San Gold Corp. (SGR:CA)

San Gold Corporation is a Canadian mining company focused on gold exploration and mining in the Rice Lake Greenstone Belt in SE Manitoba, Canada.  The Company’s Rice Lake Gold Project includes two mines: the deep underground, high-grade Rice Lake mine and the nearby near-surface, ramp accessed San Gold #1 (SG-1) deposit. Both mines feed the 1250 ton per day Rice Lake mill which will be expanded to 1900 tons per day by the end of 2009. Both mines are in development and are anticipated to be producing a total of approximately 800 tons per day during 2009.  In 2006, the Cartwright gold deposit was discovered 800 metres west of the Rice Lake mine and in early 2008 the high grade Hinge gold zone was discovered one kilometre east of the Rice Lake mine. Twin declines (ramps) are currently being excavated to access the new discoveries, with the near term emphasis on accessing the Hinge zone before the end of 2008, to be followed by development mining in early 2009.
San Gold also owns or controls nearly 15,000 hectares of exploration lands along the Rice Lake Greenstone Belt of SE Manitoba.  The Company has increased its ore resources and reserves from 550,000 gold ounces (audited, all categories) when it acquired the Rice Lake Project in 2004 to over 1,600,000 gold ounces (audited, all categories) by the end of 2006.  A new 43-101 resource report is in preparation to incorporate the substantial discoveries made in 2007 and 2008.