Sage Gold Inc.

Sage shareholders have already been suffering immensely with little upside possibilities until very recently. Now Sage has 2 deals which have exploration potential and, more importantly, existing NI43-101 compliant reserve/resource estimates. They certainly are moving in the right direction. I don't think asking where the money will come from is nearly as important as asking what will be the structure of the financing deal. The Borealis property has a reserve estimate of 377,356 oz. Using a Barings estimate of $ 100 per oz gives a value of about $ 38 million or $ 19 mil net to Sage. The resource numbers are extra value so let's round it off to $ 20 mil net to Sage. That will help raise financing and they have been in talks with debt and equity financial partners as per the press release. Previous discussions about what Sage could do to turn things around included the potential involvement of Kinross. Well, Sage now at least has some deals on the table that just might be of interest to Kinross. I expect we'll see more press releases coming out between now and the PDAC to build some momentum going into the conference.