Sage Completes Share Consolidation
TORONTO, ONTARIO -- (Marketwire) -- 05/13/10 -- Sage Gold Inc. (TSX VENTURE: SGX) (the 'Company') is pleased to announce that, having obtained the approval of the TSX Venture Exchange, a consolidation of the Company's common shares (the 'Common Shares') is being completed on a ten (10) to one (1) basis, such that one (1) new Common Share would be issued for every ten (10) Common Shares outstanding. The Common Shares will begin trading on a consolidated basis on the TSX Venture Exchange on May 14, 2010.
The Company believes that the completion of a share consolidation would facilitate future financings by the Company, as these would likely be accomplished through the issuance of additional Common Shares. The Company has approximately 265 million Common Shares outstanding prior to the share consolidation. After the completion of the share consolidation on a ten (10) to one (1) basis, the Company will have approximately 26.5 million Common Shares outstanding, post-consolidation.
Sage has an option to earn a 50-per-cent interest in the Borealis property, including the permitted Borealis gold project located in the Walker Lane mineral belt of southwest Nevada. SRK Consulting (U.S.) Inc. has been engaged to prepare a bankable study for project financing purposes.
Gryphon Gold announced on May 3, 2010 that they have begun a 7000 ft. drilling program on the Borealis property. The program will complete a series of holes that is designed to upgrade the inferred oxide resource to the Measured & Indicated category and to potentially add additional oxide ounces to the Borealis resource. The multiple targets are within the permitted mining area and include extension of known ore zones, infill drilling and identification of additional mineralized zones.
SAGE is a mineral exploration and development company which has primary interests in exploration properties in Ontario. Its main properties are the recently optioned Borealis Gold Property in Nevada and the Clavos Gold property in Timmins and its 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.
Contacts:
Sage Gold Inc.
Nigel Lees
President and C.E.O.
416-204-3170
416-260-2243 (FAX)
Sage Gold Inc.
Mike O'Brien
Manager/Investor Relations
416-204-3170
416-260-2243 (FAX)