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<SEC-DOCUMENT>0001204459-09-001223.txt : 20090709
<SEC-HEADER>0001204459-09-001223.hdr.sgml : 20090709
<ACCEPTANCE-DATETIME>20090709171655
ACCESSION NUMBER:		0001204459-09-001223
CONFORMED SUBMISSION TYPE:	S-8
PUBLIC DOCUMENT COUNT:		17
FILED AS OF DATE:		20090709
DATE AS OF CHANGE:		20090709
EFFECTIVENESS DATE:		20090709

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			New Gold Inc. /FI
		CENTRAL INDEX KEY:			0000800166
		STANDARD INDUSTRIAL CLASSIFICATION:	METAL MINING [1000]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			A1
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		S-8
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-160500
		FILM NUMBER:		09937717

	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>S-8
<SEQUENCE>1
<FILENAME>newgold070709s8.htm
<DESCRIPTION>FORM S-8
<TEXT>

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   <TITLE>New Gold Inc: Form S-8 - Prepared by TNT Filings Inc.</TITLE>

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    <td style="border-top-style: none; border-top-width: medium; border-bottom-style: none; border-bottom-width: medium">
    <p align="center"><B><font size="2">As filed with
      the Securities and Exchange Commission on July 9, 2009</font></B></td>
  </tr>
  <tr>
    <td style="border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1">
    <p align="right"><font size="2">&nbsp;</font><B><font size="2">File No. 333-
    </font>
      </B></td>
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    <TD style="BORDER-BOTTOM: medium none #000000; ; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none #000000; ; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" align=right
      width="50%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;  </TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none #000000; ; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" colspan="2">
    <p align="center"><b><font size="5">UNITED STATES</font></b>&nbsp; </TD>
    </TR>
  <TR vAlign=bottom>
    <TD align=center colSpan=2><B><FONT size=5>SECURITIES AND EXCHANGE
      COMMISSION </FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD align=center colSpan=2><B>WASHINGTON, D.C. 20549 </B></TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="50%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD align=center colSpan=2><B><FONT size=5>FORM S-8&nbsp;
</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD align=center colSpan=2><B>REGISTRATION STATEMENT </B></TD></TR>
  <TR vAlign=bottom>
    <TD align=center colSpan=2><B>UNDER THE SECURITIES ACT OF 1933 </B></TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="50%">&nbsp; </TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="50%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD align=center colSpan=2><B><FONT size=6>NEW GOLD INC. </FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD align=center colSpan=2>(Exact name of registrant as specified in its
      charter) </TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="50%">&nbsp; </TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="50%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=center><B>British Columbia, Canada </B></TD>
    <TD align=center width="50%"><B>98-0620225 </B></TD></TR>
  <TR vAlign=top>
    <TD align=center>(State or other jurisdiction of Incorporation or </TD>
    <TD align=center width="50%">(I.R.S. Employer Identification No.) </TD></TR>
  <TR vAlign=top>
    <TD align=center>organization) </TD>
    <TD align=left width="50%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD align=center colSpan=2><B>Park Place, 3110-666 Burrard St. </B></TD></TR>
  <TR vAlign=bottom>
    <TD align=center colSpan=2><B>Vancouver, British Columbia </B></TD></TR>
  <TR vAlign=bottom>
    <TD align=center colSpan=2><B>V6C 2X8</B>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD align=center colSpan=2>(Address of principal executive offices)(zip
      code) </TD></TR></TABLE>
<P align=center><B>New Gold Inc. Stock Option Plan (2005) (as amended on May 3,
2007) <BR>Metallica Resources Inc. Stock Option Plan, Amended and Restated as of
May 23, 2006 <BR>2006 Stock Incentive Plan of Western Goldfields, Inc.
<BR></B><B>Form of Option to Purchase Common Stock of Western Goldfields, Inc.
<BR>Non-Qualified Stock Option Contract between Western Goldfields, Inc. and
Karen Dietrich </B></P>
<P align=center>(Full titles of the plans)<B> </B></P>
<P align=center><B>DL Services Inc. <BR>1420 5th Avenue, Suite 3400 <BR>Seattle,
WA 98101<BR></B>(Name and address of agent for service)<B> </B></P>
<P align=center><B>(206) 903-2373 <BR></B>(Telephone number, including area
code, of agent for service)<B> </B></P>
<P align=center><I>Copies to:</I><B> <BR>Christopher Doerksen <BR>Dorsey &amp;
Whitney LLP <BR></B><B>1420 5</B><B><SUP>th</SUP></B><B> Avenue, Suite 3400
<BR>Seattle, Washington 98101 </B></P>
<P align=justify><B>Indicate by check mark whether the registrant is a large
accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller
reporting company. See the definitions of &#147;large accelerated filer,&#148;
&#147;accelerated filer&#148; and &#147;smaller reporting company&#148; in Rule 12b-2 of the
Exchange Act. </B></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left>Large accelerated filer <font face="Wingdings">o</font></TD>
    <TD align=left width="50%">Accelerated filer <font face="Wingdings">x</font></TD></TR>
  <TR vAlign=top>
    <TD align=left>Non-accelerated filer <font face="Wingdings">o </font>(Do not check if a smaller reporting
      company) </TD>
    <TD align=left width="50%">Smaller reporting company <font face="Wingdings">
    o</font></TD></TR></TABLE><BR>
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<P align=center><B>CALCULATION OF REGISTRATION FEE </B></P>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
borderColor=#000000 cellSpacing=0 cellPadding=3 width="100%" border=1>

  <TR vAlign=top>
    <TD align=center ><B>Title of Each Class of</B>
      <BR><B>Securities to be Registered</B> </TD>
    <TD align=center width="15%"><B>Amount to</B> <B>be Registered</B> </TD>
    <TD align=center width="15%"><B>Proposed Maximum Offering Price</B> <B>Per
      Share</B> </TD>
    <TD align=center width="15%"><B>Proposed Maximum Aggregate</B> <B>Offering
      Price</B> </TD>
    <TD align=center width="15%"><B>Amount of</B> <B>Registration Fee</B>
  </TD></TR>
  <TR vAlign=top>
    <TD align=left bgcolor="#E6EFFF" >Common Shares, no par value, issuable
      pursuant to options outstanding<SUP>(1)</SUP> </TD>
    <TD align=center width="15%" bgcolor="#E6EFFF">484,005 </TD>
    <TD align=center width="15%" bgcolor="#E6EFFF">- </TD>
    <TD align=center width="15%" bgcolor="#E6EFFF">$1,800,194.78<SUP>(7)</SUP> </TD>
    <TD align=center width="15%" bgcolor="#E6EFFF">$100.45 </TD></TR>
  <TR vAlign=top>
    <TD align=left >Common Shares, no par value, issuable
      pursuant to options outstanding<SUP>(2)</SUP> </TD>
    <TD align=center width="15%">9,826,200 </TD>
    <TD align=center width="15%">- </TD>
    <TD align=center width="15%">$39,524,186.66<SUP>(7)</SUP> </TD>
    <TD align=center width="15%">$2,205.45 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgcolor="#E6EFFF" >Common Shares, no par value<SUP>(3)</SUP> </TD>
    <TD align=center width="15%" bgcolor="#E6EFFF">25,748,503 </TD>
    <TD align=center width="15%" bgcolor="#E6EFFF">$2.74<SUP>(8)</SUP> </TD>
    <TD align=center width="15%" bgcolor="#E6EFFF">$70,550,898.22<SUP>(8)</SUP> </TD>
    <TD align=center width="15%" bgcolor="#E6EFFF">$3,936.74 </TD></TR>
  <TR vAlign=top>
    <TD align=left >Common Shares, no par value, issuable
      pursuant to options outstanding<SUP>(4)</SUP> </TD>
    <TD align=center width="15%">833,600 </TD>
    <TD align=center width="15%">$2.13<SUP>(9)</SUP> </TD>
    <TD align=center width="15%">$1,775,568 <SUP>(9)</SUP> </TD>
    <TD align=center width="15%">$99.08 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgcolor="#E6EFFF" >Common Shares, no par value, issuable
      pursuant to options outstanding<SUP>(4)</SUP> </TD>
    <TD align=center width="15%" bgcolor="#E6EFFF">2,276,667 </TD>
    <TD align=center width="15%" bgcolor="#E6EFFF">$1.87<SUP>(7)</SUP> </TD>
    <TD align=center width="15%" bgcolor="#E6EFFF">$4,257,367.29<SUP>(7)</SUP> </TD>
    <TD align=center width="15%" bgcolor="#E6EFFF">$237.56 </TD></TR>
  <TR vAlign=top>
    <TD align=left >Common Shares, no par value, issuable
      pursuant to options outstanding<SUP>(5)</SUP> </TD>
    <TD align=center width="15%">38,450 </TD>
    <TD align=center width="15%">$0.40<SUP>(9)</SUP> </TD>
    <TD align=center width="15%">$15,380<SUP>(9)</SUP> </TD>
    <TD align=center width="15%">$0.86 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgcolor="#E6EFFF" >Common Shares, no par value, issuable
      pursuant to options outstanding<SUP>(6)</SUP> </TD>
    <TD align=center width="15%" bgcolor="#E6EFFF">100,000 </TD>
    <TD align=center width="15%" bgcolor="#E6EFFF">$0.34<SUP>(9)</SUP> </TD>
    <TD align=center width="15%" bgcolor="#E6EFFF">$34,000<SUP>(9)</SUP> </TD>
    <TD align=center width="15%" bgcolor="#E6EFFF">$1.89 </TD></TR>
  <TR vAlign=top>
    <TD align=left ><B>Total Commons Shares</B> </TD>
    <TD align=center width="15%"><B>39,307,425</B> </TD>
    <TD align=left width="15%">&nbsp; </TD>
    <TD align=left width="15%">&nbsp; </TD>
    <TD align=center width="15%">$6,582.03 </TD></TR></TABLE></DIV><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">(1) </TD>
    <TD>
      <P align=justify>Represents common shares issuable pursuant to options
      outstanding under the Metallica Resources Inc. Stock Option Plan, Amended
      and Restated as of May 23, 2006 (the &#147;Metallica Plan&#148;).</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(2) </TD>
    <TD>
      <P align=justify>Represents common shares issuable pursuant to options
      outstanding under the New Gold Inc. Stock Option Plan (2005) (as amended
      on May 3, 2007) (the &#147;New Gold Plan&#148;).</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(3) </TD>
    <TD>
      <P align=justify>Represents common shares issuable pursuant to the New
      Gold Plan and not subject to outstanding options.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(4) </TD>
    <TD>
      <P align=justify>Represents common shares issuable pursuant to the 2006
      Stock Incentive Plan of Western Goldfields, Inc. (the &#147;Western
    Plan&#148;).</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(5) </TD>
    <TD>
      <P align=justify>Represents common shares issuable pursuant to the Form of
      Option to Purchase Common Stock of Western Goldfields, Inc. (&#147;Western
      Option Agreements&#148;).</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(6) </TD>
    <TD>
      <P align=justify>Represents common shares issuable pursuant to
      Non-Qualified Stock Option Contract between Western Goldfields, Inc. and
      Karen Dietrich.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(7) </TD>
    <TD>
      <P align=justify>Estimated solely for the purpose of calculating the
      registration fee in accordance with Rule 457(h) under the Securities Act
      of 1933, as amended. The maximum aggregate offering price is based upon
      the aggregate exercise price of outstanding options, converted from
      Canadian dollars into U.S. dollars based on the noon buying rate for
      Canadian dollars reported by the Bank of Canada on July 6, 2009 which was
      US$1.00 = Cdn$1.1612.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(8) </TD>
    <TD>
      <P align=justify>Estimated solely for the purpose of calculating the
      registration fee in accordance with Rule 457(c) and 457(h) under the
      Securities Act of 1933, as amended. The proposed maximum offering price
      per share and the registration fee were calculated in accordance with Rule
      457(c) and (h) based on the average high and low prices for the
      Registrant&#146;s common shares on July 6, 2009, on the NYSE Amex.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(9) </TD>
    <TD>
      <P align=justify>Estimated solely for the purpose of calculating the
      registration fee in accordance with Rule 457(h) under the Securities Act
      of 1933, as amended. The maximum aggregate offering price is based upon
      the aggregate exercise price of outstanding
options.</P></TD></TR></TABLE><BR>
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<P align=center><B><I>EXPLANATORY NOTE</I></B><B> </B></P>
<P align=justify>On June 30, 2008, New Gold Inc. (the &#147;Registrant&#148;) acquired
Metallica Resources Inc. pursuant to the completion of a statutory plan of
arrangement (the &#147;Metallica Arrangement&#148;). Under the terms of the Metallica
Arrangement, the Registrant issued replacement stock options (the &#147;Metallica
Options&#148;) for the options outstanding under the Metallica Stock Option Plan (the
&#147;Metallica Plan&#148;). The Metallica Options are now exercisable for shares of the
Registrant (&#147;Shares&#148;) but otherwise continue to be subject to the terms and
conditions of the Metallica Plan. The Registrant files this Form S-8 in order to
register 484,005 Shares issuable upon the exercise of the Metallica Options.
</P>
<P align=justify>One June 1, 2009, the Registrant acquired Western Goldfields
Inc. (&#147;Western&#148;) pursuant to a statutory plan of arrangement (the &#147;Western
Arrangement&#148;). Under the terms of the Western Arrangement, the Registrant issued
replacement stock options (the &#147;Western Options&#148;) for the options outstanding
under the 2006 Stock Incentive Plan of Western (the &#147;Western Plan&#148;) and stock
options outstanding under Stock Option Agreements between Western and certain
individuals (the &#147;Western Option Agreements&#148;). The Western Options are now
exercisable for Shares but otherwise continue to be subject to the terms and
conditions of the Western Plan or Western Option Agreements, as applicable. The
Registrant files this Form S-8 in order to register 3,248,717 Shares issuable
upon the exercise of the Western Options. </P>
<P align=justify>The Registrant concurrently registers 9,826,200 Shares issuable
upon the exercise of stock options outstanding under the New Gold Stock Option
Plan (the &#147;New Gold Plan&#148;) and 25,748,503 Shares issuable upon the exercise of
additional stock options that may be granted from time to time under the New
Gold Plan.</P>
<P align=center><B>PART II </B></P>
<P align=center><B>INFORMATION REQUIRED IN THE REGISTRATION STATEMENT </B></P>
<P align=justify><B>Item 3. Incorporation of Documents by Reference. </B></P>
<P align=justify>The following documents are incorporated by reference in this
registration statement: </P>
<P align=justify style="text-indent: 5%">(a) The Registrant's annual report on Form 40-F filed with the
Securities and Exchange Commission on April 1, 2009; </P>
<P align=justify style="text-indent: 5%">(b) The Registrant&#146;s reports on Form 6-K furnished to the
Commission since December 31, 2008; </P>
<P align=justify style="text-indent: 5%">(c) The description of the Registrant's securities contained in
the Registrant's Registration Statement on Form 20-F filed under the Exchange
Act on June 27, 2003 including any amendment or report filed for the purpose of
updating such description. </P>
<P align=justify>All documents subsequently filed by the Registrant pursuant to
Sections 13(a), 13(c), 14 and 15(d) of the Exchange Act prior to the filing of a
post-effective amendment that indicate that all securities offered have been
sold or which deregisters all securities then remaining unsold, shall be deemed
to be incorporated by reference into this registration statement and to be a
part hereof from the date of filing of such documents. Any statement contained
in a document incorporated or deemed to be incorporated by reference herein
shall be deemed to be modified or superseded for the purposes of this
registration statement to the extent that a statement contained herein or in any
other subsequently filed document which also is or is deemed to be incorporated
by reference herein modifies or supersedes such statement. Any statement so
modified or superseded shall not be deemed, except as so modified or superseded,
to constitute a part of this registration statement. </P>
<P align=justify><B>Item 4. Description of Securities. </B></P>
<P align=justify>Not Applicable </P>
<P align=center><B>II-2 </B></P>
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<P align=justify><B>Item 5. Interests of Named Experts and Counsel. </B></P>
<P align=justify>Not Applicable </P>
<P align=justify><B>Item 6. Indemnification of Directors and Officers. </B></P>
<P align=justify style="margin-left: 5%"><I>Articles of the Registrant </I></P>
<P align=justify>Part 21 of the Registrant&#146;s Articles provides that subject to
the BCBCA, the Company must indemnify a director, former director or alternate
director of the Company (an &#147;eligible party&#148;) and his heirs and legal personal
representatives against all judgments, penalties or fines awarded or imposed in,
or amounts paid in settlement of, a legal proceeding or investigative action,
whether current, pending, threatened or completed, in which the eligible party
or any of his or her heirs or legal personal representatives , is or may be
joined as a party, or is or may be liable for or in respect of a judgment,
penalty or fine in, or expenses related to, the proceeding, by reason of the
eligible party being or having been a director or alternate director of the
Company. In addition, the Company must, after the final disposition of any such
proceeding, pay the expenses actually and reasonably incurred by the eligible
party in respect of that proceeding. Subject to the BCBCA, the Company may
indemnify any other person. </P>
<P align=justify>The Company may purchase and maintain insurance for the benefit
of any person (or his or her heirs or legal representatives) who is or was a
director, alternate director, officer, employee or agent of the Company or an
affiliate of the Company, or is or was serving at the request of the Company as
a director, alternate director, officer, employee or agent or the equivalent of
another corporation or a partnership, joint venture, trust or other
unincorporated entity, against all liability incurred by him or her as such
director, alternate director, officer, employee, agent, or equivalent. </P>
<P align=justify style="margin-left: 5%"><I>BCBCA Indemnification </I></P>
<P align=justify>Under the BCBCA, a company may indemnify a current or former
officer or director against any judgment, penalty or fine awarded or imposed in
connection with, or amount paid in settlement of, any current, threatened,
pending or completed legal proceeding or investigative action in respect of
which such officer or director is a party or may be liable for a judgment,
penalty, fine or expenses by reason of such individual having been an officer or
director.</P>
<P align=justify>A company may pay all expenses incurred by an officer or
director actually and reasonably incurred in connection with such a proceeding
after the final disposition of such proceeding and must pay all expenses
reasonably incurred if the officer or director is substantially successful on
the merits in the outcome of the proceeding or wholly successful on the merits
or otherwise. Among other circumstances, a company shall not indemnify a current
or former officer or director if such individual did not act honestly and in
good faith with a view to the best interests of the company or, in the case of a
proceeding other than a civil proceeding, if the individual did not have
reasonable grounds for believing that his or her conduct in respect of which the
proceeding was brought was lawful. Further, a company cannot indemnify or cover
the expenses of any officer or director in respect of any proceeding brought by
or on behalf of the company or an associated corporation. The Supreme Court of
British Columbia may, on the application of a corporation or individual seeking
indemnification, order indemnification of any liability or expense incurred by
such individual in respect of any proceeding described above, or make any other
order the Court considers appropriate. </P>
<P align=justify>Insofar as indemnification for liabilities arising under the
Securities Act may be permitted to directors, officers or persons controlling
the Registrant pursuant to the Registrant&#146;s Articles or any indemnification
agreement, the Registrant has been informed that in the opinion of the SEC such
indemnification is against public policy as expressed under the Securities Act
and is therefore unenforceable. </P>
<P align=justify><B>Item 7. Exemption from Registration Claimed. </B></P>
<P align=justify>Not Applicable </P>
<P align=center><B>II-3 </B></P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
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<P align=justify><B>Item 8. Exhibits. </B></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left ><B><U>Exhibit Number</U></B> </TD>
    <TD align=center width="85%">
    <p align="left"><B><U>Exhibit</U></B> </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >
    <p style="margin-left: 10">4.1 </TD>
    <TD align=left width="85%" bgColor=#e6efff>Articles of the registrant
      (incorporated by reference to Exhibit 99.1 to the registrant&#146;s Form 6- K
      as filed on July 2, 2009) </TD></TR>
  <TR vAlign=top>
    <TD align=left >
    <p style="margin-left: 10">
    <a href="exh42.htm" style="text-decoration: none">4.2 </a> </TD>
    <TD align=left width="85%">
    <a href="exh42.htm" style="text-decoration: none">Metallica Resources Inc. Stock Option Plan,
      Amended and Restated as of May 23, 2006 </a> </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >
    <p style="margin-left: 10">
    <a href="exh43.htm" style="text-decoration: none">4.3 </a> </TD>
    <TD align=left width="85%" bgColor=#e6efff>
    <a href="exh43.htm" style="text-decoration: none">New Gold Inc. Stock Option Plan
      (2005) (as amended on May 3, 2007) </a> </TD></TR>
  <TR vAlign=top>
    <TD align=left >
    <p style="margin-left: 10">
    <a href="exh44.htm" style="text-decoration: none">4.4 </a> </TD>
    <TD align=left width="85%">
    <a href="exh44.htm" style="text-decoration: none">2006 Stock Incentive Plan of Western
      Goldfields, Inc. </a> </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >
    <p style="margin-left: 10">
    <a href="exh45.htm" style="text-decoration: none">4.5 </a> </TD>
    <TD align=left width="85%" bgColor=#e6efff>
    <a href="exh45.htm" style="text-decoration: none">Form of Option to Purchase
      Common Stock of Western Goldfields, Inc. </a> </TD></TR>
  <TR vAlign=top>
    <TD align=left >
    <p style="margin-left: 10">
    <a href="exh46.htm" style="text-decoration: none">4.6 </a> </TD>
    <TD align=left width="85%">
    <a href="exh46.htm" style="text-decoration: none">Non-Qualified Stock Option Contract between
      Western Goldfields, Inc. and Karen Dietrich </a> </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >
    <p style="margin-left: 10">
    <a href="exh51.htm" style="text-decoration: none">5.1 </a> </TD>
    <TD align=left width="85%" bgColor=#e6efff>
    <a href="exh51.htm" style="text-decoration: none">Opinion of Bull, Housser &amp;
      Tupper LLP </a> </TD></TR>
  <TR vAlign=top>
    <TD align=left >
    <p style="margin-left: 10">
    <a href="exh231.htm" style="text-decoration: none">23.1 </a> </TD>
    <TD align=left width="85%">
    <a href="exh231.htm" style="text-decoration: none">Consent of Deloitte &amp; Touche LLP
    </a> </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >
    <p style="margin-left: 10">
    <a href="exh51.htm" style="text-decoration: none">23.2 </a> </TD>
    <TD align=left width="85%" bgColor=#e6efff>
    <a href="exh51.htm" style="text-decoration: none">Consent of Bull, Housser &amp;
      Tupper LLP (contained in exhibit 5.1) </a> </TD></TR>
  <TR vAlign=top>
    <TD align=left >
    <p style="margin-left: 10">
    <a href="exh233.htm" style="text-decoration: none">23.3 </a> </TD>
    <TD align=left width="85%">
    <a href="exh233.htm" style="text-decoration: none">Consent of PricewaterhouseCoopers LLP
    </a> </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >
    <p style="margin-left: 10">
    <a href="exh234.htm" style="text-decoration: none">23.4 </a> </TD>
    <TD align=left width="85%" bgColor=#e6efff>
    <a href="exh234.htm" style="text-decoration: none">Consent of HJ &amp; Associates,
      LLC </a> </TD></TR>
  <TR vAlign=top>
    <TD align=left >
    <p style="margin-left: 10">
    <a href="#POWERS OF ATTORNEY" style="text-decoration: none">24.1 </a> </TD>
    <TD align=left width="85%">
    <a href="#POWERS OF ATTORNEY" style="text-decoration: none">Power of Attorney (See page II-7 of this
      registration statement) </a> </TD></TR></TABLE>
<P align=justify><B>Item 9. Undertakings. </B></P>
<P align=justify style="margin-left: 5%">(a) </P>
<P align=justify style="text-indent: 10%; margin-top: -25.5pt">The undersigned
Registrant hereby undertakes: </P>
<P align=justify style="margin-left: 10%">(1) </P>
<P align=justify style="text-indent: 15%; margin-top: -25.5pt">To file, during
any period in which offers or sales are being made, a post-effective amendment
to this registration statement: </P>
<P align=justify style="margin-left: 15%">(i) </P>
<P align=justify style="text-indent: 20%; margin-top: -25.5pt">To include any
prospectus required by Section 10(a)(3) of the Securities Act; </P>
<P align=justify style="margin-left: 15%">(ii) </P>
<P align=justify style="text-indent: 20%; margin-top: -25.5pt">To reflect in the
prospectus any facts or events arising after the effective date of the
registration statement (or the most recent post-effective amendment thereof)
which, individually or in the aggregate, represent a fundamental change in the
information set forth in the registration statement. Notwithstanding the
foregoing, any increase or decrease in volume of securities offered (if the
total dollar value of securities offered would not exceed that which was
registered) and any deviation from the low or high end of the estimated maximum
offering range may be reflected in the form of prospectus filed with the
Commission pursuant to Rule 424(b) if, in the aggregate, the change in volume
and price represents no more than 20% change in the maximum aggregate offering
price set forth in the &#147;Calculation of Registration Fee&#148; table in the effective
registration statement; </P>
<P align=justify style="margin-left: 15%">(iii) </P>
<P align=justify style="text-indent: 20%; margin-top: -25.5pt">To include any
material information with respect to the plan of distribution not previously
disclosed in the registration statement or any material change to such
information in the registration statement; </P>
<P align=justify><I>provided, however,</I> that paragraphs (a)(1)(i) and
(a)(1)(ii) do not apply if the registration statement is on Form S-8, and the
information required to be included in a post-effective amendment by those
paragraphs is contained in periodic reports filed with or furnished to the
Commission by the Registrant pursuant to Section 13 or Section 15(d) of the
Securities Exchange Act of 1934 that are incorporated by reference in this
registration statement. </P>
<P align=justify style="margin-left: 10%">(2) </P>
<P align=justify style="text-indent: 15%; margin-top: -25.5pt">That for the purpose of determining any liability under the
Securities Act, each such post-effective amendment shall be deemed to be a new
registration statement relating to the securities offered therein, and the
offering of such securities at that time shall be deemed to be the initial
<I>bona fide </I>offering thereof. </P>
<P align=justify style="margin-left: 10%">(3) </P>
<P align=justify style="text-indent: 15%; margin-top: -25.5pt">To remove from
registration by means of a post-effective amendment any of the securities being
registered which remain unsold at the termination of the offering. </P>
<P align=justify style="margin-left: 5%">(b)
</P>
<P align=justify style="text-indent: 10%; margin-top: -25.5pt">The undersigned
Registrant hereby undertakes that, for purposes of determining any liability
under the Securities Act, each filing of the Registrant&#146;s annual report pursuant
to Section 13(a) or Section 15(d) of the Exchange Act, (and, where applicable,
each filing of an employee benefit plan&#146;s annual report pursuant to section
15(d) of the Exchange Act) that is incorporated by reference in the registration
statement shall be deemed to be a new registration statement relating to the securities offered
therein, and the offering of such securities at that time shall be deemed to be
the initial <I>bona fide </I>offering thereof.
</P>
<P align=center><B>II-4 </B></P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
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<P align=justify style="margin-left: 5%">(h) </P>
<P align=justify style="text-indent: 10%; margin-top: -25.5pt">Insofar as indemnification for liabilities arising under
the Securities Act may be permitted to directors, officers and controlling
persons of the Registrant pursuant to the foregoing provisions, or otherwise,
the Registrant has been advised that in the opinion of the Securities and
Exchange Commission such indemnification is against public policy as expressed
in the Securities Act and is, therefore, unenforceable. In the event that a
claim for indemnification against such liabilities (other than the payment by
the Registrant of expenses incurred or paid by a director, officer or
controlling person of the Registrant in the successful defense of any action,
suit or proceeding) is asserted by such director, officer or controlling person
in connection with the securities being registered, the Registrant will, unless
in the opinion of its counsel the matter has been settled by controlling
precedent, submit to a court of appropriate jurisdiction the question of whether
such indemnification by it is against public policy as expressed in the Act and
will be governed by the final adjudication of such issue. </P>
<P align=center><B>II-5 </B></P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_7></A>
<P align=center><B>SIGNATURES </B></P>
<P align=justify style="text-indent: 5%">Pursuant to the requirements of the Securities Act of 1933, the
Registrant certifies that it has reasonable grounds to believe that it meets all
of the requirements for filing on Form S-8 and has duly caused this registration
statement to be signed on its behalf by the undersigned, thereunto duly
authorized, in Vancouver, British Columbia on this 9th day of July, 2009. </P>
<P style="MARGIN-LEFT: 50%" align=justify><B>NEW GOLD INC.</B> <BR>By: <U>/s/
Robert Gallagher</U><I><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</u>&nbsp;<BR></I>Name: Robert Gallagher <BR>Title: Chief
Executive Officer and Director </P>
<P align=center><B><a name="POWERS OF ATTORNEY">POWERS OF ATTORNEY </a> </B></P>
<P align=justify><B>KNOW ALL MEN BY THESE PRESENTS,</B> that each person whose
signature appears below hereby constitutes and appoints Robert Gallagher and
Brian Penny, or either of them as the undersigned&#146;s true and lawful
attorney-in-fact and agents, with full power of substitution and resubstitution
for such person and in such person&#146;s name, place and stead, in any and all
capacities, to sign any and all amendments (including post-effective amendments,
exhibits thereto, and other documents in connection therewith to this
registration statement and any related registration statements necessary to
register additional securities and to file the same with exhibits thereto and
other documents in connection therewith with the Securities and Exchange
Commission, granting unto said attorney-in-fact and agent full power and
authority to do and perform each and every act and thing requisite and necessary
to be done, as fully to all intents and purposes as such person might or could
do in person, hereby ratifying and confirming all that each of said
attorney-in-fact and agent, or their substitute or substitutes may lawfully do
or cause to be done by virtue hereof.</P>
<P align=justify>Pursuant to the requirements of the Securities Act of 1933,
this registration statement has been signed by the following persons in the
capacities and on the dates indicated.</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>/s/ Robert
      Gallagher </TD>
    <TD align=left width="5%"  >&nbsp;</TD>
    <TD align=left width="30%">President, Chief Executive Officer and </TD>
    <TD align=right width="30%" >&nbsp;July 9, 2009 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Robert Gallagher </TD>
    <TD align=left width="5%"  >&nbsp;</TD>
    <TD align=left width="30%">Director (Principal Executive Officer) </TD>
    <TD align=left width="30%">&nbsp; </TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="5%"  >&nbsp;</TD>
    <TD width="30%">&nbsp; </TD>
    <TD width="30%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>/s/ Brian Penny
</TD>
    <TD align=left width="5%"  >&nbsp;</TD>
    <TD align=left width="30%">Chief Financial Officer and </TD>
    <TD align=right width="30%">July 9, 2009 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Brian Penny </TD>
    <TD align=left width="5%"  >&nbsp;</TD>
    <TD align=left width="30%">Executive Vice President (Principal </TD>
    <TD align=left width="30%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="5%"  >&nbsp;</TD>
    <TD align=left width="30%">Financial and Accounting Officer) </TD>
    <TD align=left width="30%">&nbsp; </TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="5%"  >&nbsp;</TD>
    <TD width="30%">&nbsp; </TD>
    <TD width="30%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>/s/ James Estey
</TD>
    <TD align=left width="5%"  >&nbsp;</TD>
    <TD align=left width="30%">Director </TD>
    <TD align=right width="30%">July 9, 2009 </TD></TR>
  <TR vAlign=top>
    <TD align=left>James Estey </TD>
    <TD align=left width="5%"  >&nbsp;</TD>
    <TD align=left width="30%">&nbsp; </TD>
    <TD align=left width="30%">&nbsp; </TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="5%"  >&nbsp;</TD>
    <TD width="30%">&nbsp; </TD>
    <TD width="30%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>/s/ Pierre
      Lassonde </TD>
    <TD align=left width="5%"  >&nbsp;</TD>
    <TD align=left width="30%">Director </TD>
    <TD align=right width="30%">July 9, 2009 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Pierre Lassonde </TD>
    <TD align=left width="5%"  >&nbsp;</TD>
    <TD align=left width="30%">&nbsp; </TD>
    <TD align=left width="30%">&nbsp; </TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="5%"  >&nbsp;</TD>
    <TD width="30%">&nbsp; </TD>
    <TD width="30%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="5%"  >&nbsp;</TD>
    <TD align=left width="30%">Director and Authorized </TD>
    <TD align=right width="30%">July 9, 2009 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>/s/ Craig Nelsen
    </TD>
    <TD align=left width="5%"  >&nbsp;</TD>
    <TD align=left width="30%">Representative in the United States </TD>
    <TD align=left width="30%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left>Craig Nelsen </TD>
    <TD align=left width="5%"  >&nbsp;</TD>
    <TD align=left width="30%">&nbsp; </TD>
    <TD align=left width="30%">&nbsp; </TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="5%"  >&nbsp;</TD>
    <TD width="30%">&nbsp; </TD>
    <TD width="30%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>/s/ Paul Sweeney
    </TD>
    <TD align=left width="5%"  >&nbsp;</TD>
    <TD align=left width="30%">Director </TD>
    <TD align=right width="30%">July 9, 2009 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Paul Sweeney </TD>
    <TD align=left width="5%"  >&nbsp;</TD>
    <TD align=left width="30%">&nbsp; </TD>
    <TD align=left width="30%">&nbsp; </TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="5%"  >&nbsp;</TD>
    <TD width="30%">&nbsp; </TD>
    <TD width="30%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>/s/ Ian W. Telfer
    </TD>
    <TD align=left width="5%"  >&nbsp;</TD>
    <TD align=left width="30%">Director </TD>
    <TD align=right width="30%">July 9, 2009 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Ian W. Telfer </TD>
    <TD align=left width="5%"  >&nbsp;</TD>
    <TD align=left width="30%">&nbsp; </TD>
    <TD align=left width="30%">&nbsp; </TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="5%"  >&nbsp;</TD>
    <TD width="30%">&nbsp; </TD>
    <TD width="30%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>/s/ Randall
      Oliphant </TD>
    <TD align=left width="5%"  >&nbsp;</TD>
    <TD align=left width="30%">Director </TD>
    <TD align=right width="30%">July 9, 2009 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: medium none #000000; ; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" align=left>
    Randall Oliphant</TD>
    <TD align=left width="5%" style="border-left-style: none; border-left-width: medium"  >&nbsp;</TD>
    <TD align=left width="30%">&nbsp;</TD>
    <TD align=right width="30%">&nbsp;</TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_8></A><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>/s/ Vahan Kololian
    </TD>
    <TD align=left width="5%"  >&nbsp;</TD>
    <TD align=left width="30%">Director </TD>
    <TD align=right width="30%">July 9, 2009 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Vahan Kololian </TD>
    <TD align=left width="5%"  >&nbsp;</TD>
    <TD align=left width="30%">&nbsp; </TD>
    <TD align=left width="30%">&nbsp; </TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="5%"  >&nbsp;</TD>
    <TD width="30%">&nbsp; </TD>
    <TD width="30%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>/s/ Martyn Konig
    </TD>
    <TD align=left width="5%"  >&nbsp;</TD>
    <TD align=left width="30%">Director </TD>
    <TD align=right width="30%">July 9, 2009 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Martyn Konig </TD>
    <TD align=left width="5%"  >&nbsp;</TD>
    <TD align=left width="30%">&nbsp; </TD>
    <TD align=left width="30%">&nbsp; </TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="5%"  >&nbsp;</TD>
    <TD width="30%">&nbsp; </TD>
    <TD width="30%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>/s/ Raymond
      Threlkeld </TD>
    <TD align=left width="5%"  >&nbsp;</TD>
    <TD align=left width="30%">Director </TD>
    <TD align=right width="30%">July 9, 2009 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Raymond Threlkeld </TD>
    <TD align=left width="5%"  >&nbsp;</TD>
    <TD align=left width="30%">&nbsp; </TD>
    <TD align=left width="30%">&nbsp; </TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
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<P align=center><B>EXHIBIT INDEX </B></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left ><B><U>Exhibit Number</U></B> </TD>
    <TD align=center width="85%">
    <p align="left"><B><U>Exhibit</U></B> </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >
    <p style="margin-left: 10">4.1 </TD>
    <TD align=left width="85%" bgColor=#e6efff>Articles of the registrant
      (incorporated by reference to Exhibit 99.1 to the registrant&#146;s Form 6- K
      as filed on July 2, 2009) </TD></TR>
  <TR vAlign=top>
    <TD align=left >
    <p style="margin-left: 10">
    <a href="exh42.htm" style="text-decoration: none">4.2 </a> </TD>
    <TD align=left width="85%">
    <a href="exh42.htm" style="text-decoration: none">Metallica Resources Inc. Stock Option Plan,
      Amended and Restated as of May 23, 2006 </a> </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >
    <p style="margin-left: 10">
    <a href="exh43.htm" style="text-decoration: none">4.3 </a> </TD>
    <TD align=left width="85%" bgColor=#e6efff>
    <a href="exh43.htm" style="text-decoration: none">New Gold Inc. Stock Option Plan
      (2005) (as amended on May 3, 2007) </a> </TD></TR>
  <TR vAlign=top>
    <TD align=left >
    <p style="margin-left: 10">
    <a href="exh44.htm" style="text-decoration: none">4.4 </a> </TD>
    <TD align=left width="85%">
    <a href="exh44.htm" style="text-decoration: none">2006 Stock Incentive Plan of Western
      Goldfields, Inc. </a> </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >
    <p style="margin-left: 10">
    <a href="exh45.htm" style="text-decoration: none">4.5 </a> </TD>
    <TD align=left width="85%" bgColor=#e6efff>
    <a href="exh45.htm" style="text-decoration: none">Form of Option to Purchase
      Common Stock of Western Goldfields, Inc. </a> </TD></TR>
  <TR vAlign=top>
    <TD align=left >
    <p style="margin-left: 10">
    <a href="exh46.htm" style="text-decoration: none">4.6 </a> </TD>
    <TD align=left width="85%">
    <a href="exh46.htm" style="text-decoration: none">Non-Qualified Stock Option Contract between
      Western Goldfields, Inc. and Karen Dietrich </a> </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >
    <p style="margin-left: 10">
    <a href="exh51.htm" style="text-decoration: none">5.1 </a> </TD>
    <TD align=left width="85%" bgColor=#e6efff>
    <a href="exh51.htm" style="text-decoration: none">Opinion of Bull, Housser &amp;
      Tupper LLP </a> </TD></TR>
  <TR vAlign=top>
    <TD align=left >
    <p style="margin-left: 10">
    <a href="exh231.htm" style="text-decoration: none">23.1 </a> </TD>
    <TD align=left width="85%">
    <a href="exh231.htm" style="text-decoration: none">Consent of Deloitte &amp; Touche LLP
    </a> </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >
    <p style="margin-left: 10">
    <a href="exh51.htm" style="text-decoration: none">23.2 </a> </TD>
    <TD align=left width="85%" bgColor=#e6efff>
    <a href="exh51.htm" style="text-decoration: none">Consent of Bull, Housser &amp;
      Tupper LLP (contained in exhibit 5.1) </a> </TD></TR>
  <TR vAlign=top>
    <TD align=left >
    <p style="margin-left: 10">
    <a href="exh233.htm" style="text-decoration: none">23.3 </a> </TD>
    <TD align=left width="85%">
    <a href="exh233.htm" style="text-decoration: none">Consent of PricewaterhouseCoopers LLP
    </a> </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >
    <p style="margin-left: 10">
    <a href="exh234.htm" style="text-decoration: none">23.4 </a> </TD>
    <TD align=left width="85%" bgColor=#e6efff>
    <a href="exh234.htm" style="text-decoration: none">Consent of HJ &amp; Associates,
      LLC </a> </TD></TR>
  <TR vAlign=top>
    <TD align=left >
    <p style="margin-left: 10">
    <a href="#POWERS OF ATTORNEY" style="text-decoration: none">24.1 </a> </TD>
    <TD align=left width="85%">
    <a href="#POWERS OF ATTORNEY" style="text-decoration: none">Power of Attorney (See page II-7 of this
      registration statement) </a> </TD></TR></TABLE>
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<DOCUMENT>
<TYPE>EX-4.2
<SEQUENCE>2
<FILENAME>exh42.htm
<DESCRIPTION>EXHIBIT 4.2
<TEXT>
<!doctype html public "-//IETF//DTD HTML//EN">
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<HEAD>
<TITLE>New Gold Inc.: Exhibit 4.2 - Prepared by TNT Filings Inc.</TITLE>
<META NAME="date" CONTENT="07/07/2009">
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<P style="margin-left:0pt; padding:0pt; text-indent:0pt; color:#000000" align=right>
<b><font size="2">Exhibit 4.2</font></b></P>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; color:#000000" align=center><B>
<font size="2">METALLICA RESOURCES INC.</font></B></P>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; color:#000000" align=center><B>
<font size="2">STOCK OPTION PLAN</font></B></P>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; color:#000000" align=center><B>
<font size="2">AMENDED AND RESTATED AS OF MAY 23, 2006</font></B></P>
<P style="margin-left:0pt; margin-bottom:-25.5pt; padding-left:36pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; text-indent:-36pt; color:#000000"><B>
<font size="2">1.</font></B></P>
<P style="margin-left:0pt; padding-left:36pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; text-indent:0pt; color:#000000"><B><U>
<font size="2">PURPOSE</font></U></B></P>
<P style="margin-left:0pt; padding:0pt; text-indent:36pt; color:#000000" align=justify>
<font size="2">The purpose of this stock option plan (the &quot;Plan&quot;) is to authorize the grant to service providers for Metallica Resources Inc. (the &quot;Corporation&quot;) of options to purchase common shares (&quot;shares&quot;) of the Corporation's capital and thus benefit the Corporation by enabling it to attract, retain and motivate service providers by providing them with the opportunity, through share options, to acquire an increased proprietary interest in the Corporation.</font></P>
<P style="margin-left:0pt; margin-bottom:-25.5pt; padding-left:36pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; text-indent:-36pt; color:#000000"><B>
<font size="2">2.</font></B></P>
<P style="margin-left:0pt; padding-left:36pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; text-indent:0pt; color:#000000"><B><U>
<font size="2">ADMINISTRATION</font></U></B></P>
<P style="margin-left:0pt; padding:0pt; text-indent:36pt; color:#000000" align=justify>
<font size="2">The Plan shall be administered by a committee established for such purpose by the board of directors of the Corporation (the &quot;Committee&quot;), or in the event the board of directors does not establish the Committee, by the board of directors of the Corporation. &nbsp;Subject to approval of the granting of options by the Committee or the board of directors, as applicable, the Corporation shall grant options under the Plan.</font></P>
<P style="margin-left:0pt; margin-bottom:-25.5pt; padding-left:36pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; text-indent:-36pt; color:#000000"><B>
<font size="2">3.</font></B></P>
<P style="margin-left:0pt; padding-left:36pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; text-indent:0pt; color:#000000"><B><U>
<font size="2">SHARES SUBJECT TO PLAN</font></U></B></P>
<P style="margin-left:0pt; padding:0pt; text-indent:36pt; color:#000000" align=justify>
<font size="2">Subject to adjustment under the provisions of paragraph 12 hereof, the aggregate number of shares of the Corporation which may be issued and sold under the Plan after April 19, 2006 shall not exceed 7,500,000 shares. &nbsp;The total number of shares which may be reserved for issuance to any one individual under the Plan, together with all other outstanding stock options granted to such individual shall not exceed 5% of the outstanding issue. &nbsp;The Corporation shall not, upon the exercise of any option, be required to issue or deliver any shares prior to (a) the admission of such shares to listing on any stock exchange on which the Corporation's shares may then be listed, and (b) the completion of such registration or other qualification of such shares under any law, rules or regulation as the Corporation shall determine to be necessary or advisable. &nbsp;If any shares cannot be issued to any optionee for whatever reason, the obligation of the Corporation to issue such shares shall termina
te and any option exercise price paid to the Corporation shall be returned to the optionee.</font></P>
<P style="margin-left:0pt; margin-bottom:-25.5pt; padding-left:36pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; text-indent:-36pt; color:#000000"><B>
<font size="2">4.</font></B></P>
<P style="margin-left:0pt; padding-left:36pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; text-indent:0pt; color:#000000"><B><U>
<font size="2">ELIGIBILITY</font></U></B></P>
<P style="margin-left:0pt; padding:0pt; text-indent:36pt; color:#000000" align=justify>
<font size="2">Options shall be granted only to service providers for the Corporation, or to personal holding companies controlled by a service provider, or to a registered retirement savings plan established by a service provider. &nbsp;The term &quot;service providers for the Corporation&quot; means (a) any employee or insider of the Corporation or any of its subsidiaries, and (b) any other person or company engaged to provide ongoing management or consulting services for the Corporation or any entity controlled by the Corporation. &nbsp;The terms &quot;insider&quot;, &quot;controlled&quot; and &quot;subsidiary&quot; shall have the meanings ascribed thereto in the Securities Act (Ontario) from time to time. &nbsp;Subject to the foregoing, the Committee or the board of directors, as applicable, shall have full and final authority to determine the persons who are to be granted options under the Plan and the number of shares subject to each option.</font></P>



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<P style="margin-left:0pt; margin-bottom:-25.5pt; padding-left:36pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; text-indent:-36pt; color:#000000"><B>
<font size="2">5.</font></B></P>
<P style="margin-left:0pt; padding-left:36pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; text-indent:0pt; color:#000000"><B><U>
<font size="2">PRICE</font></U></B></P>
<P style="margin-left:0pt; padding:0pt; text-indent:36pt; color:#000000" align=justify>
<font size="2">The purchase price (the &quot;Price&quot;) for the shares of the Corporation under each option shall be determined by the Committee or the board of directors on the basis of the market price at the time of granting of each option, where &quot;market price&quot; shall mean the prior trading day closing price of the shares of the Corporation on any stock exchange on which the shares are listed or any other market on which the shares are quoted, and where there is no such closing price, &quot;market price&quot; shall mean the average of the most recent bid and ask of the shares of the Corporation on any stock exchange or market on which the shares are listed or quoted. &nbsp;In no event shall the Price be less than the market price on The Toronto Stock Exchange, if the shares of the Corporation are then listed on such exchange.</font></P>
<P style="margin-left:0pt; margin-bottom:-25.5pt; padding-left:36pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; text-indent:-36pt; color:#000000"><B>
<font size="2">6.</font></B></P>
<P style="margin-left:0pt; padding-left:36pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; text-indent:0pt; color:#000000"><B><U>
<font size="2">PERIOD OF OPTION AND RIGHTS TO EXERCISE</font></U></B></P>
<P style="margin-left:0pt; padding:0pt; text-indent:36pt; color:#000000" align=justify>
<font size="2">Subject to the provisions of this paragraph 6 and paragraphs 7, 8 and 9 below, options will be exercisable in whole or in part, and from time to time, during the currency thereof. &nbsp;Options shall not be granted for a term exceeding ten years. &nbsp;The shares to be purchased upon each exercise of an option (the &quot;optioned shares&quot;) shall be paid for in full at the time of such exercise. &nbsp;Except as provided in paragraphs 8 and 9 below, no option which is held by a service provider may be exercised unless the optionee is then a service provider for the Corporation.</font></P>
<P style="margin-left:0pt; margin-bottom:-25.5pt; padding-left:36pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; text-indent:-36pt; color:#000000"><B>
<font size="2">7.</font></B></P>
<P style="margin-left:0pt; padding-left:36pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; text-indent:0pt; color:#000000"><B><U>
<font size="2">VESTING RESTRICTIONS</font></U></B></P>
<P style="margin-left:0pt; padding:0pt; text-indent:36pt; color:#000000" align=justify>
<font size="2">Options may, at the discretion of the Committee or the board of directors, as applicable, provide that the number of shares which may be acquired pursuant to the option shall not exceed a specified number or percentage each year during the term of the option (a &quot;Vesting Restriction&quot;). &nbsp;Provided, however, that notwithstanding any Vesting Restriction specified in respect of any particular option, options shall become fully vested, and each optionee shall be entitled to exercise his or her option in respect of the full number of optioned shares, upon the occurrence of an Acceleration Event. &nbsp;For these purposes, an Acceleration Event means</font></P>
<P style="margin-left:0pt; margin-bottom:-25.5pt; padding-left:72pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; text-indent:-36pt; color:#000000" align=justify>
<font size="2">(a)</font></P>
<P style="margin-left:0pt; padding-left:72pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; text-indent:0pt; color:#000000" align=justify>
<font size="2">the acquisition by any &quot;offeror&quot; (as defined in Part XX of the Securities Act (Ontario)) of beneficial ownership of more than 50% of the outstanding voting securities of the Corporation, by means of a takeover bid or otherwise; and</font></P>
<P style="margin-left:0pt; margin-bottom:-25.5pt; padding-left:72pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; text-indent:-36pt; color:#000000" align=justify>
<font size="2">(b)</font></P>
<P style="margin-left:0pt; padding-left:72pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; text-indent:0pt; color:#000000" align=justify>
<font size="2">any consolidation or merger of the Corporation in which the Corporation is not the continuing or surviving corporation or pursuant to which shares of the Corporation would be converted into cash, securities or other property, other than a merger of the Corporation in which shareholders immediately prior to the merger have the same proportionate ownership of stock of the surviving corporation immediately after the merger;
</font> </P>
<P style="margin-left:0pt; margin-bottom:-25.5pt; padding-left:72pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; text-indent:-36pt; color:#000000" align=justify>
<font size="2">(c)</font></P>
<P style="margin-left:0pt; padding-left:72pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; text-indent:0pt; color:#000000" align=justify>
<font size="2">any sale, lease exchange or other transfer (in one transaction or a series or related transaction) of all or substantially all of the assets of the Corporation;
</font> </P>
<p style="color: #000000" align="center"><font size="2">- 2 -</font></p>



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<P style="margin-left:0pt; margin-bottom:-25.5pt; padding-left:72pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; text-indent:-36pt; color:#000000" align=justify>
<font size="2">(d)</font></P>
<P style="margin-left:0pt; padding-left:72pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; text-indent:0pt; color:#000000" align=justify>
<font size="2">the approval by the shareholders of the Corporation of any plan of liquidation or dissolution of the Company.</font></P>
<P style="margin-left:0pt; margin-bottom:-25.5pt; padding-left:36pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; text-indent:-36pt; color:#000000"><B>
<font size="2">8.</font></B></P>
<P style="margin-left:0pt; padding-left:36pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; text-indent:0pt; color:#000000"><B><U>
<font size="2">CESSATION OF PROVISION OF SERVICES</font></U></B></P>
<P style="margin-left:0pt; padding:0pt; text-indent:36pt; color:#000000" align=justify>
<font size="2">If any optionee who is a service provider shall cease to be a service provider for the Corporation for any reason (except as otherwise provided in paragraph 9) the optionee may, but only within the period of ninety days next succeeding such cessation and in no event after the expiry date of the optionee's option, exercise the optionee's option.</font></P>
<P style="margin-left:0pt; margin-bottom:-25.5pt; padding-left:36pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; text-indent:-36pt; color:#000000"><B>
<font size="2">9.</font></B></P>
<P style="margin-left:0pt; padding-left:36pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; text-indent:0pt; color:#000000"><B><U>
<font size="2">DEATH OF OPTIONEE</font></U></B></P>
<P style="margin-left:0pt; padding:0pt; text-indent:36pt; color:#000000" align=justify>
<font size="2">In the event of the death of an optionee during the currency of the optionee's &nbsp;option, the option theretofore granted to the optionee shall be exercisable within, but only within, the period of one year next succeeding the optionee's death, and in no event after the expiry date of the option. &nbsp;Before expiry of an option under this paragraph 9, the Corporation shall notify the optionee's representative in writing of such expiry.</font></P>
<P style="margin-left:0pt; margin-bottom:-25.5pt; padding-left:36pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; text-indent:-36pt; color:#000000"><B>
<font size="2">10.</font></B></P>
<P style="margin-left:0pt; padding-left:36pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; text-indent:0pt; color:#000000"><B><U>
<font size="2">EXTENSION OF OPTION</font></U></B></P>
<P style="margin-left:0pt; padding:0pt; text-indent:36pt; color:#000000" align=justify>
<font size="2">In addition to the provisions of paragraphs 8 and 9, the Committee or the board of directors may extend the period of time within which an option held by a deceased optionee may be exercised or within which an option may be exercised by an optionee who has ceased to be a service provider for the Corporation, but such an extension shall not be granted beyond the original expiry date of the option. &nbsp;Any extensions of options granted under this Plan are subject to applicable regulatory approval.</font></P>
<P style="margin-left:0pt; margin-bottom:-25.5pt; padding-left:36pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; text-indent:-36pt; color:#000000"><B>
<font size="2">11.</font></B></P>
<P style="margin-left:0pt; padding-left:36pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; text-indent:0pt; color:#000000"><B><U>
<font size="2">NON-TRANSFERABILITY OF OPTION</font></U></B></P>
<P style="margin-left:0pt; padding:0pt; text-indent:36pt; color:#000000" align=justify>
<font size="2">No option granted under the Plan shall be transferrable by an optionee otherwise than by will or by the laws of descent and distribution, and such option shall be exercisable, during an optionee's lifetime, only by the optionee.</font></P>
<P style="margin-left:0pt; margin-bottom:-25.5pt; padding-left:36pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; text-indent:-36pt; color:#000000"><B>
<font size="2">12.</font></B></P>
<P style="margin-left:0pt; padding-left:36pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; text-indent:0pt; color:#000000"><B><U>
<font size="2">ADJUSTMENTS IN SHARES SUBJECT TO PLAN</font></U></B></P>
<P style="margin-left:0pt; padding:0pt; text-indent:36pt; color:#000000" align=justify>
<font size="2">The aggregate number and kind of shares available under the Plan shall be appropriately adjusted in the event of a reorganization, recapitalization, stock split, stock dividend, combination of shares, merger, consolidation, rights offering or any other change in the corporate structure or shares of the Corporation. &nbsp;The options granted under the Plan may contain such provisions as the Committee or the board of directors may determine with respect to adjustments to be made in the number and kind of shares covered by such options and in the option price in the event of any such change.</font></P>
<P style="margin-left:0pt; margin-bottom:-25.5pt; padding-left:36pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; text-indent:-36pt; color:#000000"><B>
<font size="2">13.</font></B></P>
<P style="margin-left:0pt; padding-left:36pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; text-indent:0pt; color:#000000"><B><U>
<font size="2">AMENDMENT AND TERMINATION OF THE PLAN</font></U></B></P>
<P style="margin-left:0pt; padding:0pt; text-indent:36pt; color:#000000" align=justify>
<font size="2">The board of directors may at any time amend or terminate the Plan, but where amended, such amendment is subject to regulatory approval.</font></P>
<p style="color: #000000" align="center"><font size="2">- 3 -</font></p>



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<P style="margin-left:0pt; margin-bottom:-25.5pt; padding-left:36pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; text-indent:-36pt; color:#000000"><B>
<font size="2">14.</font></B></P>
<P style="margin-left:0pt; padding-left:36pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; text-indent:0pt; color:#000000"><B><U>
<font size="2">EFFECTIVE DATE OF THE PLAN</font></U></B></P>
<P style="margin-left:0pt; padding:0pt; text-indent:36pt; color:#000000" align=justify>
<font size="2">The Plan becomes effective on the date of its approval by the shareholders of the Corporation.</font></P>
<P style="margin-left:0pt; margin-bottom:-25.5pt; padding-left:36pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; text-indent:-36pt; color:#000000"><B>
<font size="2">15.</font></B></P>
<P style="margin-left:0pt; padding-left:36pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; text-indent:0pt; color:#000000"><B><U>
<font size="2">EVIDENCE OF OPTIONS</font></U></B></P>
<P style="margin-left:0pt; padding:0pt; text-indent:36pt; color:#000000" align=justify>
<font size="2">Each option granted under the Plan shall be embodied in a written option agreement between the Corporation and the optionee which shall give effect to the provisions of the Plan.</font></P>
<P style="margin-left:0pt; margin-bottom:-25.5pt; padding-left:36pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; text-indent:-36pt; color:#000000"><B>
<font size="2">16.</font></B></P>
<P style="margin-left:0pt; padding-left:36pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; text-indent:0pt; color:#000000"><B><U>
<font size="2">EXERCISE OF OPTION</font></U></B></P>
<P style="margin-left:0pt; padding:0pt; text-indent:36pt; color:#000000" align=justify>
<font size="2">Subject to the provisions of the Plan and the particular option, an option may be exercised from time to time by delivering to the Corporation at its registered office a written notice of exercise specifying the number of shares with respect to which the option is being exercised and accompanied by payment in cash or certified cheque for the full amount of the purchase price of the shares then being purchased.</font></P>
<P style="margin-left:0pt; padding:0pt; text-indent:36pt; color:#000000" align=justify>
<font size="2">Upon receipt of a certificate of an authorized officer directing the issue of shares purchased under the Plan, the transfer agent is authorized and directed to issue and countersign share certificates for the optioned shares in the name of such optionee or the optionee's legal personal representative or as may be directed in writing by the optionee's legal personal representative.</font></P>
<P style="margin-left:0pt; margin-bottom:-25.5pt; padding-left:36pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; text-indent:-36pt; color:#000000"><B>
<font size="2">17.</font></B></P>
<P style="margin-left:0pt; padding-left:36pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; text-indent:0pt; color:#000000"><B><U>
<font size="2">NOTICE OF SALE OF ALL OR SUBSTANTIALLY ALL SHARES OR ASSETS</font></U></B></P>
<P style="margin-left:0pt; padding:0pt; text-indent:36pt; color:#000000" align=justify>
<font size="2">If at any time when an option granted under this Plan remains unexercised with respect to any optioned shares, (a) the Corporation seeks approval from its shareholders for a transaction which, if completed, would constitute an Acceleration Event, or (b) a third party makes a formal offer or proposal to the Corporation or its shareholders which, if accepted, would constitute an Acceleration Event, the Corporation shall use its best efforts to bring such offer or proposal to the attention of the optionee as soon as practicable and (i) the option granted under this Plan may be exercised, as to all or any of the optioned shares in respect of which such option has not previously been exercised, by the optionee at any time up to and including, (but not after) a date thirty (30) days following the date of the completion of such Acceleration Event or prior to the close of business on the expiry date of the option, whichever is the earlier; and (ii) the Corporation may require the acceleration of the t
ime for the exercise of the said option and of the time for the fulfillment of any conditions or restrictions on such exercise.</font></P>
<P style="margin-left:0pt; margin-bottom:-25.5pt; padding-left:36pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; text-indent:-36pt; color:#000000"><B>
<font size="2">18.</font></B></P>
<P style="margin-left:0pt; padding-left:36pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; text-indent:0pt; color:#000000"><B><U>
<font size="2">RIGHTS PRIOR TO EXERCISE</font></U></B></P>
<P style="margin-left:0pt; padding:0pt; text-indent:36pt; color:#000000" align=justify>
<font size="2">An optionee shall have no rights whatsoever as a shareholder in respect of any of the optioned shares (including any right to receive dividends or other distributions therefrom or thereon) other than in respect of optioned shares in respect of which the optionee shall have exercised the option to purchase hereunder and which the optionee shall have actually taken up and paid for.</font></P>
<p style="color: #000000" align="center"><font size="2">- 4 -</font></p>



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<P style="margin-left:0pt; margin-bottom:-25.5pt; padding-left:36pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; text-indent:-36pt; color:#000000"><B>
<font size="2">19.</font></B></P>
<P style="margin-left:0pt; padding-left:36pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; text-indent:0pt; color:#000000"><B><U>
<font size="2">GOVERNING LAW</font></U></B></P>
<P style="margin-left:0pt; padding:0pt; text-indent:36pt; color:#000000" align=justify>
<font size="2">This Plan shall be construed in accordance with and be governed by the laws of the Province of Ontario and shall be deemed to have been made in said Province, and shall be in accordance with all applicable securities laws.</font></P>
<P style="margin-left:0pt; margin-bottom:-25.5pt; padding-left:36pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; text-indent:-36pt; color:#000000"><B>
<font size="2">20.</font></B></P>
<P style="margin-left:0pt; padding-left:36pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; text-indent:0pt; color:#000000"><B><U>
<font size="2">EXPIRY OF OPTION</font></U></B></P>
<P style="margin-left:0pt; padding:0pt; text-indent:36pt; color:#000000" align=justify>
<font size="2">On the expiry date of any option granted under the Plan, and subject to any extension of such expiry date permitted in accordance with the Plan, such option hereby granted shall forthwith expire and terminate and be of no further force or effect whatsoever as to such of the optioned shares in respect of which the option has not been exercised.</font></P>
<P style="margin-left:0pt; margin-bottom:-25.5pt; padding-left:36pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; text-indent:-36pt; color:#000000"><B>
<font size="2">21.</font></B></P>
<P style="margin-left:0pt; padding-left:36pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; text-indent:0pt; color:#000000"><B><U>
<font size="2">APPROVAL</font></U></B></P>
<P style="margin-left:0pt; padding:0pt; text-indent:36pt; color:#000000" align=justify>
<font size="2">The original Stock Option Plan was approved by the board of directors of the Corporation on September 25, 1996 and by the shareholders of the Corporation on June 24, 1997, as amended by the shareholders on June 3, 2003. &nbsp;The Amended Stock Option Plan was approved by the board of directors of the Corporation on April 20, 2006 and by the shareholders of the Corporation on May 23, 2006.</font></P>
&nbsp;<p><font size="2">
<BR>
&nbsp;</font></p>
<p style="color: #000000" align="center"><font size="2">- 5 -</font></p>
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<TYPE>EX-4.3
<SEQUENCE>3
<FILENAME>exh43.htm
<DESCRIPTION>EXHIBIT 4.3
<TEXT>
<!doctype html public "-//IETF//DTD HTML//EN">
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<TITLE>New Gold Inc.: Exhibit 4.3 - Prepared by TNT Filings Inc.</TITLE>
<META NAME="date" CONTENT="07/07/2009">
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<p align="right"><font size="2"><b>Exhibit 4.3</b></font></p>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; color:#000000" align=center><B>
<font size="2">NEW GOLD INC.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font> </B></P>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; color:#000000" align=center><B>
<font size="2">STOCK OPTION PLAN (2005) (AS AMENDED ON MAY 3, 2007)</font></B></P>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify><B>
<font size="2">1. PURPOSE OF THE PLAN </font> </B></P>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify>
<font size="2">The Company hereby establishes a stock option plan for directors, officers and Service Providers (as defined below) of the Company and its subsidiaries, to be known as the &#147;New Gold Inc. Stock Option Plan (2005)&#148; (herein &#147;the Plan&#148;). The purpose of the Plan is to give to directors, officers and Service Providers, as additional compensation, the opportunity to participate in the profitability of the Company by granting to such individuals options, exercisable over periods of up to ten years as determined by the board of directors of the Company, to buy shares of the Company at a price equal to the Market Price prevailing on the date the option is granted.
</font> </P>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify><B>
<font size="2">2. DEFINITIONS </font> </B></P>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify>
<font size="2">In the Plan, the following terms shall have the following meanings:
</font> </P>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify>
<font size="2">2.1 &#147;Associate&#148; means an associate as defined in the Securities Act.
</font> </P>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify>
<font size="2">2.2 &#147;Board&#148; means the Board of Directors of the Company.
</font> </P>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify>
<font size="2">2.3 &#147;Change of Control&#148; means the acquisition by any person or by any person and a Joint Actor, whether directly or indirectly, of voting securities (as defined in the Securities Act) of the Company, which, when added to all other voting securities of the Company at the time held by such person or by such person and a Joint Actor, totals for the first time not less than fifty percent (50%) of the outstanding voting securities of the Company or the votes attached to those securities are sufficient, if exercised, to elect a majority of the Board of Directors of the Company.
</font> </P>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify>
<font size="2">2.4 &#147;Company&#148; means New Gold Inc. and its successors.
</font> </P>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify>
<font size="2">2.5 &#147;Disability&#148; means any disability with respect to an Optionee which the Board, in its sole and unfettered discretion, considers likely to prevent permanently the Optionee from:
</font> </P>
<P style="margin-left:0pt; margin-bottom:-25.5pt; padding-left:72pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; text-indent:-36pt; color:#000000" align=justify>
<font size="2">(a)</font></P>
<P style="margin-left:0pt; padding-left:72pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; text-indent:0pt; color:#000000" align=justify>
<font size="2">&nbsp;being employed or engaged by the Company, its subsidiaries or another employer, in a position the same as or similar to that in which he was last employed or engaged by the Company or its subsidiaries; or
</font> </P>
<P style="margin-left:0pt; margin-bottom:-25.5pt; padding-left:72pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; text-indent:-36pt; color:#000000" align=justify>
<font size="2">(b) </font> </P>
<P style="margin-left:0pt; padding-left:72pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; text-indent:0pt; color:#000000" align=justify>
<font size="2">acting as a director or officer of the Company or its subsidiaries.
</font> </P>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify>
<font size="2">2.6 &#147;Exchange&#148; and &#147;Exchanges&#148; means the Toronto Stock Exchange and any other stock exchange on which the Shares are listed.
</font> </P>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify>
<font size="2">2.7 &#147;Expiry Date&#148; means either : (a) the date set by the Board under section 3.1 of the Plan, as the last date on which an Option may be exercised; or (b) if the date referred to in subsection 2.7 (a) falls within a blackout period imposed on the Optionee by the Company, or within 10 business days thereafter, &nbsp;then that date which is the 10<SUP>th</SUP>
business day after the end of such blackout period.</font></P>



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<p style="color: #000000" align="center"><font size="2">- 2 -</font></p>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; color:#000000">
<font size="2">2.8 &#147;Grant Date&#148; means the date specified in an Option Agreement as the date on which an Option is granted.
</font> </P>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; color:#000000">
<font size="2"><BR></font></P>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify>
<font size="2">2.9 &#147;Insider&#148; means: </font> </P>
<P style="margin-left:0pt; padding-left:54pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; text-indent:-18pt; color:#000000" align=justify>
<font size="2">(a) an insider as defined in the Securities Act, other than a person who is an insider solely by virtue of being a director or senior officer of a subsidiary of the Company; and
</font> </P>
<P style="margin-left:0pt; padding-left:72pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; text-indent:-36pt; color:#000000" align=justify>
<font size="2">(b) an Associate of any person who is an insider under subsection (a).
</font> </P>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify>
<font size="2">2.10 &#147;Market Price&#148; of Shares at any Grant Date means, if the Shares are listed on the Toronto Stock Exchange, the closing price per Share on the Toronto Stock Exchange or, for the last day Shares were traded prior to the Grant Date (in accordance with the policies of the Toronto Stock Exchange as may from time to time apply) or if the Shares are not listed on any stock exchange, &#147;Market Price&#148; of Shares means the price per Share on the over-the-counter market determined by dividing the aggregate sale price of the Shares sold by the total number of such Shares so sold on the applicable market for the last day prior to the Grant Date.
</font> </P>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify>
<font size="2">2.11 &#147;Option&#148; means an option to purchase Shares granted pursuant to this Plan.
</font> </P>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify>
<font size="2">2.12 &#147;Option Agreement&#148; means an agreement, in the form attached hereto as Schedule &#147;A&#148;, whereby the Company grants to an Optionee an Option.
</font> </P>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify>
<font size="2">2.13 &#147;Optionee&#148; means each of the directors, officers and Service Providers granted an Option pursuant to this Plan and their heirs, executors and administrators and, subject to the policies of the Exchange, an Optionee may also be a corporation wholly-owned by an individual eligible for an Option grant pursuant to this Plan.
</font> </P>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify>
<font size="2">2.14 &#147;Option Price&#148; means the price per Share specified in an Option Agreement, adjusted from time to time in accordance with the provisions of section 5.
</font> </P>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify>
<font size="2">2.15 &#147;Option Shares&#148; means the aggregate number of Shares which an Optionee may purchase under an Option.
</font> </P>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify>
<font size="2">2.16 &#147;Plan&#148; means this New Gold Inc. Stock Option Plan.
</font> </P>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify>
<font size="2">2.17 &#147;Shares&#148; means the common shares in the capital of the Company as constituted on the Grant Date provided that, in the event of any adjustment pursuant to section 5, &#147;Shares&#148; shall thereafter mean the shares or other property resulting from the events giving rise to the adjustment.
</font> </P>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify>
<font size="2">2.18 &#147;Securities Act&#148; means and includes the Securities Act (British Columbia) R.S.B.C. 1996, c.418, as amended as at the date hereof, the Securities Act (Alberta), the Securities Act (Ontario) R.S.O. 1990 c.5, as amended as at the date hereof and all other applicable securities acts and regulations of each jurisdiction to which the Company is subject as a reporting issuer.
</font> </P>



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<p style="color: #000000" align="center"><font size="2">- 3 -</font></p>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify>
<font size="2">2.19 &#147;Service Provider&#148; means: </font> </P>
<P style="margin-left:0pt; padding-left:72pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; text-indent:-36pt; color:#000000" align=justify>
<font size="2">(a) an employee or Insider of the Company or any of its subsidiaries;
</font> </P>
<P style="margin-left:0pt; padding-left:54pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; text-indent:-18pt; color:#000000" align=justify>
<font size="2">(b) any other person or company engaged to provide ongoing management or consulting services for the Company or for any entity controlled by the Company; and
</font> </P>
<P style="margin-left:0pt; padding-left:54pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; text-indent:-18pt; color:#000000" align=justify>
<font size="2">(c) any person who is providing ongoing management or consulting services to the Company or to any entity controlled by the Company indirectly through a company that is a Service Provider under subsection 2.2 (b).
</font> </P>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify>
<font size="2">2.20 &#147;Unissued Option Shares&#148; means the number of Shares, at a particular time, which have been allotted for issuance upon the exercise of an Option but which have not been issued, as adjusted from time to time in accordance with the provisions of section 5, such adjustments to be cumulative.
</font> </P>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify>
<font size="2">2.21 &#147;Vested&#148; means that an Option has become exercisable in respect of a number of Option Shares by the Optionee pursuant to the terms of the Option Agreement.
</font> </P>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify><B>
<font size="2">3. GRANT OF OPTIONS </font> </B></P>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify>
<font size="2">3.1 </font> <U><font size="2">Option Terms </font> </U></P>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify>
<font size="2">The Board may from time to time authorize the issue of Options to directors, officers and Service Providers of the Company and its subsidiaries. The Option Price under each Option shall be not less than the Market Price on the Grant Date. The Expiry Date for each Option shall be set by the Board at the time of issue of the Option and shall not be more than ten years after the Grant Date. Options shall not be assignable (or transferable) by the Optionee.
</font> </P>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify>
<font size="2">3.2 </font> <U><font size="2">Limits on Shares Issuable on Exercise of Options
</font> </U></P>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify>
<font size="2">The maximum number of Shares to be reserved for issuance and which may in the aggregate be issuable pursuant to options granted under the Plan shall not exceed 10 % of the outstanding issued capital of the Company on an &#147;evergreen&#148; (reloading) basis pursuant to the policies of the Toronto Stock Exchange (TSX) or such additional amount as may be approved from time to time by the shareholders of the Company. The number of Shares issuable to any one Optionee under the Plan, together with all of the Company&#146;s other previously established or proposed share compensation arrangements, shall not exceed 5% of the total number of issued and outstanding shares on a non-diluted basis. The number of Shares which may be issuable under the Plan, together with all of the Company&#146;s other previously established or proposed share compensation arrangements, to any one Optionee who is an Insider and any Associates of such Insider, shall not exceed 5% of the outstanding issue within a one-year p
eriod,
</font> </P>



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<p style="color: #000000" align="center"><font size="2">- 4 -</font></p>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify>
<font size="2">For the purposes of subsection above, &#147;outstanding issue&#148; is determined on the basis of the number of Shares that are outstanding immediately prior to the Share issuance in question, including Shares issued pursuant to Share compensation arrangements over the preceding one-year period.
</font> </P>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify>
<font size="2">3.3 </font> <U><font size="2">Option Agreements </font> </U></P>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify>
<font size="2">Each Option shall be confirmed by the execution of an Option Agreement. Each Optionee shall have the option to purchase from the Company the Option Shares at the time and in the manner set out in the Plan and in the Option Agreement applicable to that Optionee. The execution of an Option Agreement shall constitute conclusive evidence that it has been completed in compliance with this Plan.
</font> </P>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify><B>
<font size="2">4. EXERCISE OF OPTION </font> </B></P>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify>
<font size="2">4.1 </font> <U><font size="2">When Options May be Exercised
</font> </U></P>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify>
<font size="2">Subject to sections 4.3 and 4.4, an Option may be exercised to purchase any number of Shares up to the number of Vested Unissued Option Shares at any time after the Grant Date up to 5:00 p.m. local time on the Expiry Date and shall not be exercisable thereafter.
</font> </P>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify>
<font size="2">4.2 </font> <U><font size="2">Manner of Exercise </font> </U></P>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify>
<font size="2">The Option shall be exercisable by delivering to the Company a notice specifying the number of Shares in respect of which the Option is exercised together with payment in full of the Option Price for each such Share. Upon notice and payment there will be a binding contract for the issue of the Shares in respect of which the Option is exercised, upon and subject to the provisions of the Plan. Delivery of the Optionee&#146;s cheque payable to the Company in the amount of the Option Price shall constitute payment of the Option Price unless the cheque is not honoured upon presentation in which case the Option shall not have been validly exercised.
</font> </P>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify>
<font size="2">4.3 </font> <U><font size="2">Vesting of Option Shares </font> </U></P>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify>
<font size="2">Subject to the policies of the Exchanges, the Directors may determine and impose terms upon which each Option shall become Vested in respect of Option Shares.
</font> </P>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify>
<font size="2">4.4 </font> <U><font size="2">Termination of Employment </font> </U></P>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify>
<font size="2">If an Optionee ceases to be a director, officer or Service Provider of the Company or one of the Company&#146;s subsidiaries, his or her Option shall be exercisable as follows:
</font> </P>
<P style="margin-left:0pt; padding-left:36pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; text-indent:0pt; color:#000000" align=justify>
<font size="2">(a) </font> <U><font size="2">Death or Disability</font></U></P>
<P style="margin-left:0pt; padding-left:72pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; text-indent:0pt; color:#000000" align=justify>
<font size="2">If the Optionee ceases to be a director, officer or Service Provider of the Company or a subsidiary of the Company, due to his or her death or Disability or, in the case of an Optionee that is a company, the death or Disability of the person who provides management or consulting services to the Company or to any entity controlled by the Company, the Option then held by the Optionee shall be exercisable to acquire Vested Unissued Option Shares at any time up to but not after the Expiry Date or such earlier date as may be prescribed by (i) the Board on the Grant Date; or (ii) the policies of the Exchanges;</font></P>



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<p style="color: #000000" align="center"><font size="2">- 5 -</font></p>
<P style="margin-left:0pt; padding-left:36pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; text-indent:0pt; color:#000000" align=justify>
<font size="2">(b) </font> <U><font size="2">Termination For Cause</font></U></P>
<P style="margin-left:0pt; padding-left:72pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; text-indent:0pt; color:#000000" align=justify>
<font size="2">If the Optionee, or in the case of an Option granted to an Optionee who falls under the definition of Service Provider set out in subsection 2.19 (c), the Optionee's employer, ceases to be a director, officer or Service Provider of the Company or a subsidiary of the Company as a result of termination for cause, as that term is interpreted by the courts of the jurisdiction in which the Optionee, or, in the case of the Optionee who satisfies the definition of Service Provider set out in subparagraph 2.19 (c), of the Optionee&#146;s employer, is employed or engaged; any outstanding Option held by such Optionee on the date of such termination, whether in respect of Option Shares that are Vested or not, shall be cancelled as of that date.
</font> </P>
<P style="margin-left:0pt; padding-left:36pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; text-indent:0pt; color:#000000" align=justify>
<font size="2">(c) </font> <U><font size="2">Early Retirement, Voluntary Resignation or Termination Other than For Cause</font></U></P>
<P style="margin-left:0pt; padding-left:72pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; text-indent:0pt; color:#000000" align=justify>
<font size="2">If the Optionee or, in the case of an Option granted to an Optionee who falls under the definition of Service Provider set out in subparagraph 2.19 (c), the Optionee&#146;s employer, ceases to be a director, officer or Service Provider of the Company or a subsidiary of the Company due to his or her retirement at the request of his or her employer earlier than the normal retirement date under the Company&#146;s retirement policy then in force, or due to his or her termination by the Company other than for cause, or due to his or her voluntary resignation, the Option then held by the Optionee shall be exercisable to acquire Vested Unissued Option Shares at any time up to but not after the Expiry Date or such shorter period as may be prescribed by (i) the Board on the Grant Date; or (ii) the policies of the Exchanges after the Optionee or, in the case of an Option granted to an Optionee who falls under the definition of Service Provider set out in subparagraph 2.19 (c), the Optionee&#146;s employ
er, ceases to be a director, officer or Service Provider of the Company or a subsidiary of the Company.
</font> </P>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify>
<font size="2">For greater certainty, an Option that had not become Vested in respect of certain Unissued Option Shares at the time that the relevant event referred to in this paragraph 4.4 occurred, shall not be or become exercisable in respect of such Unissued Option Shares and shall be cancelled.
</font> </P>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify>
<font size="2">4.5 </font> <U><font size="2">Effect of a Take-Over Bid </font> </U></P>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify>
<font size="2">If a bona fide offer (an &#147;Offer&#148;) for Shares is made to the Optionee or to shareholders of the Company generally or to a class of shareholders which includes the Optionee, which Offer, if accepted in whole or in part, would result in the offeror becoming a control person of the Company, within the meaning of subsection 1 (1) of the Securities Act, the Company shall, immediately upon receipt of notice of the Offer, notify each Optionee of full particulars of the Offer, whereupon all Option Shares subject to such Option will become Vested and the Option may be exercised in whole or in part by the Optionee so as to permit the Optionee to tender the Option Shares received upon such exercise, pursuant to the Offer. However, if:
</font> </P>



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<p style="color: #000000" align="center"><font size="2">- 6 -</font></p>
<P style="margin-left:0pt; padding-left:72pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; text-indent:-36pt; color:#000000" align=justify>
<font size="2">(a) the Offer is not completed within the time specified therein; or
</font> </P>
<P style="margin-left:0pt; padding-left:54pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; text-indent:-18pt; color:#000000" align=justify>
<font size="2">(b) all of the Option Shares tendered by the Optionee pursuant to the Offer are not taken up or paid for by the offeror in respect thereof,
</font> </P>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify>
<font size="2">then the Option Shares received upon such exercise, or in the case of clause (b) above, the Option Shares that are not taken up and paid for, may be returned by the Optionee to the Company and reinstated as authorized but unissued Shares and with respect to such returned Option Shares, the Option shall be reinstated as if it had not been exercised and the terms upon which such Option Shares were to become Vested pursuant to paragraph 4.3 shall be reinstated. If any Option Shares are returned to the Company under this paragraph 4.5, the Company shall immediately refund the exercise price to the Optionee for such Option Shares</font></P>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify>
<font size="2">4.6 </font> <U><font size="2">Acceleration of Expiry Date </font> </U></P>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify>
<font size="2">If at any time when an Option granted under the Plan remains unexercised with respect to any Unissued Option Shares, an Offer is made by an offeror, the Directors may, upon notifying each Optionee of full particulars of the Offer, declare all Option Shares issuable upon the exercise of Options granted under the Plan, Vested, and declare that the Expiry Date for the exercise of all unexercised Options granted under the Plan is accelerated so that all Options will either be exercised or will expire prior to the date upon which Shares must be tendered pursuant to the Offer.
</font> </P>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify>
<font size="2">4.7 </font> <U><font size="2">Effect of a Change of Control
</font> </U></P>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify>
<font size="2">If a Change of Control occurs, all Option Shares subject to each outstanding Option will become Vested, whereupon such Option may be exercised in whole or in part by the Optionee.
</font> </P>
<P style="margin-left:0pt; padding-left:72pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; text-indent:-72pt; color:#000000" align=justify>
<font size="2">4.8 Exclusion From Severance Allowance, Retirement </font> </P>
<P style="margin-left:0pt; padding-left:72pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; text-indent:-54pt; color:#000000" align=justify><U>
<font size="2">Allowance or Termination Settlement </font> </U></P>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify>
<font size="2">If the Optionee, or, in the case of an Option granted to an Optionee who falls under the definition of Service Provider set out in subsection 2.19 (c), the Optionee&#146;s employer, retires, resigns or is terminated from employment or engagement with the Company or any subsidiary of the Company, the loss or limitation, if any, pursuant to the Option Agreement with respect to the right to purchase Option Shares which were not Vested at that time or which, if Vested, were cancelled, shall not give rise to any right to damages and shall not be included in the calculation of nor form any part of any severance allowance, retiring allowance or termination settlement of any kind whatsoever in respect of such Optionee.
</font> </P>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify>
<font size="2">4.9 </font> <U><font size="2">Shares Not Acquired </font> </U></P>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify>
<font size="2">Any Unissued Option Shares not acquired by an Optionee under an Option which has expired may be made the subject of a further Option pursuant to the provisions of the Plan.
</font> </P>



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<p style="color: #000000" align="center"><font size="2">- 7 -</font></p>
<P style="margin-left:0pt; padding-left:72pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; text-indent:-72pt; color:#000000" align=justify><B>
<font size="2">5. ADJUSTMENT OF OPTION PRICE AND NUMBER OF OPTION SHARES </font> </B></P>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify>
<font size="2">5.1 </font> <U><font size="2">Share Reorganization </font> </U></P>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify>
<font size="2">Whenever the Company issues Shares to all or substantially all holders of Shares by way of a stock dividend or other distribution, or subdivides all outstanding Shares into a greater number of Shares, or combines or consolidates all outstanding Shares into a lesser number of Shares (each of such events being herein called a &#147;Share Reorganization&#148;) then effective immediately after the record date for such dividend or other distribution or the effective date of such subdivision, combination or consolidation, for each Option:
</font> </P>
<P style="margin-left:0pt; padding-left:72pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; text-indent:-36pt; color:#000000" align=justify>
<font size="2">(a) the Option Price will be adjusted to a price per Share which is the product of:
</font> </P>
<P style="margin-left:0pt; padding-left:90pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; text-indent:-18pt; color:#000000" align=justify>
<font size="2">(i) the Option Price in effect immediately before that effective date or record date; and
</font> </P>
<P style="margin-left:0pt; padding-left:90pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; text-indent:-18pt; color:#000000" align=justify>
<font size="2">(ii) a fraction, the numerator of which is the total number of Shares outstanding on that effective date or record date before giving effect to the Share Reorganization, and the denominator of which is the total number of Shares that are or would be outstanding immediately after such effective date or record date after giving effect to the Share Reorganization; and
</font> </P>
<P style="margin-left:0pt; padding-left:36pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; text-indent:0pt; color:#000000" align=justify>
<font size="2">(b) the number of Unissued Option Shares will be adjusted by multiplying (i) the number of Unissued Option Shares immediately before such effective date or record date by (ii) a fraction which is the reciprocal of the fraction described in subsection (a)(ii).
</font> </P>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify>
<font size="2">5.2 </font> <U><font size="2">Special Distribution </font> </U></P>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify>
<font size="2">Subject to the prior approval of the Exchanges, whenever the Company issues by way of a dividend or otherwise distributes to all or substantially all holders of Shares;
</font> </P>
<P style="margin-left:0pt; padding-left:72pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; text-indent:-36pt; color:#000000" align=justify>
<font size="2">(a) shares of the Company, other than the Shares; </font> </P>
<P style="margin-left:0pt; padding-left:72pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; text-indent:-36pt; color:#000000" align=justify>
<font size="2">(b) evidences of indebtedness; </font> </P>
<P style="margin-left:0pt; padding-left:54pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; text-indent:-18pt; color:#000000" align=justify>
<font size="2">(c) any cash or other assets, excluding cash dividends (other than cash dividends which the Board of Directors of the Company has determined to be outside the normal course); or
</font> </P>
<P style="margin-left:0pt; padding-left:72pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; text-indent:-36pt; color:#000000" align=justify>
<font size="2">(d) rights, options or warrants; </font> </P>



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<p style="color: #000000" align="center"><font size="2">- 8 -</font></p>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify>
<font size="2">then to the extent that such dividend or distribution does not constitute a Share Reorganization (any of such non-excluded events being herein called a &#147;Special Distribution&#148;), and effective immediately after the record date at which holders of Shares are determined for purposes of the Special Distribution, for each Option the Option Price will be reduced, and the number of Unissued Option Shares will be correspondingly increased, by such amount, if any, as is determined by the Board in its sole and unfettered discretion to be appropriate in order to properly reflect any diminution in value of the Option Shares as a result of such Special Distribution.
</font> </P>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify>
<font size="2">5.3 </font> <U><font size="2">Corporate Organization </font> </U></P>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify>
<font size="2">Whenever there is: </font> </P>
<P style="margin-left:0pt; padding-left:54pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; text-indent:-18pt; color:#000000" align=justify>
<font size="2">(a) a reclassification of outstanding Shares, a change of Shares into other shares or securities, or any other capital reorganization of the Company, other than as described in sections 5.1 or 5.2;
</font> </P>
<P style="margin-left:0pt; padding-left:54pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; text-indent:-18pt; color:#000000" align=justify>
<font size="2">(b) a consolidation, merger or amalgamation of the Company with or into another corporation resulting in a reclassification of outstanding Shares into other shares or securities or a change of Shares into other shares or securities; or
</font> </P>
<P style="margin-left:0pt; padding-left:54pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; text-indent:-18pt; color:#000000" align=justify>
<font size="2">(c) a transaction whereby all or substantially all of the Company's undertaking and assets become the property of another corporation;
</font> </P>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify>
<font size="2">(any such event being herein called a &#147;Corporate Reorganization&#148;) the Optionee will have an option to purchase (at the times, for the consideration, and subject to the terms and conditions set out in the Plan) and will accept on the exercise of such option, in lieu of the Unissued Option Shares which he would otherwise have been entitled to purchase, the kind and amount of shares or other securities or property that he would have been entitled to receive as a result of the Corporate Reorganization if, on the effective date thereof, he had been the holder of all Unissued Option Shares or if appropriate, as otherwise determined by the Directors.</font></P>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify>
<font size="2">5.4 </font> <U><font size="2">Determination of Option Price and Number of Unissued Option Shares
</font> </U></P>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify>
<font size="2">If any questions arise at any time with respect to the Option Price or number of Unissued Option Shares deliverable upon exercise of an Option following a Share Reorganization, Special Distribution or Corporate Reorganization, such questions shall be conclusively determined by the Company&#146;s auditor, or, if they decline to so act, any other firm of Chartered Accountants in Vancouver, British Columbia, that the Directors may designate and who will have access to all appropriate records and such determination will be binding upon the Company and all Optionees.
</font> </P>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify>
<font size="2">5.5 </font> <U><font size="2">Regulatory Approval </font> </U></P>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify>
<font size="2">Any adjustment to the Option Price or the number of Unissued Option Shares purchasable under the Plan pursuant to the operation of any one of paragraphs 5.1, 5.2 or 5.3 is subject to the approval of the Exchanges and any other governmental authority having jurisdiction.
</font> </P>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify><B>
<font size="2">6. MISCELLANEOUS </font> </B></P>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify>
<font size="2">6.1 </font> <U><font size="2">Right to Employment </font> </U></P>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify>
<font size="2">Neither this Plan nor any of the provisions hereof shall confer upon any Optionee any right with respect to employment or continued employment with the Company or any subsidiary of the Company or interfere in any way with the right of the Company or any subsidiary of the Company to terminate such employment.
</font> </P>



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<p style="color: #000000" align="center"><font size="2">- 9 -</font></p>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify>
<font size="2">6.2 </font> <U><font size="2">Necessary Approvals </font> </U></P>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify>
<font size="2">The Plan shall be effective only upon the approval of the shareholders of the Company given by way of an ordinary resolution, and subsequent approval or the Plan is required to be obtained on or before the third (3rd) anniversary of the adoption of the Plan and thereafter on or before each successive three year period. Options granted under this Plan prior to such approval shall only be exercised upon the receipt of such approval. The obligation of the Company to sell and deliver Shares in accordance with the Plan is subject to the approval of the Exchanges and any governmental authority having jurisdiction. If any Shares cannot be issued to any Optionee for any reason, including, without limitation, the failure to obtain such approval, then the obligation of the Company to issue such Shares shall terminate and any Option Price paid by an Optionee to the Company shall be immediately refunded to the Optionee by the Company.
</font> </P>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify>
<font size="2">6.3 </font> <U><font size="2">Administration of the Plan </font> </U></P>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify>
<font size="2">The Directors shall, without limitation, have full and final authority in their discretion, but subject to the express provisions of the Plan, to interpret the Plan, to prescribe, amend and rescind rules and regulations relating to the Plan and to make all other determinations deemed necessary or advisable in respect of the Plan. Except as set forth in section 5.4, the interpretation and construction of any provision of the Plan by the Directors shall be final and conclusive. Administration of the Plan shall be the responsibility of the appropriate officers of the Company and all costs in respect thereof shall be paid by the Company.
</font> </P>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify>
<font size="2">6.4 </font> <U><font size="2">Amendments to the Plan </font> </U></P>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify>
<font size="2">The Directors may from time to time, subject to applicable law and to the prior approval, if required, of the Exchanges or any other regulatory body having authority over the Company or the Plan, suspend, terminate or discontinue the Plan at any time, or amend or revise the terms of the Plan or of any Option granted under the Plan and the Option Agreement relating thereto in such respects as they may consider advisable, provided that no such amendment, revision, suspension, termination or discontinuance shall in any manner adversely affect any Option previously granted to an Optionee under the Plan without the consent of that Optionee. &nbsp;&nbsp;Except as otherwise stated below, in this Section 6.4, any amendments to the Plan or options granted thereunder will be subject to the approval of the shareholders.</font></P>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify>
<font size="2">Notwithstanding any other provision of the Plan and this Section 6.4, subject to applicable law and to the prior approval, if required, of the Exchanges or any other regulatory body having authority over the Company or the Plan, the Board (or any committee thereof) may, at any time, amend or revise the terms of the Plan or any Option granted hereunder and the Option Agreement relating thereto, without further action by its shareholders, so as to:
</font> </P>
<P style="margin-left:0pt; margin-bottom:-25.5pt; padding-left:54pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; text-indent:-18pt; color:#000000" align=justify>
<font size="2">(a)</font></P>
<P style="margin-left:0pt; padding-left:54pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; text-indent:0pt; color:#000000" align=justify>
<font size="2">ensure that the Options granted hereunder will comply with any provisions respecting stock options in the income tax and other laws in force in any country or jurisdiction of which an Optionee to whom an Option has been granted may from time to time be resident or a citizen;</font></P>



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<p style="color: #000000" align="center"><font size="2">- 10 -</font></p>
<P style="margin-left:0pt; margin-bottom:-25.5pt; padding-left:54pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; text-indent:-18pt; color:#000000" align=justify>
<font size="2">(b)</font></P>
<P style="margin-left:0pt; padding-left:54pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; text-indent:0pt; color:#000000" align=justify>
<font size="2">change vesting provisions of an Option or the Plan;</font></P>
<P style="margin-left:0pt; margin-bottom:-25.5pt; padding-left:54pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; text-indent:-18pt; color:#000000" align=justify>
<font size="2">(c)</font></P>
<P style="margin-left:0pt; padding-left:54pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; text-indent:0pt; color:#000000" align=justify>
<font size="2">make a change in the termination provisions of an Option or the Plan or a change to the date on which an Option may be exercised which does not entail an extension beyond the original Expiry Date; and</font></P>
<P style="margin-left:0pt; margin-bottom:-25.5pt; padding-left:54pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; text-indent:-18pt; color:#000000" align=justify>
<font size="2">(d)</font></P>
<P style="margin-left:0pt; padding-left:54pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; text-indent:0pt; color:#000000" align=justify>
<font size="2">make amendments to correct typographical or clerical errors or to add clarifying statements to ensure the intent and meaning of an Option or the Plan is properly expressed.</font></P>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify>
<font size="2">6.5 </font> <U><font size="2">Form of Notice </font> </U></P>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify>
<font size="2">A notice given to the Company shall be in writing, signed by the Optionee and delivered to the head business office of the Company.
</font> </P>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify>
<font size="2">6.6 </font> <U><font size="2">No Representation or Warranty
</font> </U></P>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify>
<font size="2">The Company makes no representation or warranty as to the future market value of any Shares issued in accordance with the provisions of the Plan.
</font> </P>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify>
<font size="2">6.7 </font> <U><font size="2">Compliance with Applicable Law
</font> </U></P>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify>
<font size="2">If any provision of the Plan or any Option Agreement contravenes any law or any order, policy, by-law or regulation of any regulatory body or Exchange having authority over the Company or the Plan, then such provision shall be deemed to be amended to the extent required to bring such provision into compliance therewith.
</font> </P>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify>
<font size="2">6.8 </font> <U><font size="2">No Assignment </font> </U></P>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify>
<font size="2">Options are not assignable, nor may an Optionee assign any of his or her rights under the Plan.
</font> </P>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify>
<font size="2">6.9 </font> <U><font size="2">Rights of Optionees </font> </U></P>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify>
<font size="2">An Optionee shall have no rights whatsoever as a shareholder of the Company in respect of any of the Unissued Option Shares (including, without limitation, voting rights or any right to receive dividends, warrants or rights under any rights offering).
</font> </P>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify>
<font size="2">6.10 </font> <U><font size="2">Conflict </font> </U></P>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify>
<font size="2">In the event of any conflict between the provisions of this Plan and an Option Agreement, the provisions of this Plan shall govern.
</font> </P>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify>
<font size="2">6.11 </font> <U><font size="2">Governing Law, Rules &amp; Regulatory Policies
</font> </U></P>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify>
<font size="2">The Plan and each Option Agreement issued pursuant to the Plan shall be governed by the laws of the Province of British Columbia and, in any action concerning the rights of an Optionee and the obligations of the Company under the Plan, each Optionee attorns to the exclusive jurisdiction of courts therein. In addition to the laws of the Province of British Columbia, each Option Agreement is subject to the rules and regulation of the Exchanges and all applicable securities laws and regulations of each jurisdiction in which the Company is a reporting issuer.
</font> </P>



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<p style="color: #000000" align="center"><font size="2">- 11 -</font></p>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify>
<font size="2">6.12 </font> <U><font size="2">Time of Essence </font> </U></P>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify>
<font size="2">Time is of the essence of this Plan and of each Option Agreement. No extension of time will be deemed to be or to operate as a waiver of the essentiality of time.
</font> </P>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify>
<font size="2">6.13 </font> <U><font size="2">Entire Agreement </font> </U></P>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify>
<font size="2">This Plan and the Option Agreement sets out the entire agreement between the Company and the Optionees relative to the subject matter hereof and supersedes all prior agreements, undertakings and understandings, whether oral or written.
</font> </P>
<font size="2">
<BR>
<BR>
<BR>
</font>
<p>&nbsp;</p>
<p>&nbsp;</p>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; font-size:12pt; color:#000000" align=justify>&nbsp;</P>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify>
<font size="2"><BR></font></P>



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<p style="color: #000000" align="center"><font size="2">- 12 -</font></p>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; color:#000000" align=center><B><U>
<font size="2">SCHEDULE &#147;A&#148;</font></U></B></P>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; color:#000000" align=center><B><U>
<font size="2">NEW GOLD INC. - STOCK OPTION PLAN </font> </U></B></P>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; color:#000000" align=center><B>
<font size="2">OPTION AGREEMENT </font> </B></P>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify>
<font size="2">This Option Agreement is entered into between New Gold Inc. (&#147;the Company&#148;) and the Optionee named below pursuant to the Company Stock Option Plan (the &#147;Plan&#148;), a copy of which is attached hereto, and confirms that:
</font> </P>
<P style="margin-left:0pt; padding-left:36pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; text-indent:-18pt; color:#000000" align=justify>
<font size="2">1. on ______________(the &#147;Grant Date&#148;); </font> </P>
<P style="margin-left:0pt; padding-left:36pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; text-indent:-18pt; color:#000000" align=justify>
<font size="2">2. ________________________ (the &#147;Optionee&#148;); </font> </P>
<P style="margin-left:0pt; padding-left:36pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; text-indent:-18pt; color:#000000" align=justify>
<font size="2">3. was granted the option (the &#147;Option&#148;) to purchase _______ Common Shares (the &#147;Option Shares&#148;) of the Company;
</font> </P>
<P style="margin-left:0pt; padding-left:36pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; text-indent:-18pt; color:#000000" align=justify>
<font size="2">4. for the price (the &#147;Option Price&#148;) of $_______ per share;
</font> </P>
<P style="margin-left:0pt; padding-left:36pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; text-indent:-18pt; color:#000000" align=justify>
<font size="2">5. which shall be exercisable (&#147;Vested&#148;) in whole or in part in the following amounts and in compliance with the following conditions:
</font> </P>
<P style="margin-left:0pt; padding-left:36pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; text-indent:-18pt; color:#000000" align=justify>
<font size="2">______________________________________________________________________________</font></P>
<P style="margin-left:0pt; padding-left:36pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; text-indent:-18pt; color:#000000" align=justify>
<font size="2">6. terminating on the _____________ (the &#147;Expiry Date&#148;);
</font> </P>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify>
<font size="2">all on the terms and subject to the conditions set out in the Plan. For greater certainty, once Option Shares have become Vested, they continue to be exercisable until the termination or cancellation thereof as provided in this Option Agreement and the Plan.
</font> </P>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify>
<font size="2">By signing this Option Agreement, the Optionee acknowledges that the Optionee has read and understands the Plan and agrees to the terms and conditions of the Plan and this Option Agreement.
</font> </P>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify><B>
<font size="2">IN WITNESS WHEREOF</font></B><font size="2"> the parties hereto have executed this Option Agreement as of the
</font> </P>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify>
<font size="2">______ day of __________, 20__. </font> </P>
<table border="0" cellpadding="0" cellspacing="0" style="border-collapse: collapse" bordercolor="#111111" width="100%">
  <tr>
    <td width="50%" valign="top">
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify>&nbsp;</P>
    <p>&nbsp;</td>
    <td width="50%" valign="top"><B><font size="2">NEW GOLD INC.</font></B><font size="2">
    </font></td>
  </tr>
  <tr>
    <td width="50%" valign="top"><font size="2">__________________________________
    </font></td>
    <td width="50%" valign="top">&nbsp;</td>
  </tr>
  <tr>
    <td width="50%" valign="top"><B><font size="2">SIGNATURE OF OPTIONEE </font> </B>
    </td>
    <td width="50%" valign="top"><font size="2">By: <br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Authorized Signatory </font></td>
  </tr>
</table>
<p><font size="2">
<BR>
<BR>
</font></p>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.4
<SEQUENCE>4
<FILENAME>exh44.htm
<DESCRIPTION>EXHIBIT 4.4
<TEXT>


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   <TITLE>New Gold Inc: Exhibit 4.4 - Prepared by TNT Filings Inc.</TITLE>

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<P align=right><b>Exhibit 4.4</b></P>
<P align=center><B>2006 STOCK INCENTIVE PLAN </B></P>
<P align=center><B>OF </B></P>
<P align=center><B>WESTERN GOLDFIELDS INC.</B></P>
<P align=justify style="margin-left: 5%">1. </P>
<P align=justify style="text-indent: 10%; margin-top: -25.5pt"> <U>Purposes of the Plan</U>. This stock incentive plan (the
"<U>Plan</U>") is intended to provide an incentive to employees (including
directors and officers who are employees), consultants and non-employee
directors of Western Goldfields Inc., an Ontario corporation (the
"<U>Company</U>"), or any Parent or Subsidiaries (as such terms are defined in
Paragraph 16), and to offer an additional inducement in obtaining the services
of such individuals. The Plan provides for the grant of "incentive stock
options" ("<U>ISOs</U>") within the meaning of Section 422 of the Internal
Revenue Code of 1986, as amended (the "<U>Code</U>") and stock options which do
not qualify as ISOs ("<U>NQSOs</U>", and collectively, with an ISO, each an
&#147;<U>Award</U>&#148;). The Company makes no representation or warranty, express or
implied, as to the qualification of any option as an "incentive stock option" or
any other treatment of an Award under the Code. </P>
<P align=justify style="margin-left: 5%">2. </P>
<P align=justify style="text-indent: 10%; margin-top: -25.5pt"> <U>Shares Subject to the Plan</U>. Subject to the provisions
of Paragraph 9, the aggregate number of common shares of the Company ("Common
Shares"), for which Awards may be granted under the Plan shall not exceed
5,000,000 shares, all of which may be granted as ISOs. The maximum number of
Common Shares that may be reserved for issuance to &#147;insiders&#148; (as defined under
the Securities Act (Ontario)) under the Plan and any other share compensation
arrangement shall be 10% of the Common Shares outstanding at the date of
issuance. The maximum number of Common Shares that may be issued to all insiders
under the Plan and any other compensation arrangement in any 12 month period
shall be 10% of the Common Shares outstanding at the date of issuance. Subject
to the termination provisions of Paragraph 10, any Common Shares subject to an
Award which for any reason expires or is forfeited, canceled, or terminated
unexercised or which ceases for any reason to be exercisable, shall again become
available for the granting of Awards under the Plan. The Company shall at all
times during the term of the Plan reserve and keep available such number of
Common Shares as will be sufficient to satisfy the requirements of the Plan. As
further set forth in Paragraph 8 hereof, all Awards shall be granted by one or
more written instruments or grant letter (the "Contract") which shall set forth
all terms and conditions of the Award. </P>
<P align=justify style="margin-left: 5%">3.
</P>
<P align=justify style="text-indent: 10%; margin-top: -25.5pt"> <U>Administration of the Plan</U>. The Plan will be
administered by the Board of Directors, or by a committee (the
&#147;<U>Committee</U>&#148;) consisting of two or more directors appointed by the Board
of Directors. Those administering the Plan shall be referred to herein as the
"<U>Administrators</U>." Notwithstanding the foregoing, if the Company is or
becomes a corporation issuing any class of common equity securities required to
be registered under Section 12 of the Securities Exchange Act of 1934, as
amended (the "<U>Exchange Act</U>"), to the extent necessary to preserve any
deduction under Section 162(m) of the Code or to comply with Rule 16b-3
promulgated under the Exchange Act, or any successor rule ("<U>Rule 16b-3</U>"),
any Committee appointed by the Board of Directors to administer the Plan shall
be comprised of two or more directors each of whom shall be a "non-employee
director," within the meaning of Rule 16b-3, and an "outside director," within
the meaning of Treasury Regulation Section 1.162 -27(e)(3), and the delegation
of powers to the Committee shall be consistent with applicable laws and
regulations (including, without limitation, applicable state law and Rule
16b-3). Unless otherwise provided in the By-Laws of the Company, by resolution
of the Board of Directors or applicable law, a majority of the members of the
Committee shall constitute a quorum, and the acts of a majority of the members
present at any meeting at which a quorum is present, and any acts approved in
writing by all members without a meeting, shall be the acts of the Committee.
</P>
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<P align=center>-2- </P>
<P align=justify style="text-indent: 5%">Subject to the express provisions of the Plan, the
Administrators shall have the authority, in their sole discretion, to determine
each person who shall be granted an Award; the type of Award to be granted, the
times when an Award shall be granted; whether an option granted to an Award
Holder (as such term is defined in Paragraph 4) shall be an ISO or a NQSO; the
term of each Award; the date each Award shall become exercisable; whether an
Award shall be exercisable in whole or in installments, and, if in installments,
the number of Common Shares to be subject to each installment; whether the
installments shall be cumulative; the date each installment shall become
exercisable and the term of each installment; whether to accelerate the date of
exercise of any Award or installment thereof in the event of the death of the
Award Holder or upon other conditions to be specified by the Administrators in
the applicable Contract or subsequent thereto; whether Common Shares may be
issued upon the exercise of an Award as partly paid, and, if so, the dates when
future installments of the exercise price shall become due and the amounts of
such installments; the exercise price or other amount to be paid in connection
with the exercise of an Award; the form of payment of the exercise price;
subject to Paragraph 6 of the Plan, the fair market value of a share of Common
Shares; the restrictions, if any, imposed with respect to an Award and whether
and under what conditions to waive any such restrictions; whether and under what
conditions to restrict the sale or other disposition of the Common Shares
acquired upon the grant or exercise of an Award and, if so, whether and under
what conditions to waive any such restriction; whether and under what conditions
to subject the grant or exercise of all or any portion of an Award, the vesting
of an Award, or the shares acquired pursuant to the exercise of an Award, to the
fulfillment of certain restrictions or contingencies all as specified in the
Contract, including without limitation restrictions or contingencies relating to
(a) entering into a covenant not to compete with the Company, any Parent (if
any) (as such term is defined in Paragraph 16) and any of its Subsidiaries (as
such term is defined in Paragraph 16), (b) financial objectives for the Company,
any of its Subsidiaries, a division, a product line or other category and/or (c)
the period of continued employment, consultancy or directorship with the Company
or any of its Subsidiaries, and to determine whether such restrictions or
contingencies have been met; the amount, if any, necessary to satisfy the
obligation of the Company, any of its Subsidiaries or any Parent to withhold
taxes or other amounts; whether an Award Holder has a Disability (as such term
is defined in Paragraph 16); with the consent of the Award Holder, to cancel or
modify an Award, <U>provided</U>, <U>however</U>, that the modified provision is
permitted to be included in an Award granted under the Plan on the date of the
modification; <U>provided</U>, <U>further</U>, <U>however</U>, that in the case
of a modification (within the meaning of Section 424(h) of the Code) of an ISO,
such option as modified would be permitted to be granted on the date of such
modification under the terms of the Plan; to construe the respective Contracts
and the Plan; to prescribe, amend and rescind rules and regulations relating to
the Plan; to approve any provision of the Plan or any Award granted under the
Plan or any amendment to either which, under Rule 16b-3 or Section 162(m) of the
Code, requires the approval of the Board of Directors, a committee of
non-employee directors or the shareholders, in order to be exempt under Section
16(b) of the Exchange Act (unless otherwise specifically provided herein) or to
preserve any deduction under Section 162(m) of the Code; and to make all other
determinations necessary or advisable for administering the Plan. Any
controversy or claim arising out of or relating to the Plan, any Award granted
under the Plan or any Contract shall be determined unilaterally by the
Administrators in their sole discretion. The determinations of the
Administrators on matters referred to in this Paragraph 3 shall be conclusive
and binding on all parties. No Administrator or former Administrator shall be
liable for any action or determination made in good faith with respect to the
Plan or any Award granted hereunder. </P>
<P align=justify style="margin-left: 5%">4. </P>
<P align=justify style="text-indent: 10%; margin-top: -25.5pt"> <U>Eligibility</U>. The Administrators may from time to
time, consistent with the purposes of the Plan, grant Awards to (a) employees
(including officers and directors who are employees) of the Company, any Parent
or any of its Subsidiaries, (b) consultants to the Company, any Parent or any of
its Subsidiaries, and/or (c) to such directors of the Company who, at the time
of grant, are not common law employees of the Company or of any of its
Subsidiaries, as the Administrators may determine in their sole discretion
(each, an &#147;<U>Award Holder</U>&#148;). Such Awards granted shall cover such number of
Common Shares as the Administrators may determine in their sole discretion;
<U>provided</U>, <U>however</U>, that the aggregate market value (determined at the time the option is granted) of
the Common Shares for which any eligible employee may be granted ISOs under the
Plan or any other plan of the Company, or of a Parent or a Subsidiary of the
Company, which are exercisable for the first time by such employee during any
calendar year shall not exceed $100,000. The $100,000 ISO limitation amount
shall be applied by taking ISOs into account in the order in which they were
granted. Any option (or portion thereof) granted in excess of such ISO
limitation amount shall be treated as a NQSO to the extent of such excess. </P>
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<P align=justify style="margin-left: 5%">5. </P>
<P align=justify style="text-indent: 10%; margin-top: -25.5pt"> <U>Options</U>. </P>
<P align=justify style="margin-left: 5%">(a) </P>
<P align=justify style="text-indent: 10%; margin-top: -25.5pt"> <U>Grant</U>. The Administrators may from time to time, in
their sole discretion, consistent with the purposes of the Plan, grant options
to one or more Award Holders.</P>
<P align=justify style="margin-left: 5%">(b) </P>
<P align=justify style="text-indent: 10%; margin-top: -25.5pt"> <U>Exercise Price</U>. The exercise price of the Common
Shares under each option shall be determined by the Administrators in their sole
discretion; <U>provided</U>, <U>however</U>, that the exercise price of each
option, shall not be less than the fair market value of the Common Shares
subject to such option on the date of grant; and <U>provided</U>,
<U>further</U>, <U>however</U>, that if, at the time an ISO is granted, the
Award Holder owns (or is deemed to own under Section 424(d) of the Code) stock
possessing more than ten percent (10%) of the total combined voting power of all
classes of stock of the Company, of any of its Subsidiaries or of a Parent, the
exercise price of such ISO shall not be less than one hundred ten percent (110%)
of the fair market value of the Common Shares subject to such ISO on the date of
grant. </P>
<P align=justify style="margin-left: 5%">(c) </P>
<P align=justify style="text-indent: 10%; margin-top: -25.5pt"> <U>Term</U>. Each option granted pursuant to the Plan shall
be for such term as is established by the Administrators, in their sole
discretion, at or before the time such option is granted; <U>provided,</U>
<U>however</U>, that the term of each option granted pursuant to the Plan shall
be for a period not exceeding ten (10) years from the date of grant thereof, and
<I>provided further,</I> that if, at the time an ISO is granted, the Award
Holder owns (or is deemed to own under Section 424(d) of the Code) stock
possessing more than ten percent (10%) of the total combined voting power of all
classes of stock of the Company, of any of its Subsidiaries or of a Parent, the
term of the ISO shall be for a period not exceeding five (5) years from the date
of grant and provided further, that if the term of any option is to expire
within, or immediately after a black out period imposed by the Company on
participants under the Plan preventing Options from being exercised during such
period, then the term of the options shall be extended until the date that is
ten business days following the expiration of the black out period. Options
shall be subject to earlier termination as hereinafter provided. </P>
<P align=justify style="margin-left: 5%">(d)
</P>
<P align=justify style="text-indent: 10%; margin-top: -25.5pt"> <U>Termination of Relationship</U>. Except as may otherwise
be expressly provided in the applicable Contract or the Award Holder's written
employment or consulting or termination contract, any Award Holder, whose
employment or consulting or advisory relationship with the Company, any Parent
or any of its Subsidiaries, has terminated for any reason other than the death
or Disability of the Award Holder, may exercise any option granted to the Award
Holder as an employee or consultant, to the extent exercisable on the date of
such termination, at any time within three (3) months after the date of
termination, but not thereafter and in no event after the date the option would
otherwise have expired under paragraph 5(c); <U>provided</U>, <U>however</U>,
that if such relationship is terminated for Cause (as defined in Paragraph 16),
such option shall terminate immediately. A change of status from that of an
employee to that of a consultant, or from consultant to employee, shall not be
deemed to trigger a termination of Award Holder's status as an employee or
consultant, except that if an Award Holder who was an employee and becomes a
consultant does not exercise vested options within the above specified time
period, such options will, if applicable, no longer have the status of ISOs.
</P>
<P align=justify style="text-indent: 5%">For the purposes of the Plan, an employment or consulting
relationship shall be deemed to exist between an individual and the Company, and
not interrupted or terminated, if, at the time of the determination, the
individual was an employee or consultant of the Company, its Parent, or any of
its Subsidiaries. As a result, an individual on military leave,
sick leave or other bona fide leave of absence shall continue to be considered
an employee or consultant for purposes of the Plan during such leave if the
period of the leave does not exceed ninety (90) days, or, if longer, so long as
the individual's right to re-employment with the Company, any of its
Subsidiaries or a Parent or consultant is guaranteed either by statute or by
contract. If the period of leave exceeds ninety (90) days and the individual's
right to re-employment is not guaranteed by statute or by contract, the
employment or consulting relationship shall be deemed to have terminated on the
ninety-first (91<SUP>st</SUP>) day of such leave. </P>
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<P align=center>-4- </P>
<P align=justify style="text-indent: 5%">Except as may otherwise be expressly provided in the applicable
Contract, an Award Holder whose directorship with the Company has terminated for
any reason other than the Award Holder&#146;s death or Disability, may exercise the
options granted to the Award Holder as a director who was not an employee of or
consultant to the Company or any of its Subsidiaries, to the extent exercisable
on the date of such termination, at any time within three (3) months after the
date of termination, but not thereafter and in no event after the date the
option would otherwise have expired; <U>provided</U>, <U>however</U>, that if
the Award Holder&#146;s directorship is terminated for Cause, such option shall
terminate immediately. </P>
<P align=justify style="text-indent: 5%">Except as may otherwise be expressly provided in the applicable
Contract, options granted under this Plan to a director, officer, employee,
consultant or advisor shall not be affected by any change in the status of the
Award Holder so long as such Award Holder continues to be a director of the
Company, or an officer or employee of, or a consultant or advisor to, the
Company or any of its Subsidiaries or a Parent (regardless of having changed
from one to the other or having been transferred from one entity to another).
</P>
<P align=justify style="text-indent: 5%">Nothing in the Plan or in any option granted under the Plan
shall confer on any person any right to continue in the employ of or as a
consultant or advisor of the Company, its Parent or any of its Subsidiaries, or
as a director of the Company, or interfere in any way with any right of the
Company, any Parent or any of its Subsidiaries to terminate such relationship at
any time for any reason whatsoever without liability to the Company, any Parent
or any of its Subsidiaries. </P>
<P align=justify style="margin-left: 5%">(e) </P>
<P align=justify style="text-indent: 10%; margin-top: -25.5pt"> <U>Death or Disability of an Award Holder</U>. Except as
may otherwise be expressly provided in the applicable Contract or the Award
Holder's written employment or consulting or termination contract, if an Award
Holder dies (a) while the Award Holder is employed by, or is a consultant to,
the Company, any Parent or any of its Subsidiaries, (b) within three (3) months
after the termination of the Award Holder's employment or consulting
relationship with the Company, any Parent and its Subsidiaries (unless such
termination was for Cause) or (c) within one (1) year following the termination
of such employment or consulting relationship by reason of the Award Holder's
Disability, the options granted to the Award Holder as an employee of, or
consultant to, the Company or any Parent or any of its Subsidiaries, may be
exercised, to the extent exercisable on the date of the Award Holder's death, by
the Award Holder's Legal Representative (as such term is defined in Paragraph
16), at any time within one (1) year after death, but not thereafter and in no
event after the date the option would otherwise have expired under Paragraph
5(c). Except as may otherwise be expressly provided in the applicable Contract
or the Award Holder's written employment or consulting or termination contract,
any Award Holder whose employment or consulting relationship with the Company,
any Parent and its Subsidiaries has terminated by reason of the Award Holder's
Disability may exercise such options, to the extent exercisable upon the
effective date of such termination, at any time within one (1) year after such
date, but not thereafter and in no event after the date the option would
otherwise have expired under Paragraph 5(c). </P>
<P align=justify style="text-indent: 5%">Except as may otherwise be expressly provided in the applicable
Contract, if an Award Holder dies (a) while the Award Holder is a director of
the Company, (b) within three (3) months after the termination of the Award
Holder's directorship with the Company (unless such termination was for Cause) or (c) within one (1) year after the termination of the
Award Holder's directorship by reason of the Award Holder's Disability, the
options granted to the Award Holder as a director who was not an employee of or
consultant to the Company or any Parent or any of its Subsidiaries, may be
exercised, to the extent exercisable on the date of the Award Holder's death, by
the Award Holder's Legal Representative at any time within one (1) year after
death, but not thereafter and in no event after the date the option would
otherwise have expired. Except as may otherwise be expressly provided in the
applicable Contract, an Award Holder whose directorship with the Company has
terminated by reason of Disability, may exercise such options, to the extent
exercisable on the effective date of such termination, at any time within one
(1) year after such date, but not thereafter and in no event after the date the
option would otherwise have expired. </P>
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<P align=justify style="margin-left: 5%">6. </P>
<P align=justify style="text-indent: 10%; margin-top: -25.5pt"> <U>Rules of Operation</U>. </P>
<P align=justify style="margin-left: 5%">(a) </P>
<P align=justify style="text-indent: 10%; margin-top: -25.5pt"> <U>Fair Market Value</U>. The fair market value of a Common
Share on any day shall be (i) if the principal market for the Common Shares is
the Toronto Stock Exchange (&#147;TSX&#148;), the closing prices per share of the Common
Shares on such day as reported by such exchange, (ii) if the principal market
for the Common Shares is not the TSX and the Common Shares are listed or quoted
on another stock exchange, the closing price per Common Share on such other
exchange, or (iii) if the principal market for the Common Shares is not a stock
exchange, the closing bid and asked prices per share for the Common Shares on
such day as reported on the OTC Bulletin Board Service or by National Quotation
Bureau, Incorporated or a comparable service; <U>provided</U>, <U>however</U>,
that if clauses (i), (ii) and (iii) of this Paragraph 7(a) are all inapplicable
because the Company's Common Shares are not publicly traded, or if no trades
have been made or no quotes are available for such day, the fair market value of
Common Shares shall be determined by the Administrators by any method consistent
with any applicable regulations adopted by the Treasury Department relating to
stock options. </P>
<P align=justify style="margin-left: 5%">(b) </P>
<P align=justify style="text-indent: 10%; margin-top: -25.5pt"> <U>Exercise</U>. An Award (or any installment thereof), to
the extent then exercisable, shall be exercised by giving written notice to the
Company at its principal office stating which Award is being exercised,
specifying the number of Common Shares as to which such Award is being exercised
and accompanied by payment in full of the aggregate exercise price therefor (or
the amount due on exercise if the applicable Contract permits installment
payments) (i) in cash and/or by certified check, (ii) with the authorization of
the Administrators, with previously acquired Common Shares having an aggregate
fair market value, on the date of exercise, equal to the aggregate exercise
price of all Awards being exercised, (iii) with the authorization of the
Administrators and to the extent not prohibited under the Sarbanes-Oxley Act of
2002, by delivering a full or limited recourse, interest bearing promissory note
payable in one or more installments and secured by the Common Shares for which
the Award is exercised, for any amount of the purchase price in excess of the
minimum required under applicable law to be paid upon issuance, or (iv) some
combination thereof; <U>provided</U>, <U>however</U>, that in no case may shares
be tendered if such tender would require the Company to incur a charge against
its earnings for financial accounting purposes. The Company shall not be
required to issue Common Shares pursuant to the exercise of any Award until all
required payments with respect thereto, including payments for any required
withholding amounts, have been made. </P>
<P align=justify style="text-indent: 5%">The Administrators may, in their sole discretion, permit
payment of the exercise price of an Award by delivery by the Award Holder of a
properly executed notice, together with a copy of the Award Holder's irrevocable
instructions to a broker acceptable to the Administrators to deliver promptly to
the Company the amount of sale or loan proceeds sufficient to pay such exercise
price. In connection therewith, the Company may enter into agreements for
coordinated procedures with one or more brokerage firms. </P>
<P align=justify style="text-indent: 5%">In no case may a fraction of Common Share be purchased or
issued under the Plan. </P>
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<P align=justify style="margin-left: 5%">(c) </P>
<P align=justify style="text-indent: 10%; margin-top: -25.5pt"> <U>Shareholder Rights</U>. An Award Holder shall not have
the rights of a shareholder with respect to such Common Shares to be received
upon the exercise or grant of an Award until the date of issuance of a share
certificate to the Award Holder for such shares or, in the case of
uncertificated shares, until the date an entry is made on the books of the
Company's transfer agent representing such shares; <U>provided</U>,
<U>however</U>, that until such share certificate is issued or until such book
entry is made, any Award Holder using previously acquired Common Shares in
payment of an option exercise price shall continue to have the rights of a
shareholder with respect to such previously acquired shares. </P>
<P align=justify style="margin-left: 5%">7. </P>
<P align=justify style="text-indent: 10%; margin-top: -25.5pt"> <U>Compliance with Securities Laws</U>. It is a condition to
the receipt or exercise of any Award that either (a) a registration statement
under the Securities Act of 1933, as amended (the "<U>Securities Act</U>"), with
respect to the Common Shares to be issued upon such grant or exercise shall be
effective and current at the time of such grant or exercise, or (b) there is an
exemption from registration under the Securities Act for the issuance of the
Common Shares upon such grant or exercise. Nothing herein shall be construed as
requiring the Company to register shares subject to any Award under the
Securities Act or to keep any registration statement effective or current. </P>
<P align=justify style="text-indent: 5%">The Administrators may require, in their sole discretion, as a
condition to the grant or exercise of an Award, that the Award Holder execute
and deliver to the Company the Award Holder's representations and warranties, in
form, substance and scope satisfactory to the Administrators, which the
Administrators determine is necessary or convenient to facilitate the perfection
of an exemption from the registration requirements of the Securities Act,
applicable state securities laws or other legal requirements, including without
limitation, that (a) the Common Shares to be issued upon the receipt or exercise
of an Award are being acquired by the Award Holder for the Award Holder's own
account, for investment only and not with a view to the resale or distribution
thereof, and (b) any subsequent resale or distribution of Common Shares by such
Award Holder will be made only pursuant to (i) a registration statement under
the Securities Act which is effective and current with respect to Common Shares
being sold, or (ii) a specific exemption from the registration requirements of
the Securities Act, but in claiming such exemption, the Award Holder, prior to
any offer of sale or sale of such shares of Common Shares, shall provide the
Company with a favorable written opinion of counsel satisfactory to the Company,
in form, substance and scope satisfactory to the Company, as to the
applicability of such exemption to the proposed sale or distribution. </P>
<P align=justify style="text-indent: 5%">In addition, if at any time the Administrators shall determine
that the listing or qualification of the Common Shares subject to any Award on
any securities exchange or under any applicable law, or that the consent or
approval of any governmental agency or regulatory body, is necessary or
desirable as a condition to, or in connection with, the granting of an Award or
the issuance of Common Shares upon exercise of an Award, such Award may not be
granted or exercised in whole or in part, as the case may be, unless such
listing, qualification, consent or approval shall have been effected or obtained
free of any conditions not acceptable to the Administrators. </P>
<P align=justify style="margin-left: 5%">8. </P>
<P align=justify style="text-indent: 10%; margin-top: -25.5pt"> <U>Award Contracts</U>. Each Award shall be evidenced by an
appropriate Contract, which shall be duly executed by the Company and the Award
Holder (as required by the Administrators). Such Contract shall contain such
terms, provisions and conditions not inconsistent herewith as may be determined
by the Administrators in their sole discretion. The terms of each Award and
Contract need not be identical. </P>
<P align=justify style="margin-left: 5%">9. </P>
<P align=justify style="text-indent: 10%; margin-top: -25.5pt"> <U>Adjustments upon Changes in Common Shares</U>.
Notwithstanding any other provision of the Plan, and except as set forth below
in the event of a Change in Control, in the event of a stock dividend,
recapitalization, distribution of Company assets to shareholders (other than
normal cash dividends), merger, consolidation, spin-off, stock-split,
combination or exchange of shares or the like which results in a change in the number or kind of Common
Shares which are outstanding immediately prior to such event, the aggregate
number and kind of shares subject to the Plan, the aggregate number and kind of
shares subject to each outstanding Award, the exercise price of each Award, and
the maximum number of shares subject to each Award that may be granted to any
employee in any calendar year, shall be appropriately adjusted by the Board of
Directors, whose determination shall be conclusive and binding on all parties.
In the discretion of the Board of Directors, the Board of Directors may
determine that this Plan shall be assumed by and become the stock option plan of
an Affiliate of the Company in connection with any of the events listed above.
Such adjustment may provide for the elimination of fractional shares that might
otherwise be subject to options without payment therefor. Notwithstanding the
foregoing, no adjustment shall be made pursuant to this Paragraph 9 if such
adjustment (a) would cause the Plan to fail to comply with Section 422 of the
Code or with Rule 16b-3 of the Exchange Act (if applicable to such Award), and
(b) would be considered as the adoption of a new plan requiring shareholder
approval. Notwithstanding the foregoing, the adjustments described in this
Paragraph 9 and the manner of application of the provisions of this Paragraph 9
shall be determined by the Committee in its sole discretion and to the extent
permitted under Section 409A of the Code and the regulations thereunder to avoid
treatment of any Award as the deferral of compensation. The conversion of one or
more outstanding shares of preferred shares that the Company may issue from time
to time into Common Shares shall not in and of itself require any adjustment
under this Paragraph 9. </P>
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<P align=center>-7- </P>
<P align=justify style="text-indent: 5%">Except as may otherwise be expressly provided in an applicable
Contract, in the event of a Change in Control (as defined in Paragraph 16) any
options shall vest in full at such date so that each such Option shall,
immediately prior to the effective date of the Change in Control, become fully
exercisable for all of the Common Shares at the time subject to that Option and
may be exercised for any or all of those shares as fully-vested Common Shares
and such options shall otherwise terminate as of the effective date of the
Change in Control; <U>provided</U>, <U>however</U>, that the Award Holder shall
be given notice of the Change in Control not less than five (5) days in advance
so he will be given an opportunity to exercise any options prior to the Change
in Control, which exercise may be conditioned upon consummation of such Change
in Control. However, except as may be expressly provided in an applicable
Contract, the shares subject to an outstanding Option shall not vest on such an
accelerated basis, and such Option shall not terminate, if and to the extent
that: (a) such Option is assumed (i.e., appropriate provision for any
outstanding options is made by substitution on an equitable basis of appropriate
stock of the Company or of the successor corporation which will be issuable in
respect to one Common Share of the Company) by the successor corporation (or
parent thereof) in the Change in Control and the Company's repurchase rights, if
any, are concurrently assigned to such successor corporation (or parent
thereof), or if the Change in Control is of the type specified in Paragraph
17(c)(i)(C) the Company expressly agrees to allow the option to continue or (b)
such Option is to be replaced with a cash incentive program of the successor
corporation which preserves the spread existing on the unvested Option shares at
the time of the Change in Control and provides for subsequent payout in
accordance with the same vesting schedule applicable to those unvested Option
shares, or (c) the acceleration of such Option is subject to other limitations
imposed by the Administrators at the time of the Award grant. Except as may
otherwise be expressly provided in an applicable Contract, all outstanding
repurchase rights under a Contract (for shares acquired pursuant to the exercise
of an Option or shares acquired pursuant to a Stock Award) shall also terminate
automatically, and the Common Shares subject to those terminated rights shall
immediately vest in full, in the event of a Change in Control, except to the
extent that (x) those repurchase rights are assigned to the successor
corporation (or Parent thereof) in connection with such transaction or, if the
Change in Control is of the type specified in Paragraph 17(c)(i)(C) the Company
expressly agrees to provide for the continuation of such repurchase rights or
(y) such accelerated vesting is precluded by other limitations imposed by the
Administrators at the time the Award is granted. </P>
<P align=justify style="text-indent: 5%">The Administrators shall have the discretionary authority,
exercisable at the time the unvested Award shares are issued or any time while
the repurchase rights with respect to those shares remain outstanding, to provide that those rights shall automatically
terminate on an accelerated basis, and the shares subject to those terminated
rights shall immediately vest, in the event that the Award Holder's employment,
consultancy or directorship should subsequently be terminated by the Company or
the successor without Cause within a designated period (not to exceed eighteen
(18) months) following the effective date of any Change in Control in which
those repurchase rights are assigned to the successor corporation (or parent
thereof). </P>
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<P align=center>-8- </P>
<P align=justify style="margin-left: 5%">10. </P>
<P align=justify style="text-indent: 10%; margin-top: -25.5pt"> <U>Amendments and Termination of the Plan</U>. The Plan was
adopted on May 11, 2006. No Award may be granted under the Plan after May 10,
2016. The Board of Directors, without further approval of the Company's
shareholders, may at any time suspend or terminate the Plan, in whole or in
part. No termination, suspension or amendment of the Plan shall adversely affect
the rights of an Award Holder under any Award granted under the Plan without
such Award Holder's consent. The power of the Administrators to construe and
administer any Award granted under the Plan prior to the termination or
suspension of the Plan shall continue after such termination or during such
suspension. </P>
<P align=justify style="text-indent: 5%">The Board of Directors may, subject to receipt of requisite
shareholder and regulatory approval, make the following amendments to the Plan:
</P>
<P align=justify style="text-indent: 5%">a. any amendment to the number of securities issuable under the
Plan, including an increase to a fixed maximum number of securities or a change
from a fixed maximum number of securities to a fixed maximum percentage. A
change to a fixed maximum percentage that was previously approved by
shareholders will not require additional shareholder approval; </P>
<P align=justify style="text-indent: 5%">b. the addition of any form of financial assistance; </P>
<P align=justify style="text-indent: 5%">c. any addition of a cashless exercise feature, payable in cash
or securities that does not provide for a full deduction in the number of
underlying securities from the Plan; </P>
<P align=justify style="text-indent: 5%">d. the addition of any provision in the Plan that results in
participants receiving securities while no cash consideration is received by the
Company; </P>
<P align=justify style="text-indent: 5%">e. any other amendments that may lead to significant or
unreasonable dilution in the Company&#146;s outstanding securities or may provide
additional material benefits to participants, especially to insiders of the
Company, at the expense of the Company and its existing shareholders (including
without limitation (i) an extension to the term of an option held by an insider
(other than as specified herein in the context of a blackout period) and/or (ii)
a reduction in the exercise price of an option held by an insider (other than as
contemplated herein)). </P>
<P align=justify style="text-indent: 5%">The Board of Directors may, subject to receipt of requisite
regulatory approval, where required, in its sole discretion make all other
amendments to the Plan that are not of the type contemplated in subparagraph
above, including, without limitation: </P>
<P align=justify style="text-indent: 5%">a. amendments of a housekeeping nature; </P>
<P align=justify style="text-indent: 5%">b. the addition of or a change to vesting provisions of a
security or the Plan; </P>
<P align=justify style="text-indent: 5%">c. a change to the termination provisions of a security or the
Plan that does not entail an extension beyond the original expiry date; and </P>
<P align=justify style="text-indent: 5%">d. the addition of a cashless exercise feature, payable in cash
or securities, which provides for a full deduction of the number of underlying
securities from the Plan reserve. </P>
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<P align=center>-9- </P>
<P align=justify style="margin-left: 5%">11. </P>
<P align=justify style="text-indent: 10%; margin-top: -25.5pt"> <U>Non-Transferability</U>. Except as may otherwise be
expressly provided in the applicable Contract, no option granted under the Plan
shall be transferable other than by will or the laws of descent and
distribution, and Awards may be exercised, during the lifetime of the Award
Holder, only by the Award Holder or the Award Holder's Legal Representatives.
Except as may otherwise be expressly provided in the applicable Contract, a
Stock Award, to the extent not vested, shall not be transferable otherwise than
by will or the laws or descent and distribution. Except to the extent provided
above, Awards may not be assigned, transferred, pledged, hypothecated or
disposed of in any way (whether by operation of law or otherwise) and shall not
be subject to execution, attachment or similar process, and any such attempted
assignment, transfer, pledge, hypothecation or disposition shall be null and
void <U>ab</U> <U>initio</U> and of no force or effect. </P>
<P align=justify style="margin-left: 5%">12. </P>
<P align=justify style="text-indent: 10%; margin-top: -25.5pt"> <U>Withholding Taxes</U>. The Company, or its Parent or
Subsidiary, as applicable, may withhold (a) cash or (b) with the consent of the
Administrators (in the Contract or otherwise), shares of Common Shares to be
issued under an Award or a combination of cash and shares, having an aggregate
fair market equal to the amount which the Administrators determine is necessary
to satisfy the obligation of the Company, a Subsidiary or Parent to withhold
federal, state and local income taxes or other amounts incurred by reason of the
grant, vesting, exercise or disposition of an option or the disposition of the
underlying Common Shares. Alternatively, the Company may require the Award
Holder to pay to the Company such amount, in cash, promptly upon demand. </P>
<P align=justify style="margin-left: 5%">13. </P>
<P align=justify style="text-indent: 10%; margin-top: -25.5pt"> <U>Legends; Payment of Expenses; Share Escrow</U>. The
Company may endorse such legend or legends upon the certificates for Common
Shares issued upon the grant or exercise of an Award and may issue such "stop
transfer" instructions to its transfer agent in respect of such shares as it
determines, in its sole discretion, to be necessary or appropriate to (a)
prevent a violation of, or to perfect an exemption from, the registration
requirements of the Securities Act, applicable state securities laws or other
legal requirements, (b) implement the provisions of the Plan or any agreement
between the Company and the Award Holder with respect to such Common Shares, or
(c) permit the Company to determine the occurrence of a "disqualifying
disposition," as described in Section 421(b) of the Code, of the Common Shares
transferred upon the exercise of an ISO granted under the Plan. </P>
<P align=justify style="text-indent: 5%">The Company shall pay all issuance taxes with respect to the
issuance of Common Shares upon grant or exercise of an Award, as well as all
fees and expenses incurred by the Company in connection with such issuance. </P>
<P align=justify style="margin-left: 5%">14. </P>
<P align=justify style="text-indent: 10%; margin-top: -25.5pt"> <U>Use of Proceeds</U>. The cash proceeds to be received
upon the grant or exercise of an Award shall be added to the general funds of
the Company and used for such corporate purposes as the Board of Directors may
determine, in its sole discretion. </P>
<P align=justify style="margin-left: 5%">15. </P>
<P align=justify style="text-indent: 10%; margin-top: -25.5pt"> <U>Substitutions and Assumptions of Awards of Certain
Constituent Corporations</U>. Anything in this Plan to the contrary
notwithstanding, the Board of Directors may, without further approval by the
shareholders, substitute new Awards for prior Awards of a Constituent
Corporation (as such term is defined in Paragraph 16) or assume the prior
options or restricted stock of such Constituent Corporation. Notwithstanding the
foregoing, the substitutions described in this Paragraph 15 and the manner of
application of the provisions of this Paragraph 15 shall be determined by the
Committee in its sole discretion and to the extent permitted under Section 409A
of the Code and the regulations thereunder to avoid treatment of any Award as
the deferral of compensation.</P>
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<P align=center>-10- </P>
<P align=justify style="margin-left: 5%">16. </P>
<P align=justify style="text-indent: 10%; margin-top: -25.5pt"> <U>Definitions</U>. </P>
<P align=justify style="margin-left: 5%">(a) </P>
<P align=justify style="text-indent: 10%; margin-top: -25.5pt">"<U>Cause</U>," in connection with the termination of an
Award Holder, shall mean (i) "cause," as such term (or any similar term, such as
"with cause") is defined in any employment, consulting or other applicable
agreement for services between the Company and such Award Holder, or (ii) in the
absence of such an agreement, "cause" as such term is defined in the Contract
executed by the Company and such Award Holder, or (iii) in the absence of both
of the foregoing, (A) conviction of such Award Holder for any felony or the
entering by him of a please of guilty or <I>nolo contendere</I> with respect
thereto, (B) willful and repeated failures in any material respect of such Award
Holder to perform any of the Award Holder's reasonable duties and
responsibilities assigned to him and the failure of the Award Holder to cure
such failures hereunder within thirty (30) days after written notice thereof
from the Company, (C) the commission of any act or failure to act by such Award
Holder that involves moral turpitude, dishonesty, theft, destruction of
property, fraud, embezzlement or unethical business conduct, or that is
otherwise injurious to the Company, any of its Subsidiaries or any Parent or any
other affiliate of the Company (or its or their respective employees), whether
financially or otherwise, or (D) any material violation by such Award Holder of
the requirements of such Contract, any other contract or agreement between the
Company and such Award Holder or this Plan (as in effect from time to time); in
each case, with respect to subparagraphs (A) through (D), as determined by the
Board of Directors. </P>
<P align=justify style="margin-left: 5%">(b) </P>
<P align=justify style="text-indent: 10%; margin-top: -25.5pt">"<U>Constituent Corporation</U>" shall mean any corporation
which engages with the Company, its Parent or any Subsidiary in a transaction to
which Section 424(a) of the Code applies (or would apply if the option assumed
or substituted were an ISO), or any Parent or any Subsidiary of such
corporation. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD colSpan=2>
      <P align=justify>"<U>Change in Control</U>" shall mean</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(i) </TD>
    <TD colSpan=2>
      <P align=justify>any of the following transactions effected with a Person
      not an Affiliate of the Company immediately prior to the
    transaction:</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(A) </TD>
    <TD>
      <P align=justify>a merger or consolidation of the Company with or into
      another entity;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(B) </TD>
    <TD>
      <P align=justify>the exchange or sale of all or a portion of the
      outstanding shares of the Company for securities of another entity, or
      other consideration provided by such entity; or</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(C) </TD>
    <TD>
      <P align=justify>the issuance of equity securities of the Company or
      securities convertible into equity securities, in exchange for securities
      of another entity or other consideration provided by such entity; and in
      the case of either (A), (B) or (C) the Company's shareholders prior to the
      transaction, do not possess, immediately after such transaction, more than
      fifty percent (50%) (not including the holdings of the other entity or
      Affiliate thereof, if such person was a shareholder of the Company prior
      to the transaction) of the voting power of any of the following: (X) the
      Company; (Y) such other entity; or (Z) any direct or indirect Parent of
      such other entity;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(ii) </TD>
    <TD colSpan=2>
      <P align=justify>a sale of all or substantially all of the Company's
      assets to a third party not an Affiliate of the Company immediately prior
      to such transaction.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(iii) </TD>
    <TD colSpan=2>
      <P align=justify>any person or entity (other than the Company, any trustee
      or other fiduciary holding securities under an employee benefit plan of
      the Company or any company controlled by the Company), is or becomes the
      &#147;beneficial owner&#148; (as defined in Rule 13d-3 under the Exchange Act),
      directly or indirectly, of securities of the Company representing 30% or
      more of the combined voting power of the Company&#146;s then outstanding
      securities; excluding, however, any person or entity acquiring such
      beneficial ownership (A) directly from the Company or from an affiliate of
      the company who acquired such beneficial ownership directly from the
      Company (including any acquisition resulting from exercise of a conversion
      or exchange privilege in respect of outstanding convertible or
      exchangeable securities acquired from the Company or such an affiliate),
      and (B) pursuant to a reorganization, merger or consolidation involving
      the company which does not itself constitute a Change in Control pursuant
      to subparagraph (i) of this definition; provided, however, that this
      subparagraph (c)(iii) shall be inapplicable if the Company is not at the
      time of an event described in this subparagraph (c)(iii), a reporting
      company under the Securities Exchange Act of 1934;</P></TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
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<P align=center>-11- </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(iv) </TD>
    <TD>
      <P align=justify>during any period of not more than two consecutive years
      (not including any period prior to the date of this Agreement),
      individuals who at the beginning of such period constitute the Board cease
      for any reason to constitute at least a majority thereof, unless the
      election, or the nomination for election, by shareholders of the Company
      of each new director was approved or ratified by a vote of at least a
      majority of the directors then still in office who were directors at the
      beginning of the period or who were new directors approved by such a vote;
      provided, however, that this subparagraph (c)(iv) shall be inapplicable if
      the Company is not at the time of an event described in this subparagraph
      (c)(iv), a reporting company under the Securities Exchange Act of 1934;
      or</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(v) </TD>
    <TD>
      <P align=justify>the shareholders of the Company approve a plan of
      complete liquidation or dissolution of the
Company.</P></TD></TR></TABLE>
<P align=justify style="text-indent: 5%">For the purposes of this definition, the term
&#147;<U>Affiliate</U>&#148; of any person or entity (&#147;<U>Person</U>&#148;) shall mean any
other person or entity which controls, is controlled by, or is under common
control with such Person. As used herein, &#147;control&#148; shall be the possession,
directly or indirectly, of the power to direct or cause the direction of the
management of, and policies of a person whether through the ownership of voting
securities, by contract or otherwise. </P>
<P align=justify style="margin-left: 5%">(d) </P>
<P align=justify style="text-indent: 10%; margin-top: -25.5pt">&quot;Disability&quot;
shall mean a permanent and total disability within the meaning of Section
22(e)(3) of the Code. </P>
<P align=justify style="margin-left: 5%">(e) </P>
<P align=justify style="text-indent: 10%; margin-top: -25.5pt">&quot;Legal
Representative&quot; shall mean the executor, administrator or other person who at
the time is entitled by law to exercise the rights of a deceased or
incapacitated Award Holder with respect to an Award granted under the Plan.</P>
<P align=justify style="margin-left: 5%">(f) </P>
<P align=justify style="text-indent: 10%; margin-top: -25.5pt">&quot;Parent&quot; shall
mean a &quot;parent corporation&quot; within the meaning of Section 424(e) of the Code. </P>
<P align=justify style="margin-left: 5%">(g) </P>
<P align=justify style="text-indent: 10%; margin-top: -25.5pt">&quot;Subsidiary&quot;
shall mean a &quot;subsidiary corporation&quot; within the meaning of Section 424(f) of
the Code. </P>
<P align=justify style="margin-left: 5%">17.
</P>
<P align=justify style="text-indent: 10%; margin-top: -25.5pt"> <U>Governing Law</U>. The Plan, any Awards granted
hereunder, the Contracts (including Awardes and Contracts issued prior to this
Plan being made subject to the laws of Ontario) and all related matters shall be
governed by, and construed in accordance with, the laws of Ontario, other than
those laws which would defer to the substantive law of the other jurisdiction.
</P>
<P align=justify style="text-indent: 5%">Neither the Plan nor any Contract shall be construed or
interpreted with any presumption against the Company by reason of the Company
causing the Plan or Contract to be drafted. Whenever from the context it appears appropriate, any term stated in either the
singular or plural shall include the singular and plural, and any term stated in
the masculine, feminine or neuter gender shall include the masculine, feminine
and neuter. </P>
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<P align=center>-12- </P>
<P align=justify style="margin-left: 5%">18. </P>
<P align=justify style="text-indent: 10%; margin-top: -25.5pt"> <U>Partial Invalidity</U>. The invalidity, illegality or
unenforceability of any provision in the Plan, any Award or Contract shall not
affect the validity, legality or enforceability of any other provision, all of
which shall be valid, legal and enforceable to the fullest extent permitted by
applicable law. </P>
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<DOCUMENT>
<TYPE>EX-4.5
<SEQUENCE>5
<FILENAME>exh45.htm
<DESCRIPTION>EXHIBIT 4.5
<TEXT>


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   <TITLE> New Gold Inc.: Exhibit 4.5 - Prepared by TNT Filings Inc.</TITLE>

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<P align="right">
<b>Exhibit 4.5</b></P>
<table border="0" cellpadding="0" cellspacing="0" style="border-collapse: collapse" bordercolor="#111111" width="100%" id="AutoNumber1">
  <tr>
    <td width="50%">
<B><font size="2">Number of Shares of Common Stock:___</font></B></td>
    <td width="50%">
    <p align="right" style="margin-right: 55pt">
<B><font size="2">&nbsp;Option #____</font></B></td>
  </tr>
</table>
<P align="center">
<B>OPTION</B><BR>
</P>
<P align="center">
t o P u r c h a s e <br>
Common Stock, &#36;.01 Par Value</P>
<P align="center">
of<BR>
</P>
<P align="center">
<B>Western Goldfields, Inc.</B><BR>
an Idaho corporation<BR>
</P>
<P align="justify">
THIS IS TO CERTIFY THAT for value received, _________________, hereinafter "Holder", is entitled to purchase from Western Goldfields, Inc., an Idaho corporation (hereinbelow called the "Issuer" or the "Company"), on or after April 15, 20__,
but not later than 5:00 p.m. eastern standard time on April 15, 20__ (the "Expiration Date"), the above number of shares of the Company's Common Stock, in whole or in part, at a purchase price of &#36;.40 per share of Common Stock, all on the terms
and conditions herein below provided. </P>
<P align="justify" style="text-indent: 30pt">
Section 1. <U>Certain Definitions. </U>As used in this Option, unless the context otherwise
requires:<BR>
</P>
<P align="justify" style="text-indent: 30pt">
<U>"Common Stock" </U>shall mean the Issuer's authorized Common Stock, with &#36;0.01 par</P>
<P align="justify" style="text-indent: 30pt">
<U>"Common Stock Option" or "Option" </U>shall mean this Option for the purchase of up to the number of shares specified above, in the aggregate, of Common Stock, and all additional or new Options issued upon division
or combination of, or in substitution for, this Option. All such additional or new Options shall at all times be identical as to terms and conditions and date, except as to the number of shares of Common Stock for which they may be exercised. </P>
<P align="justify" style="text-indent: 30pt">
<U>"Exercise Price" </U>shall mean the purchase price of &#36;.40 per share of Common Stock unless otherwise inapplicable by other terms of this Option. </P>
<P align="justify" style="text-indent: 30pt">
<U>"Marketable Securities" </U>shall mean securities registered under the Securities Act of 1933 (the "Securities Act") and, if such securities are held by an affiliate of the Issuer, which are permitted to be sold
under Rule 144 in a single ninety-day period. </P>
<P align="justify" style="text-indent: 30pt">
<U>"Option Stock" </U>shall mean the shares of Common Stock purchasable by the holder of a Option upon the exercise of such Option. </P>
<P align="justify" style="text-indent: 30pt">
Section 2. <U>Exercise of Option. </U>This Option may be exercised in whole or in part on or after April 15, 2006 and thereafter through the Expiration Date. </P>
<P align="center">
1<BR>
</P>

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<P align="justify" style="text-indent: 30pt">
The holder of this Option may exercise this Option, in whole or in part by delivering to the Issuer at its office maintained for such purpose pursuant to Section 12, (i) a written notice of such holder's election to
exercise this Option, which notice shall specify the number of shares of Common Stock to be purchased, (ii) this Option and (iii) a sum equal to the aggregate of the Exercise Price for such shares of Common Stock, by check or other transfer in
immediately available funds. Such notice shall be in the form of the Subscription Form set out at the end of this Option. </P>
<P align="justify" style="text-indent: 30pt">
Additionally, if and when the closing common share price of the Company exceeds &#36;2.00, this Option may also be exercised in whole or in part by means of a "cashless exercise" by tendering this Option to the Company
to receive a number of shares of Common Stock equal in Market Value to the difference between the Market Value of the shares of Common Stock issuable upon such exercise of this Option and the total cash exercise price of that part of the Option
being exercised. "Market Value" for this purpose shall be the closing price of the Common Stock as reported by Bloomberg L.P. on the date of such cashless exercise. Certificates for shares purchased hereunder shall be delivered to the Holder hereof
within ten (10) Trading Days after the date on which this Option shall have been exercised as aforesaid. This Option shall be deemed to have been exercised and such certificate or certificates shall be deemed to have been issued, and the Holder or
any other person so designated to be named therein shall be deemed to have become a the Holder of record of such shares for all purposes, as of the date the Option has been exercised by payment to the Company of the Exercise Price and all taxes
required to be paid by the Holder, if any, prior to the issuance of such shares, have been paid. If this Option shall have been exercised in part, the Company shall, at the time of delivery of the certificate or certificates representing the Option
Shares, deliver to the Holder a new Option evidencing the rights of the Holder to purchase the unpurchased shares of Common Stock called for by this Option, which new Option shall in all other respects be identical with this Option. </P>
<P align="justify" style="text-indent: 30pt">
Subject to the restriction in Section 9, the stock certificate or certificates for Option Stock so delivered shall be in such denominations as may be specified in said notice and shall be registered in the name of such
holder or such other name or names as shall be designated in said notice. Such certificate or certificates shall be deemed to have been issued and such holder or any other person so designated to be named therein shall be deemed to have become a
holder of record of such shares, including to the extent permitted by law the right to vote such shares or to consent or to receive notice as a shareholder, as of the time said notice is delivered to the Issuer as aforesaid. If this Option shall
have been exercised only in part, the Issuer shall, at the time of delivery of such certificate or certificates, deliver to such holder a new Option dated the date it is issued, evidencing the rights of such holder to purchase the remaining shares
of Common Stock called for by this Option, which new Option shall in all other respects be identical with this Option, or, at the request of such holder, appropriate notation may be made on this Option and the Option shall be returned to such
holder. </P>
<P align="justify" style="text-indent: 30pt">
The Issuer shall pay all expenses, taxes and other charges payable in connection with the preparation, issue and delivery of stock certificates under this Section 2. </P>
<P align="justify" style="text-indent: 30pt">
All shares of Common Stock issuable upon the exercise of this Option in accordance with the terms hereof shall be validly issued, fully paid and nonassessable, and free from all liens and other encumbrances thereon,
other than liens or other encumbrances created by the holder hereof, and shall be delivered within ten business days of their exercise. Such shares issued shall bear a restrictive legend as follows:</P>
<P align="center">
3</P>

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<P align="justify" style="text-indent: 30pt">
<I>"The securities evidenced hereby have not been registered under the Securities Act of 1933, as amended, nor any other applicable securities </I>act (the <I>"Acts"), and may not be sold, transferred, assigned, pledged
or otherwise distributed, unless there is an effective registration statement under such Acts covering such securities or the Company receives an opinion of counsel for the holder of these securities </I>(concurred <I>on by counsel for </I>the
<I>Company) stating </I>that <I>such sale, transfer, assignment, pledge or distribution is exempt from the registration and prospectus delivery requirements of such Acts." </I>
</P>
<P align="justify" style="text-indent: 30pt">
Section 3. <U>Adjustment of Exercise Price and Option Stock. </U>If the Issuer shall at any time prior to the Expiration Date subdivide its outstanding Common Stock, by split-up or otherwise, or combine its outstanding
Common Stock, or issue additional shares of its Common Stock in payment of a stock dividend, or undertake a reverse or forward split of the issued and outstanding shares of the Company, in respect cif its Common Stock, the number of shares of Option
Stock then issuable on the exercise of the unexercised portion of this Option shall forthwith be proportionately adjusted for stock splits as necessary, or increased in the case of a subdivision or stock dividend, or proportionately decreased in the
case of a combination, and the Exercise Price then applicable to shares covered by the unexercised portion of this Option shall forthwith be proportionately adjusted for stock splits as necessary, decreased in the case of a subdivision or stock
dividend, or proportionately increased in the case of a combination. Whenever the Exercise Price is adjusted as herein provided, the Issuer shall promptly deliver to the registered holder of this Option a certificate of its principal financial
officer setting forth the Exercise Price after such adjustment and a brief statement of the facts requiring such adjustment. </P>
<P align="justify" style="text-indent: 30pt">
Section 4. <U>Reclassification, Etc. </U>In case of any reclassification or change of the outstanding Common Stock of the Issuer (other than as a result of a subdivision, combination or stock dividend), or in case of
any consolidation of the Issuer with, or merger of the Issuer into, another corporation or other business organization (other than a consolidation or merger in which the Issuer is the continuing corporation and which does not result in any
reclassification or change of the outstanding Common Stock of the Issuer), at any time prior to the Expiration Date, then, as a condition of such reclassification, reorganization, change, consolidation or merger, lawful provision shall be made, and
duly executed documents evidencing the same from the Issuer or its successor shall be delivered to the registered holder of this Option, so that the registered holder of this Option shall have the right prior to the expiration of this Option to
purchase, at a total price not to exceed that payable upon the exercise of the unexercised portion of this Option, the kind and amount of shares of stock and other securities and property receivable upon such reclassification, reorganization,
change, consolidation or merger by a holder of the number of shares of Common Stock of the Issuer which might have been purchased by the registered holder of this Option immediately prior to such reclassification, reorganization, change,
consolidation or merger, and in any such case appropriate provisions shall be made with respect to the rights and interest of the registered holder of this Option to the end that the provisions hereof (including without limitation, provisions for
the adjustment of the Exercise Price and of the number of shares purchasable upon exercise of this Option) shall thereafter be applicable in relation to any shares of stock and other securities and property thereafter deliverable upon exercise
hereof. Notwithstanding the foregoing, if pursuant to the terms of such consolidation or merger, the consideration to be received by the holders of Common Stock of the Issuer is cash and/or Marketable Securities, this Option shall expire to the
extent unexercised on the closing of such merger or consolidation. </P>
<P align="center">
4</P>

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<P align="justify" style="text-indent: 30pt">
Section 5. <U>Certain Notices. </U>If at any time prior to the expiration or exercise of this Option, the Issuer shall pay any dividend or make any distribution upon its Common Stock or shall make any subdivision or
combination of or other change in its Common Stock, the Company shall cause notice thereof to be mailed, first class, postage prepaid, to the registered holder of this Option at least twenty days prior to the date as of which holders of Common Stock
who shall participate in such dividend, distribution, subdivision, combination or other change are to be determined. Such notice shall also specify the time as of which holders of Common Stock who shall participate in such event are to be
determined. The Company shall also provide to the registered holder of this Option at least twenty days prior written notice of the closing of the sale of shares of Common Stock in an underwritten public offering pursuant to an effective
registration statement under the Securities Act of 1933, as amended. Failure to give any such notice, or any defect therein, shall not affect the legality or validity of any such event. </P>
<P align="justify" style="text-indent: 30pt">
Section 6. <U>Reservation and Authorization of Common Stock. </U>The Issuer shall at all times reserve and keep available for issuance upon the exercise of Option such number of its authorized but unissued shares of
Common Stock as will be sufficient to permit the exercise in full of the Option. </P>
<P align="justify" style="text-indent: 30pt">
Section 7. <U>Stock and Option Books. </U>The Issuer will not at any time, except upon dissolution, liquidation or winding up, close its stock books or Option books so as to result in preventing or delaying the exercise
of the Option. </P>
<P align="justify" style="text-indent: 30pt">
Section 8. <U>No Voting Rights. </U>This Option shall not entitle the holder hereof to any voting rights or other rights as a shareholder of the Issuer. </P>
<P align="justify" style="text-indent: 30pt">
Section 9. <U>Investment Representations; Restrictions on Transfer of Option and Option Stock.</U> The holder represents and agrees that: (i) upon exercise of the Option, holder will acquire the Option Stock for its own
account for investment and not with any intent or view to any distribution, resale or other disposition of the Option Stock; (ii) it will not sell or transfer the Option or the Option Stock, unless such are registered under the Securities Act of
1933 (the "Act"), except in a transaction that is exempt from registration under the Act; and (iii) each certificate issued to represent any of the Option Stock shall bear a legend calling attention to the foregoing restrictions and agreements
unless such shares have been previously registered. The Company may require, as a condition of the exercise of the Option, that the holder hereof sign such further representations and agreements as it reasonably determines to be necessary or
appropriate to assure and to evidence compliance with the requirements of the Act. </P>
<P align="justify" style="text-indent: 30pt">
Section 10. <U>Loss, Destruction of Option Certificates. </U>Upon receipt of evidence satisfactory to the Issuer of the loss, theft, destruction or mutilation of the Option and, in the case ofany such loss, theft or
destruction, upon receipt of indemnity satisfactory to the Issuer or, in the case of any such mutilation, upon surrender and cancellation of the Option, the Issuer will make and deliver, in lieu of such lost, stolen, destroyed or mutilated Option, a
new Option of like tenor and representing the right to purchase the same aggregate number of shares of Common Stock. </P>
<P align="justify" style="text-indent: 30pt">
Section 11. <U>Amendments. </U>The terms of this Option may be amended, and the
observance of any term herein may be waived, but only with the written consent
of the Issuer as authorized by its Board of Directors and the holder of this
Option. </P>
<P align="center">
5</P>

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<P align="justify" style="text-indent: 30pt">
Section 12. <U>Office of the Issuer. </U>So long as this Option remains outstanding, the Option may be presented for exercise, division or combination as in this Option provided, to the Issuer at its office at 961
Matley Lane, Suite 120, Reno, Nevada 89502 unless and until the Issuer shall designate and maintain some other office for such purposes and deliver written notice thereof to the holder of the Option. </P>
<P align="justify" style="text-indent: 30pt">
Section 13. <U>Notices Generally. </U>Any notice, demand or delivery pursuant to the provisions hereof shall be sufficiently delivered or made if sent by first class mail, postage prepaid, addressed to Holder at his
last known address appearing on the books of the Issuer, or to the Issuer at its principal executive office at the address set forth in Section 12, or such other address as shall have been furnished to the party giving or making such notice, demand
or delivery. </P>
<P align="justify" style="text-indent: 30pt">
Section 14. <U>Successors and Assigns. </U>This Option shall bind and inure to the benefit of and be enforceable by the parties hereto and their respective successors and permitted assigns. </P>
<P align="justify" style="text-indent: 30pt">
Section 15. <U>Governing Law. </U>This Option shall be governed by and construed in accordance with the Laws of the State of Idaho, without regard to its rules as to conflicts of law. </P>
<P align="justify" style="text-indent: 30pt">
IN WITNESS WHEREOF, the Issuer has caused this Option to be signed in its name by
its Secretary.<BR>
</P>
<P align="justify">
Dated: ____________</P>
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    <tr>
      <td width="100%">
<P align="justify">
<font size="2">WESTERN GOLDFIELDS, INC., an Idaho
corporation <BR>
<br>
By:&nbsp; _____________________<BR> <BR>
</font>
</P>
<P align="justify">
<font size="2">WESTERN GOLDFIELDS, INC., an Idaho
corporation <BR>
<br>
By&nbsp; _____________________</font></P>
      <p>&nbsp;</td>
    </tr>
  </table>
</div>
<P align="justify">
<BR>
</P>
<P align="center">
6<BR>
</P>

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<P align="center">
SUBSCRIPTION FORM<BR>
</P>
<P align="center">
(to be executed only upon exercise of Option)<BR>
</P>
<P align="justify" style="text-indent: 30pt">
The undersigned registered owner of this Option irrevocably exercises this Option for and purchases ___________shares of the Common Stock of Western Goldfields, Inc., an Idaho corporation, and herewith makes
payment therefore (by check or other transfer in accordance with instructions provided by Western Goldfields, Inc. in the amount of &#36;___________), all at the price and on the terms and conditions specified in this Option, and requests
that a certificate or certificates for the shares of Common Stock hereby purchased (and any securities or other property issuable upon such exercise) be issued in the name of and delivered to Holder, whose address is __________________________and, if such shares of Common Stock shall not include all of the shares of Common Stock issuable as provided in this Option, that a new Option of like tenor and date for the balance
of the Common Stock issuable
hereunder be delivered to the undersigned. </P>
<P align="justify">
Dated:</P>
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<font size="2">By:______________________________<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
SIGNED </font>
</P>
<P align="justify">
<font size="2">&nbsp;&nbsp; _______________________________<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
PRINT
HOLDER NAME</font></P>
      <p>&nbsp;</td>
    </tr>
  </table>
</div>
<P align="justify">
<BR>
</P>
<P align="center">
7<BR>
</P>
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<DOCUMENT>
<TYPE>EX-4.6
<SEQUENCE>6
<FILENAME>exh46.htm
<DESCRIPTION>EXHIBIT 4.6
<TEXT>


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   <TITLE> New Gold Inc.: Exhibit 4.6 - Prepared by TNT Filings Inc.</TITLE>
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<P align="right">
<b>Exhibit 4.6</b></P>

<P align="center">
<B><U>NONOUALIFIED STOCK OPTION CONTRACT #179</U></B><B> </B></P>
<P align="justify" style="text-indent: 30pt">
THIS NONQUALIFIED STOCK OPTION CONTRACT entered into as of February 13, 2006 (the &#147;<U>Contract</U>&#148;) between Western Goldfields, Inc, an Idaho corporation (the &#147;<U>Company</U>&#148;), and Karen Dietrich
(&#147;<U>Optionee</U>&#148;). </P>
<TABLE BCLLIST style="font-size:10pt;border-color:black;border-collapse:collapse;" cellpadding="0" cellspacing="0" width="100%" border="0">
<TR>
	<TD width=5% valign=top>
1. 	</TD>
	<TD>
<P align="justify">The Company, subject to the terms and conditions set forth herein, hereby grants to the Optionee an option to purchase an aggregate of 100,000 shares of common stock, par value &#36;0.01 per share, of the Company (the
&#147;<U>Common Stock</U>&#148;) at an exercise price of &#36;0.34 per share (the &#147;Exercise Price&#148;). This option is not intended to constitute an incentive stock option within the meaning of section 422 of the Internal Revenue Code of
1986, as amended (the &#147;<U>Code</U>&#148;).</P>
	</TD>
</TR>
<TR><TD>&nbsp;</TD><TD>&nbsp;</TD></TR><TR>
	<TD width=5% valign=top>
2. 	</TD>
	<TD>
<P align="justify">The term of this option shall expire on February 12, 2013, subject to earlier termination as provided herein. This option shall vest and become exercisable as to all of the shares of Common Stock subject hereto upon the terms and
conditions set forth on <U>Exhibit A </U>attached hereto. Notwithstanding the foregoing, the Optionee may not exercise this option until the shareholders of the Company approve an amendment to the Company&#146;s Articles of Incorporation (the
&#147;Amendment&#148;) at the 2006 annual meeting (the &#147;2006 Annual Meeting&#148;) increasing the number of authorized shares of Common Stock in an amount greater than 115,000,000 shares, subject to any other restrictions on exercise as set
forth in this Contract. In the event that the shareholders of the Company fail to approve the Amendment at the 2006 Annual Meeting, the Company shall pay to the Optionee an amount in cash equal to (i) the number of Options granted to the Optionee
pursuant to this Agreement <U>multiplied </U>by (ii) the closing price of the Common Stock on the trading day immediately preceding the date of exercise <U>minus </U>the Exercise Price.</P>
	</TD>
</TR>
<TR><TD>&nbsp;</TD><TD>&nbsp;</TD></TR><TR>
	<TD width=5% valign=top>
3. 	</TD>
	<TD>
<P align="justify">Upon the termination of the Optionee&#146;s employment with the Company for any reason other than his death or Disability (as defined in Paragraph 5), the Optionee may exercise such option, to the extent exercisable on the date of
such termination, at any time within three months after the date of termination, but not thereafter and in no event after the date this option would otherwise have expired; provided, however, that if the Optionee&#146;s employment shall be
terminated either (a) for cause, or (b) without the consent of the Company, this option shall terminate immediately.</P>
	</TD>
</TR>
<TR><TD>&nbsp;</TD><TD>&nbsp;</TD></TR><TR>
	<TD width=5% valign=top>
4. 	</TD>
	<TD>
<P align="justify">If the Optionee dies (a) while he is employed by the Company or any of its Subsidiaries, (b) within three months after the termination of his employment (unless such termination was for cause or without the consent of the Company)
or (c) within one year following the termination of his employment by reason of Disability, this option may be exercised, to the extent exercisable on the date of the Optionee&#146;s death, by his executor, administrator or other person at the time
entitled by law to his rights under this option, at any time within one year after death, but not thereafter and in no event after the date this option would otherwise have expired.</P>
	</TD>
</TR>
<TR><TD>&nbsp;</TD><TD>&nbsp;</TD></TR><TR>
	<TD width=5% valign=top>
5. 	</TD>
	<TD>
<P align="justify">If the Optionee&#146;s employment terminates by reason of Disability, the Optionee may exercise this option, to the extent exercisable upon the effective date of such termination, at any time within one year after such date, but not thereafter and in no event after the date this option would otherwise have expired. The term &#147;<U>Disability</U>&#148; shall mean a permanent and total disability within the
meaning of Section 22(e)(3) of the Code.</P>
	</TD>
</TR>
</TABLE>
<BR>
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<TR>
	<TD width=5% valign=top>
6. 	</TD>
	<TD>
<P align="justify">This option (or any part or installment thereof) shall be exercised by giving written notice to the Company at its then principal office, stating that the Optionee is exercising this option, (a) specifying the number of shares
being purchased and accompanied by payment in full of the aggregate purchase price therefor in cash or by certified check. Notwithstanding the foregoing, the purchase price may be paid by delivery by the Optionee of a properly executed notice,
together with a copy of his irrevocable instructions to a broker acceptable to the Company&#146;s Board of Directors (the &#147;<U>Board</U>&#148;) to deliver promptly to the Company the amount of sale or loan proceeds sufficient to pay such
purchase price.</P>
	</TD>
</TR>
<TR><TD>&nbsp;</TD><TD>&nbsp;</TD></TR><TR>
	<TD width=5% valign=top>
7. 	</TD>
	<TD>
<P align="justify">The Company may withhold cash and/or shares of Common Stock to be issued to the Optionee in the amount that the Company determines is necessary to satisfy its obligation to withhold taxes or other amounts incurred by reason of the
grant or exercise of this option or the disposition of the underlying shares of Common Stock. Alternatively, the Company may require the Optionee to pay the Company such amount in cash promptly upon demand.</P>
	</TD>
</TR>
<TR><TD>&nbsp;</TD><TD>&nbsp;</TD></TR><TR>
	<TD width=5% valign=top>
8. 	</TD>
	<TD>
<P align="justify">This option and the exercisability thereof shall be subject to compliance with applicable securities laws. The Optionee hereby represents and warrants to the Company that, unless a registration statement under the Securities Act
of 1933, as amended (&#147;Securities Act&#148;) is effective and current at the time of exercise of this option, the shares of Common Stock to be issued upon the exercise of this option will be acquired by the Optionee for his or her own account,
for investment only and not with a view to the resale or distribution thereof. Any subsequent resale or distribution of shares of Common Stock by the Optionee shall be made only pursuant to (x) a registration statement under the Securities Act which
is effective and current with respect to the sale of shares of Common Stock being sold, or (y) a specific exemption from the registration requirements of the Securities Act, but in claiming such exemption, the Optionee shall, prior to any offer of
sale or sale of such shares of Common Stock, provide the Company (unless waived by the Company) with a favorable written opinion of counsel, in form and substance satisfactory to the Company, as to the applicability of such exemption to the proposed
sale or distribution. Such representations and warranties shall also be deemed to be made by the Optionee upon each exercise of this option. Nothing herein shall be construed as requiring the Company to register the shares subject to this option
under the Securities Act.</P>
	</TD>
</TR>
<TR><TD>&nbsp;</TD><TD>&nbsp;</TD></TR><TR>
	<TD width=5% valign=top>
9. 	</TD>
	<TD>
<P align="justify">Notwithstanding anything herein to the contrary, if at any time the Board shall determine, in its discretion, that the listing or qualification of the shares of Common Stock subject to this option on any securities exchange or
under any applicable law, or the consent or approval of any governmental agency or regulatory body, is necessary or desirable as a condition to, or in connection with, the granting of an option or the issue of shares of Common Stock hereunder, this
option may not be exercised in whole or in part unless such listing,
qualification, consent or approval shall have been effected or obtained free of
any conditions not acceptable to the Board.</P>
	</TD>
</TR>
</TABLE>
<P align="center">
- -2-</P>

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<A name="page_3"></A>

<BR><TABLE BCLLIST style="font-size:10pt;border-color:black;border-collapse:collapse;" cellpadding="0" cellspacing="0" width="100%" border="0">
<TR>
	<TD width=5% valign=top>
10. 	</TD>
	<TD>
<P align="justify">The Company may affix appropriate legends upon the certificates for shares of Common Stock issued upon exercise of this option and may issue such &#147;stop transfer&#148; instructions to its transfer agent in respect of such
shares as it determines, in its discretion, to be necessary or appropriate to (a) prevent a violation of, or to perfect an exemption from, the registration requirements of the Securities Act, or (b) implement the provisions of this Contract or any
other agreement between the Company and the Optionee with respect to such shares of Common Stock. This option and the shares of Common Stock subject thereto shall be subject to such restrictions, including any lockup required by the Company&#146;s
underwriters, as the Board may determine in its discretion.</P>
	</TD>
</TR>
<TR><TD>&nbsp;</TD><TD>&nbsp;</TD></TR><TR>
	<TD width=5% valign=top>
11. 	</TD>
	<TD>
<P align="justify">Nothing herein shall confer upon the Optionee any right to continue in the employ of the Company or any of its Subsidiaries, or interfere in any way with any right of the Company or its Subsidiaries to terminate such employment at
any time for any reason whatsoever without liability to the Company or any of its Subsidiaries.</P>
	</TD>
</TR>
<TR><TD>&nbsp;</TD><TD>&nbsp;</TD></TR><TR>
	<TD width=5% valign=top>
12. 	</TD>
	<TD>
<P align="justify">In the event of any change in the outstanding Common Stock by reason of a stock dividend, recapitalization, merger or consolidation in which the Company is the surviving corporation, split-up, spin-off, combination or exchange of
shares or the like, the aggregate number and kind of shares subject to this option and the Exercise Price thereof shall be appropriately adjusted by the Board, whose determination shall be conclusive.</P>
	</TD>
</TR>
<TR><TD>&nbsp;</TD><TD>&nbsp;</TD></TR><TR>
	<TD width=5% valign=top>
13. 	</TD>
	<TD>
<P align="justify">The Optionee (by his or her acceptance of this option) represents and agrees that he or she will comply with all applicable laws relating to the grant and exercise of this option and the disposition of the shares of Common Stock
acquired upon exercise of this option, including, without limitation, federal and state securities and &#147;blue sky&#148; laws.</P>
	</TD>
</TR>
<TR><TD>&nbsp;</TD><TD>&nbsp;</TD></TR><TR>
	<TD width=5% valign=top>
14. 	</TD>
	<TD>
<P align="justify">This option is not transferable by the Optionee otherwise than by will or the laws of descent and distribution and may be exercised, during the lifetime of the Optionee, only by the Optionee or the Optionee&#146;s legal
representatives.</P>
	</TD>
</TR>
<TR><TD>&nbsp;</TD><TD>&nbsp;</TD></TR><TR>
	<TD width=5% valign=top>
15. 	</TD>
	<TD>
<P align="justify">This Contract shall be binding upon and inure to the benefit of any successor or assign of the Company and to any heir, distributee, executor, administrator or legal representative entitled to the Optionee&#146;s rights
hereunder.</P>
	</TD>
</TR>
<TR><TD>&nbsp;</TD><TD>&nbsp;</TD></TR><TR>
	<TD width=5% valign=top>
16. 	</TD>
	<TD>
<P align="justify">This Contract shall be governed by, and construed and enforced in accordance with, the laws of New York, without regard to the conflicts of law rules thereof.</P>
	</TD>
</TR>
<TR><TD>&nbsp;</TD><TD>&nbsp;</TD></TR><TR>
	<TD width=5% valign=top>
17. 	</TD>
	<TD>
<P align="justify">The invalidity, illegality or unenforceability of any provision herein shall not affect the validity, legality or enforceability of any other provision.</P>
	</TD>
</TR>
<TR><TD>&nbsp;</TD><TD>&nbsp;</TD></TR><TR>
	<TD width=5% valign=top>
18. 	</TD>
	<TD>
<P align="justify">The Company makes no representations and offers no advice regarding the tax consequences relating to the grant or exercise of this option.</P>
	</TD>
</TR>
<TR><TD>&nbsp;</TD><TD>&nbsp;</TD></TR><TR>
	<TD width=5% valign=top>
19. 	</TD>
	<TD>
<P align="justify">This Contract may be executed in two counterpart copies of the entire document or of the signature pages hereto, each of which may be executed by either of the parties hereto, but
both of which, when taken together, shall constitute a single agreement binding upon both of the parties hereto. </P>
	</TD>
</TR>
</TABLE>
<P align="center">
- -3-</P>

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<A name="page_4"></A>

<P align="justify" style="text-indent: 30pt">
IN WITNESS WHEREOF, the parties hereto have executed this Contract as of the day and year first above written. </P>
<div align="right">
  <table border="0" cellpadding="0" cellspacing="0" style="border-collapse: collapse" bordercolor="#111111" width="50%" id="AutoNumber1">
    <tr>
      <td width="100%">
<P align="justify">
<font size="2">WESTERN GOLDFIELDS, INC.<BR>
<br>
By:__________________________<BR>
 Name: Brian Penny<BR>
 Title: CFO <br>
<br>
<BR>
KAREN DIETRICH </font>
</P>
      <p>&nbsp;</td>
    </tr>
  </table>
</div>
<P align="justify">
 <BR>
</P>
<P align="center">
- -4-</P>

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<p align="center">
<B><U>EXHIBIT A</U></B> </p>
<p align="center">
<B>Vesting Schedule</B> </p>
<p align="left">This Option shall become exercisable as follows: </p>
<div align="center">
  <center>
<TABLE style="font-size:10pt;border-color:black;border-collapse:collapse;" cellpadding="0" cellspacing="0" width="60%" border="0">
<TR valign="top">
	<TD align=center width="700">
<B><U>Number of Shares</U></B>
	</TD>
	<TD width=701 align=center>
 <B><U>Vesting Date</U></B>
	</TD>
</TR>
<TR valign="top">
	<TD align=center width="700" bgcolor="#E9F1F8">
33,333
	</TD>
	<TD width=701 align=center bgcolor="#E9F1F8">
February
13,
2006
	</TD>
</TR>
<TR valign="top">
	<TD align=center width="700">
33,333
	</TD>
	<TD width=701 align=center>
February
13,
2007
	</TD>
</TR>
<TR valign="top">
	<TD align=center width="700" bgcolor="#E9F1F8">
33,334
	</TD>
	<TD width=701 align=center bgcolor="#E9F1F8">
February
13,
2008
	</TD>
</TR>
</TABLE>
  </center>
</div>
<BR>

<hr noshade size="5" color="black">


</BODY>

</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>7
<FILENAME>exh51.htm
<DESCRIPTION>EXHIBIT 5.1
<TEXT>


<HTML>
<HEAD>
   <TITLE>New Gold Inc: Exhibit 23.2 - Prepared by TNT Filings Inc.</TITLE>

</HEAD>

<BODY style="font-size:10pt;">

<div style="border-top-style: solid; border-top-width: 1; padding-top: 1">

<HR noshade align="center" width=100% size=3 color="black">
</div>
<!--$$/page=-->
<p align="right"><b>Exhibit 5.1</b><BR><BR>
</p>
<DIV align=right>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left width="50%">
    <img border="0" src="exh2321.gif" width="252" height="78"></TD>
    <TD align=left width="50%">
    <p align="center"><img border="0" src="exh2322.gif" width="258" height="80"></TD>
    </TR>
  </TABLE></DIV>
<div align="right">
  <table CELLSPACING="0" BORDER="0" WIDTH="50%" style="border-collapse: collapse" bordercolor="#111111" cellpadding="0">
    <tr>
      <td WIDTH="50%">&nbsp;</td>
      <td WIDTH="50%">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="50%"><font SIZE="2">File:</font></td>
      <td WIDTH="50%"><font SIZE="2">08-3104</font></td>
    </tr>
    <tr>
      <td WIDTH="50%"><font SIZE="2">Date:</font></td>
      <td WIDTH="50%"><font SIZE="2">July 9, 2009</font></td>
    </tr>
  </table>
</div>
<P align=justify>New Gold Inc. <BR>3110 &#150; 666 Burrard Street <BR>Vancouver, BC
V6C 2X8 </P>
<P align=justify>Dear Sirs/Mesdames: </P>
<P align=justify><B>Re: New Gold Inc. (the &#147;Company&#148;) &#150; Registration Statement
on Form S-8 </B></P>
<P align=justify>We are special British Columbia counsel to the Company. We are
writing in reference to the preparation and filing with the United States
Securities and Exchange Commission of a Registration Statement (the
&#147;<B>Registration Statement</B>&#148;) on Form S-8 under the United States
<I>Securities Act of 1933</I> (the &#147;<B>Act</B>&#148;). We understand that the purpose
of the Registration Statement is to register a total of 39,307,425 common shares
of the Company (the &#147;<B>Shares</B>&#148;), which are issuable pursuant to the
exercise of stock options: (a) which were previously granted or may be granted
under the New Gold Inc. Stock Option Plan (2005), as amended on May 3, 2007 (the
&#147;<B>New Gold Plan</B>&#148;), (b) which were previously granted under the Metallica
Resources Inc. Stock Option Plan, amended and restated as of May 23, 2006 (the
&#147;<B>Metallica Plan</B>&#148;) and have been replaced with options issued by the
Company, or (c) which were previously granted under the Western Goldfields Inc.
2006 Stock Incentive Plan (the &#147;<B>Western Plan</B>&#148;) or otherwise granted
pursuant to agreements with Western Goldfields Inc. (&#147;<B>Western</B>&#148;) and have
been replaced with options issued by the Company. </P>
<P align=justify>We understand that 9,826,200 Shares are issuable pursuant to
the exercise of options previously granted under the New Gold Plan (the
&#147;<B>Outstanding New Gold Option Shares</B>&#148;) on the following dates: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD align=left>October 12, 2004</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>March 10, 2005</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify>March 22, 2005</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(d) </TD>
    <TD>
      <P align=justify>April 14, 2005</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(e) </TD>
    <TD>
      <P align=justify>September 19, 2005</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(f) </TD>
    <TD>
      <P align=justify>October 25, 2005</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(g) </TD>
    <TD>
      <P align=justify>November 1, 2005</P></TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_2></A>
<P align=center>2 </P>
&nbsp;<img border="0" src="exh2323.gif" width="197" height="64"><p> <BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(h) </TD>
    <TD>
      <P align=justify>December 22, 2005</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(i) </TD>
    <TD>
      <P align=justify>March 8, 2006</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(j) </TD>
    <TD>
      <P align=justify>May 29, 2006</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(k) </TD>
    <TD>
      <P align=justify>September 5, 2006</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(l) </TD>
    <TD>
      <P align=justify>June 29, 2007</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(m) </TD>
    <TD>
      <P align=justify>August 7, 2007</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(n) </TD>
    <TD>
      <P align=justify>November 29, 2007</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(o) </TD>
    <TD>
      <P align=justify>June 8, 2008</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(p) </TD>
    <TD>
      <P align=justify>July 8, 2008</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(q) </TD>
    <TD>
      <P align=justify>August 4, 2008</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(r) </TD>
    <TD>
      <P align=justify>August 13, 2008</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(s) </TD>
    <TD>
      <P align=justify>November 11, 2008</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(t) </TD>
    <TD>
      <P align=justify>February 17, 2009</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(u) </TD>
    <TD>
      <P align=justify>June 2, 2009</P></TD></TR></TABLE>
<P align=justify>and that 25,748,503 Shares may be issued in the future pursuant
to the exercise of additional options that may be granted under the New Gold
Plan (the &#147;<B>Available Option Shares</B>&#148;). </P>
<P align=justify>Pursuant to a statutory plan of arrangement concluded effective
June 30, 2008 (the &#147;<B>Metallica Plan of</B> <B>Arrangement&#148;</B>), the Company
acquired Metallica Resources Inc. (&#147;<B>Metallica</B>&#148;) and agreed to issue
replacement options for the stock options then outstanding under the Metallica
Plan, which are now exercisable for Shares of the Company. We understand that
484,005 Shares are issuable pursuant to the exercise of options previously
granted under the Metallica Plan (the &#147;<B>Outstanding Metallica Option
Shares</B>&#147;<B>). </B></P>
<P align=justify>Pursuant to a statutory plan of arrangement concluded effective
June 1, 2009 (the &#147;<B>Western Plan of</B> <B>Arrangement&#148;</B>), the Company
acquired Western and agreed to issue replacement options for the stock options
then outstanding under the Western Plan and those otherwise granted pursuant to
agreements with Western, all of which are now exercisable for Shares of the
Company. We understand that 3,248,717 Shares are issuable pursuant to the
exercise of options previously granted under the Western Plan or otherwise
granted pursuant to agreements with Western (the &#147;<B>Outstanding Western Option
Shares</B>&#147;). </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_3></A>
<P align=center>3 </P>
&nbsp;<img border="0" src="exh2324.gif" width="197" height="64"><BR>
<P align=justify>With your permission, all assumptions and statements of
reliance herein have been made without any independent investigation or
verification on our part except to the extent otherwise expressly stated, and we
express no opinion with respect to the subject matter or accuracy of such
assumptions or items relied upon. </P>
<P align=justify>For the purpose of giving this opinion we have:</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD colSpan=3>
      <P align=justify>examined, among other things:</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(i) </TD>
    <TD colSpan=2>
      <P align=justify>copies of minutes of meetings or consent resolutions of
      the Board of Directors of the Company (the &#147;<B>Board</B>&#148;)
dated:</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(A) </TD>
    <TD>
      <P align=justify>October 12, 2004</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(B) </TD>
    <TD>
      <P align=justify>March 10, 2005</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(C) </TD>
    <TD>
      <P align=justify>March 22, 2005</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(D) </TD>
    <TD>
      <P align=justify>April 14, 2005</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(E) </TD>
    <TD>
      <P align=justify>September 19, 2005</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(F) </TD>
    <TD>
      <P align=justify>October 25, 2005</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(G) </TD>
    <TD>
      <P align=justify>November 1, 2005</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(H) </TD>
    <TD>
      <P align=justify>December 22, 2005</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(I) </TD>
    <TD>
      <P align=justify>March 8, 2006</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(J) </TD>
    <TD>
      <P align=justify>May 29, 2006</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(K) </TD>
    <TD>
      <P align=justify>September 5, 2006</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(L) </TD>
    <TD>
      <P align=justify>June 29, 2007</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(M) </TD>
    <TD>
      <P align=justify>August 7, 2007</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(N) </TD>
    <TD>
      <P align=justify>November 29, 2007</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(O) </TD>
    <TD>
      <P align=justify>June 8, 2008</P></TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_4></A>
<P align=center>4 </P>
&nbsp;<img border="0" src="exh2325.gif" width="197" height="64"><p> <BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD width="5%" ></TD>
    <TD width="5%"  >(P)</TD>
    <TD>
      <P align=justify>July 8, 2008</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"  >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%" ></TD>
    <TD width="5%"  >(Q) </TD>
    <TD>
      <P align=justify>August 4, 2008</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"  >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%" ></TD>
    <TD width="5%"  >(R) </TD>
    <TD>
      <P align=justify>August 13, 2008</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"  >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%" ></TD>
    <TD width="5%"  >(S) </TD>
    <TD>
      <P align=justify>November 11, 2008</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"  >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%" ></TD>
    <TD width="5%"  >(T) </TD>
    <TD>
      <P align=justify>February 17, 2009</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"  >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%" ></TD>
    <TD width="5%"  >(U) </TD>
    <TD>
      <P align=justify>June 2, 2009 (in draft only, but contents verified by the
      Company&#146;s Corporate Secretary)</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"  >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%" ></TD>
    <TD  colSpan=2>
      <P align=justify>all of which approve the granting of options under the
      New Gold Plan, and we assume that such resolutions remain in full force
      and effect;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"  >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%" >(ii) </TD>
    <TD  colSpan=2>
      <P align=justify>the Metallica Plan of Arrangement;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"  >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%" >(iii) </TD>
    <TD  colSpan=2>
      <P align=justify>a Business Combination Agreement dated as of May 9, 2008
      between the Company, Peak Gold Ltd. and Metallica (the &#147;<B>Metallica
      Business Combination Agreement</B>&#148;);</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"  >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%" >(iv) </TD>
    <TD  colSpan=2>
      <P align=justify>copies of minutes of meetings of the Board dated May 9,
      2008 and June 17, 2008 approving the Metallica Plan of Arrangement, the
      Metallica Business Combination Agreement and the reservation of Shares for
      issuance to the holders of stock options issued under the Metallica
      Plan;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"  >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%" >(v) </TD>
    <TD  colSpan=2>
      <P align=justify>the Western Plan of Arrangement;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"  >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%" >(vi) </TD>
    <TD  colSpan=2>
      <P align=justify>a Business Combination Agreement dated as of March 3,
      2009 between the Company and Western (the &#147;<B>Western Business Combination
      Agreement</B>&#148;);</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"  >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%" >(vii) </TD>
    <TD  colSpan=2>
      <P align=justify>copy of minutes of a meeting of the Board dated March 3,
      2009 approving the Western Plan of Arrangement, the Western Business
      Combination Agreement and the reservation of Shares for issuance to the
      holders of stock options issued under the Western Plan or otherwise
      granted pursuant to agreements with Western; and</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"  >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%" >(viii) </TD>
    <TD  colSpan=2>
      <P align=justify>originals or photostatic or certified copies of such
      corporate records, contracts and instruments of the Company or other
      corporations, certificates, permits, licenses or orders of public
      officials, commissions, boards and governmental bodies and authorities,
      certificates of officers or representatives of the Company or other
      corporations and such other records, contracts and instruments, all as we
      believe necessary and relevant as the basis of the opinions set forth
      herein; and</P></TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_5></A>
<P align=center>5 </P>
&nbsp;<img border="0" src="exh2326.gif" width="197" height="64"><p> <BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>considered such questions of law and examined such
      statutes, regulations and orders, certificates and other documents and
      have made such other examinations, searches and investigations as we have
      considered necessary for the purpose of rendering this
  opinion.</P></TD></TR></TABLE>
<P align=justify>In reviewing such documents, we have assumed the legal capacity
of all natural persons executing documents, the genuineness of all signatures,
the authenticity of all documents submitted to us as originals or certified
copies and the conformity to authentic original documents of all documents
submitted to us as certified, conformed or photostatic copies or facsimiles and
the authenticity of all originals of such documents. </P>
<P align=justify>As to various questions of fact relevant to the opinions
expressed herein, we have relied upon, and assume the accuracy of,
representations and warranties contained in documents and certificates and oral
or written statements and other information of or from representatives of the
Company and others and assume compliance on the part of all parties to the
documents with their covenants and agreements contained therein. We also have
assumed that any future changes to the terms and conditions of the New Gold Plan
will be duly authorized by the Company and will comply with all applicable laws.
</P>
<P align=justify>The opinions expressed in this letter are subject to the
following exceptions and qualifications: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>we do not express any opinion with respect to the laws of
      any jurisdiction other than the Province of British Columbia and the
      federal laws of Canada specifically applicable therein; and</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>our opinions are based on facts, legislation and
      regulations in effect on the date hereof.</P></TD></TR></TABLE>
<P align=justify>Based upon the foregoing and subject to the limitations,
exceptions, qualifications and assumptions set forth herein, we are of the
opinion that: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">1. </TD>
    <TD>
      <P align=justify>the issuance of the Outstanding New Gold Option Shares
      has been duly and properly authorized, and the Outstanding New Gold Option
      Shares will, upon the due and proper exercise of options granted under the
      New Gold Plan, be validly issued as fully paid and non-assessable common
      shares of the Company;</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">2. </TD>
    <TD>
      <P align=justify>the issuance of the Outstanding Metallica Option Shares
      has been duly and properly authorized, and the Outstanding Metallica
      Option Shares will, upon the due and proper exercise of options granted
      under the Metallica Plan, be validly issued as fully paid and
      non-assessable common shares of the Company;</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">3. </TD>
    <TD>
      <P align=justify>the issuance of the Outstanding Western Option Shares has
      been duly and properly authorized, and the Outstanding Western Option
      Shares will, upon the due and proper exercise of options granted under the
      Western Plan or otherwise granted pursuant to agreements with Western, be
      validly issued as fully paid and non-assessable common shares of the
      Company; and</P></TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_6></A>
<P align=center>6 </P>
&nbsp;<img border="0" src="exh2327.gif" width="197" height="64"><p> <BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">4. </TD>
    <TD colSpan=2>
      <P align=justify>the Available Option Shares will, upon:</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>the grant of one or more options under the New Gold Plan,
      the allotment for issuance of Available Option Shares under such options,
      and the fixing of a price for such Available Option Shares in accordance
      with the New Gold Plan, by the Board; and</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>receipt by the Company of payment in full for each such
      Available Option Share to be issued and the issuance of such Available
      Option Shares in accordance with the terms of a binding option agreement
      and the New Gold Plan;</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD>
  <TR>
    <TD width="5%"></TD>
    <TD colSpan=2>
      <P align=justify>be duly and properly authorized and be validly issued as
      fully paid and non-assessable common shares of the
  Company.</P></TD></TR></TABLE>
<P align=justify>Consent is hereby given to the use of our name in the
Registration Statement, and to the filing, as an exhibit to the Registration
Statement, of this opinion. In giving such consent, we do not hereby admit that
we are in the category of persons whose consent is required under Section 7 of
the Act. </P>
<P align=justify>Yours truly, </P>
<P align=justify><I>&#147;Bull, Housser &amp; Tupper </I><I>LLP</I><I>&#148; </I></P>
<HR align=center width="100%" color=black noShade SIZE=5>

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<DOCUMENT>
<TYPE>EX-23.1
<SEQUENCE>8
<FILENAME>exh231.htm
<DESCRIPTION>EXHIBIT 23.1
<TEXT>
<html>

<head>
<title>New Gold Inc: Exhibit 23.1 - 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>
<font FACE="Times New Roman" SIZE="2"><b>
<p align="right">EXHIBIT 23.1 </p>
<p align="center">CONSENT OF INDEPENDENT REGISTERED CHARTERED ACCOUNTANTS </p>
</b>
<p align="justify">We consent to the incorporation by reference in this
Registration Statement on Form S-8 of our report dated March 12, 2009 (except
for Note 17 which is as of March 27, 2009) relating to the consolidated
financial statements of New Gold Inc. (which report expresses an unqualified
opinion and includes a separate report, dated March 27, 2009, titled Comments by
Independent Registered Chartered Accountants on Canada-United States of America
Reporting Difference relating to changes in accounting principles) and our
report dated March 27, 2009 relating to the effectiveness of New Gold Inc.&#146;s
internal control over financial reporting appearing in the Annual Report on Form
40-F of New Gold Inc. for the year ended December 31, 2008. </p>
<p align="justify"><u>/s/ Deloitte &amp; Touche LLP&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<br>
</u>Independent Registered Chartered Accountants <br>
Vancouver, Canada <br>
July 9, 2009 </p>
</font><hr color="#000000" size="5">

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.3
<SEQUENCE>9
<FILENAME>exh233.htm
<DESCRIPTION>EXHIBIT 23.3
<TEXT>
<html>

<head>
<title>New Gold Inc: Exhibit 23.3 - 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>
<font FACE="Times New Roman" SIZE="2"><b>
<p align="right">EXHIBIT 23.3 </p>
<p align="center">CONSENT OF INDEPENDENT AUDITORS </p>
</b>
<p align="justify">We hereby consent to the incorporation by reference in this
Registration Statement on Form S-8 of New Gold Inc. of our report dated March 5,
2009 relating to the financial statements, which appears in Western Goldfields
Inc.&#146;s Annual Report on Form 10-K for the year ended December 31, 2008, which is
incorporated by reference in the Current Report on Form 6-K of New Gold Inc.
filed on April 20, 2009. We also consent to the incorporation by reference of
our report dated March 5, 2009 relating to the financial statement schedule,
which appears in the Current Report on Form 6-K of New Gold Inc. filed on April
20, 2009. </p>
<p align="justify"><u>/s/ Pricewaterhouse Coopers LLP&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</u><br>
Chartered Accountants,
Licensed Public Accountants <br>
Toronto, Canada <br>
July 9, 2009 </p>
</font><hr color="#000000" size="5">

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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.4
<SEQUENCE>10
<FILENAME>exh234.htm
<DESCRIPTION>EXHIBIT 23.4
<TEXT>
<html>

<head>
<title>New Gold Inc: Exhibit 23.4 - 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>
<font FACE="Times New Roman" SIZE="2"><b>
<p align="right">EXHIBIT 23.4 </p>
</b>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; color:#000000" align=center><B>
<font size="2">CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</font></B></P>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; color:#000000">
<font size="2">To the Board of Directors and Shareholders<br>
of New Gold, Inc.<br>
British Columbia, Canada</font></P>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; color:#000000" align="justify">
<font size="2">We hereby consent to the incorporation by reference in this Registration Statement on Form S-8 of New Gold, Inc. of our report dated February 24, 2007, related to the consolidated financial statements of Western Goldfields Inc. for the year ended December 31, 2006, and to all other references to our firm included in the Registration Statement on Form S-8.</font></P>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; color:#000000">&nbsp;</P>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; color:#000000">
<font size="2"><u>/s/ HJ &amp; Associates, LLC&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</u><br>
HJ &amp; Associates, LLC<br>
Salt Lake City, Utah<br>
July 9, 2009</font></P>
</font><hr color="#000000" size="5">

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</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>11
<FILENAME>exh2327.gif
<TEXT>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
