New Gold is a gold mining company with operations in the United States, Mexico, Canada, and Brazil. It is focused on delivering growth through disciplined operational execution and pursuing additional growth opportunities. Some key highlights include: - Diversified portfolio of gold assets with over 12 million ounces of gold resources and 7.4 million ounces of reserves. - Assets are located in politically stable jurisdictions with established mining industries. - Continued production increases in the third quarter of 2009 compared to the same period in 2008 at its Mesquite, Cerro San Pedro, and Peak Mines operations.

1. Delivering
on Growth
November 2009
www.newgold.com TSX/NYSE AMEX US: NGD

2. Cautionary Statement
All monetary amounts in U.S. dollars unless otherwise stated
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
This presentation contains “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and “forward-looking information” within
the meaning of applicable Canadian securities legislation. Forward-looking statements, which are all statements other than statements of historical fact, include, but are not limited to,
statements with respect to the future price of gold, silver and copper the estimation of mineral reserves and mineral resources, the realization of mineral reserve estimates, the timing and
amount of estimated future production, costs of production, capital expenditures, financing requirements, costs and timing of the development of new and existing deposits,
implementation, timing and success of drilling and other exploration activities, permitting time lines, the completion and success of acquisitions, currency exchange rate fluctuations,
requirements for additional capital, government disputes or claims and limitations on insurance coverage. Generally, these forward-looking statements can be identified by the use of
forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or
“believes”, or variations of such words (including negative variations) and phrases or state that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or
“be achieved”. All forward-looking statements and forward-looking information is based on reasonable assumptions that have been made by New Gold as at the date such statements are
made. Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or
achievements of New Gold to be materially different from those expressed or implied by such forward-looking statements, including but not limited to: the impact of general business and
economic conditions, global liquidity and credit availability on the timing of cash flows and the values of assets and liabilities based on projected future conditions, that New Gold and
Western Goldfields Inc. (“Western”) will be able to realize the synergies from the business combination completed June 1, 2009; there may be difficulties in integrating the operations and
personnel of the New Gold and Western; New Gold is subject to significant capital requirements; fluctuations in the international currency markets and in the rates of exchange of the
currencies of Brazil, Canada, the United States, Australia, Mexico and Chile; price volatility in the spot and forward markets for commodities; impact of any hedging activities, including
margin limits and margin calls; discrepancies between actual and estimated production, between actual and estimated reserves and resources and between actual estimated metallurgical
reserves; changes in national and local government legislation in Brazil, Canada, the United States, Australia, Mexico and Chile; or any other country in which New Gold currently or may
in the future carry on business; taxation, controls, regulations and political or economic developments in the countries in which New Gold does or may carry on business; the speculative
nature of mineral exploration and development, including the risks of obtaining necessary licenses and permits; diminishing quantities or grades of reserves; competition; loss of key
employees; additional funding requirements; actual results of current exploration or reclamation activities; changes in project parameters as plans continue to be refined; accidents; labour
disputes; and defective title to mineral claims or property or contests over claims to mineral properties. In addition, there are risks and hazards associated with the business of mineral
exploration, development, and mining, including environmental hazards, industrial accidents, unusual or unexpected formations, pressures, cave-ins, flooding and gold bullion losses (and
risk of inadequate insurance or inability to obtain insurance, to cover these risks) as well as those factors discussed in the section entitled “Risk Factors” in New Gold’s annual information
form and short form prospectus filed on SEDAR. Although New Gold has attempted to identify important factors that could cause actual results to differ materially from those contained in
forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will
prove to be accurate and you should not place undue reliance on forward-looking statements. New Gold does not undertake to update any forward-looking statements that are included
herein, except in accordance with applicable securities laws.
www.newgold.com TSX/NYSE AMEX US: NGD 2

3. Cautionary Statement cont’d
CAUTIONARY NOTE TO U.S. READERS CONCERNING ESTIMATES OF MEASURED, INDICATED AND INFERRED RESOURCES
Information concerning the properties and operations of New Gold has been prepared in accordance with Canadian standards under applicable Canadian securities laws, and may not be
comparable to similar information for United States companies. The terms “Mineral Resource”, “Measured Mineral Resource”, “Indicated Mineral Resource” and “Inferred Mineral
Resource” used in this presentation are Canadian mining terms as defined in accordance with NI 43-101 under guidelines set out in the Canadian Institute of Mining, Metallurgy and
Petroleum (“CIM”) Standards on Mineral Resources and Mineral Reserves adopted by the CIM Council on December 11, 2005. While the terms “Mineral Resource”, “Measured Mineral
Resource”, “Indicated Mineral Resource” and “Inferred Mineral Resource” are recognized and required by Canadian regulations, they are not defined terms under standards of the United
States Securities and Exchange Commission. Under United States standards, mineralization may not be classified as a “reserve” unless the determination has been made that the
mineralization could be economically and legally produced or extracted at the time the reserve calculation is made. As such, certain information contained in this presentation concerning
descriptions of mineralization and resources under Canadian standards is not comparable to similar information made public by United States companies subject to the reporting and
disclosure requirements of the United States Securities and Exchange Commission. An “Inferred Mineral Resource” has a great amount of uncertainty as to its existence and as to its
economic and legal feasibility. It cannot be assumed that all or any part of an “Inferred Mineral Resource” will ever be upgraded to a higher category. Under Canadian rules, estimates of
Inferred Mineral Resources may not form the basis of feasibility or other economic studies. Readers are cautioned not to assume that all or any part of Measured or Indicated Resources
will ever be converted into Mineral Reserves. Readers are also cautioned not to assume that all or any part of an “Inferred Mineral Resource” exists, or is economically or legally mineable.
In addition, the definitions of “Proven Mineral Reserves” and “Probable Mineral Reserves” under CIM standards differ in certain respects from the standards of the United States Securities
and Exchange Commission.
TOTAL CASH COST
“Total cash cost” figures are calculated in accordance with a standard developed by The Gold Institute, which was a worldwide association of suppliers of gold and gold products and
included leading North American gold producers. The Gold Institute ceased operations in 2002, but the standard is the accepted standard of reporting cash cost of production in North
America. Adoption of the standard is voluntary and the cost measures presented may not be comparable to other similarly titled measures of other companies. New Gold reports total
cash cost on a sales basis. Total cash cost includes mine site operating costs such as mining, processing, administration, royalties and production taxes, but is exclusive of amortization,
reclamation, capital and exploration costs. Total cash cost is reduced by any by-product revenue and is then divided by ounces sold to arrive at the total by-product cash cost of sales.
The measure, along with sales, is considered to be a key indicator of a company’s ability to generate operating earnings and cash flow from its mining operations. This data is furnished to
provide additional information and is a non-GAAP measure and does not have any standardized meaning prescribed by Canadian GAAP. It should not be considered in isolation as a
substitute for measures of performance prepared in accordance with Canadian GAAP and is not necessarily indicative of operating costs presented under Canadian GAAP. The
calculation of “Cash Cost” is consistent with Western’s prior disclosures of “Cost of Sales” ; Western does not have by-product credits.
www.newgold.com TSX/NYSE AMEX US: NGD 3

4. Executing on our Strategy
Disciplined Growth
• Completed 3-way business
combination June 2008
• Completed combination with
Western Goldfields June 2009
• Pursue additional growth
opportunities
Enhancing Value Operational Execution
• El Morro – strategic asset • 16% increase in production Q3/09
• Asset Backed Notes versus Q3/08
• Amapari strategic review • 17% decrease in cash cost
• New Afton development on Q3/09 versus Q3/08
schedule for production in 2012
Maintaining a Strong Financial
Position
• $243 million in cash at Sept. 30/09
• $23 million in earnings from mine
operations in Q3/09
• Strongest cash flow from
operations expected in Q4/09
www.newgold.com TSX/NYSE AMEX US: NGD 4

5. Management & Board of Directors
EXECUTIVE MANAGEMENT TEAM
Randall Oliphant, Executive Chairman
Robert Gallagher, President and Chief Executive Officer
Brian Penny, Executive VP and Chief Financial Officer
James Currie, Executive VP and Chief Operating Officer
BOARD OF DIRECTORS
James Estey, Director
Robert Gallagher, CEO & Director
Vahan Kololian, Director
Martyn Konig, Director
Pierre Lassonde, Director
Craig Nelsen, Director
Randall Oliphant, Executive Chairman
Ian Telfer, Director
Raymond Threlkeld, Director
www.newgold.com TSX/NYSE AMEX US: NGD 5

6. Capitalization and Liquidity
Basic Shares Outstanding (millions) 387
FDITM Shares Outstanding (millions) 405
TSX Share Price – November 16, 2009 $4.47
Market Capitalization (C$ millions) $1,730
Cash (US$ millions)1 $243
Long-term Investments (Asset Backed Notes US$ millions)2 $88
Debt (US$ millions)3 $250
Insider Ownership (million shares) 16
1. Cash position as of September 30, 2009.
2. Represents Fair Value of Asset Backed Notes investment at September 30, 2009. Face value of Asset Backed Notes investment is $149 million.
3. Debt position as of September 30, 2009, adjusted for October 2009 term loan repayment which includes $164.7 million in senior secured notes, $36.0 million in convertible debentures,
$45.8 million in project financing for the Mesquite mine, and $3.6 million in the El Morro project funding loan. See “Debt and Financing Notes” for details in the appendix on page 32.
www.newgold.com TSX/NYSE AMEX US: NGD 6

7. Q3 2009 Highlights
EARNINGS FROM MINE OPERATIONS (MILLIONS) NET EARNINGS(MILLIONS)
$25 $50
$20 $4.1
67% $0
$15
($50) ($148.9)
$10
($100)
$5
$0 ($150)
($200)
Q3 2008 Q3 2009 Q3 2008 Q3 2009
GOLD SALES (000s OUNCES) TOTAL CASH COST PER OUNCE (1)
80 $600
75 16% $400 17%
17%
70
65 $200
60 $0
Q3 2008 Q3 2009 Q3 2008 Q3 2009
1. Refer to Cautionary Statements regarding Forward Looking Statements and Total Cash Cost.
www.newgold.com TSX/NYSE AMEX US: NGD 7

8. Q3 and Year-to-Date Production Highlights
Q3 2009 vs. Q3 2008 YTD 2009 vs. YTD 2009
GOLD PRODUCTION (000s OUNCES) GOLD PRODUCTION (000s OUNCES)
85 200
80 150
75 16% Q3 2008 23% YTD 2008
100
70
65 Q3 2009 50 YTD 2009
60 0
SILVER PRODUCTION (000s OUNCES) SILVER PRODUCTION (000s OUNCES)
400 1,500
300 1,000
21% Q3 2008 320% YTD 2008
200
100 500
Q3 2009 YTD 2009
0 0
COPPER PRODUCTION (MILLION POUNDS) COPPER PRODUCTION (MILLION POUNDS)
4 15
3 10
50% Q3 2008 102% YTD 2008
2
1 5
Q3 2009 YTD 2009
0 0
www.newgold.com TSX/NYSE AMEX US: NGD 8

9. Asset Overview
GLOBALLY DIVERSIFIED IN MINING-FRIENDLY JURISDICTIONS
• 12.1 million ounce M&I(1) gold resource
New Afton
Canada
(000s oz Au)
Mesquite(2)
2P 1,028
•
United States
M&I(1) 1,630
7.4 million ounce gold reserve(4) Inferred 225 2P
(000s oz Au)
2,574
M&I(1) 4,101
• Diversified gold production base
Cerro San Pedro
Inferred 64
Mexico
• Politically stable jurisdictions 2P
(000s oz Au)
1,266 Amapari
M&I(1) 1,691 Brazil
Inferred 25 (000s oz Au)
M&I 1,136
Peak Inferred 1,045
Australia
(000s oz Au) El Morro(3)
2P 514 Chile
M&I(1) 849 (000s oz Au)
2P 2,013
Inferred 388 (1)
M&I 2,659
Inferred 110
1 Measured and indicated mineral resources are inclusive of mineral reserves. See technical reports, Annual Information Form, Form 10-K, and other filings made on SEDAR by
each of New Gold and Western for detailed information with regard to the assumptions, parameters and other information relevant to quantities discussed above. 2P refers to
proven and probable reserves, M&I refers to measured and indicated resources
Producing Mines
2 Represents Mesquite‟s December 31, 2008 reserves and resources
3 El Morro Project‟s reserves and resources reflect New Gold‟s 30% interest Development Projects
4 Proven and probable mineral reserves Undergoing Strategic Review
www.newgold.com TSX/NYSE AMEX US: NGD 9

10. Executing with Upside – Mesquite
Location United States
Mine Type Open Pit
Reserves1,4 Gold (m oz) 2.6
Resources1,2,5 Gold (m oz) 4.1
Estimate Mine Life3 13 years
Gold Production ‟09 Guidance oz6 140k-150k
Total Cash Cost/oz ‟09 Guidance6,7 $530-$540
Proven Execution Current Enhancements Future Upside
• Completed positive feasibility • Production ramped up in • Potential to increase
study in 2006 September 2009, expected to mining rate – add 5k to
continue on this trend in Q4/09 10koz of production per
• Mine brought into and going forward year
production on time and on
budget in 2008 • Declining total cash cost over • 1M oz sulfide resource below
the next two years current pit – exploring
processing alternatives
1 Represents December 31, 2008 reserves and resources.
2 Mineral resources are inclusive of mineral reserves.
3 11 years of production and 2 years of residual leaching.
4 Mesquite Mine mineral reserves have been calculated based on a gold price of US $500/oz. Refer to Reserves Notes.
5 Mesquite Mine mineral resources have been estimated based on a gold price of US $650/oz. Refer to Resources Notes.
6 Mesquite production and total cash cost guidance for 2009 are for the full year.
7 Refer to Cautionary Statements regarding Forward Looking Statements and Total Cash Cost.
www.newgold.com TSX/NYSE AMEX US: NGD 10

11. Executing with Upside – Cerro San Pedro
Location Mexico
Mine Type Open Pit
Gold (m oz) 1.3
Reserves1,3
Silver (m oz) 51
Gold (m oz) 1.7
Resources2,3,4
Silver (m oz) 63
Estimated Mine Life ~ 9 years
Gold Production „09 Guidance oz 90k-100k
Total Cash Cost/oz „09 Guidance5 $550-$570
Proven Execution Current Enhancement Future Upside
• Achieved full production in • Both silver grades and • Completed sulfide
2008 recovery continue to improve exploration program with 30
drill holes; results expected
• Received award as safest • 68% increase in tonnes of ore
to be released by Q1/10
mine of its size in Mexico for mined in comparison to
2007 and 2008 Q3/2008
• Attained ISO: 14001 • Currently tracking below 2009
environmental certification in cash cost guidance
2008
1 Cerro San Pedro mineral reserves have been calculated based on a gold price of $750/oz, a silver price of US$10.00/oz and a lower NSR cut-off of US$2.64/t. Refer to Reserves Notes.
2 Cerro San Pedro mineral resources have been estimated based on a gold price of US$1000/oz, a silver price of US$21/oz and a lower grade cut-off of 0.2 g/t gold and are constrained within an
economically constrained “mineral resource pit” that uses the same cost and metal recovery parameters used to define mineral reserves as of December 31, 2008. Refer to Resources Notes.
3 Reported as of December 31, 2008
4 Mineral resources are inclusive of mineral reserves
5 Cash costs guidance for 2009 have been calculated based on a silver price of US$14.00/lb. Refer to Cautionary Statements regarding Forward Looking Statements and Total Cash Cost
www.newgold.com TSX/NYSE AMEX US: NGD 11

12. Executing with Upside – Peak Mines
Location Australia
Mine Type Underground
Gold (k oz) 514
Reserves1,3
Copper (m lbs) 51
Gold (k oz) 849
Resources2,3,4
Copper (m lbs) 136
Estimated Mine Life ~ 8 years
Gold Production „09 Guidance oz 90k-100k
Total Cash Cost/oz „09 Guidance5 $370-$390
Proven Execution Current Enhancement Future Upside
• In operation since 1992 • Successfully transitioned to • Potential for additional
– history of success higher gold grade future targets around
Perseverance Zone D ore Peak’s currently
• Proven ability to body existing underground
replace reserves – ore body and in the
produced two millionth • Benefitting from increased surrounding region
ounce in 2008 after copper production
starting with one million
• Currently tracking below
ounce in reserves
2009 cash cost guidance
1 Peak Mines mineral reserves have been calculated based on a gold price of US$750/oz, a copper price of US$2.00/lb and variable lower NSR cut-offs ranging from AUD$112/t to AUD$130/t that
vary between individual mines and their proximity to the Peak operation processing facility.. Refer to Reserves Notes.
2 Peak Mines mineral resources have been estimated based on a gold price of US$750/oz, a copper price of US$2.00/lb and variable lower NSR cut-offs ranging from AUD$85/t to AUD$95/t that vary
between individual mines and their proximity to the Peak operation processing facility.. Refer to Resources Notes.
3 Reported as of December 31, 2008.
4 Mineral resources are inclusive of mineral reserves.
5 Cash costs guidance for 2009 have been calculated based on a copper price of US$2.00/lb. Refer to Cautionary Statements regarding Forward Looking Statements and Total Cash Cost.
www.newgold.com TSX/NYSE AMEX US: NGD 12

13. Executing with Upside – New Afton
Location Canada
Gold (m oz) 1.03
Reserves1,2
Copper (m lbs) 959
Gold (m oz) 1.63
Resources2,3
Copper (m lbs) 1,483
Mine type Underground
Estimated mine life 12 years
LOM Production/yr (Au oz/Cu lbs) 85k/75m
LOM Cash Cost/oz co-product (Au/Cu)4 $305/$1.10
Proven Execution Current Enhancement Future Upside
• Delivered positive feasibility • Achieved break through of the • Potential to bring some
study conveyor decline and main resources into reserves given
surface decline in Q3/09 current commodity prices
• Long lead time equipment
ordered and in place • Increased development rates by • Potential for additional blocks
doubling operating crews containing similar
• Surface infrastructure partially mineralization below those
in place with mill building • Completing full capital and currently included in mine plan
exterior completed operating cost review – results
expected in Q1/10
1 New Afton mineral reserves have been calculated based on a gold price of US$475/oz, a copper price of US$1.45/lb and a lower NSR cut-off of CAD$15/t of ore. Refer to Reserves Notes.
2 Reported as of September 21, 2006.
3 New Afton mineral resources have been estimated based on a gold price of US$450/oz, a silver price of US$5.25/oz, a copper price of US$1.20/lb and a lower NSR cut-off of CAD$10.00/t of
mineralized material. Mineral resources are inclusive of mineral reserves. Refer to Resources Notes.
4 Refer to Cautionary Statements regarding Forward Looking Statements and Total Cash Cost.
www.newgold.com TSX/NYSE AMEX US: NGD 13

14. Executing with Upside – New Afton (cont’d)
PATH FORWARD: TOWARD PRODUCTION ADVANCE RATE (METERS)
• Project remains on time and on budget 500
• Total capital expenditure requirements ~$600m 450
- 37% complete
400
• ~ $380 million left to be spent 2010-2012
350
• Completed the mill building in early 2009 for
storage of mill equipment 300
• Continuing development of declines to the base 250
of the ore body
200
• Re-commence surface construction and start
undercut of the ore body in 2011 150
• Start stockpiling ore in 2011 to feed the mill in 100
2012
50
• Commence production in the second half of
2012 with life-of-mine annual production of: 0
• 75 m lbs copper
• 85k oz gold Q1 2009 Q2 2009 Q3 2009
www.newgold.com TSX/NYSE AMEX US: NGD 14

15. Gold Production Outlook
EXCEPTIONAL GOLD PRODUCTION GROWTH PROFILE
Broker Consensus Production Profile1,2,3
(2009E-2013E)
600 $600
74% Increase in
Production
Total Cash Costs (US$/oz) 4
500 $500
Au Production (koz)
400 $400
300 $300
62% Decrease in
Total Cash Costs
200 $200
100 $100
0 $0
5
2009E 2010E 2011E 2012E 2013E
Gold Production Total Cash Costs
1 Source: Available consensus research estimates.
2 Based on 2009-2013 avg. broker consensus commodity prices of US$948/oz Au, US$2.74/lb Cu, US$14.64/oz Ag.
3 2009 production shown for the period of ownership of Western Goldfields.
4 Refer to Cautionary Statements regarding Forward Looking Statements and Total Cash Cost.
5 2013 production based on 2 equity research analyst estimates, none of which include production from El Morro.
www.newgold.com TSX/NYSE AMEX US: NGD 15

16. Operating Margin
EXCEPTIONAL CASH FLOW GENERATION AND GROWTH
1,2,3
Operating Margin
$400
$350
~ 183% Increase in
$300 Operating Margin
Operating Margin (US$mm)
$250
$200
$150
$100
$50
$0
4
2009E 2010E 2011E 2012E 2013E
1 Source: Available consensus research estimates
2 Based on 2009-2013 avg. broker consensus commodity prices of US$948/oz Au, US$2.74/lb Cu, US$14.64/oz Ag
3 Operating Margin is a non-GAAP measure calculated as production multiplied by the assumed gold price less cash costs net of by-product credits
4 2013 production based on 2 equity research analyst estimates, none of which include production from El Morro
Refer to Cautionary Statements regarding Forward Looking Statements and Total Cash Cost
www.newgold.com TSX/NYSE AMEX US: NGD 16

17. Copper Leverage
IMPACT OF COPPER ON OPERATING MARGIN AND CASH COST
Assumes average of 90 million lbs of copper per year from 2013-20171,2,3
Incremental Increase in Operating Margin (US$ mm)
200 $300
Total Cash Costs (US$/oz)
150 $150
100 $0
50 ($150)
0 ($300)
$2.00 $2.50 $3.00 $3.50 $4.00
Operating Margin Total Cash Costs
Cash costs (net of by-products) approach zero at current copper prices.
1. Assumptions: Silver price $12.00/oz.
2. Assumes an average of 75 million pounds of copper sales per year from New Afton and 15 million pounds of copper sales per year from Peak Mines. It does not include any copper sales from El Morro.
3. Refer to Cautionary Statements regarding Forward Looking Statements and Total Cash Cost.
www.newgold.com TSX/NYSE AMEX US: NGD 17

18. Peer Comparison
Change in 2009E-2013E Broker Consensus Cash Cost 1,2
5%
(5%) (7%) (8%) 3 (9%)
(13%) (15%)
(19%)
(62%)
le
a
d
ra
do
LD
on
d
ck
ur
ol
ol
ag
r
Ba
m
ra
te
O
dg
G
t
en
-E
am
do
G
en
ew
an
ed
av
M
co
El
C
G
R
R
IA
N
en
ni
Ag
Bu
1. Note: Gammon Gold calculated based on gold equivalent cash costs
2. Refer to Cautionary Statements regarding Forward Looking Statements and Total Cash Cost
3. Based on 2009-2011 data due to unavailability of broker estimates
28.7x Price/2010E CF
Price/Consensus NAV
24.7x 24.1x
2.0x 2.0x
1.9x 1.8x
1.7x 1.6x 18.6x
1.6x 17.4x
1.3x
1.2x
11.9x 11.8x
8.8x 8.6x
d
LD
o
le
on
ra
a
d
ck
ld
LD
e
o
on
ra
a
d
k
ol
ad
ur
ol
ag
c
r
l
ad
ur
ol
Ba
m
o
ag
te
r
O
dg
G
Ba
t
m
te
O
or
dg
G
en
nt
-E
am
r
G
en
-E
am
do
ew
G
en
an
ed
d
ve
ew
an
M
av
ed
co
El
C
M
co
G
El
C
R
R
IA
N
G
na
en
R
ni
R
IA
N
ni
Ag
e
Bu
Ag
Bu
Note: As at November 16, 2009 Note: As at November 16, 2009
www.newgold.com TSX/NYSE AMEX US: NGD 18

19. Performance Since Merger
94% share price appreciation since announcement of merger with Western Goldfields in March 2009
NAV multiple increased from 0.7x to 1.3x over the same time period
Increased exposure with 12 analysts now covering NGD
Trading liquidity has tripled
Source: Bloomberg
Note: Share price performance based on local currency adjusted for dividends and distributions
Intermediates Index includes: Buenaventura, Lihir Gold, Centerra, IAMGOLD, Gammon, Eldorado, New Gold, Red Back
Seniors Index includes: Newmont, Barrick, Goldcorp, Newcrest, Kinross, Yamana Gold and Agnico-Eagle
www.newgold.com TSX/NYSE AMEX US: NGD 19

20. Value Generation
FUTURE UPSIDE
El Morro unlocking incremental value
Amapari strategic review
Asset Backed Notes now trading at approximately C$0.50 on the dollar
New Afton development on schedule, expect to commence production second half of 2012
www.newgold.com TSX/NYSE AMEX US: NGD 20

21. Enhancing Value – El Morro (30%)
Location Chile
Gold (m oz) 2.01
Reserves1,2
Copper (m lbs) 1,715
Gold (m oz) 2.66
Resources1,3
Copper (m lbs) 2,018
Mine type Open Pit
Estimated mine life 15 years
LOM Production/yr (Au oz/Cu lbs)4 95k/105m
LOM Cash Cost/oz co-product (Au/Cu)5 $370/$0.95
Future Upside
• On October 12, 2009, Barrick Gold Corporation announced an agreement with Xstrata to acquire its 70%
interest in the project for $465 million cash
• New Gold owns remaining 30% interest and has right of first refusal to purchase Xstrata’s 70% interest
• Research analysts and market beginning to increase inherent value – approximately $200 million based in
Barrick/Xstrata agreement
• Various opportunities are available: swap New Gold’s stake for a gold producing asset, develop the asset
with experienced, gold-focused partner, or monetize 30% interest
1 El Morro‟s mineral reserves and resources are reported as of March 31, 2008 and reflect New Gold‟s 30% interest.
2 Mineral reserves have been calculated based on a gold price of $500/oz, a copper price of US$1.25/lb and a lower cut-off of 0.30% copper-equivalent (“EqCu”) where: EqCu(%) = Cu(%) + 0.592 x Au (g/t) and Cu(%) = percent
copper, Au(g/t) = grams per tonne gold. Qualified person as defined under NI43-101 is Mr. Richard J. Lambert, P.E and formerly Principal Mining Engineer for Pincock, Allen & Holt Inc., currently Executive VP with Scott Wilson
Roscoe Postle Associates.
3 Mineral resources have been est. based on US$500/oz gold, US$1.25/lb copper and a lower grade cut-off of 0.3% copper-equivalent (“EqCu”) where: EqCu(%) = Cu(%) + 0.592 x Au (g/t) and Cu(%) = percent copper Au(g/t)
= grams per tonne gold. Mineral resources are based on an economically constrained “mineral resource pit” that uses the same cost and metal recovery parameters used to define mineral reserves as described in the May 2008 NI
43-101 technical report for the project. Mineral resources are inclusive of mineral reserves. Qualified person as defined under NI43-101 is Mr. Barton G. Stone, P. Geo and Chief Geologist for Pincock, Allen & Holt Inc.
4 El Morro‟s life of mine gold and copper production represents New Gold‟s 30% interest.
5 Refer to Cautionary Statements regarding Forward Looking Statements and Total Cash Cost.
www.newgold.com TSX/NYSE AMEX US: NGD 21

22. Value Generation
FUTURE UPSIDE
1. Amapari strategic review
• Measured and Indicated Mineral Resources1 – gold 1.44 m oz (63% sulfide)
• Inferred Resources2 – gold 1.04 m oz (93% sulfide)
• Asset under strategic review
• Several parties have approached New Gold and are interested in purchasing the asset
2. Asset Backed Notes now trading at approximately $0.50 on the dollar
• Face value of $149 million
• Improvement in global credit market conditions have positively impacted the value of the notes
3. New Afton development on schedule, expect to commence production in second half of 2012
1 Amapari mineral resources have been estimated based on a gold price of US$750/oz and a variable lower grade cut-offs ranging from 0.6 g/t to 0.8 g/t gold for open pit oxide and sulphide
resources and 1.7 g/t gold for underground sulphide resources that vary between individual mineral resources and their proximity to the Amapari operation processing facility. Reported as
of December 21, 2008. The qualified person as Defined under NI 43-101 is Mr. Rex Berthelsen, Member AusIMM and Principal Geologist for New Gold Inc.
2 Inferred Mineral Resources are not known with the same degree of certainty as Mineral Reserves, do not have demonstrated economic viability and are exclusive of mineral reserves.
www.newgold.com TSX/NYSE AMEX US: NGD 22

23. The New Gold Advantage
 On track to achieve 2009 guidance of 270,000 to 300,00 oz of gold production at cash cost of
$470 to $490 per oz, net of by-product sales for the period of ownership
 Production growth over the next four years with current portfolio of assets
 Decreasing cash cost over the next four years
 Strong balance sheet
 All assets located in mining-friendly jurisdictions
 Enhanced market presence with increased analyst coverage and trading liquidity
 Proven Board of Directors and management team
www.newgold.com TSX/NYSE AMEX US: NGD 23

24. Contact Information
Investor Relations
Melanie Hennessey
Vice President Investor Relations
New Gold Inc.
1-888-315-9715
melanie.hennessey@newgold.com
Media and Communications
Christine Marks
Investor Relations and External Communications Coordinator
New Gold Inc.
(604)639-0023
christine.marks@newgold.com
www.newgold.com TSX/NYSE AMEX US: NGD 24

25. Asset Overview Notes
PRODUCING MESQUITE CERRO SAN PEDRO PEAK
ASSETS
Location United States Mexico Australia
Ownership 100% 100% 100%
Metal Gold (m oz @ g/t) Gold (m oz @ g/t) Silver (m oz @ g/t) Gold (m oz @ g/t) Copper (m lb @ %)
Reserves1,5,8 2.6 @ 0.58 1.3 @ 0.555 51 @ 22.3 514 @ 4.41 849 @ 0.96
Resources1,2,6,9 4.1 @ 0.56 1.7 @ 0.47 63 @ 15.6 76 @ 3.38 136 @ 1.08
Mine type Open Pit - ROM Heap Leach Open Pit - ROM Heap Leach Underground - Mill
Production Start-up 2008 2007 1992
Estimated Mine Life3 13 ~9 years ~8 years
Production YTD 30/09/09 2009 Guidance LOM Annual YTD 30/09/09 2009 Guidance LOM Annual YTD 30/06/09 2009 Guidance LOM Annual
Avg Avg Avg
Gold (k oz) 88.7 140-150 150-160 69.7 90-100 95-105 68.6 90-100 90-100
Silver (m oz) 1.2 1.1 – 1.3 2.1 – 2.3
Copper (m lbs) 11.7 13-15 14-16
Total Cash Cost/oz4,10 $624 $530-540 $420-430 $394 $550 - 570 $390 – 410 $332 $370-390 $390 - 410
Strip Ratio ~3.0 ~3.0 ~2.0 ~1.0
Grade
Gold g/t 0.44 0.54 0.58 0.46 0.55 .0.52 3.99 4.1 4.2
Silver g/t 31.47 23.8 21.4
Copper 1.0% 1.0% 1.1%
Sustaining Capital 7 ~$1.5 m ~$0.5 m/yr ~2.8 m ~$3 m/yr ~$24 m ~$12 m/yr
*For footnotes reference page 31 .
www.newgold.com TSX/NYSE AMEX US: NGD 25

26. Asset Overview Notes cont’d
DEVELOPMENT PROJECTS NEW AFTON EL MORRO
Location Canada Chile
Ownership 100% 30 % New Gold / 70% Xstrata Plc
Gold (m oz @ g/t) Copper (m lb @ %) Gold (m oz @ g/t) Copper (m lb @ %)
Reserves 11,13,14, 15, 16 1.03 @ 0.72 959 @ 0.98 2.01 @ 0.46 1,715 @ 0.58
Resources2, 12, 13, 14, 15, 17 1,63 @ 0.77 1,483 @ 1.02 2.66 @ 0.49 2,018 @ 0.55
Mine type Underground - Mill Open Pit - Mill
Status In Development Permitting Stage (6 – 12 months)
Production Start-up Middle of 2012 Construction Timeline 3.5 years
Grade (LOM Average)
Gold g/t 0.72 0.46
Copper 0.98% 0.58%
Capital Expenditures Remaining $380 m n/a
Development Funding Requirements ~$600 m $225 m18
Sustaining Capital (LOM Average) $11 m/year $7 m/year
Estimated Mine Life 12 Years 15 Years
Production (Annual LOM Averages)
Gold (k oz/yr) 85 95
Copper (m lb/yr) 75 105
Total Cash Cost/oz co-product Au4 $305 $370
Total Cash Cost/oz co-product Cu4 $1.10 $0.95
*For footnotes reference page 31.
www.newgold.com TSX/NYSE AMEX US: NGD 26

27. Asset Overview Notes cont’d
NEW AFTON
• Block caving will involve:
• Undercutting the ore body allowing the ore to collapse
and fragment into underlying draw points
• Ore extraction from draw points by 3 m3 scoops, transfer
to the u/g crusher by 10 m3 scoops, then transferred to
surface via conveyor system
• New Afton has three blocks
• B1 & B2 bottom at approx. 600m below surface
• B3 bottom at approx. 730m below surface
• New Afton ore is very amenable to block caving
• Capital intensive up-front but low operating costs
• Lowest hard rock underground mining method
www.newgold.com TSX/NYSE AMEX US: NGD 27

28. Asset Overview Notes cont’d
Global Block Caving Mines
Pebble
Cassiar
Ekati
New Afton
Resolution Jeffrey
Bingham Canyon
San Manuel Henderson Oyu Tolgoi LEGEND
Questa Bell
Past Producers
Several Projects And
Mines In China Producers
Development Projects
Didipio
Santo Thomas II
Grasberg Ok Tedi
Argyle Wafi
King Shabani
Debswana Mines Palabora
Olympic Dam Northparkes E26
Kimberley Mines Cullihan And E48
Chuquicamata Mt Keith
Finsch
Salvador Koffiefontain Ridgeway Deeps
Andina And Cadia East
El Teniente Mines
Mt Lyall
www.newgold.com TSX/NYSE AMEX US: NGD 28

29. Asset Overview Notes cont’d
NEW AFTON
CAPITAL AND DEVELOPMENT TO DATE
• US$51.4 million YTD project spend (Sept. 30, 2009)
• Detailed design and engineering 92% complete
• Underground Development
• Achieved break through in Q3/09, connecting the conveyor with
the main surface declines, providing a secondary access to all
development areas
• Recently increased development rates by doubling number of
operating crews to four, enabling continuous 7 day per week
operation
• Over 5,000m of development completed
• Surface Development
• Mill building closed in as of May 2009, provides secure
equipment storage
• Surface infrastructure partially in place with SAG, Ball and
Vertical mills assembled and placed above their foundations
• Surface development will resume in Q1/11
www.newgold.com TSX/NYSE AMEX US: NGD 29

30. Asset Overview Notes cont’d
PATH FORWARD: TOWARD PRODUCTION NEW AFTON
2009 2010 2011 2012
Underground Underground Underground Completion/Production
Development Development BASE Development/Surface
Construction
- Continued - Continued development - Re-commence surface - Create draw bells for
development of of drifts to base of the construction extraction of caved ore
declines to the base of ore body
the ore body - Undercut the ore body - Production expected in
the second half of 2012
- Conveyor pass
development for
ultimate haulage to
surface
- Completed the mill
building in early 2009
for storage of mill
equipment
www.newgold.com TSX/NYSE AMEX US: NGD 30

31. Asset Overview Notes cont’d
Notes to Asset Overview
1. Reported as of December 31, 2008
2. Mineral resources are inclusive of mineral reserves
3. 11 years of production and 2 years of residual leaching
4. Refer to note regarding Total Cash Costs in Cautionary Statements
5. Cerro San Pedro mineral reserves have been calculated based on a gold price of $750/oz, a silver price of US$10.00/oz and a lower NSR cut-off of
US$2.64/t
6. Cerro San Pedro mineral resources have been estimated based on a gold price of US$1000/oz, a silver price of US$21/oz and a lower grade cut-off of 0.2
g/t gold and are constrained within an economically constrained “mineral resource pit” that uses the same cost and metal recovery parameters used to
define mineral reserves as of December 31, 2008
7. Includes both development and sustaining capex
8. Peak Mines mineral reserves have been calculated based on a gold price of US$750/oz, a copper price of US$2.00/lb and variable lower NSR cut-offs
ranging from AUD$112/t to AUD$130/t that vary between individual mines and their proximity to the Peak operation processing facility.
9. Peak Mines mineral resources have been estimated based on a gold price of US$750/oz, a copper price of US$2.00/lb and variable lower NSR cut-offs
ranging from AUD$85/t to AUD$95/t that vary between individual mines and their proximity to the Peak operation processing facility.
10. Cash costs have been calculated based on a copper price of US$2.00/lb for 2009 and $1.70/lb for the LOM
11. New Afton mineral reserves been calculated based on a gold price of US$475/oz, a copper price of US$1.45/lb and a lower NSR cut-off of CAD$15/t of
ore
12. New Afton mineral resources have been estimated based on a gold price of US$450/oz, a silver price of US$5.25/oz, a copper price of US$1.20/lb and a
lower NSR cut-off of CAD$10.00/t of mineralized material
13. Reported as of September 21, 2006
14. Updated reserves and resources expected to be release in Q4 2009
15. El Morro’s mineral reserves and resources are reported as of March 31, 2008 and reflect New Gold’s 30% interest
16. Mineral reserves have been calculated based on a gold price of $500/oz, a copper price of US$1.25/lb and a lower cut-off of 0.30% copper-equivalent
(“EqCu”) where: EqCu(%) = Cu(%) + 0.592 x Au (g/t) and Cu(%) = percent copper, Au(g/t) = grams per tonne gold
17. Mineral resources have been estimated based on a gold price of US$500/oz, a copper price of US$1.25/lb and a lower grade cut-off of 0.3% copper-
equivalent (“EqCu”) where: EqCu(%) = Cu(%) + 0.592 x Au (g/t) and Cu(%) = percent copper, Au(g/t) = grams per tonne gold. Mineral resources are
based on an economically constrained “mineral resource pit” that uses the same cost and metal recovery parameters used to define mineral reserves
as described in the May 2008 NI 43-101 technical report for the project
18. New Gold has an agreement with Xstrata whereby Xstrata will finance 70 percent of New Gold's 30 percent share of El Morro's project development
costs. New Gold will repay the funds advanced by Xstrata through 80 percent of its share of cash flow from the project. New Gold’s share of the
estimated $2.5 billion development cost is $750 million of which cash contribution is $225 million.
www.newgold.com TSX/NYSE AMEX US: NGD 31

32. Debt and Financing Notes
Senior Secured Notes Convertible Debentures Term Loan*
Face Value C$187 million C$55 million US$45.8 million
Maturity 2017 2014 2012
Interest Rate 10% 5% LIBOR + 4.25%
Payable Semi-annually Semi-annually Semi-annually
Conversion price n/a C$9.35 n/a
*New Gold amended the term loan facility on October 7, 2009 and made a prepayment of $15 million. The prepayment reduces the outstanding principal of the loan to $45.8
million. The lending syndicate, lead by Investec, now considers the development of Mesquite complete and has released the guarantee provided by Western Goldfields
Inc. In addition, the remaining available commitment of $18.6 million, which New Gold no longer requires, has been cancelled along with all related costs to the company.
The revised interest rate is US dollar LIBOR plus 4.25%. The term loan facility is now repayable by June 30, 2012 unless the company chooses to repay the loan early or
the sweep mechanism comes into effect. New Gold has increased flexibility in considering its options with respect to the gold hedge program, a required condition
precedent to the loan facility, that now extends two and half years beyond the revised term to December 31, 2014, the original term prior to prepayment. Approximately
165,000 ounces of gold, or approximately half of the program, are hedged beyond June 30, 2012 and may be terminated by New Gold.
www.newgold.com TSX/NYSE AMEX US: NGD 32

33. Reserves Notes
Additional Notes on all Mineral Reserves:
• All mineral reserves have been calculated in accordance with the CIM Standards or the JORC Code. The JORC Code has been accepted for current disclosure rules in
Canada under NI 43-101. The mineral reserve & resource Statements are reported as of the following dates:
– Peak Mines – December 31, 2008
– New Afton Project – September 21, 2006
– Cerro San Pedro Mine – December 31, 2008
– El Morro – March 31, 2008
– Mesquite Mine - December 31, 2007
• The Qualified Person(s) (as defined under NI 43-101) or Competent Person(s) (as defined under the JORC Code for the Mineral Reserve & Resource Statements) are as
follows:
– Peak Mines – Mr. Eric Strom, P.Eng. and Technical Services Superintendent for Peak Mines Pty Ltd.
– New Afton Project – Mr. Mike Thomas, Member AusIMM and Principal Mining Consultant for AMC Consultants Pty Ltd.
– Cerro San Pedro Mine – Mr. William L. Rose, P.E. and Principal Mining Engineer for WLR Consulting, Inc.
– El Morro Project – Mr. Richard J. Lambert, P. E. and formerly Principal Mining Engineer for Pincock, Allen & Holt Inc., currently Executive Vice President with
Scott Wilson Roscoe Postle Associates
– Mesquite Mine – Mr. Wes Hanson, P. Geo., VP. Mine Development, Western Goldfields Inc.
• Peak Mines mineral reserves have been calculated based on a gold price of US$750/oz, a copper price of US$2.00/lb and variable lower NSR cut-offs ranging from
AUD$112/t to AUD$130/t that vary between individual mines and their proximity to the Peak operation processing facility.
• New Afton mineral reserves been calculated based on a gold price of US$475/oz, a copper price of US$1.45/lb and a lower NSR cut-off of CAD$15/t of ore.
• Cerro San Pedro mineral reserves have been calculated based on a gold price of $750/oz, a silver price of US$10.00/oz and a lower NSR cut-off of US$2.64/t.
• El Morro mineral reserve tonnes and grade are reported on a 100% basis; contained metals are reported on a 30% basis to reflect New Gold’s 30% ownership interest
in the project. Mineral reserves have been calculated based on a gold price of $500/oz, a copper price of US$1.25/lb and a lower cut-off of 0.30% copper-equivalent
(“EqCu”) where EqCu(%) = Cu(%) + 0.592 x Au (g/t) and Cu(%) = percent copper, Au(g/t) = grams per tonne gold
• Mesquite mineral reserves are calculated based on a gold price of US$500/oz
• Inferred mineral resources are not known with the same degree of certainty as mineral reserves, do not have demonstrated economic viability and are exclusive of
mineral reserves
• Numbers may not add due to rounding.
• See technical reports, Annual Information Form, Form 10-K and other filings made on SEDAR by each of New Gold and Western Goldfields for detailed information
with regard to the assumptions, parameters and other relevant information.
www.newgold.com TSX/NYSE AMEX US: NGD 33

34. Resources Notes
Additional Notes on all Mineral Resources:
• All mineral resources have been calculated in accordance with the CIM Standards or the JORC Code. The JORC Code has been accepted for current disclosure rules in
Canada under NI 43-101. The Mineral Resources have been reported as of the following dates:
– Amapari Mine – December 31, 2008
– Peak Mines – December 31, 2008
– New Afton Project – September 21, 2006
– Cerro San Pedro Mine – December 31, 2008
– El Morro – March 31, 2008
– Mesquite Mine – December 31, 2008
• The qualified person(s) (as defined under NI 43-101) or competent person(s) (as defined under the JORC Code) for the mineral resource estimates are as follows:
– Amapari Mine – Mr. Rex Berthelsen, Member AusIMM and Principal Geologist for New Gold Inc.
– Peak Mines – Mr. Rex Berthelsen, Member AusIMM and Principal Geologist for New Gold Inc.
– New Afton Project – Mr. David Rennie, P. Eng. and Consulting Geological Engineer for Scott Wilson Roscoe Postle Assoc.
– Cerro San Pedro Mine – Mr. William L. Rose, P.E. and Principal Mining Engineer for WLR Consulting, Inc.
– El Morro Project – Mr. Barton G. Stone, P. Geo. and Chief Geologist for Pincock, Allen & Holt Inc.
– Mesquite Mine – Mr. Wes Hanson, P. Geo., VP. Mine Development, Western Goldfields Inc.
• Amapari mineral resources have been estimated based on a gold price of US$750/oz and a variable lower grade cut-offs ranging from 0.6 g/t to 0.8 g/t gold for open pit
oxide and sulphide resources and 1.7 g/t gold for underground sulphide resources that vary between individual mineral resources and their proximity to the Amapari
operation processing facility.
• Peak Mines mineral resources have been estimated based on a gold price of US$750/oz, a copper price of US$2.00/lb and variable lower NSR cut-offs ranging from
AUD$85/t to AUD$95/t that vary between individual mines and their proximity to the Peak operation processing facility.
• New Afton mineral resources have been estimated based on a gold price of US$450/oz, a silver price of US$5.25/oz, a copper price of US$1.20/lb and a lower NSR cut-off
of CAD$10.00/t of mineralized material.
• Cerro San Pedro mineral resources have been estimated based on a gold price of US$1000/oz, a silver price of US$21/oz and a lower grade cut-off of 0.2 g/t gold and are
constrained within an economically constrained “mineral resource pit” that uses the same cost and metal recovery parameters used to define mineral reserves as of
December 31, 2008. The Cerro San Pedro minderal resoucre estimates account for mining extraction from January 1, 2007 through thte end of 2008.
• El Morro mineral resource tonnes and grade are reported on a 100% basis; contained metals are reported on a 30% basis to reflect New Gold’s 30% ownership interest in
the project. El Morro mineral resources have been estimated based on a gold price of US$500/oz, a copper price of US$1.25/lb and a lower grade cut-off of 0.3% copper-
equivalent (“EqCu”) where EqCu(%) = Cu(%) + 0.592 x Au (g/t) and Cu(%) = percent copper, Au(g/t) = grams per tonne gold. Mineral resources are based on an economically
constrained “mineral resource pit” that uses the same cost and metal recovery parameters used to define mineral reserves as described in the May 2008 NI 43-101
technical report for the project.
• Mesquite Mine mineral resources have been calculated based on a gold price of US$650/oz
• Inferred mineral resources are not known with the same degree of certainty as mineral reserves, do not have demonstrated economic viability and are exclusive of mineral
reserves
• Numbers may not add due to rounding.
• See technical reports, Annual Information Form, Form 10-K, and other filings made on SEDAR by each of New Gold and Western Goldfields for detailed information with
regard to the assumptions, parameters and other relevant information.
www.newgold.com TSX/NYSE AMEX US: NGD 34