San Gold Corporation
TSX : SGR
OTCQX : SGRCF

San Gold Corporation

March 02, 2012 19:30 ET

San Gold Announces Issuance of Stock Options

WINNIPEG, MANITOBA--(Marketwire - March 2, 2012) -

THIS PRESS RELEASE IS NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES.

San Gold Corporation (TSX:SGR)(OTCQX:SGRCF) (the "Corporation"), today announced the issuance of 4,765,000 incentive stock options ("Options") to purchase its common shares, exercisable at $1.58 per common share, to approximately 80 employees, directors, officers, and consultants of the Corporation. The Options have been issued pursuant to the Corporation's stock option plan and expire five years from the date of issuance. The Options are subject to an annual vesting of one-third of the quantity at the end of each of the first three years following issuance.

After this grant, the corporation will have total options outstanding of 19,215,009 at an average strike price of $2.38 (7,329,978 exercisable, 11,885,031 not yet exercisable) representing 6.1% of the outstanding shares of the Corporation. These grants are widely distributed and form an important part of the long term incentive compensation for key employees to aid in their retention.

About San Gold

San Gold is an established Canadian gold producer, explorer, and developer that owns and operates the Hinge, 007, and Rice Lake mines near Bissett, Manitoba. The Company employs more than 400 people and is committed to the highest standards of safety and environmental stewardship. San Gold is on the Toronto Stock Exchange under the symbol "SGR" and on the OTCQX under the symbol "SGRCF".

For further information on San Gold, please visit www.sangold.ca.

Cautionary Note

This news release includes certain "forward-looking statements". All statements, other than statements of historical fact included in this release, including, without limitation, statements regarding forecast gold production, gold grades, recoveries, cash operating costs, potential mineralization, mineral resources, mineral reserves, exploration results, and future plans and objectives of the Company, are forward-looking statements that involve various risks and uncertainties. These forward-looking statements include, but are not limited to, statements with respect to mining and processing of mined ore, achieving projected recovery rates, anticipated production rates and mine life, operating efficiencies, costs and expenditures, changes in mineral resources and conversion of mineral resources to proven and probable mineral reserves, and other information that is based on forecasts of future operational or financial results, estimates of amounts not yet determinable and assumptions of management.

No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.

Contact Information

  • San Gold Corporation
    George Pirie
    President and CEO
    1 (416) 214-0024

    San Gold Corporation
    Tim Friesen
    Communications Director
    1 (855) 585-4653
    www.sangold.ca