30.08.2006 – 07:59

NewWest Gold Corporation

NewWest Gold Corporation Completes C$20.5 Million Initial Public Offering

Toronto (ots/PRNewswire)

• Not for Distribution to United States Wire Services or for Dissemination in the United States
• Begins Trading on Toronto Stock Exchange

NewWest Gold Corporation ("NewWest" or "the Company") announced
today it has successfully completed its initial public offering of
8.2 million common shares at C$2.50 per share for total gross
proceeds of C$20.5 million. NewWest's common shares began trading
today on the Toronto Stock Exchange under the symbol NWG. After
giving effect to this offering, the Company will have 58.2 million
common shares outstanding.

"We are pleased by the confidence investors have shown in
NewWest," said Steve Alfers, President and Chief Executive Officer.
"We are in the business of exploring and developing gold projects in
the Nevada region, and drilling is already under way at three of our
advanced projects. We look forward to regularly updating our progress
with investors."

The offering was sold through an underwriting syndicate comprised
of Canaccord Capital Corporation, GMP Securities L.P. and Wellington
West Capital Markets Inc. Canaccord Capital Corporation acted as lead
underwriter of this syndicate. NewWest has granted the underwriters
an over-allotment option to purchase an additional number of shares
at the IPO price equal to 15% of the underwritten shares for a period
of 30 days following the closing of the offering.

About NewWest Gold Corporation

NewWest Gold Corporation is engaged in the business of exploring
and developing gold properties in the western United States,
primarily in northern Nevada in established gold trends, including
the Carlin and Cortez Trends. The Company holds a total of 19
exploration projects, spanning approximately 623,000 acres of mineral
interests principally on private lands. Four of these projects are
advanced stage and eight more have drill indicated gold
mineralization. The Company's final prospectus is available at
www.sedar.com.

Forward-Looking Statements

Information in this news release that is not current or historical
factual information may constitute forward-looking information within
the meaning of securities laws. Implicit in this information,
particularly in respect of future operating results and economic
performance of the Company, are assumptions regarding projected
revenue and expenses which, although considered reasonable by the
Company at the time of preparation, may prove to be incorrect.
Readers are cautioned that actual results are subject to a number of
risks and uncertainties, including general economic, market and
business conditions and could differ materially from what is
currently expected.

This press release shall not constitute an offer to sell or the
solicitation of an offer to buy, which may be made only by means of a
prospectus, nor shall there be any sale of the common shares in any
state, province or other jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under securities laws of any such state, province or
other jurisdiction. The common shares of NewWest have not been, and
will not be registered under the U.S. Securities Act of 1933, as
amended, and may not be offered, sold or delivered in the United
States absent registration or an application for exemption from the
registration requirements of U.S. securities laws.

    Steve Alfers                                  Pam Saxton
    President and Chief Executive Officer         Vice President and Chief
                                                  Financial Officer

Contact:

For further information: NewWest Gold Corporation, Tel:
+1-(303)-425-7042, Fax: +1-(303)-425-6634, info@newwestgold.com