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Re: News Release - Tuesday, November 13, 2007
Third Quarter 2007 Financial Results
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November 13, 2007, Vancouver, British Columbia -- New Gold Inc. (NGD:
TSX/AMEX) is pleased to announce its financial results for the period
ended September 30, 2007. (To review the complete interim unaudited
financial statements, or Management Discussion and Analysis, please see
the Company's SEDAR filings at www.sedar.com or the Company's website
at www.newgoldinc.com).

The Company incurred a loss of $16.4 million or $0.45 per share in the
third quarter compared with a loss of $750,000 or $0.03 per share in
the third quarter of 2006. On a year-to-date basis, the Company
incurred a loss of $18.9 million or $0.66 per share as compared to $2.1
million in the comparative period in 2006. Of the $16.4 million loss in
the third quarter, $17.2 million was attributable to an impairment
charge in respect of the Company's holdings in non-bank sponsored Asset
Backed Commercial Paper ("ABCP") and approximately $11.4 million was
attributable to accretion and interest costs in respect of the debt
financings completed in June and July, 2007. These losses were offset
as the Company recorded a future income tax gain totaling $10.6 million
during the third quarter of 2007 as a consequence of having received
the mine permit on October 31, 2007.

During the third quarter of 2007, the Company invested approximately
$5.9 million on its mineral properties as compared to $4.5 million in
the comparative quarter in 2006. During the current quarter the
Company spent $4.3 million on underground development, principally
related to the underground development from the existing decline, $1.1
million on surface exploration programs in and around the current
resource and $0.4 million at the Company's Magnum/Ajax properties.
This compares to spending in the 2006 comparative quarter of $1.3
million on underground exploration and support, $2.2 million on the
feasibility study and $1.0 million on surface exploration at Afton and
Ajax.

As previously announced on November 1, the Company received the mine
permit under the Mines Act (B.C.) which approves the construction,
operation and reclamation of the New Afton Mine. The Company also
announced the completion of the surface rights acquisition for the New
Afton project from Teck Cominco Ltd., on October 25th.

The Company presently has approximately $218 million in cash and cash
equivalents plus its short-term investments in ABCP of $153 million
(this amount reflecting the adjustment resulting from the impairment
charge) which are subject to the Montreal Accord restructuring. The
Company has 37 million shares outstanding.

For further information on New Gold Inc. and the New Afton Project,
please contact:

Chris Bradbrook
President and Chief Executive Officer
New Gold Inc.
601 - 595 Howe Street, Vancouver, B.C. V6C 2T5
Tel: 877-977-1067 or 604-687-1629, Fax: 604-687-2845
Email: invest@newgoldinc.com
Website: www.newgoldinc.com

Certain of the statements made and information contained herein is
"forward- looking information" within the meaning of the Ontario
Securities Act or "forward-looking statements" within the meaning of
Section 21E of the Securities Exchange Act of 1934 of the United
States. Forward-looking statements are subject to a variety of risks
and uncertainties which could cause actual events or results to differ
from those reflected in the forward-looking statements, including,
without limitation, risks and uncertainties relating to the
interpretation of drill results and the estimation of mineral resources
and reserves, the geology, grade and continuity of mineral deposits,
the possibility that future exploration, development or mining results
will not be consistent with the Company's expectations, metal
recoveries, accidents, equipment breakdowns, title matters and surface
access, labour disputes or other unanticipated difficulties with or
interruptions in production, the potential for delays in exploration or
development activities or the completion of feasibility studies, the
inherent uncertainty of production and cost estimates and the potential
for unexpected costs and expenses, commodity price fluctuations,
currency fluctuations, failure to obtain adequate financing on a timely
basis and other risks and uncertainties, including those described
under Risk Factors Relating to the Company's Business in the Company's
Annual Information Form and in each management discussion and analysis.
Forward-looking information is in addition based on various assumptions
including, without limitation, the expectations and beliefs of
management, the assumed long term price of copper and gold, that the
feasibility study will confirm that a technically viable and economic
operation exists, that the Company will receive required permits and
access to surface rights, that the Company can access financing,
appropriate equipment and sufficient labour and that the political
environment within British Columbia and Canada will continue to support
the development of environmentally safe mining projects so that the
Company will be able to commence the development of the New Afton
project within the timetable to be established by the feasibility
study. Should one or more of these risks and uncertainties materialize,
or should underlying assumptions prove incorrect, actual results may
vary materially from those described in forward-looking statements.
Accordingly, readers are advised not to place undue reliance on
forward-looking statements.
Cautionary note to U.S. investors concerning estimates of Measured and
Indicated Resources, and the use the terms "measured" and "indicated
resources." We advise U.S. investors that, while those terms are
recognized and required by Canadian regulations, the U.S. Securities
and Exchange Commission does not recognize them. U.S. investors are
cautioned not to assume that any part or all of mineral deposits in
these categories will ever be converted into reserves.
WARNING: The Company relies upon litigation protection for
"forward-looking" statements.

Associated File:
http://www.newgoldinc.com/i/pdf/11-13-07_Q3 Results.pdf
25 KB in size, approx. 6 seconds to download at 56.6Kbps

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Copyright (c) 2007 NEW GOLD INC. (TSX/AMEX:NGD) All rights reserved.
For more information visit our website at http://www.newgoldinc.com/ or
send mailto:invest@newgoldinc.com
Message sent on Tue Nov 13, 2007 at 9:44:45 AM Pacific Time
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