|By Marketwired .||
|October 17, 2013 09:00 PM EDT||
WINNIPEG, MANITOBA -- (Marketwired) -- 10/18/13 -- San Gold Corporation (TSX:SGR)(OTCQX:SGRCF) ("San Gold") today announced that it has closed its previously announced acquisition from Cougar Minerals Corp. ("Cougar") of a 100% interest in 20 mineral claims (the "Mineral Claims") representing approximately 3,117 hectares of land in the Rice Lake gold belt. The Mineral Claims are contiguous to San Gold's current mineral lease in the Rice Lake gold belt. San Gold paid Cougar a total consideration of 400,000 shares of San Gold and $125,000.
San Gold and Cougar were parties to an option agreement dated June 14, 2011 (the "Option Agreement") pursuant to which San Gold held an option to acquire 80% of the Mineral Claims in consideration for certain exploration expenditures on the Mineral Claims and the purchase of certain securities of Cougar. The Purchase Agreement has replaced the Option Agreement and the Option Agreement is no longer of any force or effect.
The closing of the sale of the Mineral Claims is subject to the final approval of the Toronto Stock Exchange.
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. San Gold employs more than 420 people and is committed to the highest standards of safety and environmental stewardship. San Gold is listed 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.
No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.