Sage Extends Maturity Date of Pre-Production Debt Facility
TORONTO, ONTARIO -- (Marketwire) -- 03/14/13 -- Sage Gold (TSX VENTURE: SGX) ("the Company") has extended the maturity date, from August 13, 2013 to February 10, 2014, of that certain $1.5 million pre-production debt financing with Waterton Global Value L.P. press released on May 16, 2012 (the "Facility"). Fees related to the aforementioned extension, equal 8% of the principal amount advanced under the Facility. All other terms of the Facility remain unchanged. Additionally, the Company has drawn down the second and final tranche of the Financing, in the amount of $500,000.
Sage announced a Preliminary Economic Assessment for the Clavos Gold deposit in Timmins, Ontario (see Press Release March 1,2013) highlighted by a pre-tax $23MM Net Present Value and 71% Internal Rate of Return . Initial production subject to production financing is scheduled for Q4 of 2013.
Sage is a mineral exploration and development company which has primary interests in near-term production and exploration properties in Ontario. Its main properties are the Clavos Gold deposit in Timmins and the Lynx deposit and other exploration properties in the Beardmore-Geraldton Gold Camp. Technical reports and information relating to the properties can be obtained from the System for Electronic Document Analysis and Retrieval (SEDAR) website at www.sedar.com and www.sagegoldinc.com.
This release was prepared by management of the Company who takes full responsibility for its contents.
This news release contains certain "Forward-Looking Statements" within the meaning of Section 21E of the United States Securities Exchange Act of 1934, as amended and "Forward Looking Information" within the meaning of applicable Canadian securities legislation. Some forward looking statements and forward looking information contained in this release are forward-looking and, therefore, involve uncertainties or risks that could cause actual results to differ materially. Such forward-looking statements include comments regarding mining and milling operations, mineral resource statements and exploration program performance. Factors that could cause actual results to differ materially include metal price volatility, economic and political events affecting metal supply and demand, fluctuations in mineralization grade, geological, technical, mining or processing problems, exploration programs and future results of exploration programs, future profitability and production. The Company disclaims any obligation to update forward-looking statements.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contacts:
Sage Gold Inc.
Nigel Lees
President and C.E.O.
416-204-3170
416-260-2243 (FAX)
Sage Gold Inc.
Mike O'Brien
Communications Manager/Investor Relations
416-204-3170
416-260-2243 (FAX)
www.sagegoldinc.com