Sage Gold Amends Purchase Agreement With St Andrew Goldfields Ltd. on Clavos Property
2014年5月1日 - 6:00PM
Marketwired
Sage Gold Amends Purchase Agreement With St Andrew Goldfields Ltd.
on Clavos Property
TORONTO, ONTARIO--(Marketwired - May 1, 2014) - Sage Gold Inc.
(TSX-VENTURE:SGX) ("the Company") and St Andrew Goldfields Ltd.
(TSX:SAS) ("SAS") have amended the purchase agreement dated the 3rd
of December, 2013 by extending the closing date from April 30th,
2014 to August 29th, 2014.
Under the agreement SAS agreed to sell and Sage agreed to
purchase the remaining 40% interest in the Clavos gold property for
$1.0 million in cash together with a 2% Net Smelter Return Royalty
("Royalty"). This agreement is subject to certain conditions,
including financing, and on closing Sage will own 100% of the gold
property in Timmins, Ontario.
Sage Gold President and CEO Nigel Lees commented, "Clavos is one
of the few gold projects that is fully permitted for production in
Canada and Timmins is one of the largest and best historical gold
camps. The Company remains optimistic that its current discussions
with project and other financiers will be successful."
Sage has a NI 43-101 mineral resource estimate for Clavos which
includes Indicated mineral resources of 1,258,400 tonnes at 4.81
g/t Au totaling 194,600 ounces of gold and Inferred mineral
resources of 796,000 tonnes at 4.7 g/t Au representing 120,000
ounces. These mineral resources are reported at a base case cut-off
grade of 2.75 g/t Au and individual assays have been capped at 60
g/t Au.
Sage announced the completion of a Preliminary Economic
Assessment ("PEA") for Clavos on March 01, 2013, which can be found
on the corporate website at www.sagegoldinc.com.
Highlights of the Study include:
- Net Present Value ("NPV") of $23.2MM (pre-tax) and $12.6MM
(after-tax) at an 8% discount
- Internal Rate of Return of 71% (pre-tax) and 47% (after-tax)
based on USD$1500 / oz of gold
- Estimated annual production of approximately 20,000 oz. of gold
per year
- Initial Capex of $14.1 million
- 2.0 year payback from start of production with 7 year mine
life
- Average head grade for gold ranging from 6.45 g/t Au in Year 1
to 4.37 g/t Au in Year 7
- The Project is fully permitted to initiate mining.
Qualified
Person
R. Ritchie, P.Eng, an Independent Qualified Person as defined by
NI 43-101. Mr. Ritchie visited the Clavos JV deposit property on
several occasions between August to October, 2012, and provides
overall responsibility for the technical content of this Press
Release which includes the mining study CAPEX and OPEX cost
estimates and the PEA. Mr. Ritchie has read and consents to the
disclosure of the technical content of this press release.
This PEA is deemed to be reliable at +/- 50% by Mr. R. Ritchie,
Qualified Person for the PEA. Mineral resources are not mineral
reserves and do not have demonstrated economic viability. The
preliminary assessment is preliminary in nature, as it includes
Inferred mineral resources that are considered too speculative
geologically to have the economic considerations applied to them
that would enable them to be categorized as mineral reserves, and
there is no certainty that the preliminary economic assessment will
be realized.
Sage is a mineral exploration and development company which has
primary interests in near-term production and exploration
properties in Ontario. Its main properties are the Clavos Gold
deposit in Timmins and the Lynx deposit and other exploration
properties in the Beardmore-Geraldton Gold Camp. Technical reports
and information relating to the properties can be obtained from the
System for Electronic Document Analysis and Retrieval (SEDAR)
website at www.sedar.com and www.sagegoldinc.com.
This release was prepared by management of the Company who takes
full responsibility for its contents. Neither 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 this release.
This news release contains certain "Forward-Looking Statements"
within the meaning of Section 21E of the United States Securities
Exchange Act of 1934, as amended and "Forward Looking Information"
within the meaning of applicable Canadian securities legislation.
Some forward looking statements and forward looking information
contained in this release are forward-looking and, therefore,
involve uncertainties or risks that could cause actual results to
differ materially. Such forward-looking statements include comments
regarding mining and milling operations, mineral resource
statements and exploration program performance. Factors that could
cause actual results to differ materially include metal price
volatility, economic and political events affecting metal supply
and demand, fluctuations in mineralization grade, geological,
technical, mining or processing problems, exploration programs and
future results of exploration programs, future profitability and
production.
Sage Gold Inc.Nigel LeesPresident and
CEO416-204-3170416-260-2243www.sagegoldinc.com
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