WINNIPEG, April 15, 2015 /CNW/ - San Gold Corporation (TSX-V: SGR) ("San Gold" or the "Company") announces it 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 (SISP). 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 ongoing Sales and Investor Solicitation Process.
About San Gold
San Gold is an established Canadian gold producer, explorer, and developer that owns and operates the Rice Lake Mining Complex near Bissett, Manitoba. Common shares and subordinated unsecured convertible debentures of the Company are traded on the TSX Venture Exchange under the trading symbols "SGR" and "SGR.DB".
No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. This news release includes certain "forward-looking statements". All statements, other than statements of historical fact included in this release are forward-looking statements that involve various risks and uncertainties.
Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as "expects" or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "estimates" or "intends", or stating that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved) are not statements of historical fact and may be "forward-looking statements." Forward-looking statements are subject to a variety of risks and uncertainties that could cause actual events or results to differ from those reflected in the forward-looking statements.
There can be no assurance that forward-looking statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations include those factors discussed in the section entitled "Other MD&A Requirements and Additional Disclosure and Risk Factors" in the Company's most recent quarterly Management's Discussion and Analysis ("MD&A"). Although the Company has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.
SOURCE San Gold Corporation
For further information: For further information on San Gold, please visit www.sangold.ca or contact: Greg Gibson, President and CEO; Tim Friesen, Director of Communications and Corporate Affairs; Toll Free: 1 (855) 585-4653, [email protected]