As w6w has already said, latest MD&A and financial statements should be out soon for period ending June 30, 2008. As at March 31, 2008 SGX had approx. $5.6 million cash and short-term investments. However, in the absence of actual financial statements for the year we already know how much of this SGX WILL spend during 2008... as per last set of financial statements...

"The Company is also committed to spending approximately $4,500,000 by December 31, 2008. If the Company does not spend these funds in compliance with the government of Canada flow-through regulations, it may be subject to litigation from various counterparties. The Company intends to fulfill all flow-through commitments with the given time constraints."

$4.5 million in 1 year is no small exploration budget for any company. To put in context... KXL spent ~$10 million in approx. just 8 months but they had 5 drills (now 8) turning and were doing massive amounts of stripping, trenching, and sampling. Since March, SGX has basically just been drilling Onaman and Gold Hill with 1 drill a piece and done stripping and sampling at SE Jacobus and Paint Lake... significant but very small scale program IMO compared to KXL. With all the SE Jacobus delays and current market conditions IMO it is safe to assume SGX will likely spend just this amount. Therefore, going into 2009 SGX will still have ~$1 million in the bank. Not a large amount for further exploration but some cash in the bank none the less.

Some here have raised concerns re: SGX raising funds and further dilution soon. I don't share those same concerns. SGX has maintained it is not and will not be seeking to raise $ anytime soon. In addition... according to Aug. 20, 2008 eResearch bulletin... "Sage Gold is in the fortunate position of having sizable cash on hand. Cash and short-term liquid investments total around $6 million and compare to an annual “burn” of around $1 million and expected capex over the next six months of about $3 million." eReaserch also said re: Onaman resource estimate (ongoing)... "The results provide further data to populate an NI-43-101 compliant resource model. It will be important for Sage to be able to complete such a model in good time, as the Company will need to raise equity for ongoing operations and this market will be looking for something tangible for an equity issue to be compelling." Anyone care to have some fun and guess size of Onaman DEPOSIT?... mineralization in basically every hole w/ some very nice hits... open-pitable. Don't forget SGX will also be looking to update Jacobus resource estimate.

Also, I found it very interesting SGX decided to include 'Cash from Options and Warrants' in their latest June 24, 2008 corporate presentation. This was the very first time this number has ever been included and it is significant... $17.9 million. Sure SGX has a 'relatively' large float but on a fully-diluted basis IF all options and warrants were exercised... SGX would have 191 million shares out... more than 30% insider/institutional ownership... and ~$17.9 million in the bank... share structure doesn't look that bad all of a sudden does it?... Now for all you ready to jump all over this... Yes of course this is being very optimistic as for this to become reality the share price would have to be in the $0.75-$1.00 range for a sustained period before SGX will need additional cash. My only question is... why would mgmt include this number in this presentation if they did not think that was attainable?... Also with developments expected over next 4-5 months... Onaman NI-43-101, Jacobus NI-43-101?, Kerrs drilling, SE Jacobus sampling results and drilling, KXL results... plus market is showing signs of a reversal... IMO it is attainable... at the very least not as unattainable as some here have suggested.

Long story short... the next time SGX has to go to the equity markets to raise cash will likely be at much higher prices IMO. I hope so anyway :D. Just my opinion re: financing etc. Not trying to pump... just start some meaningful discussion. Comments welcome.

red911

P.S. SGX share price has (almost religiously) and will continue to follow KXL IMO... there is no reason for this trend not to continue... even more so with so much KXL exploration going on so close to SGX. We are a little behind given KXL run-up last couple of days... watch for that gap to close IMO.