New Gold is an international mining company headquartered in Canada that operates gold and copper mines in the United States, Mexico, Australia, Canada, Brazil and Chile. One of its principal assets is the Cerro San Pedro Mine in Mexico, which produced between 90,000-100,000 ounces of gold in 2009. New Gold is committed to operating in a socially and environmentally responsible manner and has implemented various corporate social responsibility programs in the local communities around its mines.

1. Minera San Xavier’s Cerro San Pedro Mine
December 2009

2. New Gold – A Responsible International Mining Company
www.newgold.com TSX/NYSE AMEX US: NGD 2

3. New Gold – A Significant International Mining Company
Gold producer headquartered in Canada
Portfolio of mining assets in the United States, Mexico, Australia, Canada, Brazil and Chile
Employs latest technology to assure maximum value to all stakeholders
Committed to operating in a socially responsible and sustainable manner
Total 2009 YTD revenue US $192 million; US$81 million from Cerro San Pedro
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4. New Gold - A Canadian Company with International Standards
Member of UN Global Compact
Member of CBSR – Canadian Business for Social Responsibility
Supporter of Clinton Giustra Sustainable Growth Initiative
Achieved ISO 14001:2004 certification of environmental management systems in 2008 and
recertification in 2009 at Cerro San Pedro
Received Orica World Prize for operating best practices with the use of explosives
Obtained the Casco de Plata, CAMIMEX’s national award for best safety performance in 2007and 2008
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5. New Gold - Management & Board of Directors
EXECUTIVE MANAGEMENT TEAM
Randall Oliphant, Executive Chairman (Former President & CEO, Barrick Gold Corporation )
Robert Gallagher, President and CEO (Former Vice President, Newmont Mining Corp)
Brian Penny, Executive VP and CFO (Former VP Finance, Kinross Gold Co.)
James Currie, Executive VP and COO (Former VP Operations Miramar Mining)
BOARD OF DIRECTORS
James Estey, Director, Chairman (Former President, UBS Securities Canada Inc.)
Robert Gallagher, CEO & Director
Vahan Kololian, Director (Chairman, Precinda Corporation)
Martyn Konig, Director (Board Director of NM Rothschilds and Sons Ltd and CEO European Goldfields)
Pierre Lassonde, Director (Founder and Chairman, Franco-Nevada)
Craig Nelsen, Director (Former Executive VP Exploration at Gold Fields Limited)
Randall Oliphant, Executive Chairman and Director
Ian Telfer, Director (Chairman, Goldcorp)
Raymond Threlkeld, Director (Former President & CEO, Western Goldfields)
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6. New Gold - Vision and Mission Statements
WHERE THE COMPANY IS GOING, HOW IT WILL GET THERE
Vision: To become a million ounce, low cost gold producer
Mission:
Achieve our vision by:
- Delivering on operational targets (safety, cost, production and environment & social responsibility)
- Growing internally through project development and continuous improvement at our existing operations
- Growing externally through continued consolidation
- Maintaining a strong financial position
www.newgold.com TSX/NYSE AMEX US: NGD 6

7. New Gold - Employee Values
EMPLOYEES COMMITMENT ON HOW THEY WILL GO ABOUT THEIR WORK
Integrity – do what’s right
Creativity – lead with innovation
Commitment - deliver
Develop our employees – commit to personal
development
Teamwork – leverage our collective skills
www.newgold.com TSX/NYSE AMEX US: NGD 7

8. New Gold - Principal Assets
GLOBALLY DIVERSIFIED IN MINING-FRIENDLY JURISDICTIONS
New Afton
Canada
LOM Annual Production Mesquite
United States
•Gold (K oz) 85
2009 Production
• Diversified gold production base •Copper (m lb) 75
• Market capitalization C$1.5 billion •Gold (K oz) 140-150
• Total assets (as at September 31, 2009) US$2.5 billion
• Total production (9 months ended September 31, 2009)
• Gold 190,000 ounces Cerro San Pedro
Mexico
• Silver 1.2 million ounces
2009 Production
• Copper 11 million pounds
•Gold (K oz) 90-100 Amapari
•Silver (m oz) 1.1 – 1.3 Brazil
Suspended
Peak operation
Australia El Morro
Chile
2009 Production
LOM Annual Production
•Gold (K oz) 90-100
•Copper (m lb) 13-15
•Gold (K oz) 95
•Copper (m lb) 105
Producing Mines
Development Projects
Undergoing Strategic Review
www.newgold.com TSX/NYSE AMEX US: NGD 8

9. New Gold - Operating Assets
Cerro San Pedro
Location Mexico
Mine Type Open Pit
Commenced Production 2008
Estimated Mine Life ~ 9 years
Gold Production ‘09 Guidance oz 90,000 -100,000
Completed sulfide
Future Upside exploration program
with 30 drill holes
Mesquite
Location United States
Mine Type Open Pit
Commenced Production 2008
Estimated Mine Life 13 years
Gold Production ‘09 Guidance oz 140,000 -150,000
1 million ounce
sulfide resource
below current pit –
Future Upside
exploring
processing
alternatives
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10. New Gold - Operating Assets
Peak Mines
Location Australia
Mine Type Underground
Commenced Production 1992
Estimated Mine Life ~ 8 years
Gold Production ‘09 Guidance oz 90,000 -100,000
Potential for additional
future targets around
Peak’s currently
Future Upside
existing underground
ore body and in the
surrounding region
www.newgold.com TSX/NYSE AMEX US: NGD 10

11. New Gold - Development Projects
New Afton
Location Canada
Mine type Underground
Estimate Production start-up 2012
Estimated mine life 12 years
LOM Production/yr (Au oz/Cu lbs) 85,000/75million
Potential for
additional blocks
Future Upside currently
included in mine
plan
El Morro (30%)
Location Chile
Mine type Open Pit
Estimated mine life 15 years
LOM Production/yr (Au oz/Cu lbs)4 95,000/105million
Swap New Gold’s
stake for a gold
producing asset,
Future Upside develop the asset
or sell 30%
interest
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12. www.newgold.com TSX/NYSE AMEX US: NGD 12

13. Minera San Xavier’s Cerro San Pedro
1995 – Metallica Resources acquired Minera San Xavier
1999 – Original EIS MIA granted
2004 to 2007 – Development and Construction Stages
2007 (May) – Production commences
2008 (July) – New Gold acquired MSX through business combination with Metallica Resources and
Peak Gold
2008 – Cerro San Pedro awarded CAMIMEX’s Plato del Oro for being the safest mine of its size
2008 – Received Orica’s World Prize for best practices in use of explosives in open pit mines
2008 - Achieved ISO14001 certification of its environmental management systems
2009 – Production estimated to be 90,000 – 100,000 ounces gold and 1.1 to 1.3 million ounces silver
www.newgold.com TSX/NYSE AMEX US: NGD 13

14. Cerro San Pedro - Economic Impact
MSX’s Cerro San Pedro commenced production in 2008 with an estimated mine life of 10 years
In 2009, Cerro San Pedro will produced 90,000 – 100,000 ounces gold and 1.1 to 1.3 million ounces of silver for
exportation, which should bring in excess of US$100 million into the country
MSX employs 509 employees and contractors at the Cerro San Pedro; 60% from the immediate surrounding area
with the remainder living in San Luis Potosi. Indirect employment totals more than 1,500 people
MSX expects to spend US$6.5 million on employee wages and benefits at Cerro San Pedro this year
Regional expenditure directly benefitting the surrounding area in 2008 was approximately US$49 million
Corporate income taxes paid in Mexico in 2008 were US $2.5 million and will be approximately US $10 million in
2009 and over the remaining projected life of mine will amount to over US$115 million
The company has invested in excess of US$105 million in capital expenditures since the project’s inception
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15. Cerro San Pedro - Corporate Social Responsibility
MSX has improved the local environment and preserved the historic character of the town
Local residents appreciate the benefits that the mine brings to them
Cleaned up mining waste abandoned by previous miners
Built new homes and schools for residents
Rehabilitated historic churches that had suffered from many decades of neglect and built a new residence
for the priest of San Nicolas church
Provide weekly medical and dental care for 10 villages immediately surrounding MSX
Provided trade skills training
Equipped schools with computers
Supported cultural festivals
The site’s nursery has so far yielded more than 75,000 plants for use in reclamation and agriculture
MSX reforested 52 hectares with 56,000 plants in the Monte Caldera area in 2008
www.newgold.com TSX/NYSE AMEX US: NGD 15

16. New Gold – Generating Wealth in a Sustainable Manner
Committed to excellence in the management of health, safety, environment and sustainability
Ensure health and safety of employees, contractors and visitors
Prevent pollution
Minimize impact that mining operation may cause the environment
Demonstrate our commitment to fostering sustainable communities
Practice the progressive rehabilitation of areas impacted by its activities
Follow recognized international guidelines
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17. www.newgold.com TSX/NYSE AMEX US: NGD 17

18. New Gold and MSX Contact Information
New Gold Media and Communications
Christine Marks
Investor Relations and External Communications Coordinator
New Gold Inc.
(604)639-0023
christine.marks@newgold.com
www.newgold.com TSX/NYSE AMEX US: NGD 18

19. 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 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, Brazil, 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, Brazil, 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; 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 31, 2009 and Management Information Circular filed on April 15, 2009, 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.
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