San Gold Announces Short-Term Operational Changes -
Mar 23, 2015 WINNIPEG, March 23, 2015 /CNW/ -
San Gold Corporation (TSX: SGR) ("San Gold" or the "Company") announced today it has initiated a number of temporary operational changes at its Rice Lake mine.
The changes are being implemented to conserve cash and reduce the potential for additional short-term financing as the Company completes its Sales and Investor Solicitation Process (SISP).
Among these changes is a significant slowdown in development activities toward new ore zones.
The Company has already completed all development required for three main working areas that can be mined and milled prior to completion of the SISP.
As a result of continued weakness in gold prices and the lack of availability of new financing from capital markets, the Company has elected to suspend all additional development activities not directly associated with these three areas.
About San Gold
San Gold is an established Canadian gold producer, explorer, and developer that owns and operates the Rice Lake Mining Complex near Bissett, Manitoba. San Gold is listed on the Toronto Stock Exchange under the symbol "SGR".
Cautionary Note
No stock exchange, securities commission or other regulatory---- readers should not place undue reliance on forward-looking statements.
SOURCE San Gold Corporation
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