Throughout 2013, the Company will be focusing production on the Hinge and 007 areas while developing the Shoreline Basalt deposits and increasing the capacity of the Rice Lake shaft at depth. During the fourth quarter the Company suspended regular mining operations in the Rice Lake Mine in order to concentrate on capital development projects on 16 and 26 levels and on increasing the capacity of the 1,200 metre main shaft. The goal is to accelerate access to the down dip extensions of the existing ore zones in L10 and 007 by drifting into the Shoreline Basalt on 16 and 26 levels. This will result in an increased number of stopes and an improvement in the material handling capabilities in the mine complex. Current engineering studies indicate that A-Shaft may not be shut down as previously announced; its capacity can be improved by a combination of lighter skips and ropes together with increased hoisting and loading pocket capacity. This would allow the Company to meet its ounce guidance and waste development timetable on 16 and 26 Level. This improved infrastructure would enable the Company to access the higher grade Rice Lake Mine earlier than anticipated and defer capital development on the Cohiba deposit. This strategy will continue to be reviewed throughout 2013.
In 2013, the Company will continue its aggressive exploration program within the Rice Lake greenstone belt. The Company has budgeted to drill in excess of 270,000 metres of exploration diamond drilling. Exploration activities for 2013 will continue to focus on definition and extension drilling for both production planning and exploration purposes at the San Antonio Mining Unit, the Shoreline Basalt Unit, the Normandy Creek Shear Zone, and within the intermediate volcanic rock unit north of the Shoreline Basalt Unit. The objectives of the Company's exploration program is to develop a larger mine complex that can be exploited through existing infrastructure. In 2013, the Company will also have exploration activities associated with optioned properties in and around the Rice Lake area.
2012 Financial Results Conference Call
The Company's senior management plans to host a conference call on April 12, 2013 at 11:00 am Eastern Standard Time to discuss the 2012 financial results, and to provide an update of the Company's operating, exploration, and development activities.
Participants may join the conference call by dialing 1 (866) 226-1792 or 1 (416) 340-2216 for participants outside of Canada and the United States. The conference call will also be available by webcast on the Company's website at www.sangold.ca.
A recorded playback of the conference call can be accessed after the event until April 28, 2013 by dialing 1 (800) 408-3053 or 1 (905) 694-9451 for calls outside Canada and the United States. The pass code for the conference call playback is 1034500. The archived audio webcast will also be available on the Company's website at www.sangold.ca.
About San Gold
San Gold is an established Canadian gold producer, explorer, and developer that owns and operates the Hinge, 007, and Rice Lake mines near Bissett, Manitoba. The Company employs more than 400 people and is committed to the highest standards of safety and environmental stewardship. San Gold is on the Toronto Stock Exchange under the symbol "SGR" and on the OTCQX under the symbol "SGRCF".
This press release should be read in conjunction with the Company's consolidated financial statements for the quarter ended December 31, 2012 and associated Management's Discussion and Analysis ("MD&A"), which are available from the Company's website (www.sangold.ca), in the "News & Reports" section under "Financial Statements", and on SEDAR (www.sedar.com).
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