|By Marketwired .||
|August 12, 2013 04:15 PM EDT||
TORONTO, ONTARIO -- (Marketwired) -- 08/12/13 -- Sage Gold (TSX VENTURE:SGX) ("the Company") has agreed to settle an obligation of $16,667 owed to an arms-length consultant by issuing 333,340 common shares based on an agreed price of $0.05 per common share. The issuance represents initial payments to one vendor pursuant to a one-year consulting agreement. The consulting agreement provides that a portion of the monthly fee can be converted to common shares. The transaction is subject to TSX-V approval.
The company also announces the resignation of Mr. Hua Bai from the Sage Board of Directors.
Mr. Bai who resides in Beijing, China has been a valuable member of the Board of Directors.
Sage President and CEO Nigel Lees commented, "We will miss the wise counsel that Mr. Bai brought to the Board of Directors particularly relating to his views on the development of the China market. We understand that his many business interests in China will preclude him from continued active service on the Board of Directors. We wish him well and thank him for his contribution to the Board."
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. The Company disclaims any obligation to update forward-looking statements.
Sage Gold Inc.
President and C.E.O.
Sage Gold Inc.
Communications Manager/Investor Relations