San Gold acquires Gold Horse mineral claims
Ticker Symbol: C:SGR
San Gold acquires Gold Horse mineral claims
San Gold Corp (C:SGR)
Shares Issued 268,431,758
Last Close 2/12/2010 $3.68
Tuesday February 16 2010 - News Release
Mr. Dale Ginn reports
SAN GOLD CORPORATION ANNOUNCES ACQUISITION OF GOLD HORSE MINERAL CLAIMS AND AMENDMENT TO EARLIER PRESS RELEASE
San Gold Corp. has completed the acquisition of four mineral claims known as the Gold Horse mineral claims from Newquest Gold Inc. The consideration paid by San Gold to Newquest for the Gold Horse mineral claims is $50,000 in cash and the issuance of 60,000 common shares of San Gold to Newquest. The Gold Horse mineral claims cover a total of approximately 400 hectares and are located near and to the west of San Gold's mineral properties in and around Bissett, Man. The Gold Horse mineral claims are subject to a 3-per-cent net smelter royalty held by Golden Canadian Ltd.
Following a re-evaluation of prior work, San Gold intends to actively explore the Gold Horse mineral claims as part of its 2010 exploration program in the Rice Lake gold belt. The payment to Newquest of $50,000 in cash and the issuance of 60,000 common shares of San Gold are being held in escrow pending the formal registration of the transfer of the Gold Horse mineral claims from Newquest to San Gold.
The purchase of the Gold Horse mineral claims by San Gold is subject to the final approval of the TSX Venture Exchange.
San Gold also wishes to announce a correction to its news in Stockwatch Jan. 22, 2010, announcing the issuance of 3,125,000 incentive stock options to purchase its common shares, exercisable at $3.45 per common share, to approximately 48 directors, officers, employees and consultants of San Gold. The actual number of options issued by San Gold on Jan. 22, 2010, was 4.25 million. All other information regarding the issuance of the options remains correct.
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