New Gold Announces Closing of Sale of Amapari Mine

New Gold Announces Closing of Sale of Amapari Mine

(All figures are in US dollars unless otherwise stated)

VANCOUVER, April 13 /CNW/ - New Gold Inc. ("New Gold") (TSX and NYSE AMEX: NGD) today announces the closing of the previously disclosed sale of its Brazilian subsidiary Mineracao Pedra Branca do Amapari Ltda. ("MPBA"), which holds the Amapari mine and related assets, to Beadell Resources Limited ("Beadell"). New Gold received $37 million in cash and $16 million in Beadell shares for total consideration of $53 million from the sale of MPBA, resulting in New Gold holding approximately 19.5% of Beadell's shares outstanding.


"We are pleased to have completed the sale of Amapari as it represents another significant step in the surfacing of value from what we believed were previously underappreciated assets in our portfolio," stated Randall Oliphant, Executive Chairman. "This further solidifies our financial position and streamlines our asset base such that we can look to further build from this strong foundation."


With the completion of the transaction, New Gold has successfully monetized a non-core asset, further enhancing the company's financial resources while retaining participation in the upside of Beadell and its collection of assets. Beadell is an Australian listed gold-focused company with exploration and development assets in Western Australia and Brazil.

About New Gold


New Gold is an intermediate gold mining company with the Mesquite Mine in the United States, the Cerro San Pedro Mine in Mexico and the Peak Gold Mines in Australia. The company is expected to produce between 330,000 and 360,000 ounces of gold in 2010, growing to over 400,000 ounces in 2012. In addition, New Gold has a strong portfolio of development and exploration assets in North and South America. For further information on the company, please visit www.newgold.com.