Sage Gold Inc (SGGDF)

[NYBob]

Sage Completes Third Instalment of St Andrew Option Agreement




02.23.2012
TORONTO, ONTARIO--(Marketwire - Feb. 23, 2012) -

Sage Gold Inc.
(TSX VENTURE:SGX) announces that it has completed the third
instalment as part of an Option Agreement between
Sage Gold Inc. and St Andrew Goldfields Ltd. (TSX:SAS)
dated February 8, 2010 (the 'Option Agreement') by having
exceeded $1,500,000 of Exploration Expenditure requirement
by having spent $3,000,000 subject to SAS verification.

Sage has paid the sum of $35,000 in cash and has issued
294,118 common shares of the Company at a share price of
$0.119 per share, equal to $35,000 in market value due
under the Option Agreement.
The shares issued have a four month hold period which
expires on June 21, 2012.

Sage has the right to earn a 60% interest in
the Clavos Mine
under a four instalment property acquisition pursuant to
the Option Agreement.
Sage can complete the earn in of its 60% interest by paying
the additional sum of $40,000 in cash and by issuing common
shares with a market value of $40,000 at the time of issuance
(and subject to TSX Venture Exchange approval) on or before
the third anniversary (February 2013) of the Option Agreement.
In addition to the expenditure requirements and the cash and
share payments, Sage is required to replace the
$250,000 closure bond on the property.

The Company also confirms that on January 9, 2012, the Board
of Directors of Sage granted to directors, officers,
employees and consultants 3,094,000 options to purchase
common shares of the Company at an exercise price of
$0.15 for a term of five (5) years from date of grant
vesting 1/3 on the date of grant, 1/3 on the first anniversary
date thereof and 1/3 on the second anniversary date thereof as
previously announced in a press release dated January 3, 2012.

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

http://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 ---- 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.

FOR FURTHER INFORMATION PLEASE CONTACT:
Sage Gold Inc.
Nigel Lees
President and C.E.O.
416-204-3170
Fax: [phone](FAX)

Sage Gold Inc.
Mike O'Brien
Manager/Investor Relations
416-204-3170
Fax: [phone](FAX)
http://www.sagegoldinc.com

Source: Sage Gold Inc.

Clavos Gold Mine,
Timmins 3D Drill Tour -
http://www.sagegoldinc.com

Note.
the main trading board for 'Sage Gold Inc. is SGX @ Toronto -

http://tmx.quotemedia.com/quote.php?qm_symbol=SGX

http://investorshub.advfn.com/boards/read_msg.aspx?message_id=72353124


God Bless