San Gold, SGX Resources close mineral claim acquisition

San Gold Corp (C:SGR)
Shares Issued 300,258,116
Last Close 9/3/2010 $3.93
Tuesday September 07 2010 - News Release

Also Sage Gold Inc (2) (C:SGX) News Release

Mr. Dale Ginn of San Gold reports

SAN GOLD CORPORATION AND SGX RESOURCES INC. ANNOUNCE CLOSING OF JOINT ACQUISITION OF MINERAL CLAIMS FROM CANADA LITHIUM CORP.

San Gold Corp. and SGX Resources Inc. have closed their previously disclosed acquisition from Canada Lithium Corp. (CLQ) of a 100-per-cent interest in 18 mineral claims held by CLQ located in Tully township, Porcupine mining division, Cochrane district, Ontario. The consideration paid by San Gold and SGX consists of: (i) 150,000 common shares of San Gold issued by San Gold to CLQ; (ii) 600,000 common shares of SGX issued by SGX to CLQ; and (iii) $200,000 cash paid by SGX to CLQ. San Gold and SGX shall each acquire a 50% interest in the Mineral Claims. In addition to the consideration paid by SGX to CLQ, SGX shall be required to pay the first $223,000 in exploration expenditures on the Mineral Claims. Following the expenditure of such funds, San Gold and SGX shall each be responsible for 50% of the cost of any exploration work undertaken on the Mineral Claims. SGX will be the operator of the Mineral Claims. The common shares of SGX and San Gold issued to CLQ will be subject to a hold period of four months and a day in accordance with applicable securities laws.

Following a reevaluation of prior work, San Gold and SGX intend to actively explore the Mineral Claims.

The transaction between San Gold and SGX is a "related party transaction" for the purposes of Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions ("MI 61-101"). San Gold and SGX are both relying on an exemption from the minority approval and formal valuation requirements of MI 61-101 due to the fact that the transaction does not represent greater than 25% of the market capitalization of either San Gold or SGX.

The sale of the Mineral Claims by CLQ to San Gold and SGX is subject to the final approval of the TSX Venture Exchange (the "Exchange")

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