<SEC-DOCUMENT>0001157523-20-000276.txt : 20200227
<SEC-HEADER>0001157523-20-000276.hdr.sgml : 20200227
<ACCEPTANCE-DATETIME>20200227085413
ACCESSION NUMBER:		0001157523-20-000276
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20200227
FILED AS OF DATE:		20200227
DATE AS OF CHANGE:		20200227

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:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-31722
		FILM NUMBER:		20658655

	BUSINESS ADDRESS:	
		STREET 1:		181 BAY STREET, SUITE 3510
		CITY:			TORONTO
		STATE:			A6
		ZIP:			M5J 2T3
		BUSINESS PHONE:		(416) 324-6000

	MAIL ADDRESS:	
		STREET 1:		181 BAY STREET, SUITE 3510
		CITY:			TORONTO
		STATE:			A6
		ZIP:			M5J 2T3

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	DRC RESOURCES CORP                                      /FI
		DATE OF NAME CHANGE:	19860904
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>a52178687.htm
<DESCRIPTION>NEW GOLD INC. 6-K
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    <div style="text-align: center; font-weight: bold;">&#160;<font style="font-size: 16pt;">UNITED STATES</font></div>
    <font style="font-size: 16pt;"> </font>
    <div style="text-align: center; font-size: 16pt; font-weight: bold;">SECURITIES AND EXCHANGE COMMISSION</div>
    <font style="font-size: 16pt;"> </font>
    <div style="text-align: center; font-weight: bold;">Washington, D.C. 20549</div>
    <div style="text-indent: 36pt;">&#160;<br>
      &#160;</div>
    <div style="text-align: center; font-size: 16pt; font-weight: bold;">Form 6-K</div>
    <div>&#160;</div>
    <div style="text-align: center; font-weight: bold;">REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16</div>
    <div style="text-align: center; font-weight: bold;">UNDER THE SECURITIES EXCHANGE ACT OF 1934</div>
    <div style="text-indent: 36pt;">&#160;</div>
    <div style="text-align: justify;">For the month of February 2020.</div>
    <div>&#160;</div>
    <div>Commission File Number 001-31722</div>
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    <div style="text-align: center; font-size: 16pt; font-weight: bold;">New Gold Inc.</div>
    <font style="font-size: 16pt;"> </font>
    <div style="text-indent: 36pt;">&#160;</div>
    <div style="text-align: center;">Suite 3510 &#8211; 181 Bay Street</div>
    <div style="text-align: center;">Toronto, Ontario M5J 2T3</div>
    <div style="text-align: center;">Canada</div>
    <div style="text-align: center;">(Address of principal executive office)</div>
    <div>&#160;</div>
    <div style="text-indent: 36pt;">&#160;</div>
    <div>Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.</div>
    <div style="text-indent: 36pt;">&#160;</div>
    <div>Form 20-F <font style="font-family: 'Segoe UI Symbol', sans-serif;">&#9744;</font>&#160;Form 40-F <font style="font-family: 'Segoe UI Symbol', sans-serif;">&#9746;</font></div>
    <div style="text-indent: 36pt;">&#160;</div>
    <div>Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): <font style="font-family: 'Segoe UI Symbol', sans-serif;">&#9744;</font></div>
    <div style="text-indent: 36pt;">&#160;</div>
    <div><font style="font-weight: bold;">Note</font>: Regulation S-T Rule 101(b)(1) only permits the submission in paper of a Form 6-K if submitted solely to provide an attached annual report to security
        holders.</div>
    <div style="text-indent: 36pt;">&#160;</div>
    <div>Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): <font style="font-family: 'Segoe UI Symbol', sans-serif;">&#9744;</font></div>
    <div style="text-indent: 36pt;">&#160;</div>
    <div><font style="font-weight: bold;">Note: </font>Regulation S-T Rule 101(b)(7) only permits the submission in paper of a Form 6-K if submitted to furnish a report or other document that the registrant
        foreign private issuer must furnish and make public under the laws of the jurisdiction in which the registrant is incorporated, domiciled or legally organized (the registrant&#8217;s &#8220;home country&#8221;), or under the rules of the home country exchange on
        which the registrant&#8217;s securities are traded, as long as the report or other document is not a press release, is not required to be and has not been distributed to the registrant&#8217;s security holders, and, if discussing a material event, has already
        been the subject of a Form 6-K submission or other Commission filing on EDGAR.</div>
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    <div style="text-align: center; font-weight: bold;">DOCUMENTS FILED AS PART OF THIS FORM 6-K</div>
    <div style="text-indent: 36pt;">&#160;</div>
    <div style="text-align: center; font-weight: bold;">&#160;</div>
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            <div style="text-align: center; font-weight: bold;">Exhibit</div>
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          <td style="width: 91%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-weight: bold;">Description</div>
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          <td style="width: 9%; vertical-align: top;">
            <div><a href="a52178687ex99_1.htm">99.1</a></div>
          </td>
          <td style="width: 91%; vertical-align: top;">
            <div><a href="a52178687ex99_1.htm">New Gold Inc. News Release date February 25, 2020 &#8211; New Gold Announces 300 million deal
                with Ontario Teachers Pension Plan</a></div>
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    <div style="text-align: center; font-weight: bold;">SIGNATURES</div>
    <div style="text-indent: 36pt;">&#160;</div>
    <div style="text-indent: 18pt;">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.</div>
    <div style="text-indent: 36pt;">&#160;</div>
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            <div style="font-weight: bold;">NEW GOLD INC.</div>
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            <div>&#160;</div>
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            <div style="text-align: center;">By:</div>
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          <td style="width: 46.71%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-style: italic;"><br>
              /s/ Sean Keating</div>
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            <div>Date:&#160;February 25, 2020</div>
          </td>
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            <div>&#160;</div>
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          <td style="vertical-align: middle;">
            <div>Sean Keating</div>
            <div>Vice President, General Counsel and </div>
            <div>Corporate Secretary</div>
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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>a52178687ex99_1.htm
<DESCRIPTION>EXHIBIT 99.1
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  <div style="text-align: right;"><font style="font-weight: bold;">Exhibit 99.1</font><br>
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      <h1 style="text-align: center; list-style-position:inside;FONT-SIZE: 14pt;"> <b>New Gold Announces $300 Million Partnership With Ontario Teachers&#8217; Pension Plan at the New Afton Mine Adding Significant Financial Flexibility</b> </h1>
      <div class="bw-release-subhead">
        <p style="text-align: center; list-style-position:inside;"><b> <i>(All dollar figures are in US dollars unless otherwise indicated)</i> </b></p>
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          <p>TORONTO--(BUSINESS WIRE)--February 25, 2020--<b>New Gold Inc. (&#8220;New Gold&#8221; or the &#8220;Company&#8221;) (TSX and NYSE American: NGD)</b> is pleased to announce that it has entered into a strategic partnership with Ontario Teachers&#8217; Pension Plan (&#8220;Ontario
            Teachers&#8217;&#8221;). Under the terms of the strategic partnership, Ontario Teachers&#8217; has agreed to acquire a 46.0% free cash flow interest in the New Afton mine (&#8220;New Afton&#8221;) with an option to convert the interest into a 46.0% joint venture interest in
            four years, or have their interest remain as a free cash flow interest at a reduced rate of 42.5%, for upfront cash proceeds of $300 million payable upon closing of the transaction (the &#8220;Transaction&#8221;). The proceeds from the Transaction will be
            used to improve New Gold&#8217;s financial flexibility and to reduce net indebtedness. </p>
          <p> <b>Key Transaction Highlights</b> </p>
          <ul style="list-style-type: disc;">
            <li> Provides New Gold with immediate cash proceeds of $300 million at an attractive cost of capital, materially reducing New Gold&#8217;s net indebtedness and increasing financial flexibility. </li>
            <li> New Gold retains full operating control over New Afton during development of the C-Zone as the mine transitions to expand its operating mine life. </li>
            <li> Ontario Teachers&#8217; is a world-class financial sponsor whose support of New Afton serves to increase New Gold&#8217;s visibility and its vision of creating value for all stakeholders. </li>
            <li> Overriding buyback option provides New Gold with the flexibility to potentially re-acquire 100% of New Afton in the future. </li>
            <li> New Gold will retain 100% of the exploration claims outside of the New Afton mining permit area and has granted Ontario Teachers&#8217; an option to acquire its proportionate share of these claims upon conversion into the joint venture interest.
            </li>
          </ul>
          <p> <b>Summary Transaction Terms</b> </p>
          <ul style="list-style-type: disc;">
            <li> Ontario Teachers&#8217; will initially acquire a 46.0% free cash flow interest in the New Afton mining claim area with a four-year term (&#8220;Interim Interest&#8221;) for $300 million in upfront proceeds and New Gold will retain 100% ownership of New
              Afton. </li>
            <li> After four years, Ontario Teachers&#8217; has an option (&#8220;JV Interest Option&#8221;) to convert the Interim Interest into a 46.0% partnership interest in New Afton (&#8220;JV Interest&#8221;) with New Gold holding the remaining 54.0% partnership interest in a
              limited partnership New Gold and Ontario Teachers&#8217; will form at the time of conversion. </li>
            <li> If Ontario Teachers&#8217; does not exercise the JV Interest Option, Ontario Teachers&#8217; will continue to hold a free cash flow interest in New Afton, but at a reduced rate of 42.5% (&#8220;Reduced Interest&#8221;). </li>
            <li> New Gold will hold (i) an overriding buyback option to re-purchase and cancel the Interim Interest (the &#8220;Buyback Option&#8221;) during the JV Interest Option exercise period and (ii) a right of first offer for the life of the agreements. </li>
          </ul>
          <p> &#8220;We are pleased to be partnering with Ontario Teachers&#8217;, one of the world&#8217;s preeminent and most well-respected investors, in this transformational transaction that provides us with up front cash allowing us to restructure our balance sheet
            and lower our level of net indebtedness via a true shared risk and upside partnership focused on free cash flow. This transaction provides New Gold with an attractive cost of capital, further strengthens our financial position, allows us to
            benefit from the full exploration potential elsewhere on the New Afton land package and provides the opportunity to re-acquire 100% of New Afton,&#8221; said Renaud Adams, President and Chief Executive Officer of New Gold. &#8220;Ontario Teachers&#8217; is known
            to conduct in-depth due diligence and partner with high quality management teams that share its values of integrity and operational excellence. We look forward to our partnership with Ontario Teachers&#8217; as we continue our mission to turn New
            Gold into Canada&#8217;s leading intermediate diversified gold producer.&#8221; </p>
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          </div>
          <p> &#8220;We are delighted to partner with New Gold, a leading Canadian mining company, in this distinctive transaction. We gain access to a free cash flow interest from a top quality asset in a stable and well-established mining area, with the
            ability to convert to a JV interest in four years. Ontario Teachers' Natural Resources group has a global mandate to pursue investments that provide attractive returns and inflation protection through exposure to a basket of key commodities,&#8221;
            said Dale Burgess, Senior Managing Director, Infrastructure &amp; Natural Resources of Ontario Teachers&#8217;. </p>
          <p> <b>Additional Transaction Details </b> </p>
          <p> Under the terms of the agreement, Ontario Teachers&#8217; will acquire the Interim Interest, effective from the closing date of the Transaction with a term of 4 years for upfront cash proceeds of $300 million payable upon closing. After four years,
            Ontario Teachers&#8217; will have the option to convert the Interim Interest into a 46.0% JV Interest in New Afton, such option to be exercisable during a 60-day period immediately after the fourth anniversary of the effective date of the
            Transaction. Should Ontario Teachers&#8217; elect to exercise such JV Interest Option, Ontario Teachers and New Gold will form a limited partnership and Ontario Teachers&#8217; will contribute the free cash flow interest in exchange for a 46% JV Interest
            in New Afton. If the JV Interest Option is not exercised by Ontario Teachers&#8217; during the exercise period, Ontario Teachers&#8217; will hold the Reduced Interest, which provides Ontario Teachers&#8217; with a 42.5% free cash flow interest in New Afton. For
            purposes of calculating the Interim Interest and the Reduced Interest, free cash flow is defined as: the greater of, (i) gross revenue less treatment and refining costs, operating costs, exploration costs, interest costs, British Columbia
            mining taxes, lease payments, and capital costs, inclusive of changes in working capital, and (ii) one dollar. For any new, jointly approved, capital project which is outside of the current mine plan, which results in free cash flow declining
            below zero, New Gold is permitted to recover Ontario Teachers&#8217; share of that capital expenditure from future free cash flow payments to Ontario Teachers&#8217;. Under the terms of the agreement, New Gold has also agreed to provide Ontario Teachers&#8217;
            with a minimum guarantee of approximately half of Ontario Teachers' expected free cash flow over the interim period, subject to certain adjustments for realized commodity prices and foreign exchange rates. </p>
          <p> The agreement provides New Gold with an overriding Buyback Option to re-purchase and cancel the Interim Interest during the same exercise period described above at the greater of (i) an agreed upon internal rate of return to Ontario Teachers&#8217;
            and (ii) the fair market value of the free cash flow interest at that time. The Buyback Option in favour of New Gold would be exercisable in priority to the JV Interest Option granted to Ontario Teachers&#8217; and regardless of Ontario Teachers&#8217;
            exercise or intention to exercise of the JV Interest Option. The Buyback Option provides New Gold the opportunity to re-acquire 100% exposure to New Afton&#8217;s cash flows, at its sole discretion, in four years, allowing New Gold sufficient time to
            build the necessary balance sheet strength. Both New Gold and Ontario Teachers&#8217; will have a mutual right of first offer for the life of the agreements. </p>
          <p> The Transaction agreements set out certain governance rights and protections for Ontario Teachers&#8217; in relation to the operation of New Afton, including establishment of an advisory committee to assist with operation and budgetary decisions. </p>
          <p> The Transaction is subject to approval under New Gold&#8217;s credit facility and is expected to close on or about March 31, 2020. </p>
          <p> Scotiabank is acting as financial advisor to New Gold. Cassels Brock &amp; Blackwell LLP and Lawson Lundell LLP are acting as legal counsel to New Gold. BMO Capital Markets is acting as financial advisor to Ontario Teachers&#8217;. Stikeman Elliott
            LLP is acting as legal counsel to Ontario Teachers&#8217;. </p>
          <p> New Gold looks forward to working with Ontario Teachers&#8217; to realize the full potential of New Afton, where both New Gold and Ontario Teachers&#8217; see significant value creation opportunities. Both New Gold and Ontario Teachers&#8217; are committed to
            working with local communities and other partners to ensure New Afton generates value for all of its stakeholders for many years to come. </p>
          <p> <b>About New Gold Inc.</b> </p>
          <p> New Gold is a Canadian-focused intermediate gold mining company. The Company has a portfolio of two core producing assets in top-rated jurisdictions, the Rainy River and New Afton Mines in Canada. The Company also operates the Cerro San Pedro
            Mine in Mexico (which transitioned to residual leaching in 2016). In addition, New Gold owns 100 per cent of the Blackwater project located in Canada. New Gold&#8217;s objective is to be a leading intermediate gold producer, focused on the
            environment and social responsibility. For further information on the Company, please visit www.newgold.com. </p>
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          </div>
          <p> <b>CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS </b> </p>
          <p> Certain information contained in this press release, including any information relating to New Gold&#8217;s future financial or operating performance are &#8220;forward-looking&#8221;. All statements in this press release, other than statements of historical
            fact, which address events, results, outcomes or developments that New Gold expects to occur are &#8220;forward-looking statements&#8221;. Forward-looking statements are statements that are not historical facts. Often, but not always, forward-looking
            statements can be identified by the use of forward-looking terminology such as &#8220;plans&#8221;, &#8220;expects&#8221;, &#8220;is expected&#8221;, &#8220;budget&#8221;, &#8220;scheduled&#8221;, &#8220;targeted&#8221;, &#8220;estimates&#8221; &#8220;forecasts&#8221;, &#8220;intends&#8221;, &#8220;anticipates&#8221;, &#8220;projects&#8221;, &#8220;potential&#8221;, &#8220;believes&#8221; or
            variations of such words and phrases or statements that certain actions, events or results &#8220;may&#8221;, &#8220;could&#8221;, &#8220;would&#8221;, &#8220;should&#8221;, &#8220;might&#8221; or &#8220;will be taken&#8221;, &#8220;occur&#8221; or &#8220;be achieved&#8221; or the negative connotation of such terms. Forward-looking
            statements in this press release include, among others, the potential timing of closing of the Transaction, the potential elections and exercise of options pursuant to the Transaction, use of proceeds of the Transaction and actions and
            developments at the New Afton mine, the strengthening of New Gold&#8217;s balance sheet and the value creation opportunities at New Afton. </p>
          <p> All forward-looking statements in this press release are based on the opinions and estimates of management as of the date such statements are made and are subject to important risk factors and uncertainties, many of which are beyond New
            Gold&#8217;s ability to control or predict. Certain material assumptions regarding such forward-looking statements are discussed in this press release, New Gold&#8217;s latest annual and quarterly management's discussion and analysis (&#8220;MD&amp;A&#8221;), Annual
            Information Form and Technical Reports filed at www.sedar.com and on EDGAR at www.sec.gov. </p>
          <p> Forward-looking statements are necessarily based on estimates and assumptions that are inherently subject to known and unknown risks, uncertainties and other factors that may cause actual results, level of activity, performance or
            achievements to be materially different from those expressed or implied by such forward-looking statements. Such factors include, without limitation: the &#8220;Risk Factors&#8221; included in New Gold's Annual Information Form, MD&amp;A and other
            disclosure documents filed on and available at www.sedar.com and on EDGAR at www.sec.gov. Forward-looking statements are not guarantees of future performance, and actual results and future events could materially differ from those anticipated
            in such statements. All of the forward-looking statements contained in this press release are qualified by these cautionary statements. New Gold expressly disclaims any intention or obligation to update or revise any forward-looking statements
            whether as a result of new information, events or otherwise, except in accordance with applicable securities laws. </p>
        </div>
        <div class="bw-release-contact">
          <h2 style="FONT-SIZE: 14pt;">Contacts</h2>
          <p> <b>Anne Day <br>
            </b>Vice President, Investor Relations <br>
            Direct: +1 (416) 324-6003 <br>
            Email: anne.day@newgold.com </p>
          <p> &#160; </p>
        </div>
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