MANITOBA – SAN GOLD of Bissett has joined the ranks of Canadas gold producers. In its first sale, which occurred on April 13, 2007, the company sold 1,318 oz of gold at US$672.50/oz for a net settlement of Cdn$1.0 million. The company plans to produce 50,000 oz of gold this year.
San Gold has not hedged or sold forward any of its reserves or production and does not intend to do so. Its gold is deposited in a major Canadian bank, and then sold at the companys direction. San Gold has an option with this bank whereby the mining company may borrow up to 90% of the value of the gold on deposit; however, San Gold has not yet used this credit facility.
Investor information about San Gold is available by calling 800-321-8564.