San Gold Corporation

SXR: TSX-V www.sgxresources.com

WINNIPEG, Nov. 2 /CNW/ - Hugh Wynne, CEO of SGX Resources Inc. (SXR: TSX-V) is pleased to report that a comprehensive, NI 43-101 compliant report has been completed for the Tully Gold Property, located within Tully Township near Timmins, Ontario. The Report includes a geological potential and mineral resource estimates as well as a preliminary economic assessment. The Tully Gold Property is owned 50% by San Gold Corporation (SGR: TSX) and 50% by SGX Resources Inc. with SGX being the operator. The following table from the Report summarizes the mineral resources and geological potential estimates.

Summary of Mineral Resource and Geological Potential Estimates

The Geological Potential quantity and grade is conceptual in nature as there has been insufficient exploration to define a "Mineral Resource" as defined in NI 43-101, and it is uncertain if further exploration will result in the geological potential being delineated as a Mineral Resource. Mineral resources that are not mineral reserves do not have demonstrated economic viability.

The mineral resource estimate was carried out using industry standard polygonal longitudinal section methodology. The mineral resources are undiluted and are uncapped. A total of 37,910 metres in 170 drill holes have been completed by previous operators. Indicated Mineral Resource estimates were based upon a 12.5 metre radius of influence around drill hole intercepts, whereas Drill Inferred Resource estimates were based upon a 25 metre radius of influence around drill hole intercepts. A specific gravity of 2.8 was used for tonnage calculations

The Author is of the opinion that the assay data base for the Project is of sufficient quality to provide the basis for the conclusions and recommendations reached in this Report.

"In the Author's Opinion, the geological setting of the Property is sufficiently well defined to conclude that there is a valid comparison to be made between the property and the mines that occur in the Bell Creek-Hoyle Pond trend of the Timmins gold camp. The Author concludes that the in-situ grade potential of the property will ultimately be in the range of 8 to 10 grams gold per tonne, that the work completed to date on the property has demonstrated the presence of a significant gold resource, that the Property has economic potential, and recommends that the Company complete additional definition and exploration drill and initiate planning for an underground exploration and development program with the objective to confirm the geometry and continuity of the vein structures and to confirm sufficient measured and indicated resources to warrant completion of a feasibility study."

A preliminary economic assessment of the Project indicates that the Property has economic potential. The fact that there are currently operating gold mines in the Timmins camp supports the conclusion that Timmins-type gold mineralization can be operated on a sound economic basis.

The following table summarizes the key economic results of the preliminary analysis.

SUMMARY OF KEY ECONOMIC RESULTS

(Canadian dollars unless indicated otherwise)

The Preliminary Assessment is preliminary in nature, and includes inferred resources that are considered too speculative geologically to have economic considerations applied to them that would allow them to be categorized as mineral reserves and thus there is no certainty that the preliminary assessment will be realized.

Peter George, P.Geo., of Geoex Limited is the independent qualified person in accordance with NI 43-101 responsible for the Report referenced in this news release. The Report is a revised version of a similar report prepared by Mr. George in 2008 for the vendor of the Tully Gold Property to SGX. No work was done on the property during the period from completion of the 2008 report to the time that the property was acquired by SGX. The preliminary economic assessment in the Report for SGX was updated to 2010 costs and gold prices. Mr. George has made several site visits to the property with the most recent being on August 16, 2010. Mr. George is a geologist with over 40 years experience and has prepared evaluation reports for a number of mining operations. During the past 5 years Mr. George completed resource and reserve estimates for the San Gold Corporation gold mining operations in Bissett, Manitoba, the Gold Eagle Bruce Channel gold project in the Red Lake area, Ontario, and the Valgold Resources Ltd. gold project east of Timmins in Garrison Township, Ontario.

John Boissoneault, P.Eng., of SGX Resources Inc. is the qualified person responsible for this news release. For further information contact Hugh Wynne, CEO of SGX Resources Inc., at 1 888 749-4621 or at (204) 791-1723. A copy of the full report will be made available on the company's website and has been filed with Sedar.