The document summarizes a tour of New Gold's New Afton mine project in Kamloops, British Columbia on September 22-23, 2010. It includes cautionary statements regarding the use of forward-looking information and non-GAAP measures in the document. Key details provided include that the document contains forward-looking information about New Gold's future financial and operating performance, defines how New Gold calculates total cash costs per ounce, and notes that the technical information was prepared under the supervision of a qualified person.

1. 2010 Mine Tour
New Afton Project
Kamloops, British Columbia
1 September 22-23, 2010

2. Cautionary statement
All monetary amounts in U.S. dollars unless otherwise stated
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
Certain information contained in this presentation, including any information relating to New Gold‟s future financial or operating performance may be deemed “forward
looking”. All statements in this presentation, other than statements of historical fact, that address events or developments that New Gold expects to occur, are
“forward-looking statements”. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words
“expects”, “does not expect”, “plans”, “anticipates”, “does not anticipate”, “believes”, “intends”, “estimates”, “projects”, “potential”, ”scheduled”, “forecast”, “budget”
and similar expressions, or that events or conditions “will”, “would”, “may”, “could”, “should” or “might” occur. All such forward looking statements 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‟s ability to control or predict. Forward-looking statements are necessarily based on estimates and assumptions that are inherently subject to known and
unknown risks, uncertainties and other factors that may cause New Gold‟s actual results, level of activity, performance or achievements to be materially different from
those expressed or implied by such forward-looking statements. Such factors include, without limitation: significant capital requirements; fluctuations in the
international currency markets and in the rates of exchange of the currencies of Canada, the United States, Australia, Mexico and Chile; price volatility in the spot and
forward markets for commodities; impact of any hedging activities, including margin limits and margin calls; discrepancies between actual and estimated production,
between actual and estimated reserves and resources and between actual and estimated metallurgical recoveries; changes in national and local government legislation
in Canada, the United States, Australia, Mexico and Chile or any other country in which New Gold currently or may in the future carry on business; taxation; controls,
regulations and political or economic developments in the countries in which New Gold does or may carry on business; the speculative nature of mineral exploration
and development, including the risks of obtaining and maintaining the validity and enforceability of the necessary licenses and permits and complying with the
permitting requirements of each jurisdiction that New Gold operates, including, but not limited to, Mexico, where New Gold is involved with ongoing challenges relating
to its environmental impact statement for Cerro San Pedro Mine; the lack of certainty with respect to the Mexican and other foreign legal systems, which may not be
immune from the influence of political pressure, corruption or other factors that are inconsistent with the rule of law; the uncertainties inherent to current and future
legal challenges the company is or may become a party to, including the third party claim related to the El Morro transaction with respect to New Gold's exercise of its
right of first refusal on the El Morro copper-gold project in Chile and its partnership with Goldcorp Inc., which transaction and third party claim were announced by New
Gold in January 2010; diminishing quantities or grades of reserves; competition; loss of key employees; additional funding requirements; actual results of current
exploration or reclamation activities; changes in project parameters as plans continue to be refined; accidents; labour disputes; defective title to mineral claims or
property or contests over claims to mineral properties. In addition, there are risks and hazards associated with the business of mineral exploration, development and
mining, including environmental hazards, industrial accidents, unusual or unexpected formations, pressures, cave-ins, flooding and gold bullion losses (and the risk of
inadequate insurance or inability to obtain insurance, to cover these risks) as well as “Risks Factors” included in New Gold‟s Annual Information Form filed on March 26,
2010 and Management Information Circular filed on April 8, 2010, both available at www.sedar.com. 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 presentation 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.
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” per ounce 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 widely accepted as the
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. Total cash cost presented do not have a standardized meaning prescribed by GAAP and may not be comparable to similar measures presented by
other mining companies. It should not be considered in isolation as a substitute for measures of performance prepared in accordance with GAAP and is not necessarily
indicative of operating costs presented under GAAP. A reconciliation has been provided in the MD&A accompanying the audited annual financial statements and the
unaudited quarterly financial statements.
TECHNICAL INFORMATION
The scientific and technical information in this presentation has been prepared under the supervision of Mark Petersen, a qualified person under National Instrument
43-101 and employee of New Gold.
3

4. New Afton project – Table of contents
Section #1
 History and overview – Robert Gallagher, Jim Currie and Ron Allum
 Operations – Mining and processing – Kurt Keskimaki and Craig Lockhart
 Health & Safety, community and the environment – Joe Nicholson and
Dennis Wilson
Section #2
 Geology, reserves and resources – Mark Petersen
 Future exploration – Mark Petersen
 Economic impact analysis – Randall Oliphant and Brian Penny
4

5. History and overview
Historical Afton open pit
5

6. History and overview
History of the Afton mining area
1973 through 1997
• 1973 – Teck Resources Ltd. and Iso Mines Ltd. acquired Afton property from a private company
• 1977 – Afton open pit begins production
• 1997 – Afton open pit mine closed after 20 years of operation
1999 through 2007
• 1999 – Afton mining leases expired – ground staked by two geologists
• 1999 – New Gold Inc. (formerly DRC Resources Corporation) acquired option on property and
completed additional staking of areas surrounding property
• 2001 - 2007 – Completion of significant drilling, bulk sampling, preliminary economic studies
and technical reports
2007
• Fast-track development schedule adopted
• Combined surface and underground development with targeted tiered production ramp-up
• Operations were to commence in late 2009 with full production in mid-2011
2008 – 2009
• November 2008 – Due to global credit crisis, revised development schedule resulting in full
production in mid-2012
• Allowed for more appropriately staged development – de-risking the project
• Successfully advanced underground development with majority of long lead-time items
purchased and on site
6

7. History and overview
Overview of New Afton project
• Located 350 kilometres northeast of Vancouver, 10
kilometres west of Kamloops
• Total area of interest – 111km2
• Proven and probable reserves –
• Gold – 1.05 million ounces
• Copper – 993 million pounds
• Silver – 3.1 million ounces
• Being developed as underground block cave mine
• 11,000 tonne per day processing plant
• $246 million capital spent, ~$388 million remaining
• Average annual production –
• Concentrate – 120,000 tonnes
• Gold – 85,000 ounces
• Copper – 75 million pounds
• Co-product cash costs – consensus prices
• Gold – $359 per ounce
• Copper - $0.90 per pound
• At today‟s gold and copper prices, potential for
~$200 million per year of cash flow
New Afton core shacks
7

8. History and overview
Excellent location and infrastructure
• Kamloops – natural resourced-based city
with population of ~100,000
• Skilled work-force with history of mining in
the general area
• Highland Valley Copper ~ 40
kilometres from New Afton
• All key infrastructure in place New
Afton
• Trans-Canada highway adjacent to
property
• Power on-site
• Water on-site and drawn from
Kamloops lake
• Rail approximately 10 kilometres from
site Satellite view of Kamloops/New Afton area
• All key permits for development and
operation in place
8

9. History and overview
Development through end of 2009
• Due to credit crisis in fall of 2008 – shifted from
fast-tracked tiered production development plan
to current schedule
• De-risked both project cost and timeline
• $219 million of capital spent through end of
2009 on surface infrastructure, equipment and
underground development
• Surface infrastructure: mine operations, mill and
office buildings, tire and maintenance shops,
tailing impoundment, mine dry, shotcrete plant, Fully enclosed mill building
offices, water and power supply
• Key long-lead time equipment purchased and in
place: SAG and Ball mills, main transformer
• Vertical mill and Flotation cells purchased
• Continued to improve underground development
advance
• Shifted to owner-operator mining crews in
first quarter of 2009
• ~10,000 metres of advance completed
Inside New Afton mill building
9

10. History and overview
Present – 2010 development plan
• Total 2010 capital budget of $110 – 120 million (excluding capitalized interest)
• $27 million spent through June 30, 2010
• Enhanced financial flexibility allowed for $50 million in capital to be moved from 2011/12
into 2010 including surface works and underground conveyor
• Further de-risks project and targeted mid-2012 production start
• Development work completed in first half of 2010
• 1,413 metres of development advance
• Excavation of conveyor transfer stations
• Installation of buried piping on surface
• Focus in second half of 2010
• Complete development of the second and third conveyor transfer chambers
• Break-thru the conveyor leg 4 drift
• Start development of the extraction and undercut level in Block 2
• Establish a system of vent raises to provide fresh air directly to the extraction level and
lowest workings of the mine
10

11. History and overview
Future – 2011 through production(1)
• Estimated remaining capital 2011 through production ~$305 million (excluding capitalized
interest)
• Majority of costs related to continued underground development and surface
construction including set-up of milling circuit
2011 - $220 million 2012 - $85 million
2% 6% 7%
10%
23% 16%
10%
29%
4%
3%
4%
29%
9%
44% 2%
3%
Site development Process Electrical Tailings disposal Surface Mining Indirect Contingency
Note: 1. Capital estimates based on December 31, 2009 Technical Report adjusted for the movement of $50 million of capital into 2010. 11

12. History and overview
New Afton project team
ORGANIZATIONAL CHART
VP Operations
Canada
Ron Allum
Technical Services
Mine Manager Process Manager HR Manager Finance Manager
Manager
Kurt Keskimaki Craig Lockhart Ann Wallin Dale Found
David Nicholls
Current Site Personnel
Mining 103
Surface and maintenance 55
Technical services 11
Administration 29
Various contractors 65
Total site 263
• Personnel anticipated to approach 390 during 2012 and then revert to below 300 during operation
12

13. Operations – Mining and processing
New Afton tag board
13

14. Operations – Mining and processing
Overview
• New Afton deposit being developed as block cave mining operation
• To process 11,000 tonnes per day (4Mt per year) of copper-gold ore
• Processed in flotation plant to recover gold and copper in concentrate
• Concentrate to be shipped via truck or rail to Vancouver for transport to Asia
• See detailed section on Concentrate marketing in Economic Impact Analysis section
• Average annual production
• Tonnes of concentrate ~120,000
• Gold ~85,000 ounces
• Copper ~75 million pounds
• 12-year mine life based on current reserve
• Life of mine co-product total cash cost(1)
• $359 per ounce of gold
• $0.90 per pound of copper
• Average annual sustaining capital – $14 million(2)
Note: 1. See page 45 for detailed breakdown of cost calculation. 14
2. Based on C$0.90/US$ foreign exchange rate.

15. Operations – Mining and processing
Block caving overview
• 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
3m3 scoops, transfer to underground
crusher by 10m3 scoops, then
transferred to surface via conveyor
system
• New Afton has two primary blocks
• B1 & B2 bottom at ~600m below
surface
• B3 bottom at ~720m below surface
• Higher upfront capital than non-caving
methods, but very low operating costs in
comparison
Simplified schematic of block caving
15

16. Operations – Mining and processing
Block model
B1
B2
B3
• Commence production from Block 2, followed by Blocks 1 and 3, respectively
16

17. Operations – Mining and processing
Block cave mines around the world
Pebble
Cassiar
Ekati
New Afton
Resolution Jeffrey
Bingham Canyon
San Manuel Henderson LEGEND
Bell Oyu Tolgoi
Questa
Climax Past Producers
Several Projects And Mines
In China Producers
Development Projects
Didipio
Santo Tomas II
Grasberg Ok Tedi
Nchanga
Argyle Wafi
King Shabani
Debswana Mines Palabora
Olympic Dam Northparkes E26 And
Kimberley Mines Cullihan E48
Chuquicamata Mt Keith
Finsch
Salvador Koffiefontein Ridgeway Deeps And
Andina Cadia East
El Teniente Mines
Mt Lyell
17

18. Operations – Mining and processing
Revised layout
B1
B2
B3
18

19. Operations – Mining and processing
Schematic – Undercut and extraction level
19

20. Operations – Mining and processing
Processing
SAG mill and Ball mill
20

21. Operations – Mining and processing
Simplified processing flowsheet
• Primary crushing underground to 150 mm then conveyed to surface stockpile for further
processing
21

22. Operations – Mining and processing
Mill building layout
22

23. Operations – Mining and processing
Ore type, grade and recoveries
• Mill will process Primary (Hypogene), Transition (Mesogene) and Supergene ores totaling
47.4 Mt
• ~86% of ore is Hypogene
• Design criteria for grinding circuit (SAG/Ball mill) based on Hypogene ores
• Gold and copper grades anticipated to improve year-over-year in the first five to six years of
production
• Life-of-mine average grades:
• Gold – 0.69 grams per tonne
• Copper – 0.95%
• Silver – 2.03 grams per tonne
• Life-of-mine average metal recoveries(1):
• Gold – 88.4%
• Copper – 88.9%
• Silver – 77.4%
Note: 1. New Gold recovery estimates slightly above those in the December 31, 2009 Technical Report as the company expects to realize the benefit 23
of experience and process optimization after the initial start-up period. Additionally, New Gold has three recovery units whose contributions to
total metal recovery are not accounted for in the laboratory equations, as they were added post-feasibility.

24. Operations – mining and processing
Forecast gold and copper production
100 100
92
90 90
82 83
80 78 80
70 68 70
63
Copper (Mlbs)
60 60
Gold (Koz)
50 50
39
40 40
30
30 30
20 20
10 10
0 0
2012 2013 2014 Avg. 2015 - 2017
Gold Copper
24

25. Health & safety, community and the environment
25

26. Health & Safety, community and the environment
Health and safety
COMPLETED MILESTONES ONGOING DELIVERABLES
Functioning joint employee/management safety committee Continue to work towards zero injuries
Compliance in all aspects of the Health
7,000 metres of underground development without lost time injury Safety and Reclamation Code for BC mines
Mine rescue team earned top award at provincial competition
Gap analysis completed on safety & reclamation code for mines in
British Columbia
Awarded 2009 J T Ryan Special Award in recognition of notable
achievement in safe mining
All Injury Frequency Rate 2008 - June 2010(1)
24
21
18
15
12
9
6
3
0
Avg. 08 Avg. 09 Jan Feb Mar Apr May Jun
All injury count AIFR 12 MMA Mine rescue team
26

27. Health & Safety, community and the environment
Social Responsibility – First Nations
• Signed a participation agreement with First Nations,
two local bands in March 2008
• Highlights of the socioeconomic trust created for
Bank members include:
– C$250,000 payment into trust by New Gold
– During years with commercial production, a
minimum of C$250,000 shall be paid by New
Gold (annually), increasing to C$500,000 if
copper prices exceed C$2.50 a pound
– After mine costs have been repaid to New Gold,
payment to increase to C$1 million per year
• Participation agreement consists of four main
components:
– Education and Scholarships
– Preferential Employment/Contract opportunities
– Financial
• Employ a First Nations Coordinator to assist with
implementation of agreement
• Joint Implementation Committee meets regularly
• Relationship is progressing well and is conducted on
the basis of mutual respect and collaboration
27

28. Health & Safety, community and the environment
Environment and sustainability
KEY PERMITS/MILESTONES
Mine permit obtained from the B.C Government Received
Agreement with First Nations March 2008 Completed
Topsoil stockpiled for future reclamation Completed
Environmentally friendly reagents implemented Completed
Artifact training Completed
Noxious weed control Completed
Mines act permit amendment – Tailings Storage Facility permit Received
Effluent discharge permit and air emissions permit Received
Water license permit received April 2010 Received
28

29. Geology, reserves and resources
New Afton drill core
29

30. Geology, reserves and resources
Geologic setting and mineralization
• New Afton area underlain by rocks of Upper to
Lower Paleozoic Quesnel Terrane
• Immediate project area comprised of:
• Late Triassic to early Jurassic Nicola group
volcanic and sedimentary rocks
• Alkalic to subalkalic intrusions of the Iron
Mask batholith
• New Afton deposit hosted within Cherry Creek
member of Iron Mask batholith
• Porphyry host rocks at New Afton include:
• Fine to medium-grained pyroxene
hornblende monzodiorite
• Fine-grained biotite-monzonite
• Copper-gold mineralization occurs primarily as
finely disseminated chalcopyrite with lesser
amounts of bornite and chalocite.
• Gold occurs primarily within Chalcopyrite
and Bornite and in other sulphide minerals
30

31. Geology, reserves and resources
Drilling and resource delineation
• Seven drill holes initially completed by Teck Resources
into the deeper Afton underground in 1973 and 1980
• Delineation drilling by New Gold from 2000 through
2009 totals 130,439 metres in 276 diamond drill holes
• Updated mineral resource and reserve estimates
completed in December 2009(1):
Tonnes Copper Gold
Cu% Au g/t
(Mt) (Mlbs) (Moz)
2P Reserves 47.4 0.95% 0.69 993 1.05
M&I Resources 65.0 1.07% 0.80 1,535 1.67
Inferred 25.2 0.66% 0.54 367 0.43
• Drilling in 2006 and 2007 also identified and delineated
the C-Zone which lies below the current reserve block
• A total of 14 holes have been drilled into the C-
Zone to date
• Further drilling planned once underground
development is sufficiently advanced
Underground at New Afton
Note: 1. See page 34 of presentation for detailed Resource table. 31

32. Geology, reserves and resources
New Afton geology
New Afton Deposit Geology
32

33. Geology, Reserves and Resources
Longitudinal view of the New Afton ore body
33

34. Geology, reserves and resources
Reserves and resources
New Afton Mineral Reserves statement as at December 31, 2009
Metal grade Contained metal
Tonnes Gold Silver Copper Gold Silver Copper
000’s g/t g/t % Koz Koz Mlbs
Proven - - - - - - -
Probable 47,400 0.69 2.03 0.95 1,052 3,094 993
Total P&P 47,400 0.69 2.03 0.95 1,052 3,094 993
Measured 35,100 0.91 2.80 1.26 1,027 3,160 975
Indicated 29,900 0.67 2.20 0.85 644 2,115 560
Total M&I 65,000 0.80 2.52 1.07 1,671 5,275 1,535
Inferred 25,200 0.54 1.70 0.66 438 1,377 367
Key Assumptions:
• Mineral Reserves are contained within Measured and Indicated mineral Resources. Measured and Indicated mineral Resources
that are not mineral Reserves do not have demonstrated economic viability. Inferred mineral Resources are not known with
the same degree of certainty as Measured and Indicated Resources, do not have demonstrated economic viability, and are
exclusive of mineral Reserves
• Mineral Reserves for the company‟s mining operations and development projects have been calculated based on the following
metal prices and lower cut-off criteria: Gold - $800/oz, Silver - $12.00/oz, Copper - $2.00/lb, cut-off - $19/t NSR
• Mineral Resources for the company‟s mining operations and development projects have been calculated based on the following
metal prices and lower cut-off criteria: Gold - $900/oz, Silver - $15/oz, Copper - $2.00/lb, cut-off – 0.4% CuEq all resources
• Mineral Resources have been estimated and reported in accordance with the standards of the Canadian Institute of Mining,
Metallurgy and Petroleum and National Instrument 43-101, or the AusIMM JORC equivalent
• The following sets out the individuals who are the Qualified Persons as defined by Canadian National Instrument 43-101 in
connection with this Mineral Reserve and Mineral Resource Statements as of December 31, 2009
– Reserves: Mr. Dennis Bergen, P.Eng. and Associate Principal Mining Engineer for Scott Wilson Roscoe Postle & Assoc.
– Resources: Mr. David Rennie, P. Eng. and Principal Geologist for Scott Wilson Roscoe Postle Assoc.
34

35. Future exploration
Land surrounding New Afton site
35

36. Future exploration
New Gold mining tenure
• Overview of mining tenure at New Afton and surrounding areas
New Afton
New Afton
36

37. Future exploration
Overview of New Afton exploration potential
• 111 km2 land package with multiple prospective targets
• Aim to discover additional resources that can leverage off of New Afton‟s infrastructure
• C & Deep C Zone Target: Near-term focus on potential for economic ore blocks below and to
the side of New Afton‟s current Main Zone reserve blocks
• C & Deep C zone targets defined by 14 drill holes to date
• Zone remains open in both directions along strike and at depth
• Further drilling planned once underground development is sufficiently advanced
C & Deep C Zone – Drilling Highlights
Drill Hole From To Length Cu % Au g/t Zone
UA -69 596 708 112 1.70 1.47 C
UA-78 564 712 148 1.20 1.07 C
UA-80 560 650 90 1.39 1.26 C
AF-125 1040 1116 76 0.94 0.81 C
AF-125A 728 826 98 1.14 0.90 C
AF-125B 722 794 72 0.72 0.85 C
AF-125 1228 1350 122 1.23 1.01 Deep C
AF-139A 1298 1390 92 1.36 1.09 Deep C
• Multiple untested targets identified by high resolution Titan geophysical survey over mine
area
• Additional early stage prospects also identified on Afton and Ajax MTO regional claim
holdings
37

38. Future exploration
Targeting the C-Zone
C & Deep C-zones represent key drill targets once underground development sufficiently advanced
Main Zone
Reserve
C-Zone
Looking SW Looking NE
38

39. Future exploration
Beyond the C-Zone
Afton Pit
Main
Zone
Base of
Block Cave
C & Deep C
Zone
Faulted Offset
Extension?
39

40. Future exploration
New Afton site geology
Buried Offset
Extension Target
New Afton
Site Geology
40

41. Future exploration
New Afton regional setting
Iron Mask
District Geology
41

42. Economic impact analysis
Overview of New Afton site
42

43. Economic impact analysis
New Afton a potential „game changer‟
• Project is fully funded for development - $376 million cash at June 30, 2010
• Approximately 75% denominated in Canadian dollars to mitigate foreign exchange risk
• With $246 million in capital already spent – go forward economics even more robust
• Combination of strong production, low cost and limited sustaining capital result in significant
free cash flow potential from New Afton
• At today‟s commodity prices, New Afton alone has potential to generate over $200 million, or
$0.50/share, in cash flow from operations for New Gold
• Significant incremental cash flow generation allows for evaluation of other strategies to
provide investor returns:
• Re-invest in similarly compelling projects
• Institute a dividend(1)
• Special dividend(1)
Note: 1. Subject to restrictions related to New Gold’s Senior Secured Notes. 43

44. Economic impact analysis
Project development capital overview
• Total estimated project capital remains Breakdown of Total Development Costs ($mm)
on budget at $634 million (Excluding capitalized interest)
Total capital expenditure through December 31,
• On time for mid-2012 production 2009, before updated 43-101(1)
$219
• Most recent capital cost update to Projected capital per 43-101 (January 1, 2010 forward) (2) 415
complete project of $415 million TOTAL ESTIMATED DEVELOPMENT CAPITAL $634
completed at end of 2009
• Includes $28 million(2) or 7%
Breakdown of Remaining Development Costs ($mm)
contingency (Excluding capitalized interest)
• $388 million of capital expenditure Total estimated development capital $634
projected from mid-2010 through Capital expenditure through December 31, 2009(1) (219)
production start
Capital expenditure 2010 (through June 30, 2010)(3) (27)
• Future projected capital(4)
Total capital expenditures through June 30, 2010 (246)
• Remaining 2010 – $80 – 90 million TOTAL REMAINING DEVELOPMENT CAPITAL $388
• 2011 – ~$220 million
• 2012 – ~$85 million
Note: 1. Per New Gold 2008 and 2009 Annual Reports.
2. Per December 31, 2009 New Afton 43-101 Technical Report. Capital estimate converted at a foreign exchange rate of C$0.90/US$. 44
3. Per New Gold Second Quarter 2010 Second Quarter Management Discussion and Analysis.
4. Based on C$0.90/US$ foreign exchange rate assumption.

45. Economic impact analysis
Breakdown of operating costs
Mining Costs Total Operating Costs
LOM Average – C$7.35/tonne LOM Average – $15.54/tonne
Processing Costs
LOM Average – C$7.59/tonne Treatment charge
~$82/ dry concentrate tonne
G&A Costs
LOM Average – C$2.33/tonne
Refining charges
$0.08/ pound payable copper
• Projected operating costs inclusive of all $6.00/ ounce payable gold
TCRC‟s and First Nations Royalty $0.35/ ounce payable silver
• Estimated transportation charge includes:
• Truck and/or Rail
Transportation charge
• Port handling ~$120/wet concentrate tonne
• Ocean freight
• Insurance Royalty
Varies based on Cu, Au prices
45

46. Economic impact analysis
Co-product/by-product costs (spot prices)(1)
Average annual operating cost
$100 million
Co-product By-product
• Copper revenue ~$260m • Copper revenue ~$260m
• 76Mlbs at $3.40/lb • 76Mlbs at $3.40/lb
• Gold revenue ~$110m • Gold revenue ~$110m
• 88koz at $1,250/oz • 88koz at $1,250/oz
• Revenue split 70/30 – Cu/Au • Deduct Au/Cu revenue from
• Split cost on same total cost
percentage
• Co-product copper cost – • By-product copper cost –
$0.92/lb ($0.13)/lb
• Co-product gold cost – • By-product gold cost –
$341/oz ($1,820)/oz
Note: 1. Calculation based on period 2013 through 2017 representing first five years of full production from the New Afton mine. 46

47. Economic impact analysis
Co-product/by-product costs (consensus prices)(1)
Average annual operating cost
$100 million
Co-product By-product
• Copper revenue ~$170m • Copper revenue ~$170m
• 76Mlbs at $2.25/lb • 76Mlbs at $2.25/lb
• Gold revenue ~$80m • Gold revenue ~$80m
• 88koz at $900/oz • 88koz at $900/oz
• Revenue split ~70/30 – • Deduct Au/Cu revenue from
Cu/Au total cost
• Split cost on same
percentage
• Co-product copper cost – • By-product copper cost –
$0.90/lb $0.28/lb
• Co-product gold cost – • By-product gold cost –
$359/oz ($824)/oz
Note: 1. Calculation based on period 2013 through 2017 representing first five years of full production from the New Afton mine. 47

48. Economic impact analysis
Concentrate marketing
Strategy
• We have focused on
– Mid to long term contracts, due to the more complex nature of the concentrate
– Counterparties with strong reputations, longevity, solid financial backing and ability to
offer attractive terms
• Engaged an adviser with over 20 years of experience in the concentrate business
Concentrate Marketing Transportation & Logistics
• The market has been very receptive to • From mine to Vancouver wharves
the New Afton concentrate during – Reviewing proposals from truck and
2009/10 rail service providers
• Approached interested parties in late – Vancouver wharves will have 17-
2009 20,000t of storage on site
– Traders • From Vancouver to final destination
– Smelters – Engaged in dialogue with shipping
• Bid process completed during Q2 2010 agents and brokers
– 1 trader – 40% offtake – Trader material likely to go to China in
– 2 smelters (Asia) – 60% offtake first 2.5 years when impurity levels
• Detailed contract negotiations on- are low; full freight benefits of going
going and expected to be completed to this destination are for New Afton‟s
in Q4 2010 account
– Contract durations to be from 4.5 – New Afton also to receive freight
to 6.5 years credits for delivery to other customer
destinations
48

49. Economic impact analysis
Forecast gold and copper production
100 100
92
90 90
82 83
80 78 80
70 68 70
63
Copper (Mlbs)
60 60
Gold (Koz)
50 50
39
40 40
30
30 30
20 20
10 10
0 0
2012 2013 2014 Avg. 2015 - 2017
Gold Copper
49

50. Economic impact analysis
Increasing cash flow from operations
• Estimated annual average cash flow from operations in period 2013 - 2017
$250 Represents approximation
of current spot prices
~$220m
$200
$150
US$millions
~$130m
$100
$50
$0
$900/$2.25 $1,250/$3.40
Note: 1. Assumes silver price of $15 per ounce in each of above scenarios. 50
2. Assumes C$/US$ foreign exchange rate of 0.90.

51. Economic impact analysis
Project economics
6/30/10 Forward Full Project(1)
Development Capital ($mm) $388 $634
Average annual after-tax free cash flow (2013-2017)
$900 Au/$2.25 Cu $114 $114
$1,250 Au/$3.40 Cu 206 206
Average annual return on invested capital (2013-2017)
$900 Au/$2.25 Cu 29% 18%
$1,250 Au/$3.40 Cu 53% 32%
After-tax Internal Rate of Return
$900 Au/$2.25 Cu 24% 12%
$1,250 Au/$3.40 Cu 38% 22%
Net Present Value (7% discount)
$900 Au/$2.25 Cu $433 $187
$1,250 Au/$3.40 Cu 920 674
Note: 1. NPV and IRR for full project calculated based on a June 30, 2010 starting point adjusted for the $246 million in capital already spent. 51

52. Economic impact analysis
Comfortable with copper exposure
• New Gold‟s copper exposure (as a percentage of revenue) is anticipated to increase
to approximately 27% in 2013(1)
– In line with other large/intermediate producers non-gold revenue percentage
2010 2013
5% 5%
Ag Ag
10%
Cu
27%
Cu
68%
Au
85%
Au
Note: 1. Based on current spot prices for 2010 and consensus prices for 2013. 52

53. Thank you for your interest in New Afton
Underground bolter
53