shareholders of New Gold. Under the terms of the
Transaction, shareholders of Western Goldfields will receive one common share of
New Gold and CDN$0.0001 for each common share of Western Goldfields held (the
&quot;Exchange Ratio&quot;). </p>
<p align="justify">Upon completion of the transaction, New Gold will have
approximately 348 million shares outstanding (436 million fully-diluted) and the
fully-diluted in-the-money ownership split is expected to be approximately 58%
New Gold shareholders and 42% Western Goldfields shareholders. </p>
<p align="justify">The Transaction has been structured as a plan of arrangement
under the <i>Business Corporations Act</i> (Ontario). </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">Timing </p>
</b>
<p align="justify">The parties expect to complete and mail the joint information
circular in April 2009 and plan to hold the special meetings in May 2009. The
Transaction is expected to close at the end of May 2009. </p>
<b>
<p align="justify">Financial Advisors and Counsel </p>
</b>
<p ALIGN="JUSTIFY">New Gold's financial advisor is Macquarie Capital Markets
Canada Ltd. and its counsel is Lawson Lundell LLP. Western Goldfields' financial
advisor is BMO Capital Markets and its counsel is Cassels Brock &amp; Blackwell LLP.
</p>
<b>
<p align="justify">Board of Directors' Recommendations </p>
</b>
<p ALIGN="JUSTIFY">The board of directors of both companies have received
fairness opinions with respect to the Transaction consideration and are
recommending approval of the Transaction by their respective shareholders. The
respective boards of directors have unanimously supported the Transaction. The
directors and officers of Western Goldfields' holding an aggregate of 6.2% of
the outstanding Western Goldfields common shares and directors, officers and a
shareholder holding an aggregate of 10.7% of the outstanding New Gold common
shares have agreed to support the transaction by entering into agreements to
vote in favour of the Transaction. </p>
<p ALIGN="JUSTIFY">The definitive business combination agreement entered into in
connection with the Transaction includes a commitment by each of New Gold and
Western Goldfields not to solicit alternative transactions to the proposed
Transaction. In certain circumstances, if a party terminates the definitive
agreement to enter into an agreement to effect an acquisition proposal that is
different from the Transaction, then such party is obligated to pay to the other
party as a termination payment an aggregate amount equal to CDN$8.8 million if
New Gold is the terminating party and CDN$8.8 million if Western Goldfields is
the terminating party. Each party has also been provided with certain other
rights, representations and warranties and covenants customary for a transaction
of this nature, and each party has the right to match competing offers made to
the other party.</font><b><font SIZE="2" face="Times New Roman"> </p>
<p align="justify">Overview of Assets </p>
<p align="justify">Mesquite Mine &#150; California </p>
</font></b><font SIZE="2" face="Times New Roman">
<p ALIGN="JUSTIFY">Mesquite is a gold mining operation in Imperial County,
California, which commenced production in 2008. In 2009, the operation is
forecasting production of between 140,000 and 150,000 ounces of gold at an
estimated total cash cost between $530 and $540 per ounce. Capital expenditures
in 2009 are expected to be approximately $1.5 million. </p>
<b>
<p align="justify">Cerro San Pedro Mine &#150; Mexico </p>
</b>
<p ALIGN="JUSTIFY">Cerro San Pedro is a gold-silver, heap leach project located
near San Luis Potosi in central Mexico. In 2009, the operation is forecasting
production of between 90,000 and 100,000 ounces of gold and between 1.1 million
and 1.3 million ounces of silver at an estimated total cash cost of between $550
and $570 per ounce of gold net of by-product sales. Capital expenditures in 2009
are expected to be approximately $2.8 million. </p>
<b>
<p align="justify">Peak Mines &#150; Australia </p>
</b>
<p ALIGN="JUSTIFY">Peak Mines is a gold mining operation located in the Cobar
Gold Field of Central West New South Wales, Australia. In 2009, the operation is
forecasting production of between 90,000 and 100,000 ounces of gold and between
13 million and 15 million pounds of copper. Total cash cost is expected to be in
the range of $370 to $390 per ounce of gold net of by-product sales from
production associated with the Chesney and Perseverance ore bodies. Capital
expenditures in 2009 are expected to be approximately $24.5 million. </p>
<hr style="page-break-after: always" align="center" width="100%" color="black" noShade SIZE="5"><b>
<p align="justify">New Afton Development Project - Canada </p>
</b>
<p ALIGN="JUSTIFY">New Afton is a gold-copper development project located in
Kamloops, British Columbia, Canada. Full production is currently expected to
commence in the second half of 2012. New Afton will be an underground mine,
which will produce an annual estimated average of 75 million pounds of copper,
80,000 ounces of gold and 214,000 ounces of silver. In 2009, expenditures at New
Afton are expected to be approximately $59.2 million. </p>
<b>
<p align="justify">El Morro Development Project - Chile </p>
</b>
<p ALIGN="JUSTIFY">El Morro is a copper-gold development stage project located
in northern Chile. New Gold owns a 30% interest in the project with our joint
venture partner and project operator, Xstrata Copper which owns the remaining
70%. El Morro entered the permitting stage with the submission of the
Environmental Impact Study in the fourth quarter of 2008. It is anticipated that
the permit will be obtained within 12 to 18 months of its submittal. </p>
<p ALIGN="JUSTIFY">Assumptions used in the 2009 forecasted cash cost for the
Peak and Cerro San Pedro mines include copper and silver prices of $2.00 per
pound and $10.00 per ounce, respectively, and Australian dollar and Mexican peso
exchange rates of $0.70 and $12.00 to the U.S. dollar, respectively. </p>
<b>
<p align="justify">Conference Call-in Details </p>
</b>
<p ALIGN="JUSTIFY">A joint conference call of management of New Gold and Western
Goldfields will be held on Wednesday, March 4 at 10:00am ET to discuss the
Transaction. Anyone 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. Passcode
#5670261. You can listen to a recorded playback of the call after the event
until April 16, 2009 by dialing 1-800-408-3053 or +1-416-695-5800 for calls
outside Canada and the U.S. Passcode #3282038.<b> </p>
</b>
<p ALIGN="JUSTIFY">New Gold is an intermediate gold mining company with
operating assets in Mexico and Australia and two development projects in Canada
and Chile. For further information on New Gold, please visit our website at <u>
<font color="#0000FF">www.newgold.com</font></u>. The New Gold and Western
Goldfields business combination presentation is available on the homepage of
both companies' websites. </p>
<p ALIGN="JUSTIFY">Western Goldfields is a gold production and exploration
company with a focus on precious metal mining opportunities in North America.
The Mesquite Mine, currently Western Goldfields' sole asset, was brought into
production in January 2008. For further information on Western Goldfields,
please visit our website at <font color="#0000FF"><u>www.westerngoldfields.com</u></font>.
</p>
<b>
<p align="justify">CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS </p>
</b></font><font face="Times New Roman" style="font-size: 8pt">
<p ALIGN="JUSTIFY">Certain information contained in this press release,
including any information relating to the proposed transaction and New Gold or
Western Goldfields 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 or Western
Goldfields 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 or
Western Goldfields' 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 or Western Goldfields' actual results, level of activity, performance or
achievements to be materially different from those expressed or implied by such
forward-looking statements. Assumptions upon which such forward looking
statements are based on include that New Gold and Western Goldfields will be
able to satisfy the conditions in the Business Combination Agreement, that the
due diligence investigations of each party will not identify any materially
adverse facts or circumstances, that the required approvals will be obtained
from the shareholders of each of New Gold and Western Goldfields, that all third
party regulatory and governmental approvals to the transactions will be obtained
and all other conditions to completion of the transaction will be satisfied or
waived. Many of these assumptions are based on factors and events that are not
within the control of New Gold and Western Goldfields and there is no assurance
they will prove to be correct. Such factors include, without limitation: capital
requirements; fluctuations in the international currency markets and in the
rates of exchange of the currencies of Canada, the United States, Australia,
Brazil, 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, Brazil, Mexico and Chile or any other
country in which New Gold and Western Goldfields currently or may in the future
carry on business; taxation; controls, regulations and political or economic
developments in the countries in which New Gold and Western Goldfields 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 the
Annual Information Form/10-KSB and MD&amp;A for each of New Gold and Western
Goldfields 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 and Western Goldfields expressly disclaim
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>
</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>CAUTIONARY NOTE TO U.S. READERS CONCERNING ESTIMATES OF MEASURED, INDICATED
AND INFERRED RESOURCES</b> </p>
</font><font FACE="Times New Roman" style="font-size: 8pt">
<p ALIGN="JUSTIFY">Information concerning the properties and operations of New
Gold has been prepared in accordance with Canadian standards under applicable
Canadian securities laws, and may not be comparable to similar information for
United States companies. The terms &quot;Mineral Resource&quot;, &quot;Measured Mineral
Resource&quot;, &quot;Indicated Mineral Resource&quot; and &quot;Inferred Mineral Resource&quot; used in
this press release are Canadian mining terms as defined in accordance with NI
43-101 under guidelines set out in the Canadian Institute of Mining, Metallurgy
and Petroleum (&quot;CIM&quot;) Standards on Mineral Resources and Mineral Reserves
adopted by the CIM Council on December 11, 2005. While the terms &quot;Mineral
Resource&quot;, &quot;Measured Mineral Resource&quot;, &quot;Indicated Mineral Resource&quot; and
&quot;Inferred Mineral Resource&quot; are recognized and required by Canadian regulations,
they are not defined terms under standards of the United States Securities and
Exchange Commission. Under United States standards, mineralization may not be
classified as a &quot;reserve&quot; unless the determination has been made that the
mineralization could be economically and legally produced or extracted at the
time the reserve calculation is made. As such, certain information contained in
this press release concerning descriptions of mineralization and resources under
Canadian standards is not comparable to similar information made public by
United States companies subject to the reporting and disclosure requirements of
the United States Securities and Exchange Commission. An &quot;Inferred Mineral
Resource&quot; has a great amount of uncertainty as to its existence and as to its
economic and legal feasibility. It cannot be assumed that all or any part of an
&quot;Inferred Mineral Resource&quot; will ever be upgraded to a higher category. Under
Canadian rules, estimates of Inferred Mineral Resources may not form the basis
of feasibility or other economic studies. Readers are cautioned not to assume
that all or any part of Measured or Indicated Resources will ever be converted
into Mineral Reserves. Readers are also cautioned not to assume that all or any
part of an &quot;Inferred Mineral Resource&quot; exists, or is economically or legally
mineable. In addition, the definitions of &quot;Proven Mineral Reserves&quot; and
&quot;Probable Mineral Reserves&quot; under CIM standards differ in certain respects from
the standards of the United States Securities and Exchange Commission. </p>
<b>
<p align="justify">(1) 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. New Gold 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 reduced by any by-product revenue and is then divided by ounces
sold to arrive at the total by-product cash cost of sales. The measure, along
with sales, is considered to be a key indicator of a company'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 and
does not have any standardized meaning prescribed by GAAP. 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. The calculation of &quot;Cash Cost&quot; is consistent with Western
Goldfields' prior disclosures of &quot;Cost of Sales&quot;; Western Goldfields does not
have by-product credits. </p>
</font>
<table CELLSPACING="0" BORDER="0" WIDTH="100%" style="border-collapse: collapse" bordercolor="#111111" cellpadding="0">
  <tr>
    <td WIDTH="50%"><font SIZE="2">For further information please contact:</font></td>
    <td WIDTH="50%">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="50%"><font SIZE="2"><b>For New Gold</b></font></td>
    <td WIDTH="50%"><font SIZE="2"><b>For Western Goldfields</b></font></td>
  </tr>
  <tr>
    <td WIDTH="50%"><font SIZE="2">M&#233;lanie Hennessey</font></td>
    <td WIDTH="50%"><font SIZE="2">Hannes Portmann</font></td>
  </tr>
  <tr>
    <td WIDTH="50%"><font SIZE="2">Vice President Investor Relations</font></td>
    <td WIDTH="50%"><font SIZE="2">Director, Corporate Development and Investor</font></td>
  </tr>
  <tr>
    <td WIDTH="50%"><font SIZE="2">Direct: +1 (604) 639-0022</font></td>
    <td WIDTH="50%"><font SIZE="2">Relations</font></td>
  </tr>
  <tr>
    <td WIDTH="50%"><font SIZE="2">Toll-free: +1 (888) 315-9715</font></td>
    <td WIDTH="50%"><font SIZE="2">Direct: +1 (416)-324-6014</font></td>
  </tr>
  <tr>
    <td WIDTH="50%"><font SIZE="2">Email: <font color="#0000FF"><u>info@newgold.com</u></font></font></td>
    <td WIDTH="50%"><font SIZE="2">Email: <u><font color="#0000FF">hportmann@westerngoldfields.com</font></u></font></td>
  </tr>
</table>
<p>&nbsp;</p>
<hr color="#000000" size="5">

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