Dear Shareholder,

Thank you for your inquiry.  Sage Gold did not call the warrants due to a substantial capital position.  Sage did not foresee the need to add to the treasury therefore the warrants were not called.

Just for clarification purposes, Sage had reserved the option to call the warrants if the stock traded above the threshold.  This was just an option reserved by the company and not a mandatory requirement.

Regards,

AGORACOM