New Gold warrants expire on Dec. 11

The common share purchase warrants of New Gold Inc. expire at 5 p.m. (Toronto time) on Dec. 11, 2008, and will be delisted at the close that day. Each whole warrant entitles the holder to receive 0.9 common share and 0.01 cent in cash for a price of $3.10. No fractional New Gold shares will be issued upon the exercise of a warrant. If the number of New Gold shares to which a holder of warrants would otherwise be entitled upon the exercise of a warrant is not a whole number then the number of New Gold shares to be issued shall be rounded down to the next whole number and the holder of such warrant shall not be entitled to any compensation in respect of any fractional New Gold shares.

Trade dates                         Settlement dates

Dec. 8, 2008                          Dec. 10, 2008
Dec. 9, 2008, and Dec. 10, 2008       Cash next day
Dec. 11, 2008                         Cash same day

All trades on Dec. 8, 2008, will be for special settlement on Dec. 10, 2008. These trades will appear on the settlement report with a settlement date of Dec. 10, 2008.

1. All trades on Dec. 9, 2008, and Dec. 10, 2008, will trade for cash settlement the following business day. All trades on Dec. 11, 2008, to noon (Toronto time) will be for cash same-day settlement.
2. Selling participating organizations must have in their possession the warrants that are being sold or such warrants must be owed to them through clearing, prior to such sale.

Should fail positions exist on the expiry date, purchasing participating organizations have the option of paying for the warrants purchased and demanding delivery of the value into which the warrants are exercisable. Reference should be made to Rule 5-303. Such demand shall be made before 4 p.m. (Toronto time) on the expiry date of Dec. 11, 2008.

Investors should contact their broker for information or advice on their investment.

Participating organizations should ensure that their trading and operations staff are made aware of the above rules and procedures.