Press release from CNW Group

SGX Resources Inc. Announces Closing of Flow-Through Shares for Debt Transaction

Thursday, December 22, 2011

WINNIPEG, Dec. 22, 2011 /CNW/ - Mr. Hugh Wynne, Executive Chairman of SGX Resources Inc. (the "Corporation"), a company listed on the TSX Venture Exchange under the symbol "SXR", today announced the Corporation has closed its previously announced "shares for debt" transaction pursuant to which the Corporation has issued common shares of the Corporation issued as "flow-through shares" within the meaning of the Income Tax Act (Canada) ("Flow-Through Shares") in satisfaction of certain liabilities (the "Shares for Debt Transaction").

Pursuant to the Shares for Debt Transaction, the Corporation has issued 3,163,864 Flow-Through Shares to certain subscribers (the "Designated Purchasers") that subscribed for units (the "Units") pursuant to its private placement offering of Units of the Corporation which closed in December of 2009. These Flow-Through Shares are being issued in satisfaction of an aggregate of $790,966 in tax liabilities owing pursuant to that offering resulting from the failure of the Corporation to incur $1,588,981 in qualifying expenditures, as described below.

As previously announced, pursuant to the subscription agreement (the "Subscription Agreement") entered into by the Corporation and the purchasers of Units, the Corporation was required, prior to December 30, 2010, to incur qualifying expenditures, and renounce to the purchasers of such Units an amount equal to $2.50 per Unit (an aggregate amount of $6,041,400). In fact, the Corporation incurred an aggregate of $4,452,419 of qualifying expenditures, representing a deficiency of $1,588,981, but renounced the full amount to purchasers of such Units. The result of such deficiency is that all purchasers of Units would be subject to a tax liability based upon the amount of such deficiency.

The Corporation entered into debt settlement agreements with the Designated Purchasers pursuant to which such Designated Purchasers agreed to accept a greater tax liability than they would otherwise be subject to in consideration of the payment of a settlement amount equal to that tax liability. This has resulted in the other purchasers of Units not being subject to a tax liability. The Designated Purchasers have accepted, in satisfaction of the settlement amount, Flow-Through Shares (the "Debt Shares") in full satisfaction of the settlement amount at a deemed price of $0.25 per Debt Share.

The purpose of the Corporation entering into the Shares for Debt Transaction was to isolate the tax liabilities among the Designated Purchasers (rather than all purchasers of Units) and to enable the Corporation to satisfy the settlement amounts in Debt Shares rather than in cash. The directors of the Corporation believed that isolating the tax liability among the Designated Purchasers was preferable to all purchasers of Units incurring a tax liability.

Certain Designated Purchasers are "related parties" (within the meaning of TSX Venture Policy 5.9) of the Corporation (the "Related Parties"). Hugh Wynne, the Executive Chairman and a director of the Corporation, was issued 261,516 Flow-Through Shares in satisfaction of $65,379 in debt owing to Mr. Wynne. Ben Hubert, a director of the Corporation, was issued 180,660 Flow-Through Shares in satisfaction of $45,165 in debt owing to Mr. Hubert. William Ferreira, a director of the Corporation, was issued 39,748 Flow-Through Shares in satisfaction of $9,937 in debt owing to Mr. Ferreira. Dale Ginn, the President and CEO of the Corporation, was issued 36,136 Flow-Through Shares in satisfaction of $9,034 in debt owing to Mr. Ginn. The issuance of the Flow-Through Shares to the Related Parties will not have a material effect on the percentage ownership of the Corporation.

The Corporation is not required to prepare a formal valuation or obtain minority shareholder approval with respect to the Shares for Debt Transaction because the fair market value of the Flow-Through Shares issued to the Related Parties in connection with the Shares for Debt Transaction is not greater than 25% of the market capitalization of the Corporation.

The final closing of the Shares for Debt Transaction is subject to the approval of the TSX Venture Exchange.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of the contents of this News Release.

Press release from CNW Group

SGX Resources Inc. Announces Acquisition of Mineral Claims

Wednesday, December 21, 2011

/THIS PRESS RELEASE IS NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES./

WINNIPEG, Dec. 21, 2011 /CNW/ - Dale Ginn, CEO of SGX Resources Inc. ("SGX") (TSX-V: SXR), is pleased to announce that SGX has completed the acquisition of five mineral claims (the "Salo Mineral Claims") located in the Porcupine Mining Division, District of Cochrane, Ontario from Randall Salo ("Salo"). The consideration paid by SGX to Salo for the Salo Mineral Claims is 100,000 common shares of SGX and $10,000 in cash. The Salo Mineral Claims are also subject to a 2% net smelter royalty in favor of Salo.

Mr. Ginn is also pleased to announce that SGX has completed the acquisition of four mineral claims (the "Bremner Mineral Claims") located in Sothman township in the Porcupine Mining Division, District of Cochrane, Ontario from Daryl Bremner ("Bremner"). The consideration paid by SGX to Bremner for the Bremner Mineral Claims is 120,000 common shares of SGX and $2,000 in cash. The Bremner Mineral Claims are also subject to a 2% net smelter royalty in favor of Bremner.

Following a reevaluation of prior work, SGX intends to actively explore the Salo Mineral Claims and the Bremner Mineral Claims.

The purchase of the Salo Mineral Claims and the Bremner Mineral Claims by SGX is subject to the final approval of the TSX Venture Exchange.

Neither the TSX Venture Exchange nor its Regulation Service

Press release from Marketwire

Wildcat Exploration Completes Initial Drilling on the Burntwood Project in the Thompson Nickel Belt

Wednesday, December 14, 2011

WINNIPEG, MANITOBA--(Marketwire - Dec. 14, 2011) - Wildcat Exploration Ltd. (TSX VENTURE:WEL)is pleased to report that it has completed the previously announced program consisting of three drill holes totaling 510 metres on two targets on its Burntwood property in the prolific Thompson Nickel Belt. Assays are pending.

Tom Lewis, VP of Exploration for Wildcat commented "We are pleased that our drilling at Burntwood intersected sulphide mineralization within ultramafic rocks of the Ospwagan group and assays will provide definitive information. We also have other drill targets in this belt, but freeze-up conditions are required in order to drill them. In the meantime, our geologists are preparing several copper-zinc targets on Wildcat's Reed project in the Flin Flon greenstone belt. These targets are hosted in favourable rocks along strike from the Reed copper deposit of HudBay Minerals and VMS Ventures."

The Burntwood property consists of 58 claims located approximately 55 km southwest of Thompson, Manitoba, and was optioned from the exploration unit of Anglo American plc ("Anglo American") (News Release September 7, 2010). Originally two holes totaling 400 m were planned; however, Wildcat decided onsite to add a third drill hole beneath the second hole. The drill sites are approximately 6 km east of Highway 6 in the vicinity of Phillips Lake. The helicopter-supported drill program targeted two anomalies that were identified from a VTEM airborne magnetic and electromagnetic survey contracted by Anglo American.

Drilling intersected Archean granites and granite gneisses of the Superior Craton and mafic and ultramafic rocks interpreted to be part of the Ospwagan group. The Ospwagan group of rocks hosts the producing nickel-copper deposits in the Thompson Belt. Drill hole TB-2011 02, in a section of core approximately 20 metres in length, intersected intermittent zones of disseminated and fracture-filled sulphides observed within brecciated and massive peridotitic rocks. Drill core samples have been submitted to TSL Laboratories in Saskatoon for analysis. Following receipt of the assay results, Wildcat's geologists may follow up with downhole pulse electromagnetic surveys designed to detect the presence and direction of off-hole sulphide mineralization.

Wildcat's exploration program is managed by Tom Lewis, P.Eng., a Qualified Person as defined by NI 43-101, who has reviewed all technical information in this release.

From BMO - 06 Dec 2011

Subject: Diversify your portfolio with gold bullion

You can now diversify your portfolio with gold bullion. Having the ability to own physical gold is an option many investors find appealing. With the launch of our new Gold Deposit and Delivery Program, you will be able to purchase physical gold in a simple and cost effective way. This unique program allows you to purchase gold and either have it held in a custodial account operated by BMO Nesbitt Burns at an approved third party storage facility or delivered to your home.

Deposit Program
Purchased gold is deposited in a custodial account operated by BMO Nesbitt Burns at an approved third party storage facility
The facility is responsible for, and bears the risk or loss of, and damage to, the gold bullion in its custody
You pay no annual storage fees or annual MER. Withdrawal and delivery fees may apply. The program offers daily liquidity and physical withdrawal and delivery options1

Delivery Program2
Purchased gold is delivered to your home Physical gold can ONLY be purchased through our investment representatives. Minimum purchase is one troy ounce of gold.

For details about the programs or to buy gold, call us at 1 888 776-6886 during our business hours from 8:00 a.m. - 8:00 p.m. ET, Monday to Friday.

1 Your completed Delivery Order form is required to request the physical delivery of gold to your home. Withdrawal and Delivery Fee is equal to CDN$100.00 per ounce, plus applicable taxes.

2 Before participating in either Program, Clients should be aware that electing to take physical delivery of gold bullion involves certain considerations, risks, and limitations, including, without limitation, that an investment in gold bullion is speculative and past performance of the price of gold bullion is not indicative of future performance. Clients should carefully review fully and in its entirety the Disclosure Statement and related Terms and Conditions applicable to the Program before participating in either the Gold Deposit Program or the Gold Delivery Program. Once physical gold bullion is taken out of the deposit system (i.e. physically delivered), neither Bank of Montreal, BMO Nesbitt Burns Inc., BMO InvestorLine or any other party will buy it back from you. The Gold Deposit Program is not available to residents of PEI or the Territories. The gold under the Programs will not constitute deposits that are insured under the Canada Deposit Insurance Corporation Act or any other deposit insurance regime.

Jack Farchy - London— Financial Times

Published Thursday, Nov. 17, 2011 7:08AM EST

.

Central banks made their largest purchases of gold (GC-FT1,743.90-30.40-1.71%) in decades in the third quarter, as a sharp drop in prices in September accelerated the shift to bullion as a means of diversification.

The scale of the buying, at 148.4 tonnes on a net basis, will come as a surprise to many traders as it is a long way beyond the purchases that had previously been disclosed.

The data were published in a quarterly report by the World Gold Council, a lobby group for the gold industry, on Thursday morning. The WGC declined to detail the identity of the central banks behind the majority of the buying citing “confidentiality restrictions”, saying only that “a slew of new entrants emerged wishing to bolster gold holdings”.

The activity of central banks is one of the most important drivers of the gold market, but many banks disclose few details about the changes in their bullion reserves.

Central banks became net buyers of gold last year after two decades of heavy selling - a reversal that has helped propel the price of bullion to a high of $1,920.30 (U.S.) a troy ounce in September, up 600 per cent in a decade.

This year, led by emerging market central banks intent on diversifying their growing foreign exchange reserves, they are set to buy more gold than at any time since the collapse of the Bretton Woods system 40 years ago, the last time the value of the dollar was linked to gold.

The purchase of 148.4 tonnes in July-September is the largest since GFMS, the consultancy which produces the data underlying the WGC reports, began compiling quarterly numbers in 2002. Before then, the last time central banks were net buyers of gold was in 1988 when they bought 180 tonnes.

Marcus Grubb, head of investment at the WGC, said of the buyers: “We believe it’s a number of purchasers from different countries.”

The majority of the buying took place in September after prices fell sharply from record levels at $1,900 to a low of $1,534.49, he said. It also coincided with growing international tensions over the US dollar after a tense dispute in Washington about raising the debt ceiling.

However, Mr. Grubb said that the buyers were probably pursuing longer-term targets: “Central bank buying tends to follow a different heartbeat than pure investment purchases of gold. It’s often based on targets set earlier in the year on gold as a proportion of foreign exchange reserves.”

He predicted that central bank buying for the full year could be 450 tonnes, imply a further 90 tonnes in the fourth quarter. GFMS last month said that central bank purchases were likely to be in excess of 400 tonnes and could reach 500 tonnes, an upward revision from its forecast in September of 336 tonnes of buying for the year.

Elsewhere, the WGC reported that China overtook India to become the largest consumer of gold jewellery in the third quarter. Chinese jewellery consumption rose 13 per cent from a year earlier to 138.6 tonnes, while buying from India - traditionally the world’s top consumer - fell 26 per cent.

Press release from Marketwire

San Gold Reports Operating Income of $12.1 Million and Quarterly Profit of $1.0 Million

Monday, November 14, 2011

WINNIPEG, MANITOBA--(Marketwire - Nov. 14, 2011) - San Gold Corporation (TSX:SGR)(OTCQX:SGRCF) ("San Gold" or the "Company") reports financial and operating results for the third quarter of 2011. The Company is also providing an update on its outlook for the remainder of the year.

Third Quarter 2011 Highlights:

• For the first time in history, the Company reported unadjusted positive quarterly net income of $1.0 million.


• Recognized record revenue of $32.9 million on gold sales of 18,867 ounces at a realized price of $1,743 per ounce.


• Generated cash flow from operations before changes in working capital of $9.8 million.


• Generated record operating income from operations of $12.1 million.


• Reported total cash costs of $769 per ounce of gold sold, below annual guidance of $825 per ounce.


• Realized a cash operating margin of $974 per ounce of gold sold.


• Achieved average mill throughput of 1,324 tons per day.

Subsequent to quarter-end, the Company:

• Maintained full-year production guidance of 80,000 ounces and reduced its full-year total cash cost guidance to less than $800 per ounce.


• Provided 2012 gold production guidance of 100,000 ounces and preliminary projected guidance for 2013 of 120,000 ounces.

"I am very pleased with this quarter's financial and operating results," stated George Pirie, President and Chief Executive Officer of San Gold. "The Company has reported record financial and operating performance in the first nine months of the year, with record revenue, cash flow from operations, and income from operations. The Company is also reporting its first ever quarter with positive earnings. The dramatic reduction we've seen in cash operating costs confirms our belief that the operational improvements implemented over the past two years would result in increased productivity leading to higher production and lower costs, as evidenced by record-low total cash costs of $769 per ounce. I am also pleased to report that we remain on track to deliver on our full-year guidance of 80,000 ounces and that we are reducing our total cash cost guidance for 2011 to below $800 per ounce of gold sold."

This press release should be read in conjunction with the Company's consolidated financial statements for the quarter ended September 30, 2011 and associated Management's Discussion and Analysis ("MD&A"), which are available from the Company's website (www.sangold.ca), in the "News & Reports" section under "Financial Statements", and on SEDAR (www.sedar.com).

Review of Financial Results

For the first time in its history, the Company reports adjusted positive quarterly earnings in the third quarter of 2011, with total and comprehensive income in the third quarter of $1.0 million or a third of a cent a share. This is a significant improvement relative to a loss of $4.6 million or two cents per share, in the third quarter of 2010.

Gold sales revenue in the third quarter of 2011 was $32.9 million on the sale of 18,867 ounces, 137% higher than revenue of $13.9 million recognized in the third quarter of 2010. The increase in revenue in the third quarter of 2011 is a result of an 82% increase in the number of ounces sold and a 30% increase in the average realized gold price compared to the third quarter of 2011.

The Company generated record cash flow from operating activities before changes in non-cash working capital of $9.8 million, a significant change compared to a use of $0.4 million in the third quarter of 2010. After changes in non-cash working capital, operating activities generated $10.4 million in the third quarter of 2011, a substantial change from the use of $6.7 million in the third quarter of 2010.

In the third quarter of 2011, the Company reported record income from operations of $12.1 million, a 195% improvement from $4.1 million in the comparable period of last year. Income from operations in the third quarter of 2011 also represents a 60% increase relative to the prior period.

Capital spending in the third quarter of 2011 was focused on increasing mill capacity, improving key infrastructure, and sustaining capital. The Company capitalized $6.4 million of property, plant, and equipment during the quarter compared to $6.5 million in the same quarter of the prior year. In the first nine months of 2011, the Company capitalized $21.1 million of property, plant, and equipment compared to $10.0 million in the same period of last year.

Key financial metrics for the third quarter of 2011 compared to the third quarter of 2010 are presented at the end of this press release in Table 1.

Third Quarter 2011 Operating Results

Gold production in the third quarter of 2011 was 52% higher than production of 12,568 ounces in third quarter of 2010. Gold production of 53,918 ounces in the first nine months of the 2011 was 58% higher than production of 34,217 ounces in the same period of 2010. Higher gold production in 2011 is a result of increased mill throughput relative to the comparable periods of 2010.

Total cash operating costs were $769 per ounce of gold sold in the third quarter of 2011, below full year guidance of $825. Lower total cash operating costs, combined with a realized gold price of $1,743 per ounce, resulted in a record cash operating margin of $974 per ounce. With year-to-date production of 53,918 ounces and the mill expansion substantially complete, the Company remains on-track to meet full-year production guidance of 80,000 ounces. Year-to-date total cash costs of $813 per ounce of gold sold is slightly below full-year guidance of $825.

Key operational metrics and production statistics for the third quarter of 2011 compared to the third quarter of 2010 and on year-to-date bases are presented in tables 2 and 3 at the end of this press release, respectively.

Outlook

In the first nine months of 2011, the Company has achieved record operating and financial performance, characterized by record revenues and cash flow from operations, and downward trending cash costs per ounce of gold. Also, for the first time in the Company's history, the Company has reported positive quarterly earnings.

The increase in crushing and milling capacity, the implementation of more cost-effective mechanized mining methods, and the removal of constraints from operations contributed to the substantial increase in gold production and reduction in cash costs. With the expansion initiatives planned for 2011 substantially complete, mill throughput is forecast to increase significantly in the fourth quarter towards a year end exit rate of over 1,700 tons per day. In addition to the processing capacity improvements, the Company had a stockpile of 26,000 tons at the quarter end. In the subsequent period, the Company expects strong grades and increased tonnage from 007 and a reducing stockpile towards year end. As a result of these factors, the Company reiterates its full-year production guidance of 80,000 ounces. The Company also announces a 2012 gold production guidance of 100,000 ounces followed by a projected 120,000 ounces in 2013.

Record gold production has been accompanied by a steady quarter-over-quarter reduction in total cash operating costs per ounce of gold sold from $862 per ounce in the first quarter to a -low of $769 per ounce in the third quarter. Year-to-date total cash costs are $813 per ounce of gold sold, slightly below 2011's full year guidance of $825. The Company expects that it will continue to benefit from lower cash costs throughout the remainder of 2011 and is forecasting year-end exit total cash operating cost approaching $650 per ounce. Accordingly, the Company is revising its 2011 full year total cash cost guidance downward from $825 to less than $800 per ounce of gold sold.

Capital spending in the fourth quarter will be allocated to the commissioning of the new, high-capacity flotation cells and the installation and commissioning of a new overland conveyor and a screening plant. Once complete, these improvements are expected to further increase production and reduce total cash costs through increased capacity and improved gold recovery.

Exploration activities continue to build on this year's drill results. More detailed exploration disclosure will be forthcoming but early indications show that the 007 drilling programs have successfully identified significant vertical and lateral continuity and extension resulting in accelerated development in the district. The picture is changing from one of several discrete stacked lenses into a single continuous structure that is over 450 metres long and up to 12 metres wide at a depth of 350 metres below surface. The L10 zone has been confirmed by drilling from surface and underground to a depth of 800 metres and is fully accessible from the 16th level (730 metres below surface) at the Rice Lake Mine. A new drill program in proximity to the SG1 mine has produced some very encouraging initial results and may support dewatering of the mine which has been on care and maintenance for approximately three years. Exploration drill holes previously released with our third quarter production results have identified a new footwall zone at SG1 that is separate and distinct and has better widths and grade than the material originally mined at SG1 mining which was done to a maximum depth of 185 metres. The developments at SG1 support the thesis that there may be other large intrusive hosted ore bodies proximal to the nearby Ross River Pluton. San Gold is looking forward to summarizing its 2011 exploration program results and providing frequent updates during the fourth quarter of 2011.

Exploration activities for the remainder of the year will continue to focus on definition and extension drilling for both production planning and exploration purposes at the San Antonio Mining Unit, the Shoreline Basalt Unit, the Normandy Creek Shear Zone, and within the intermediate volcanic rock unit north of the Shoreline Basalt Unit. The objectives of the Company's exploration programs is to develop a larger mine complex that can be exploited through existing infrastructure. The Company plans to report an updated mineral reserve and resource statement in 2012.

With rising production, declining cash costs, record gold prices, and a strong balance sheet, the Company has positioned itself to finance its immediate development plans, as well as grow through new discoveries and potential acquisitions or joint venture opportunities.

Reminder of Third Quarter 2011 Financial Results Conference Call

The Company's senior management plans to host a conference call, November 15, 2011 at 11:00 am Eastern Standard Time to discuss the 2011 third quarter financial results, and to provide an update of the Company's operating, exploration, and development activities.

Participants may join the conference call by dialing 1 (877) 240-9772 or 1 (416) 340-8530 for participants outside of Canada and the United States. The conference call will also be available by webcast on the Company's website at www.sangold.ca.

A recorded playback of the conference call can be accessed after the event until November 22, 2011 by dialing 1 (800) 408-3053 or 1 (905) 694-9451 for calls outside Canada and the United States. The pass code for the conference call playback is 2825740. The archived audio webcast will also be available on the Company's website at www.sangold.ca.