Sage Gold Inc.

TSX VENTURE : SGX


Sage Gold Inc.

December 06, 2012 15:51 ET

Sage Files Resource Technical Report and Receives Financing Extension

TORONTO, ONTARIO--(Marketwire - Dec. 6, 2012) - Sage Gold (TSX VENTURE:SGX) ("the Company") has filed the NI43-101 Resource Study Technical report for the Clavos Gold deposit in Timmins, Ontario on SEDAR (www.sedar.com). The updated resource study completed by Roscoe Postle Associates (RPA), was reported in a Press Release dated October 23, 2012 and available on the company's corporate website at www.sagegoldinc.com and SEDAR.

The updated total resource at Clavos includes Indicated mineral resources of 1,258,400 tonnes at 4.81 g/t Au totalling 194,600 ounces of gold and Inferred mineral resources of 796,000 tonnes at 4.7 g/t Au representing 120,000 ounces. These resources are reported at a base case cut-off grade of 2.75 g/t Au and individual assays have been capped at 60 g/t.

The Company also announces that the TSX Venture Exchange (the "Exchange") has extended to December 21, 2012 the deadline for filing final documentation relating to the Company's current private placement.

The Exchange conditionally approved, on November 20, 2012, a private placement of up to 25,000,000 common shares (in a combination of flow-through shares at a price of $0.075 per share and non-flow-through shares at a price of $0.06 per share) and up to 12,500,000 warrants attached to purchase 12,500,000 shares (at a price of $0.12 per flow-through share and $0.10 per non-flow-through share), such warrants expiring two years after their issuance date (the "Private Placement"). For information on the closing of the Private Placement's first tranche, please refer to the Company's press release dated November 21, 2012.

Sage is a mineral exploration and development company which has primary interests in near-term production and exploration properties in Ontario. Its main properties are the Clavos Gold deposit in Timmins, a Joint Venture (Sage - 60%, St Andrew Goldfields (TSX:SAS)(40%) and the Lynx deposit and other exploration properties in the Beardmore-Geraldton Gold Camp. Technical reports and information relating to the properties can be obtained from the System for Electronic Document Analysis and Retrieval (SEDAR) website at www.sedar.com and www.sagegoldinc.com.

This release was prepared by management of the Company who takes full responsibility for its contents.

This news release contains certain "Forward-Looking Statements" within the meaning of Section 21E of the United States Securities Exchange Act of 1934, as amended and "Forward-Looking Information" within the meaning of applicable Canadian securities legislation. Some forward-looking statements and forward-looking information contained in this release are forward-looking and, therefore, involve uncertainties or risks that could cause actual results to differ materially. Such forward-looking statements include comments regarding mining and milling operations, mineral resource statements and exploration program performance. Factors that could cause actual results to differ materially include metal price volatility, economic and political events affecting metal supply and demand, fluctuations in mineralization grade, geological, technical, mining or processing problems, exploration programs and future results of exploration programs, future profitability and production. The Company disclaims any obligation to update forward-looking statements.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • Sage Gold Inc.
    Nigel Lees
    President and C.E.O.
    416-204-3170
    416-260-2243 (FAX)

    Sage Gold Inc.
    Mike O'Brien
    Communications Manager/Investor Relations
    416-204-3170
    416-260-2243 (FAX)
    www.sagegoldinc.com

    Investor Cubed Inc.
    647-258-3311 or 888-258-3323
    info@investor3.ca