New Gold 2012 Operational Results Extend History of Delivering on Guidance and 2013 Outlook Provides Gold Production Growth at

New Gold 2012 Operational Results Extend History of Delivering on Guidance and
  2013 Outlook Provides Gold Production Growth at Significantly Lower Costs

PR Newswire

VANCOUVER, Feb. 5, 2013

(All figures are in US dollars unless otherwise indicated)

VANCOUVER, Feb. 5,  2013 /PRNewswire/ -  New Gold Inc.  ("New Gold") (TSX  and 
NYSE MKT:NGD) today announces  fourth quarter and  full year 2012  operational 
results as well  as 2013 guidance,  combining continued operational  execution 
with gold production growth  and declining total  cash costs^(1). The  company 
finished 2012 with gold production of  411,892 ounces at total cash  costs^(1) 
per ounce sold, net of by-product  sales, of $421 per ounce. After  delivering 
6% gold production growth and a $25 per ounce decrease in total cash costs^(1)
per ounce sold, net of by-product sales, during 2012, New Gold's 2013 guidance
outlines continued gold production  growth coupled with  a further decline  in 
costs. For 2013, the company forecasts  gold production of 440,000 to  480,000 
ounces at total  cash costs^(1) per  ounce sold, net  of by-product sales,  of 
$265 to $285 per ounce. "We are very pleased with our operational  performance 
in 2012 as our teams continued to execute," stated Randall Oliphant, Executive
Chairman. "Looking forward, a full year  of operations at New Afton allows  us 
to, once again, combine gold production growth with substantially lower costs,
which I believe is one of the key differentiators of our company."

                 Fourth Quarter and Full Year 2012 Highlights
  *Strong finish to 2012 with fourth quarter gold production of 112,883
    ounces at total cash costs^(1), net of by-product sales, of $254 per
    ounce, the lowest in the company's history

  *Met annual operational guidance for fourth consecutive year

       *2012 gold production increased by 6% to 411,892 ounces from 387,155
         ounces

       *2012 total cash costs^(1) per ounce sold, net of by-product sales,
         decreased to $421 per ounce from $446 per ounce

  *2012 year end Measured and Indicated gold resources of 21.4 million
    ounces, an increase of 10% per share when compared to the prior year end

  *New Afton mine life extended by two years from 12 to 14 years through
    exploration efforts

  *Simplified balance sheet finishing 2012 with highest ever year end cash
    balance of $688 million and all corporate debt due in 2020 or beyond

                           2013 Outlook Highlights
  *Targeting further ~12% gold production growth to between 440,000 and
    480,000 ounces
  *A forecasted doubling of copper production to drive total cash
    costs^(1)per ounce sold, net of by-product sales, down by approximately
    $145 per ounce to $265 to $285 per ounce

       *2013 all-in sustaining cash costs^(2) estimated to be $875 per ounce

  *New Afton mill throughput expected to reach sustainable 12,000 tonnes per
    day, or 9% increase over nameplate capacity, by end of 2013
  *Exploration team to build upon successful drill results at New Afton
    C-zone and further test the new targets identified on the company's 1,000
    square kilometre land position at Blackwater
  *Blackwater Feasibility Study to be completed in late 2013

The preliminary information provided for production, sales and total cash
costs^(1) are approximate figures and may differ slightly from the final
results included in the 2012 annual audited financial statements and MD&A.

                             Operations Overview
    New Gold 2012 Fourth Quarter and Full Year Summary Operational Results
                                   Three months ended    Twelve months ended
                                       December 31,          December 31,
                                       2012     2011         2012      2011
Gold Production (thousand                                               
ounces)
Mesquite                                29.2     43.6        142.0     158.0
Cerro San Pedro                         32.1     34.1        137.6     143.7
Peak Mines                              28.8     22.9         95.5      85.4
New Afton                               22.8        -         36.8         -
Total Gold Production                  112.9    100.6        411.9     387.1
                                                                       
Total Gold Sales                       109.8     99.6        395.5     391.9
Average realized gold price ($        $1,578   $1,549       $1,551    $1,460
per ounce)
                                                                       
Silver Production (thousand                                             
ounces)
Cerro San Pedro                        401.3    453.0      1,938.5   1,989.3
                                                                       
Total Silver Sales                     420.0    440.0      1,926.1   2,007.8
Average realized silver price         $32.46   $31.26       $30.78    $35.15
($ per ounce)
                                                                       
Copper Production (million                                              
pounds)
Peak Mines                               3.6      3.3         14.4      12.7
New Afton                               17.3        -         28.5         -
Total Copper Production                 20.9      3.3         42.7      12.7
                                                                       
Total Copper Sales                      19.8      2.9         35.6      15.3
Average realized copper price          $3.52    $3.56        $3.56     $3.78
($ per pound)
                                                                       
Total Cash Costs^(1) - net of                                            
by-product sales ($ per ounce)
Mesquite                                $787     $691         $690      $645
Cerro San Pedro                          320      253          232       115
Peak Mines                               743      726          764       618
New Afton                            (1,067)        -      (1,043)         -
Total Cash Costs^(1) - net of           $254     $553         $421      $446
by-product sales
                                                                       
Average realized margin ($ per        $1,324     $996       $1,130    $1,014
ounce)

Gold Production

Driven by a full quarter of production from New Afton, New Gold's consolidated
gold production during  the fourth quarter  increased by 12%  over the  fourth 
quarter of 2011. Beyond  the contribution from New  Afton, which was still  in 
the development  stage  during the  fourth  quarter of  2011,  increased  gold 
production at the Peak Mines partially offset decreases at Mesquite and  Cerro 
San Pedro. Increased gold production at  the Peak Mines, when compared to  the 
same period of the  prior year, was a  result of realizing anticipated  higher 
gold grades and continued recovery improvements in the mill circuit.

The 6%  year-over-year  increase  in  gold production  during  2012  was  also 
primarily attributable to the production start at New Afton. A 12% increase in
gold production at the Peak Mines during the year, due to improved grades  and 
recoveries, was offset by production declines at Mesquite and Cerro San  Pedro 
resulting from lower grades being placed on  the leach pads as planned due  to 
mine sequencing.

Copper and Silver Production

New Gold's consolidated copper production during the fourth quarter  increased 
by over six times to 21 million  pounds from three million pounds in the  same 
period of the  prior year.  The increase was  largely attributable  to a  full 
quarter of production  from New Afton,  though the Peak  Mines also  increased 
copper production by 9% during the  quarter. The increased production at  Peak 
was due to a combination of increased ore tonnes milled and continued recovery
improvements, which were partially offset by lower copper grades.

For full year 2012, copper production increased by 236% when compared to 2011.
The increase was due to the  combination of the successful New Afton  start-up 
and a 13% increase in copper production at the Peak Mines.

Silver production  at Cerro  San  Pedro remained  consistent during  both  the 
quarter and full year period.

Total Cash Costs^(1) per Ounce Sold - Net of By-Product Sales

New Gold's fourth quarter gold production was achieved at the lowest costs  in 
the company's history and among the  lowest costs in the industry. Total  cash 
costs^(1) per ounce sold, net of  by-product sales, during the fourth  quarter 
were $254 per ounce. The company was  able to reduce its total cash  costs^(1) 
by almost $300 per ounce  when compared to the same  period of the prior  year 
and $189 per  ounce when compared  to the  third quarter of  2012. Total  cash 
costs^(1) in the fourth quarter of 2012 were driven lower by the impact of New
Afton successfully achieving full production.

For full year 2012, the company's total cash costs^(1) per ounce sold, net  of 
by-product sales, were within the guidance range of $410 to $430 per ounce set
in early 2012. Importantly, New Gold was  able to deliver a decrease in  total 
cash costs^(1) despite continued broader industry cost pressures.

"I am very  proud of  our operating  teams for  continuing to  deliver on  the 
targets that we set at the  beginning of each year," stated Robert  Gallagher, 
President and Chief Executive Officer. "We  look forward to delivering on  our 
guidance for a fifth consecutive year in 2013."

                          2013 Guidance and Sensitivities
                               New Gold 2013 Guidance
                                                                             
                       2012 Actual                       2013 Guidance           
               Gold     Total     Capital        Gold     Total    Estimated   
                                                                        Capital
            Production   Cash    Expenditures  Production   Cash    Expenditures 
                        Costs^(1)                           Costs^(1)
               (000     ($ per   ($ millions)     (000     ($ per   ($ millions) 
              ounces)    ounce)                   ounces)    ounce)
                                                                           
Mesquite          142.0      $690          $11      130 -   $830 -          $20 
                                                       140     $850
Cerro San         137.6       232           15      140 -  375 -           40 
Pedro                                                  150      395
Peak Mines         95.5       764           47   95 - 105  670 -           60 
                                                                 690
                                                             (1,410)
New Afton          36.8   (1,043)          297    75 - 85        -          110 
                                                              (1,390)
                                                                           
New Gold          411.9      $421         $370   440 - 480    $265 -         $230 
Consolidated                                                     $285



New Gold's targeted 2013 gold production growth is primarily driven by a  full 
year of production from New Afton, with  increases at Cerro San Pedro and  the 
Peak  Mines  offsetting  a  minimal   decrease  in  production  at   Mesquite. 
Consolidated copper production in 2013 is expected to double to a range of  78 
to 88 million pounds as a result of New Afton hitting full production and  the 
steady copper contribution from the Peak Mines. Silver production at Cerro San
Pedro is expected  to move to  1.4 to 1.6  million ounces due  to the  planned 
processing of lower silver grades as a result of mine sequencing.

Total cash costs^(1) per ounce sold, net of by-product sales, are expected  to 
decrease by approximately  $145 per  ounce when  compared to  2012 with  costs 
benefitting from a full year of production at the low cost New Afton mine. New
Gold's copper and silver by-product revenue continues to provide an  effective 
natural hedge against the  various cost pressures being  faced by the  broader 
industry.

Per the company's quarterly plans, gold production is expected to grow in  the 
second half of the year with a commensurate decline in total cash costs^(1).

New Afton's 2013 co-product costs are forecast to be $570 to $590 per ounce of
gold and $1.20 to $1.30 per pound of copper.

The company is also pleased to provide its estimate for 2013 all-in sustaining
cash costs^(2)  of  approximately $875  per  ounce. The  estimate  for  all-in 
sustaining cash costs  includes: total cash  costs^(1), corporate general  and 
administrative expenses, exploration expenditures and sustaining capital.

Assumptions used in the 2013 guidance  include gold, silver and copper  prices 
of $1,600 per ounce, $30.00 per ounce and $3.50 per pound and Canadian dollar,
Australian dollar and Mexican peso exchange  rates of $1.00, $1.00 and  $13.00 
to the U.S. dollar.  The diesel price  assumed for 2013  is $3.70 per  gallon, 
which is representative of recent prices being paid at Mesquite. The following
table provides an  overview of  the impact on  total cash  costs^(1), both  by 
asset and consolidated, of movements in the above noted assumptions.


                    Total Cash Costs^(1) - Sensitivities
                                                                         
Category -        Silver Price Copper Price AUD/USD  CDN/USD  MXN/USD  Diesel
Base Assumption -    $30.00       $3.50      $1.00    $1.00    $13.00  $3.70
Sensitivity -       +/-$1.00     +/-$0.25   +/-$0.05 +/-$0.05 +/-$1.00 +/-10%
                                                                      
                                Total cash costs^(1) - impact
Mesquite                    --           --       --       --       -- +/-$15
Cerro San Pedro         +/-$10           --       --       --   +/-$25     --
Peak                        --       +/-$30   +/-$50       --       --     --
New Afton                   --      +/-$220       --   +/-$75       --     --
                                                                      
New Gold Total           +/-$3       +/-$45   +/-$10   +/-$15    +/-$8  +/-$5



                 2012 Year End Mineral Reserves and Resources
     Gold Mineral Reserves and Resources Summary Table (thousand ounces)
                           As at December 31, 2012
                                                                       
                                Proven &          Measured &          Inferred
                              Probable          Indicated        Resources
                                Reserves           Resources
Mesquite                          2,342              5,684              651
Cerro San Pedro                     760              1,703              850
Peak Mines                          649                880              144
New Afton                         1,100              1,979              523
El Morro (30%)                    2,891              2,891            1,310
Blackwater                         --              8,070              310
Capoose                            --                196              595
                                                                       
New Gold Total                    7,742             21,403            4,383
                                                                       
Note: Measured and Indicated Resources shown inclusive of Proven and Probable
Reserves. See the Detailed Reserve and
Resource Tables and the Notes to Mineral Reserve and Resource Statements at
the end of this news release for further detail.



New Gold's 2012 year  end Measured and Indicated  gold resources increased  by 
2.6 million ounces when compared to the prior year, with the resource increase
more than offsetting the approximately 0.6  million ounces that were mined  at 
the company's four operations. In total, the company's Measured and  Indicated 
gold resources increased by  10% per share during  2012. During the year,  New 
Gold's gold  reserve base  declined by  only 0.1  million ounces  despite  the 
company producing 411,892 ounces. Proven and Probable gold reserves  increased 
during the year at  each of Peak Mines,  New Afton and El  Morro. New Gold  is 
particularly pleased that  the exploration  efforts at New  Afton, which  only 
began in mid-2012, have already added over 150,000 ounces to its reserve base.
The team continues to actively explore the C-zone block of mineralization that
lies below the New Afton B-zone  reserve block. Additional detail is  provided 
in the section entitled Exploration Update.

In addition, at  the Peak Mines,  the company was,  once again, successful  in 
replacing the ounces mined during the year, thus maintaining the mine life  of 
the operation  at  eight  years.  No exploration  drilling  was  completed  at 
Mesquite or Cerro San Pedro during 2012.

At Blackwater, the  company was successful  in upgrading the  majority of  the 
mineral resource into  the Measured  and Indicated categories  to support  the 
completion of the Feasibility Study in late 2013. The infill drilling  program 
on the main Blackwater deposit has now been completed. Through 2012, New  Gold 
was successful in growing the  Blackwater Measured and Indicated gold  mineral 
resource to 8.1 million ounces from 5.4 million ounces at the end of 2011. The
latest estimate  also  represents a  significant  improvement in  the  overall 
resource classification  at Blackwater.  Since  the company's  September  2012 
Preliminary Economic Assessment  ("PEA") however, through  the combination  of 
the infill drill results and updated geologic resource constraints, Blackwater
has seen a decline in its global mineral resource inventory, with the majority
of the decrease in  the lower grade Inferred  resource category. In  assessing 
the latest Blackwater results, the company  is focused on the highest  quality 
tonnes and gold  ounces in  an effort  to maximize  profitability rather  than 
global resource  inventory. In  light  of this,  New  Gold has  increased  the 
cut-off grade  used  to  estimate  the  Blackwater  mineral  resource  to  0.4 
gold-equivalent grams per tonne from  the 0.3 gold-equivalent grams per  tonne 
used for the PEA.

With the 2012 year end mineral  resource as the basis, Blackwater's mine  plan 
will be subject to ongoing scheduling optimizations through completion of  the 
Feasibility Study in late 2013. A  variable cut-off strategy will continue  to 
be used in formulating the pit sequencing to focus on mining and processing of
the most profitable ounces early in the project's life. The year end  resource 
is expected to support  a more consistent production  profile in the first  10 
years when compared to the PEA, which saw higher production in the first  five 
years at the expense  of production in years  six through 10. Total  estimated 
gold production in the first 10 years of Blackwater's mine life is expected to
remain consistent with  that of the  PEA. New Gold  also intends to  stockpile 
material below the 0.4 gold-equivalent grams per tonne cut-off for  processing 
toward the end of Blackwater's mine life.

                              Exploration Update

During 2013, New Gold's exploration team  plans to build on a successful  2012 
which saw the mine lives at New Afton, the Peak Mines and El Morro extended as
well as the completion of over  270,000 metres of drilling at Blackwater.  The 
company's estimated total exploration budget for 2013 is $50 million of  which 
approximately $20 million is expected to be capitalized.

At New Afton,  the C-zone exploration  program began in  mid-2012. A total  of 
16,998 metres in 34 holes was  completed during the third and fourth  quarters 
of 2012 with the objective of extending the mine's life, adding to the mineral
resource immediately at  the base  of the  current reserve  block and  further 
delineating the C-zone which lies below  the current New Afton reserve.  Seven 
of the  34 holes  were  included in  the 2012  year  end mineral  Reserve  and 
Resource update.

Highlights of C-zone assays received since completion of the year end  Reserve 
and Resource update include:


                       2012 New Afton C-zone Highlights
                                                              
                                                              Gold
               From                                        (grams per   Copper
Drill Hole  (metres)   To (metres)  Interval (metres)    tonne)     (%)
EA12-7         424         494             70             1.23      1.19
EA12-9         286         444             158            0.88      0.94
EA12-11        418         528             110            1.05      0.90
EA12-19        460         626             166            1.23      1.28
EA12-21        488         597             109            1.06      0.95
EA12-24        574         730             156            1.01      1.02



A total of 40,000 metres of drilling  is targeted at New Afton for 2013,  with 
30,000 metres focused on the C-zone, 5,000 metres targeting continued  reserve 
replacement and 5,000  metres testing  regional targets on  the company's  110 
square kilometre land package.

With infill  drilling at  the primary  Blackwater deposit  now completed,  the 
company plans  to  further advance  its  exploration efforts  on  the  Capoose 
resource, located 25  kilometres from Blackwater,  as well as  on various  new 
targets identified  on the  company's broader  land package  during 2012.  The 
exploration team  has budgeted  for 40,000  metres of  drilling at  Blackwater 
during 2013.  Half  of  the 2013  program  will  focus on  the  completion  of 
condemnation drilling, testing for extensions  to the Blackwater resource  and 
identification of potential satellite deposits  near the primary deposit.  The 
remaining 20,000 metres are planned  for Capoose and various regional  targets 
where between  four and  six  exploration drills  are  expected to  be  active 
throughout the year. The company has  the flexibility to increase the  program 
at Blackwater and intends to  periodically reassess its plans throughout  2013 
based on the exploration results as they emerge.

At the Peak Mines,  the team has  budgeted for 33,000  metres of drilling,  of 
which 85% is near-mine  and mine corridor exploration,  with the objective  of 
continuing the long history of reserve and resource replacement. The remainder
of Peak's  exploration  budget  will  focus on  continued  drill  testing  and 
reconnaissance exploration over the company's extended regional land position.

                               Asset Overviews

Mesquite

Mesquite extended its history of solid  performance during 2012. The mine  met 
its 2012 production guidance  and came in below  its targeted range for  total 
cash costs^(1). Mesquite's production  was down compared  to 2011 as  expected 
due to the  mine plan moving  through a phase  of ore that  was below  reserve 
grade. The processing of  these lower grade ores  and increased diesel  prices 
led to a moderate increase in total cash costs^(1) compared to 2011.

Looking ahead to 2013, mining is scheduled  to remain in a portion of the  pit 
that has  average  grades  below  that of  Mesquite's  global  reserve  grade, 
resulting in an  expected modest  decrease in production.  The combination  of 
this lower production  base and a  diesel price assumption  that is 8%  higher 
than the 2012 average price paid results in guidance for total cash  costs^(1) 
increasing from 2012 levels. Based on  the company's longer term plans, it  is 
expected that after 2013, Mesquite's production should increase to  historical 
levels with  a  commensurate  decrease in  costs.  Mesquite's  2013  estimated 
capital spend is $20 million, of which  $7 million is for the purchase of  two 
new trucks that should facilitate production increases in the coming years.

Cerro San Pedro

Cerro San  Pedro  had  another  strong  year  in  2012,  delivering  its  gold 
production at among the lowest costs in the industry. Gold production was down
slightly when compared to 2011 as a result of a minor decrease in the  average 
gold grade processed  while silver production  remained consistent. Cerro  San 
Pedro's total cash  costs^(1) per ounce  sold, net of  by-product sales,  were 
below the guidance set  for 2012. The mine's  total cash costs^(1)  increased, 
when compared  to a  record setting  2011, primarily  due to  a lower  average 
realized silver price.

Cerro San Pedro's  2013 guidance  anticipates an increase  in gold  production 
with increased gold grades more than offsetting an expected decrease in tonnes
processed. Silver production is  expected to decline due  to a combination  of 
lower tonnes  processed  and  planned  mining  of  lower  silver  grades.  The 
projected increase in  total cash  costs^(1) from  2012 to  2013 is  primarily 
attributable to lower  silver by-product revenue.  The 2013 estimated  capital 
spend at Cerro San  Pedro is $40  million, of which $30  million relates to  a 
capitalized pushback  and the  mine's  final leach  pad expansion.  Cerro  San 
Pedro's life of  mine plan  indicates a  steady and  significant reduction  in 
annual capital costs over the remainder of the mine life.

Peak Mines

Peak finished 2012 with  a strong fourth quarter  ultimately meeting its  full 
year production guidance for both gold and copper. Gold and copper  production 
increased during 2012  compared to  the prior  year through  a combination  of 
higher grades and continued increases in mill recoveries for both metals.  The 
increase in Peak's year-over-year total cash costs^(1) per ounce sold, net  of 
by-product sales, was due to a  combination of lower by-product revenues,  the 
appreciation of the Australian dollar and general cost pressures in Australia.

In 2013, Peak is targeting a  further increase in gold production with  copper 
production expected to remain  consistent with that of  2012. The increase  in 
gold production is driven by an expected increase in ore tonnes processed.  At 
the same time, total cash costs^(1)  per ounce sold, net of by-product  sales, 
are expected to decrease when compared  to 2012. This anticipated decrease  in 
costs is attributable  to a  combination of  higher gold  production, a  lower 
foreign exchange rate assumption,  versus the average  exchange rate in  2012, 
and a  partial  abatement  of  certain  inflationary  pressures  in  Australia 
resulting from  the  cancellation, delay  or  scaling back  of  various  large 
projects in  the  sector. Peak's  2013  capital  estimate of  $60  million  is 
consistent  with  prior  years  and  includes  approximately  $30  million  of 
underground development and capitalized exploration  in an effort to  continue 
Peak's long history of reserve and resource replacement.

New Afton

New Afton's successful June  2012 production start-up  was the culmination  of 
many years of dedicated exploration,  development work and project  execution. 
After the New Afton mill achieved its design capacity of 11,000 tonnes per day
over one month  ahead of schedule  in late September,  the operation  finished 
what was  a  strong year  by  virtually every  measure,  with a  solid  fourth 
quarter.

During the fourth quarter, the  mill throughput averaged approximately  11,700 
tonnes per day. As planned, the gold  and copper grades also increased in  the 
fourth quarter,  averaging  0.77  grams  per  tonne  gold  and  0.84%  copper. 
Importantly, the gold and copper grades of ore being processed from the  block 
cave are reconciling favourably with the block model reserve estimate. At  the 
same time, gold and copper recoveries continue to increase as the mill circuit
undergoes continual refinement.  Recoveries for gold  and copper averaged  84% 
and 85%  during  the  fourth  quarter  and  continue  to  move  towards  their 
anticipated run  rate levels  of 88  to 90%.  New Afton  finished 2012  having 
completed the development of 54 drawbells versus a target for the year of 48.

New Gold looks forward to 2013 with a full year of contribution from New Afton
expected to result in significant increases in both gold and copper production
as well  as lower  total cash  costs^(1). At  today's commodity  prices it  is 
anticipated that New Afton could double the company's cash flow.

Capital  expenditures  at  New  Afton  during  2012,  net  of   pre-commercial 
production sales, totaled $297 million. In 2013, New Afton's capital  estimate 
is $110  million.  Approximately $90  million  of the  2013  budgeted  capital 
relates to  underground development  and  the completion  of 36  drawbells  to 
provide additional flexibility and ore access points. Though some  underground 
and drawbell development is planned to occur on an annual basis going forward,
the work scheduled  for 2013  should position the  operation to  see a  marked 
year-over-year decline in capital costs over the mine's now 14 year life.

A further value enhancing initiative being pursued at New Afton during 2013 is
the evaluation of opportunities to increase the mining and milling rate beyond
the current nameplate capacity of 11,000 tonnes per day. As a first step,  the 
New Afton team is targeting an increase in throughput to an average of  12,000 
tonnes per day, or a 9% increase over the design rate, by the end of 2013.  In 
order to  assess the  operation's potential  to go  even further  beyond  this 
higher rate, the  New Afton  team intends to  evaluate which  elements of  the 
operation, if any, would represent bottlenecks in reaching a throughput  above 
12,000 tonnes per day. New Gold intends to provide updates on this  initiative 
as well as the continued C-zone exploration program during the second half  of 
2013.

El Morro

New Gold's share of the El Morro project continues to provide the company with
a 30% fully-carried  interest in  an advanced  stage, world-class  copper/gold 
project in northern Chile. The El Morro and La Fortuna deposits represent  the 
two principal zones of gold-copper mineralization that have been identified to
date. Future exploration  efforts will also  test the potential  bulk-mineable 
gold and copper  production below the  bottom of the  current La Fortuna  open 
pit. Based on the most recent Feasibility Study, completed in late 2011,  once 
in production, New  Gold's 30% share  of annual production  is expected to  be 
over 90,000 ounces of  gold and 85  million pounds of  copper over an  initial 
17-year mine  life. During  2012, New  Gold's  share of  the gold  and  copper 
reserves at El Morro increased by 0.4  million ounces of gold and 229  million 
pounds of copper.

Under the  terms of  New  Gold's agreement  with Goldcorp  Inc.  ("Goldcorp"), 
Goldcorp is responsible for funding New Gold's 30% share of capital costs. The
carried funding will accrue interest at a  fixed rate of 4.58%. New Gold  will 
repay its share of capital plus accumulated  interest out of 80% of its  share 
of the project's cash flow  with New Gold retaining 20%  of its share of  cash 
flow from the time production commences.

Activity at site  has been limited  recently due to  the previously  announced 
temporary suspension  of  the  project's  environmental  permit,  pending  the 
resolution by the Chilean Environmental Permitting Authority (the "Servicio de
Evaluación Ambiental"  or  "SEA")  of  certain  deficiencies  in  consultation 
asserted by a group  of indigenous people whose  claims were supported by  the 
Chilean court.  In June  2012,  SEA initiated  the administrative  process  to 
address the deficiencies identified  by the Chilean  court. It is  anticipated 
the consultation process could be completed by late 2013. During the period of
temporary suspension, Goldcorp's focus is on supporting the advancement of the
consultation process,  evaluating  potential future  exploration  targets  and 
optimizing project economics including sourcing of a long-term power supply.

Blackwater

The company's Blackwater project was  significantly advanced during 2012  from 
multiple perspectives. Over 270,000 metres  of drilling were completed on  the 
project with the  majority focused on  upgrading the mineral  resource to  the 
Measured and Indicated  resource classification. This  increases the  resource 
classification and enables the resource estimate  to be used as the basis  for 
Blackwater's Feasibility Study which remains on target for completion in  late 
2013. In September 2012,  the PEA for Blackwater  was released which  outlined 
the parameters of a conventional truck and shovel open pit mine with a  60,000 
tonne per day processing plant that had the potential to produce an average of
over 500,000 ounces of gold per year^(3).

Since the PEA, the  Blackwater team has continued  to refine and optimize  the 
project development plan with various  trade-off studies and will continue  to 
do so throughout 2013. Based on the additional work that has been completed to
date, the  PEA assumptions  for capital  and operating  costs continue  to  be 
viewed as reasonable.  In working  towards the completion  of the  Feasibility 
Study in late 2013, these elements as well as the mine plan, discussed in  the 
section entitled 2012 Year End Mineral Reserves and Resources, will be refined
with a focus on maximizing profitability. During 2012, the company spent  $127 
million on the exploration and development of the Blackwater project with  the 
below highlighting some of the key achievements.

The PEA is preliminary in nature and includes Inferred mineral resources  that 
are  considered   too   speculative   geologically  to   have   the   economic 
considerations applied to  them that would  enable them to  be categorized  as 
mineral reserves,  and there  is no  certainty  that the  PEA based  on  these 
mineral resources will  be realized.  Mineral resources that  are not  mineral 
reserves do not have demonstrated economic viability.

                          Blackwater 2012 Highlights
  *Completed Preliminary Economic Assessment
  *Completed 2012 year end mineral resource estimate upgrading majority of
    mineralization into the Measured and Indicated resource categories
  *Initiated Provincial and Federal environmental process and completed
    environmental baseline work
  *Signing of two exploration agreements with First Nations and subsequent
    approval of Multi-year Area Based exploration permit
  *Opening of regional office and sample preparation lab in Vanderhoof,
    British Columbia
  *Confirmed point of access for connection to British Columbia hydro power

During  2013,  the  company  plans  to  spend  approximately  $60  million  at 
Blackwater, including $45  million for  completion of  the Feasibility  Study, 
progression  of  the  permitting  and   operation  and  development  of   camp 
infrastructure.  The  remaining   $15  million  is   related  to   capitalized 
exploration.

                               Financial Update

New Gold finished 2012  with a cash balance  of $688 million^(4). The  company 
has an  additional  $100  million  of  liquidity  through  an  undrawn  credit 
facility. The consolidated debt position of  the company at December 31,  2012 
was $848  million^(4) which  included: face  value $300  million 7.00%  senior 
unsecured notes  due in  2020 (book  value -  $293 million),  face value  $500 
million of 6.25% senior unsecured  notes due in 2022  (book value - $490)  and 
$65 million in  El Morro  funding loans. The  company had  476 million  common 
shares outstanding at December 31, 2012.

                         Webcast and Conference Call

A webcast presentation to  discuss these results will  be held on February  5, 
2013, at  10:00 a.m.  Eastern Time.  Participants may  access the  webcast  by 
registering here or from our website  at www.newgold.com. You may also  listen 
to the conference by calling 647-427-7450 or toll-free 1-888-231-8191 in North
America. To  listen  to a  recorded  playback  after the  event,  please  call 
1-416-849-0833  or  toll-free  1-855-859-2056  in  North  America  -  Passcode 
96531135. An  archived  webcast  will also  be  available  at  www.newgold.com 
following the event.

             Detailed Reserve and Resource Tables
Mineral Reserves and Resources Summary as of December 31, 2012
                               Contained Metals
                       Gold          Silver        Copper
                        Koz            Koz           Mlbs
Reserves                                                   
Proven                      2,741         12,096         1,183
Probable                    5,001         19,135         2,095
Total P&P                   7,742         31,231         3,278
Resources                                                  
Measured                    6,789         37,470         2,076
Indicated                  14,613         94,377         1,986
Total M&I                  21,403        131,847         4,061
Inferred                    4,383         84,620         1,114



See Notes to Mineral Reserve and Resource Statements below for further detail
on Reserve and Resource calculations.


        Mineral Reserves statement as at December 31, 2012
                      Metal grade            Contained metal
               Tonnes  Gold Silver Copper Gold   Silver   Copper
                 000's  g/t   g/t     %     Koz     Koz     Mlbs
Mesquite                                                  
Proven           13,140 0.68      -      -   287         -      -
Probable        114,409 0.56      -      - 2,055         -      -
Mesquite P&P    127,549 0.57      -      - 2,342         -      -
Cerro San Pedro                                           
Proven           21,100 0.52   17.1      -   353    11,600      -
Probable         26,400 0.48   17.4      -   407    14,800      -
CSP P&P          47,500 0.50   17.3      -   760    26,400      -
Peak                                                      
Proven            2,030 6.07    7.6   1.07   396       496     48
Probable          2,020 3.90    7.0   1.20   253       455     53
Peak P&P          4,050 4.99    7.3   1.13   649       951    101
New Afton                                                 
Proven                -    -      -      -     -         -      -
Probable         52,500 0.65    2.3   0.93 1,100     3,880  1,080
New Afton P&P    52,500 0.65    2.3   0.93 1,100     3,880  1,080
El Morro               100% Basis             30% Basis      
Proven          307,949 0.57      -   0.56 1,705         -  1,135
Probable        335,152 0.37      -   0.44 1,186         -    962
El Morro P&P    643,101 0.47      -   0.49 2,891         -  2,097




Measured and Indicated mineral Resource statement (inclusive of Reserves) as
                            at December 31, 2012
                             Metal grade                 Contained metal
                    Tonnes    Gold  Silver  Copper   Gold    Silver  Copper
                      000's    g/t     g/t      %      Koz     Koz     Mlbs
Mesquite                                                              
Measured - oxide       19,100   0.51       -       -     313        -       -
Indicated - oxide     274,100   0.38       -       -   3,349        -       -
Meqsuite M&I -        293,200   0.39       -       -   3,662        -       -
oxide
                                                                     
Measured - non          4,900   0.88       -       -     139        -       -
oxide
Indicated - non        96,000   0.61       -       -   1,883        -       -
oxide
Mesquite M&I - non    100,900   0.62       -       -   2,022        -       -
oxide
Total Mesquite M&I    394,100   0.45       -       -   5,684        -       -
Cerro San Pedro                                                       
Measured - oxide       27,100   0.34    15.0       -     303   13,100       -
Indicated - oxide      49,000   0.24    13.0       -     380   20,480       -
CSP M&I - oxide        76,100   0.28    13.7       -     683   33,580       -
                                                                     
Measured - sulphide    15,200   0.47    11.9       -     229    5,800       -
Indicated -            60,400   0.41     9.6       -     791   18,600       -
sulphide
CSP M&I - sulphide     75,600   0.42    10.1       -   1,020   24,400       -
Total CSP M&I        151,700   0.35    11.9       -   1,703   57,980       -
Peak                                                                  
Measured                2,700   5.74     7.5    1.05     494      650      62
Indicated               3,200   3.75     6.8    1.19     386      700      84
Peak M&I                5,900   4.66     7.1    1.13     880    1,350     146
New Afton                                                             
A&B Zones                                                             
Measured               33,500   0.86     2.9    1.18     929    3,160     873
Indicated              45,900   0.67     2.4    0.89     984    3,530     896
A&B Zone M&I           79,400   0.75     2.6    1.01   1,913    6,690   1,769
C-Zone                                                                
Measured                  400   0.60     1.3    0.73       8       20       6
Indicated               2,900   0.63     1.3    0.68      58      120      43
C-Zone M&I              3,300   0.62     1.3    0.68      66      140      49
Total New Afton M&I    82,700   0.74     2.6    1.00   1,979    6,830   1,818
Blackwater                                                           
Measured               88,188   0.94     5.2       -   2,670   14,740       -
Indicated             207,958   0.81     6.2       -   5,400   41,450       -
Blackwater M&I        296,146   0.85     5.9       -   8,070   56,190       -
Capoose                                                               
Indicated              14,200   0.43    20.8       -     196    9,497       -
El Morro                       100% Basis                   30% Basis
Measured              307,949   0.57       -    0.56   1,705        -   1,135
Indicated             335,152   0.37       -    0.44   1,186        -     962
El Morro M&I          643,101   0.47       -    0.49   2,891        -   2,097




       Inferred Resource statement as at December 31, 2012
                         Metal grade           Contained metal
                  Tonnes  Gold Silver Copper Gold  Silver Copper
                    000's  g/t   g/t     %     Koz   Koz    Mlbs
Mesquite                                                  
Oxide               35,200 0.33      -      -   373      -      -
Non oxide           15,700 0.55      -      -   278      -      -
Mesquite Inferred   50,900 0.40      -      -   651      -      -
Cerro San Pedro                                           
Oxides              53,400 0.17    9.0      -   300 15,400      -
Sulphides           50,500 0.34    8.5      -   550 13,800      -
CSP Inferred       103,900 0.25    8.8      -   850 29,200      -
Peak                 1,700 2.64    4.8   1.13   144    261     42
New Afton                                                 
A&B-Zone            14,900 0.45    2.0   0.65   216    940    212
C-Zone             13,600 0.70    1.5   0.76   307    670    228
New Afton Inferred  28,400 0.57    1.8   0.70   523  1,610    440
Blackwater          16,585 0.58   10.8      -   310  5,760      -
Capoose             64,070 0.29   23.2      -   595 47,789      -
                          100% Basis              30% Basis
El Morro           137,555 0.99      -   0.70 1,310      -    632



Notes to Mineral Reserve and Resource Statements

Measured and Indicated mineral resources that are not mineral reserves do  not 
have demonstrated economic  viability as  defined by  a technical  Feasibility 
Study. New Gold reports its Measured and Indicated mineral resources inclusive
of its mineral  reserves. 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  have been  estimated  and reported  in accordance  with  the 
Canadian Institute  of Mining,  Metallurgy  and Petroleum  ("CIM")  definition 
standards  and  guidelines  and  Canadian  National  Instrument  43-101   ("NI 
43-101").

1) Mineral Reserves for the company's mineral properties have been  calculated 
based on the following metal prices and lower cut-off criteria:

Mineral Property  Gold  Silver Copper           Lower cutoff
                 US$/oz US$/oz US$/lb
Mesquite         $1,300   -      -    0.21 g/t Au - Oxide reserves
                                      0.41 g/t Au - Non-oxide reserves
Cerro San Pedro  $1,300 $24.00   -    US$4.33/t NSR
Peak Mines       $1,300 $24.00 $3.00  A$120 - 253/t NSR
New Afton        $1,300 $24.00 $3.00  US$24/t NSR
El Morro         $1,350   -    $3.00  0.20% CuEq

2) Mineral Resources for the company's mineral properties have been calculated
based on the following metal prices and lower cut-off criteria:

Mineral Property  Gold  Silver Copper              Lower cut-off
                 US$/oz US$/oz US$/lb
Mesquite         $1,400   -      -    0.12 g/t Au - Oxide resources
                                      0.24 g/t Au - Non-oxide resources
                                      0.10 g/t AuEq - Open pit oxide resources
Cerro San Pedro  $1,400 $28.00   -    0.40 g/t AuEq - Open pit sulphide
                                      resources
Peak Mines       $1,400 $28.00 $3.25  A$97 - 137/t marginal NSR
New Afton        $1,400 $28.00 $3.25  0.40% CuEq
                                      0.15% CuEq - Meas'd & Ind'cd o/p
El Morro         $1,500   -           resources
                               $3.50  0.20% CuEq - Inferred u/g resources
Blackwater       $1,400             0.40 g/t AuEq
Capoose          $1,400   -      -    0.40 g/t AuEq

Mineral resources  have been  estimated and  reported in  accordance with  CIM 
definition standards and guidelines and Canadian NI 43-101.

3) Mineral  resources  are  classified as  Measured,  Indicated  and  Inferred 
resources  and  are  reported  based  on  technical  and  economic  parameters 
consistent with  the  methods most  suitable  for their  potential  commercial 
exploitation. Where  different  mining  and/or  processing  methods  might  be 
applied to different  portions of  a mineral resource,  the designators  'open 
pit' and 'underground' have been applied to indicate envisioned mining method.
Likewise the designators 'oxide', 'non-oxide' and 'sulphide' have been applied
to indicate the type of mineralization  as it relates to appropriate  mineral 
processing method  and expected  payable metal  recoveries. The  estimates  of 
mineral  Reserves  and   mineral  Resources  may   be  mutually  affected   by 
environmental, permitting, legal,  title, taxation, sociopolitical,  marketing 
and other relevant  issues. Additional details  regarding mineral reserve  and 
resource estimates, classification  and reporting parameters  for each of  New 
Gold's mineral properties are provided  in the respective NI 43-101  Technical 
Reports which are available on SEDAR.

4) Qualified  Person:  The  preparation  of New  Gold's  mineral  reserve  and 
resource statements  has  been done  by  Qualified Persons  as  defined  under 
Canadian National Instrument  43-101 under  the oversight and  review of  Mark 
Petersen, a Qualified Person under National Instrument 43-101 and employee  of 
New Gold.

About New Gold Inc.
New Gold is an intermediate gold mining company. The company has a portfolio
of four producing assets and two significant development projects. The
combination of the Mesquite Mine in the United States, the Cerro San Pedro
Mine in Mexico, the Peak Mines in Australia and the New Afton Mine in Canada
position New Gold as one of the lowest cost producers in the industry. In
2013, the company is forecasting between 440,000 and 480,000 ounces of gold
production. In addition to its four operating mines, New Gold owns 100% of the
exciting Blackwater project in Canada and 30% of the world-class El Morro
project located in Chile. For further information on the company, please visit
www.newgold.com.

Cautionary Note Regarding Forward-Looking Statements

Certain information contained in this news release, including any  information 
relating to New Gold's future financial or operating performance may be deemed
"forward looking". All statements in this news release, 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  use  of  forward-looking  terminology  such  as  "plans", 
"expects", "is  expected",  "budget", "scheduled",  "estimates",  "forecasts", 
"intends", "anticipates", "projects", "potential", "believes" or variations of
such words and phrases or statements  that certain actions, events or  results 
"may", "could", "would", "should", "might" or "will be taken", "occur" or  "be 
achieved" or the negative connotation. 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 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 international, 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 obtaining  the necessary permits  for 
the Blackwater project, in Mexico where the Cerro San Pedro mine has a history
of ongoing legal challenges related to our EIS and Chile where the courts have
temporarily suspended  the approval  of the  environmental permit  for the  El 
Morro project; the lack  of certainty with respect  to 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; diminishing quantities or  grades of reserves; competition; loss  of 
key employees;  additional funding  requirements;  actual results  of  current 
exploration or  reclamation  activities; uncertainties  inherent  to  economic 
studies in respect of the PEA  for the Blackwater project; 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 "Risk Factors"  included in New Gold's  disclosure documents filed  on 
and 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 news 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.

Cautionary Note to  U.S. Readers Concerning  Estimates of Measured,  Indicated 
and Inferred Mineral Resources

Information concerning the  properties and operations  discussed in this  news 
release  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 news  release are  Canadian mining  terms  as 
defined in accordance with NI 43-101 under guidelines set out in the  Canadian 
Institute of Mining,  Metallurgy and  Petroleum ("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  news 
release concerning descriptions of mineralization and resources under Canadian
standards is  not comparable  to  similar information  made public  by  United 
States companies subject to the  reporting and disclosure requirements of  the 
United  States  Securities  and  Exchange  Commission.  An  "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.

Technical Information

The scientific  and  technical  information  in this  news  release  has  been 
reviewed and  approved by  Mark Petersen,  a Qualified  Person under  National 
Instrument 43-101 and employee of New Gold.

(1) TOTAL CASH COSTS

"Total cash  costs" 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-IFRS measure. Total cash cost presented does not have
a standardized meaning prescribed by IFRS 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 IFRS and is not necessarily indicative of operating costs presented under
IFRS. A reconciliation will be provided in the MD&A accompanying the quarterly
financial statements.

(2) ALL-IN SUSTAINING CASH COSTS

The company is working with  the World Gold Council and  is in the process  of 
adopting an "all-in sustaining cash  costs" measure that the company  believes 
more fully defines the total  costs associated with producing gold.  Although 
the  definition  is  still  preliminary,  all-in  sustaining  cash  costs,  as 
currently defined,  includes: by-product  cash  costs, corporate  general  and 
administrative expenses,  exploration expense  and sustaining  capital.  This 
metric is a non-IFRS measure.

(3) PEA - ADDITIONAL CAUTIONARY NOTE

This note regarding the preliminary economic assessment ("PEA") is in addition
to cautionary language already included in this news release as required under
NI 43-101. The Blackwater PEA is  preliminary in nature and includes  Inferred 
mineral resources that are considered too speculative geologically to have the
economic  considerations  applied  to  them  that  would  enable  them  to  be 
categorized as mineral reserves, and there is no certainty that the PEA  based 
on these mineral resources  will be realized. Mineral  resources that are  not 
mineral reserves  do  not  have demonstrated  economic  viability.  This  news 
release includes information on New Gold's PEA with respect to the  Blackwater 
Project, which was outlined in the  PEA Technical Report filed on October  10, 
2012. As disclosed in the news release,  New Gold has, since the date of  the 
PEA, completed a non-material update of the mineral resource estimate for  the 
Blackwater Project. Although the PEA represents useful, accurate and  reliable 
information based on the information available at the time of its publication,
and provides  an important  indicator  as to  the  economic potential  of  the 
Blackwater Project, the PEA  is based on mineral  resources estimates with  an 
effective date of July 27, 2012, which do not reflect drilling conducted since
their effective date, and the PEA does not reflect the latest mineral resource
estimate discussed in this news release. Certain assumptions used in the  PEA, 
some of which relate to the July 27, 2012 mineral resource estimate, may  have 
changed from those used for the new resource estimate, causing a variation  of 
parameters. Moreover, the  updated mineral resource  estimate may impact  how 
New Gold intends to  develop the deposit,  including pit outlines,  production 
rates and mine life.

(4) UNAUDITED FINANCIAL INFORMATION

The cash and  debt balance  and capital expenditure  information provided  are 
unaudited figures and may differ slightly  from the final results included  in 
the 2012 annual audited financial statements and MD&A.

















SOURCE New Gold Inc.

Contact:

Hannes Portmann
Vice President, Corporate Development
Direct: +1 (416) 324-6014
Email:info@newgold.com
 
Press spacebar to pause and continue. Press esc to stop.