Dear shareholder,

Management has spoken to both the Toronto Venture Exchange Trading Department and IRROC in respect of the trading activity of Sage Gold Inc. on September 30, 2008 and particular a trade by the TD in respect of a sale of 200,000 shares of SGX. A trade of this size triggered a freeze parameter to enable the Exchange to conduct a quick review of the transaction. In certain circumstances the Exchange will call the vendor to ensure it is a ‘good trade’. On review the Exchange considered the trade to be in line with previous days trading and satisfied normal market conditions. The trade was settled on a best bid time priority basis in accordance with market practice.

Regards,

AGORACOM Investor Relations