09.26.2005
Sage Gold Inc. (CNQ listed: symbol SAGE) is pleased to announce that it has completed an additional tranche of financing through the issuance of 2,203,000 units (“Units”) at $0.075 per unit for gross proceeds of $165,225. To date, a total of 9,995,506 Units at a price of $0.075 per Unit have been issued for gross proceeds of $749,663. Each Unit consists of one common share of the Company and one half of one common share purchase warrant. Each whole warrant entitles the holder to purchase an additional common share at a price of $0.10 per common share at any time until September 22, 2007.
The Company remains active in exploration in Ontario. A 2,000 metre diamond drill program is proceeding well in the Jam Lake zone of the Kerrs Property, near Lake Abitibi. This zone was discovered through historic drilling by Noranda which yielded encouraging gold values (2.5 grams Au/tonne over 10.2 metres and 11.69 grams Au/tonne over 0.76 metres) hosted in brecciated volcanic rocks with pyrite, quartz, carbonate, and green carbonate alteration. The current drilling program is expected to be completed in October. Sage recently increased its total claim area by 11,040 acres for a total of 13,259 acres.
In addition, the Company is conducting an extensive soil sampling program on the Dike Property, Nevada, consisting of 2,700 samples on a 30 X 30 metre grid pattern. The program is expected to be completed in October.
Sage’s main focus is to build a mining corporation through exploration and advanced development and production targets, primarily in gold and silver.
There are 35,771,849 issued and outstanding common shares.
For further information, contact:
Nigel Lees, President and C.E.O.,
or Bill Love, C.F.O.
Phone: 416-204-3170
Fax: 416-260-2243
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This release was prepared by management of the Company who takes full responsibility for its contents. The Canadian Trading and Quotation System Inc. has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.
Some statements 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.