San Gold Corporation

San Gold Corporation

February 01, 2007 09:16 ET

San Gold Amends New Resources Upwards by 200,000 Ounces

BISSETT, MB--(CCNMatthews - February 01, 2007) - Dale Ginn, President of San Gold Resources Corporation (TSX-V: SGR), is pleased to announce that the final review of its most recent mineral resource calculation by A.C.A. Howe International (see press release dated Dec. 13, 2006) has been completed and has resulted in an increase of nearly 200,000 contained ounces gold over and above the previously announced total. The inferred mineral resource category was revised upward from 1.0 million ounces to 1.2 million ounces. The measured and indicated mineral resources remain at 403,000 ounces gold and there was no change to the mineral reserves.

The increase was solely due to an addition of inferred mineral resources in a down plunge direction from the main Rice Lake Mine ore bodies that are currently being mined. Recent deep drilling from the lowest levels of the mine has not been incorporated in this most recent calculation. The recent high-grade ( > 1.0 oz/ton) mining developments on the "98" and "93" veins (see press releases dated Jan. 18, 2007 and Nov. 1, 2006) have not yet been considered in any mineral resource estimate. The revised resources are summarized below:

Tons Grade Contained
Oz./ton Ounces
Rice Lake Mine
Measured Mineral Resources 320,100 0.28 88,530
Indicated Mineral Resources 644,000 0.29 186,770
Total Measured and Indicated
Resources 964,100 0.29 275,300
Inferred Mineral Resources 1,881,200 0.30 553,960
San Gold #1 Mine
Measured Mineral Resources 69,000 0.15 10,280
Indicated Mineral Resources 214,200 0.24 52,150
Total Measured and Indicated
Resources 283,200 0.22 62,430
Inferred Mineral Resources 936,500 0.22 206,900
Cartwright Zone
Indicated Mineral Resources 136,200 0.22 29,830
Inferred Mineral Resources 1,761,200 0.22 388,940
San Gold #2-3 Zones
Indicated Mineral Resources 173,100 0.20 35,320
Inferred Mineral Resources 195,600 0.26 50,210

Total Measured plus Indicated 1,556,600 0.26 402,880
Total Inferred Resources 4,774,500 0.25 1,200,010

A. C. A. Howe International Limited was retained by San Gold Corporation to prepare a technical report on the reserves and resources of the Rice Lake Mine and the San Gold #1 Zone and to complete an initial third-party estimate of resources in the San Gold #2-3 Zones and the Cartwright Zone. The Report was prepared in accordance with the Guidelines set out in National Instrument 43-101 and NI Form 43-101F1. Peter George, P.Geo. of A.C.A. Howe International Ltd. is the independent qualified person in accordance with NI 43-101 responsible for the report referenced in this news release. Mr. George has made numerous site visits to this project over the past five years, is a geologist with over 40 years of experience and has prepared evaluation reports for a number of significant mining operations. Dale Ginn, P.Geo., President of San Gold is the qualified person responsible for this news release.

For further information contact Dale Ginn, President of San Gold Corporation, at (204) 794-5818 or email A copy of the full final report is expected to be available on the company's website and filed with Sedar by Monday, February 5, 2007.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release. Mineral resources are not mineral reserves and have not yet demonstrated economic viability. This news release may contain forward-looking statements which are necessarily based upon estimates or assumptions that are subject to numerous risks and uncertainties that could cause actual results and future events to differ materially from those anticipated or projected.

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