Sage Receives Second Tranche of Clavos Financing
– Momentum Public Relations –
Press Release: March 03, 2017
Sage Gold Inc. (“Sage” or the “Company”) (TSX VENTURE:SGX) has drawn down the second tranche funding of the gold prepayment facility, from Cartesian Royalty Holdings Pte. Ltd. (“CRH”), to fund the ongoing re-opening of its Clavos Project (“Clavos”). The second tranche draw down of $2.0 million was subject to certain conditions which have been fully satisfied.
CRH has provided $9.65 million in gold prepayment financing to Sage. Of this amount, $7.22 million is allocated to the Clavos project. To date, $3.96 million has been received and a third and final tranche of $3.26 million is expected to be drawn down mid-2017 subject to certain conditions.
The Company has now dewatered to the 100 m level of the Clavos underground workings. A definition drill program will soon commence to delineate potential mining stopes at the 100 m level. Further pumping will expose additional potential mining stopes both deeper and to the west of the 100 m level. Surface drilling continues between the 960 zone and the Main mine zone in order to establish continuity along strike and also to potentially delineate additional resources to the east. This surface drill program is expected to be completed in approximately 2 weeks.
Nigel Lees, President and CEO commented, “The current program at Clavos is on time and budget. Historical expenditures by the previous owner and ourselves have exceeded $70 million. Sage is permitted for a 700 tonnes a day operation and has a life-of-mine toll mill contract at the Stock Mill, 10 kilometres away by private road.”
Sage currently plans to complete a reserve estimate and a pre-feasibility study on the Clavos. In the event that a production decision is made that is not based on a feasibility study of mineral reserves demonstrating economic and technical viability prepared in accordance with National Instrument 43-101, readers are cautioned that there is increased uncertainty and higher risk of economic and technical failure associated with such a production decision.
Robert Ritchie P.Eng. is a qualified person under 43-101 (“QP”) and has reviewed and accepts the technical content of this news release.
About Sage Gold
The Company is a mineral exploration and development company with primary interests in advanced exploration properties in Ontario. Its main properties are the 100{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce}-owned Clavos Gold property in Timmins, the 100{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce}-owned Onaman property, 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.