SG Terminates Letter of Intent With Pangea Energy Corp.

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Oct. 8, 2013) - SG Spirit Gold Inc. (TSX VENTURE:SG) ("SG" or the "Company") announces that it has terminated the Letter of Intent (the "Letter of Intent") between the Company and Pangea Energy Corp. ("Pangea") entered into on April 5, 2013 for the purposes of creating a combined oil and gas company. The Letter Of Intent was terminated by mutual agreement between SG and Pangea.

The Company also announces that Mr. Richard Grayston has resigned as a director of the Company effective October 8, 2013. In addition to serving as a director, Mr. Grayston also contributed to the management of the Company as Chief Financial Officer and later President and Chief Executive Officer of the Company. The board of directors of the Company wishes to thank Mr. Grayston for his years of dedicated service to the Company.

ON BEHALF OF THE SG BOARD

Adrian Bray, President & CEO

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