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San Gold Acquires Mineral Claims from Strikepoint Gold
George Pirie, President and CEO of San Gold Corporation (TSX:SGR)(OTCQX:SGRCF) announced that San Gold has acquired a total of 50 mineral claims (covering 8,974 ha) located in the Rice Lake area of Manitoba from Strikepoint Gold Inc.
In addition, San Gold has acquired all the shares of 6004903 Manitoba Ltd, a wholly-owned subsidiary of Strikepoint, whose sole business is the ownership of certain real property and a house in Bissett, Manitoba. The consideration paid by San Gold for the mineral claims and all the shares of Numco is 1,573,188 common shares of San Gold at a deemed price of $1.462 per share and $125,000 in cash. The transaction was completed pursuant to a purchase agreement dated as of the date hereof between San Gold and Strikepoint.
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Following a re-evaluation of prior work, San Gold intends to actively explore these newly acquired properties with the view to developing such properties.
The property acquired from Strikepoint is currently subject to an option agreement between Strikepoint and San Gold which has now been terminated.
The sale of the mineral claims and shares of Numco by Strikepoint to San Gold is subject to the final approval of the Toronto Stock Exchange.
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About San Gold
San Gold is an established Canadian gold producer, explorer, and developer that owns and operates the Hinge, 007, and Rice Lake mines near Bissett, Manitoba. San Gold employs more than 400 people and is committed to the highest standards of safety and environmental stewardship. San Gold is on the Toronto Stock Exchange under the symbol "SGR" and on the OTCQX under the symbol "SGRCF".
For further information on San Gold, please visit www.sangold.ca.
Posted June 7, 2012
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