SG Spirit Gold Inc.
TSX VENTURE : SG

April 30, 2012 15:10 ET

SG Spirit Gold Announces Termination of the Proposed Transactions With Buchans Minerals and Mountain Lake Resources

VANCOUVER, BRITISH COLUMBIA--(Marketwire - April 30, 2012) - SG Spirit Gold Inc. (TSX VENTURE:SG) ("SG Spirit Gold" or the "Company") announces the termination of the amended and restated option agreement dated March 28, 2012 (the "Agreement") between the Company and Buchans Minerals Corporation ("Buchans Minerals") with respect to the sale, by Buchans Minerals, of 100% of the Buchans property, the Tulks North property and the Tulks Hill joint venture interest to SG Spirit Gold. The Company also announces the termination of the option agreement dated January 24, 2012, as amended March 28, 2012, with Mountain Lake Resources Inc. for the acquisition of the Bobby's Pond property.

About SG Spirit Gold:

SG Spirit Gold is a Vancouver based resource company in the business of acquiring and advancing Canadian mineral properties prospective for precious metals and base metals. The Company's management team and Board have extensive experience and success in the resource industry.

ON BEHALF OF THE SG BOARD

Adrian Bray, President & CEO

Cautionary Note Regarding Forward-Looking Statements

Information set forth in this news release may involve forward-looking statements under applicable securities laws. Forward-looking statements are statements that relate to future, not past, events. In this context, forward-looking statements often address expected future business and financial performance, and often contain words such as "anticipate", "believe", "plan", "estimate", "expect", and "intend", statements that an action or event "may", "might", "could", "should", or "will" be taken or occur, or other similar expressions. All statements, other than statements of historical fact, included herein including, without limitation; statements about the Company's future plans are forward-looking statements. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among others, the following risks: the need for additional financing; operational risks associated with mineral exploration; requirement to obtain shareholder approval; failure to execute the Definitive Agreements; fluctuations in commodity prices; title matters; environmental liability claims and insurance; reliance on key personnel; the potential for conflicts of interest among certain officers, directors or promoters with certain other projects; the absence of dividends; competition; dilution; the volatility of our common share price and volume and the additional risks identified in the management discussion and analysis section of our interim and most recent annual financial statement or other reports and filings with the Exchange and applicable Canadian securities regulations. Forward-looking statements are made based on management's beliefs, estimates and opinions on the date that statements are made and SG Spirit Gold Inc. undertakes no obligation to update forward-looking statements if these beliefs, estimates and opinions or other circumstances should change, except as required by applicable securities laws. Investors are cautioned against attributing undue certainty to forward-looking statements.

Neither the 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, and no securities regulatory authority has either approved or disapproved of the contents of this release.

Contact Information

  • SG Spirit Gold Inc.
    Konstantine Tsakumis
    Investor Relations
    604-681-8030 or Toll Free: 1-866-683-8030 x232
    604-681-8039 (FAX)