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Message: Re: ......San"s next 43-101
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May 16, 2011 06:34PM
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May 17, 2011 11:50AM
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May 18, 2011 10:05AM

.... just accept figures without question would not be very professional...........

2.0 RELIANCE ON OTHER EXPERTS

The Author has relied on information available in the public domain (SEDAR and other government agencies) and from

the Company relating to land tenure, corporate information and underlying agreements and has not independently

verified the legal status or ownership of the Property or the underlying agreements and therefore disclaims any liability

for such information presented in this Report.

The Author has relied on data provided by qualified persons (as defined in NI 43-101) who are employees of the

Company. In the Author’s opinion these qualified persons are competent and, other than errors or omissions that may

inadvertently occur, have provided the Author with all of the data necessary to complete this Report.

The Author has relied upon the Manitoba Industry, Trade and Mines (“MITM”) for information on mining claim

location and mining claim status. The MITM disclaims any guarantee or warranty that their information is accurate,

complete or reliable.

The Author has no reason to believe that there are any deficiencies in information that has been received from other

experts that would have a material impact on the opinions, conclusions and recommendations expressed by the Author

in this Report

The Author has crosschecked

the Amine methodology versus his polygonal longitudinal section methodology and has found no material

differences between the results of the two methodologies.

For

reserve estimation, the Author used the minimum mining width, recovery, and metal price criteria that are currently

used by the Production department. Cut-off grades were based upon current mining costs as presented in the economic

assessment of the Project.

The Author concludes that the work completed to date on the Property has demonstrated the presence of significant gold

reserves and resources that warrant additional surface and underground exploration and development programs with the

objective to confirm the geometry and continuity of the vein structures and to confirm sufficient measured and indicated

mineral resources to warrant completion of internal feasibility studies

Over a 5.5-year mine-life the project will generate $407 million cash surplus before taxes and cashflow from operations

(EBITDA) of $463 million (average EBITDA approximately $84 million per year). The breakeven life-of-mine gold

price is US$575 to allow for recovery of ongoing development capital expenses.

The project has positive cash flow from operations at gold prices in excess of US$575.

In Geoex’s opinion, given the current inventory of approximately 3.7 million tons of inferred resources and the long

operating history of the Rice Lake Project, it is probable that sufficient inferred resources will be converted to resources

to achieve a minimum of 10 years of mine life............................

NI 43-101 Cautionary Note - Mineral resources that are not mineral reserves do not have demonstrated economic

viability and there is no certainty that the results of the economic assessment will be realized....Traps7

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May 18, 2011 10:34PM
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May 24, 2011 08:06PM

May 25, 2011 12:30AM
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