Canadian Mining Journal

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GOLD DEVELOPMENT: Funding arrives for new zones at San Gold

MANITOBA SAN GOLD has arranged a bought deal private placement worth more than $20 million which will be spent on...



MANITOBA SAN GOLD has arranged a bought deal private placement worth more than $20 million which will be spent on development of new zones at its Bissett-area mines. The placement consists of 13,350 flow-through shares at a cost of $1.50 each. The deal will close in mid-October subject to regulatory approvals.

San Gold will spend the funds on two projects. First is the accelerated exploration of the new high-grade Hinge zones. This area of mineralization was discovered in early 2008 just 1 km east of the Rice Lake gold mine. Assays from the Hinge No.4 zone have been as high as 80.1 g/t Au over6.1 metres. Second is the initial development of the Cartwright-Gabrielle zones going into 2009.

A detailed analysis of San Gold’s operation and exploration efforts was presented at the Denver Gold forum earlier this month. The entire presentation is available at www.SanGoldCorp.com.


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