Standard & Poor’s announced today that it has updated its
Factual Stock Report coverage on San Gold Corporation
San Gold Corporation (TXV: SGR; OTCQX: SGRCF) is a Canadian mining company focused on exploring for and producing gold primarily in the Bissett area of Manitoba.
The company's operations, including the Rice Lake Mine, the Hinge Mine, the 007 Mine and the surrounding property and mineral claims of the company are referred to as the Rice Lake Project.
San Gold Corporation amalgamated with its wholly owned subsidiary, Rice Lake Gold Corporation, immediately subsequent to the most recently completed financial year. The company produces gold from underground ore reserves at the Rice Lake Project.
During the 2009 year, the company continued to direct exploration activities toward defining and exploring the gold deposit at the Hinge Mine and the 007 Mine, which are showing considerable promise toward being additional sources of ore within close proximity of the Rice Lake mill. Additionally, the Company achieved success in the discovery of nearby zones of mineralization at what is referred to the Cohiba zone and the L-13 zone.
On January 22nd, 2010, the company completed its agreement with Laurion Mineral Exploration Inc. to purchase, for C$1,000,000 cash and 1,000,000 common shares of San Gold, Laurion's property interests in the Tisdale Township, which consists of Laurion's 31.5% interest in the Davidson-Tisdale property and Laurion's 100% interest in the North Tisdale property. The purchase of the Davidson Tisdale property is outright and free of any royalty while Laurion will retain a 2% net smelter royalty on the North Tisdale property.
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