|By Marketwired .||
|May 8, 2014 09:42 AM EDT||
TORONTO, ONTARIO -- (Marketwired) -- 05/08/14 -- Sage Gold Inc. (TSX VENTURE:SGX) ("the Company") has agreed with CNG Canada Inc. and Change Energy Inc., to study the viability of utilizing natural gas supplied by the Union Gas natural gas pipeline located on the Clavos Property in Timmins Ontario.
The opportunity is to provide compressed natural gas (CNG) to supplement and/or replace diesel fuel for surface mine equipment and surface haul trucks. CNG can also be used as a replacement for regular fuel by converting light-duty service vehicles to bi-fuel. The study will also examine the use of CNG as a replacement for propane for underground mine air heating and as an alternative energy source for the supply of electrical power.
Sage has a published 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 with individual assays 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.
Sage Gold President and CEO Nigel Lees commented, "Natural gas is the cleanest burning fossil fuel and enjoys a significant price advantage over both hydro and petroleum based fuels available today. Engines that use natural gas produce at least 25% fewer greenhouse gases (GHG) emissions than their conventional petroleum fueled counterparts and also contribute to cleaner air by decreasing NO and SO2 as compared to gasoline. We are optimistic that the study will indicate substantial cost savings to the proposed mining operation.
With known reserves of natural gas supply in excess of 100 years, natural gas prices are expected to be predictable and stable for the foreseeable future."
CNG Canada Inc. is a leading-edge innovator in the alternative fuels industry, providing turn-key compression and vehicle conversion solutions at all tiers of the natural gas applications spectrum. CNG Canada Inc. has supplied stand-alone single compressor units, fueling stations serving small to mid-sized light-duty fleets of service trucks and forklifts. The company has also supplied larger scale compressor systems with increased capacity to serve multiple unit fleets in manufacturing, warehouse/logistics operations, plus waste disposal and aggregate trucking including heavy-haul highway tractors.
Change Energy is the industry's leading provider of end-to-end compressed gas fuelling solutions, from feasibility and planning to design and delivery. The company offers a full range of project competencies and services that ensure the practicality, safety and cost-effectiveness of a compressed gas project. Change Energy Inc. has significant experience with large scale natural gas infrastructure installations and CNG on wheels gas transport solutions.
R. Ritchie, P.Eng is an Independent Qualified Person as defined by NI 43-101. Mr. Ritchie visited the Clavos JV deposit property on several occasions between August and 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.
President and CEO
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