Shareholders of Silver Quest Resources Ltd. Approve Plan of Arrangement With New Gold Inc.

New Gold Inc. ("New Gold") (TSX:NGD)(NYSE Amex:NGD) and Silver Quest Resources
Ltd. ("Silver Quest") (TSX VENTURE:SQI) are pleased to announce that at a
special meeting of Silver Quest shareholders held on Thursday, December 15, 2011
in Vancouver, British Columbia (the "Meeting"), the Silver Quest shareholders
voted overwhelmingly in favour of a special resolution to approve the proposed
plan of arrangement with New Gold (the "Arrangement").


Upon closing of the Arrangement, New Gold will acquire Silver Quest's 25%
interest in the Davidson Property, which forms the northern half of the
Blackwater Project and in which New Gold currently holds the remaining 75%
interest, as well as Silver Quest's Capoose Property.


As part of the Arrangement, Silver Quest's remaining properties, including its
3Ts Gold Project in central British Columbia, will be spun-out into Independence
Gold Corp. ("Independence") and New Gold will purchase, on a private placement
basis, $3.5 million of Independence common shares, which will result in New Gold
holding 9.9% of the outstanding common shares of Independence. 


At the Meeting, Silver Quest shareholders also voted to approve the stock option
plan of Independence. Additionally, the TSX Venture Exchange has advised that it
has conditionally approved the listing of Independence, subject to, amongst
other things, review by the exchange of final documentation.


For additional details of the Arrangement, please see Silver Quest's management
information circular dated November 16, 2011 and New Gold and Silver Quest's
joint press releases dated November 7, 2011 and October 17, 2011, all having
been filed on New Gold and Silver Quest's respective profiles on SEDAR at
www.sedar.com. 


Silver Quest's application to the Supreme Court of British Columbia to obtain
the final court order approving the Arrangement is expected to take place on
Friday, December 16, 2011. Assuming court approval is obtained and that all
other conditions to the Arrangement are satisfied or waived, the Arrangement is
expected to become effective on or around December 20, 2011.


About New Gold Inc.

New Gold is an intermediate gold mining company. New Gold has a portfolio of
three producing assets and three significant development projects. The Mesquite
Mine in the United States, the Cerro San Pedro Mine in Mexico and Peak Gold
Mines in Australia are expected to produce between 380,000 and 400,000 ounces of
gold in 2011. The fully-funded New Afton project in Canada is scheduled to add
further growth in 2012. In addition, New Gold owns 30% of the world-class El
Morro project located in Chile and, in June 2011, New Gold acquired the exciting
Blackwater Project in Canada. For further information on New Gold, please visit
www.newgold.com. 


About Silver Quest Resources Ltd.

Silver Quest is a gold and silver exploration company, whose main areas of
interest are central British Columbia and the White Gold District of the Yukon.
Silver Quest maintains a portfolio of highly prospective projects, ranging from
grassroots exploration through advanced stage resource expansion. The Company is
poised to add shareholder value through project advancement, while evaluating
early to advanced stage gold and silver projects for possible acquisition. For
further information on Silver Quest, please visit www.silverquest.ca.


Cautionary Note Regarding Forward-Looking Statements

Certain information contained in this news release, including any information
relating to New Gold's, Silver Quest's or Independence'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/Silver Quest 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 based on the opinions and estimates of the relevant 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/Silver Quest/Independence's
ability to control or predict. Forward-looking statements are necessarily based
on estimates and assumptions (including that the Arrangement will be completed
successfully on the terms agreed upon by the parties and that the business of
Silver Quest will be integrated successfully in the New Gold organization) 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. 

In the case of New Gold, 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 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, Mexico, where New Gold is involved with
ongoing challenges relating to its environmental impact statement for the 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; the uncertainties inherent to current and future legal challenges the
company is or may become a party to, including the third party claim related to
the El Morro transaction with respect to New Gold's exercise of its right of
first refusal on the El Morro copper-gold project in Chile and its partnership
with Goldcorp Inc., which transaction and third party claim were announced by
New Gold in January 2010; 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 the case of Silver Quest, such risks include, among other risks,
the approvals of regulators, availability of funds, the results of financing and
exploration activities, the interpretation of drilling results and geological
data, project cost overruns or unanticipated costs and expenses. 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 and Silver
Quest's continuous 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/Silver
Quest/Independence's 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.
Silver Quest Resources Ltd (TSXV:SQI)
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