San Gold Corporation (TSX:SGR)(OTCQX:SGRCF) today announced the
results of drilling in the 84 Vein of the Rice Lake Mining Complex
in Manitoba, Canada.
Results obtained from the 84 Vein drilling program demonstrate
robust grades and widths, including 26-11-262 with 27.1 g/tonne
over 15.4 metres and 26-11-259 with 13.6 g/tonne over 11.7
metres.
The results were obtained from a previously untested mineralized
region located within 100 metres of existing infrastructure between
24 Level and 26 Level in the Rice Lake shaft mine. San Gold will
begin mining operations within the 84 Vein in early 2012. Ramp
development from 26 Level is already underway, with active mining
starting during the first quarter.
Highlights of the 84 Vein drilling are as follows:
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Hole # Vertical Depth From To Core Length Au
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Metres g/tonne
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26-11-262 1,113.8 117.2 132.6 15.4 27.1
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26-11-259 1,147.6 158.5 162.5 4.0 7.5
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And 172.2 183.9 11.7 13.6
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26-09-038 1,126.0 202.6 224.8 22.2 6.9
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26-09-037 1,128.2 189.8 204.3 14.6 9.0
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26-09-034 1,127.7 162.2 167.4 5.2 14.3
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26-11-245 1,128.0 90.4 96.3 5.9 12.1
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26-09-045 1,129.5 212.8 218.9 6.1 8.6
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26-10-062 1,139.8 143.3 148.1 4.8 7.3
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"This shows the tremendous exploration potential that still
exists within the original mining unit. These discoveries are
especially valuable because of how quickly they can be incorporated
into the mine plan," said George Pirie, San Gold's President and
Chief Executive Officer.
The 84 Vein is hosted along the San Antonio Mine unit, a mafic
unit associated with production of about 1.5 million ounces of gold
since 1931. This drilling summary includes all diamond drilling
carried out to date within the 84 Vein between 2009 and 2011 from
underground drill stations located within the Rice Lake Mining
Complex. In total, 35 intercepts were recorded from 29 holes in
this region.
Figures 1 to 4, at the end of this release, provide a detailed
long section and graphic illustrations showing drill holes and
intercepts related to the 84 Vein drilling program. These figures
can also be found on the company web site (www.sangold.ca) and on
SEDAR (www.sedar.com).
This program was carried out by San Gold mine geologists under
the supervision of D. Ginn, P.Geo., the Qualified Person for San
Gold under National Instrument 43-101. Underground drill core
samples are assayed on site in the company's assay lab using the
fire assay method with an AA and gravimetric finish. San Gold's
quality control and assurance program includes the insertion of
standards, the retention of pulps and rejects, and spot checks
utilizing independent labs including TSL Laboratories in Saskatoon,
SK and Accurassay Laboratories of Thunder Bay, ON. The core lengths
are actual lengths as drilled and have not been adjusted for the
true width of the mineralized zones.
About San Gold
San Gold is an established Canadian gold producer, explorer, and
developer that owns and operates the Hinge, 007, and Rice Lake
mines near Bissett, Manitoba. The Company employs more than 400
people and is committed to the highest standards of safety and
environmental stewardship. San Gold is on the Toronto Stock
Exchange under the symbol "SGR" and on the OTCQX under the symbol
"SGRCF".
For further information on San Gold, please visit
www.sangold.ca.
Cautionary Note
No stock exchange, securities commission or other regulatory
authority has approved or disapproved the information contained
herein. This news release includes certain "forward-looking
statements". All statements, other than statements of historical
fact included in this release, including, without limitation,
statements regarding forecast gold production, gold grades,
recoveries, cash operating costs, potential mineralization, mineral
resources, mineral reserves, exploration results, and future plans
and objectives of the Company, are forward-looking statements that
involve various risks and uncertainties. These forward-looking
statements include, but are not limited to, statements with respect
to mining and processing of mined ore, achieving projected recovery
rates, anticipated production rates and mine life, operating
efficiencies, costs and expenditures, changes in mineral resources
and conversion of mineral resources to proven and probable mineral
reserves, and other information that is based on forecasts of
future operational or financial results, estimates of amounts not
yet determinable and assumptions of management.
Any statements that express or involve discussions with respect
to predictions, expectations, beliefs, plans, projections,
objectives, assumptions or future events or performance (often, but
not always, using words or phrases such as "expects" or "does not
expect", "is expected", "anticipates" or "does not anticipate",
"plans", "estimates" or "intends", or stating that certain actions,
events or results "may", "could", "would", "might" or "will" be
taken, occur or be achieved) are not statements of historical fact
and may be "forward-looking statements." Forward-looking statements
are subject to a variety of risks and uncertainties that could
cause actual events or results to differ from those reflected in
the forward-looking statements.
There can be no assurance that forward-looking statements will
prove to be accurate and actual results and future events could
differ materially from those anticipated in such statements.
Important factors that could cause actual results to differ
materially from the Company's expectations include, among others,
the actual results of current exploration activities, conclusions
of economic evaluations and changes in project parameters as plans
continue to be refined as well as future prices of precious metals,
as well as those factors discussed in the section entitled "Other
MD&A Requirements and Additional Disclosure and Risk Factors"
in the Company's most recent quarterly Management's Analysis and
Discussion ("MD&A"). Although the Company has attempted to
identify important factors that could cause actual results to
differ materially, there may be other factors that cause results
not to be as anticipated, estimated or intended. There can be no
assurance that such statements will prove to be accurate as actual
results and future events could differ materially from those
anticipated in such statements. Accordingly, readers should not
place undue reliance on forward-looking statements.
Exploration results that include geophysics, sampling, and drill
results on wide spacings may not be indicative of the occurrence of
a mineral deposit. Such results do not provide assurance that
further work will establish sufficient grade, continuity,
metallurgical characteristics, and economic potential to be classed
as a category of mineral resource. A mineral resource that is
classified as "inferred" or "indicated" has a great amount of
uncertainty as to its existence and economic and legal feasibility.
It cannot be assumed that any or part of an "indicated mineral
resource" or "inferred mineral resource" will ever be upgraded to a
higher category of resource. Investors are cautioned not to assume
that all or any part of mineral deposits in these categories will
ever be converted into proven and probable reserves.
Table 1: Full Listing of 84 Vein Drilling Results (1)
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Hole # Vertical Depth From To Core Length Au
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Metres g/tonne
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26-11-243 1,125.7 106.3 108.6 2.3 2.0
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26-11-244 74.5 74.6 0.2 20.6
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and 1,148.8 79.6 81.7 2.1 3.2
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and 1,147.0 85.6 87.1 1.6 5.0
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26-11-245 1,128.0 90.4 96.3 5.9 12.1
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incl. 92.7 96.3 3.7 16.8
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26-11-246 1,139.2 104.4 106.0 1.6 1.5
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26-11-248 1,137.8 90.4 91.4 1.0 1.5
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26-11-249 98.7 101.0 2.3 1.9
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26-11-251 1,142.9 105.6 108.5 2.9 2.9
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26-11-254 1,157.8 115.3 118.9 3.6 4.1
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26-11-255 1,155.3 139.2 141.1 1.9 2.5
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26-11-256 1,142.1 134.1 152.5 18.3 3.4
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incl. 135.0 137.3 2.3 10.9
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incl. 139.7 141.6 1.9 7.0
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incl. 150.3 152.5 2.2 6.2
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26-11-257 1,156.7 141.5 148.7 7.2 0.5
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26-11-258 1,113.1 158.4 160.5 2.1 3.1
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26-11-259 1,147.6 158.5 162.5 4.0 7.5
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and 172.2 183.9 11.7 13.6
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incl. 1,143.9 182.6 183.9 1.3 120.2
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26-11-260 1,092.7 131.8 135.2 3.4 4.4
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26-11-261 1,123.2 79.6 83.1 3.5 6.5
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26-11-262 1,134.3 79.2 81.7 2.4 6.6
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and 1,113.8 117.2 132.6 15.4 27.1
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incl. 121.3 129.5 8.2 46.4
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26-11-263 No Significant Results
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26-10-059 1,109.4 201.2 207.1 6.0 1.4
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26-10-062 1,139.8 143.3 148.1 4.8 7.3
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26-09-033 1,146.3 132.3 137.0 4.7 3.8
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26-09-034 1,123.3 179.2 187.0 7.7 6.6
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and 1,127.7 162.2 167.4 5.2 14.3
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26-09-036 1,164.1 129.2 130.8 1.6 8.7
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26-09-037 1,128.2 189.8 204.3 14.6 8.9
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and 1,132.8 176.2 180.7 4.5 4.7
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26-09-038 1,126.0 202.6 224.8 22.2 6.9
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26-09-040 1,157.6 138.2 143.4 5.2 3.3
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26-09-041 1,141.6 122.5 131.9 9.4 3.6
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26-09-042 78.2 82.4 1.4 3.2
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26-09-044 1,104.8 238.2 245.5 7.3 4.6
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26-09-045 1,129.5 212.8 218.8 6.1 8.6
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(1) Due to the exploratory nature of this exploration program and the
variable orientations of the high-grade mineralized zones, the
intersections presented herein may not necessarily represent the true
width of mineralization.
To view Figure 1, "84 Vein Longitudinal Section Looking North,
Detailed View," please visit the following link:
http://media3.marketwire.com/docs/Figure1_longsection_detail.jpg.
To view Figure 2, "Drilling in 84 Vein Looking West," please
visit the following link:
http://media3.marketwire.com/docs/Figure2_west.jpg.
To view Figure 3, "Drilling in 84 Vein Looking North," please
visit the following link:
http://media3.marketwire.com/docs/Figure3_north.jpg.
To view Figure 4, "Longitudinal Section Looking North, Showing
Location of 84 Vein Related to RLM Workings," please visit the
following link:
http://media3.marketwire.com/docs/Figure4_longsection_wide.jpg.
The TSX and the OTCQX exchanges have not reviewed and do not
accept responsibility for the adequacy or accuracy of this
release.
Contacts: San Gold Corporation Tim Friesen Communications
Director 1 (204) 772-9149 ext. 202 San Gold Corporation George
Pirie President and CEO 1 (416) 214-0024 www.sangold.ca
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