San Gold suspends mining operations to cut costs
2015-04-16 02:21 ET - News Release
An anonymous director reports
SAN GOLD EXPANDS SHORT-TERM OPERATIONAL CHANGES
San Gold Corp. has expanded the scope of the temporary operational changes initiated at its Rice Lake mine in March, including the suspension of all mining operations. The changes are being implemented to conserve cash and reduce the potential for additional short-term financing as the company completes its sales and investor solicitation process. These changes are being made as a result of continued weakness in gold prices and the lack of availability of new financing.
The company is continuing to mill previously mined ore and will subsequently begin the process of recovering available in-process gold inventory. Gold obtained from this process will be used to finance the costs related to maintaining the company's Rice Lake assets as it completes the continuing sales and investor solicitation process.
We seek Safe Harbor.
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