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Gold/Mining/Energy : Gold and Silver Juniors, Mid-tiers and Producers
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From: E. Charters2/27/2008 8:11:47 PM
   of 78420
 
Kate Rice was one of Canada's few women prospectors. Grad of U of T. Lake and property named for her.

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San Gold drills 5.4 m of 31.1 g/t Gold at Rice Lake

2008-02-26 14:29 ET - News Release

Mr. Dale Ginn reports

PHASE 2 DRILL PROGRAM REVEALS ADDITIONAL NEW HIGH GRADE ZONE AT RICE LAKE DEEP

San Gold Corp.'s second phase of deep drilling below the working levels of the Rice Lake mine has already resulted in the discovery of a new high-grade zone in addition to extending downdip the high-grade "96" vein, as highlighted by hole No. 464-08-00, intersecting 5.4 metres (17.7 feet) of 31.1 grams per tonne (0.91 ounce per ton) gold. The newly discovered zone is highlighted by hole No. 464-08-03 which intersected 2.7 metres (8.9 feet) of 31.8 g/t (0.93 ounce per ton) gold. The first seven holes of the phase 2 program are reviewed in the attached table.

Hole No.       From       To               Length   Gold g/t  (ounce per ton)    Vein/Zone

464-08-02    16.8 m   20.9 m    4.1 m (13.5 feet)      13.1     (0.38)          New
464-08-03    12.0 m   14.7 m    2.7 m  (8.9 feet)      31.8     (0.93)          New
464-08-04    14.7 m   18.8 m    4.1 m (13.5 feet)       6.0     (0.18)          New
464-08-00    37.3 m   42.7 m    5.4 m (17.7 feet)      31.1     (0.91)           96
464-08-05    39.9 m   43.6 m    3.7 m (12.1 feet)      23.6     (0.67)           96
464-08-06    26.5 m   32.7 m    6.2 m (20.3 feet)       5.9     (0.17)           96
464-08-07    48.6 m   52.7 m    4.1 m (13.5 feet)      16.2     (0.47)           96

Phase 2 drilling is targeting the downdip/plunge area of the main vein sets within the host diabase or SAM unit and containing the most prominent vein sets named the "96", "A", "C" as well as others. Phase 1 drilling in 2007 intersected these veins up to 150 metres below the 4730 (5,270 feet) level, the lowest of the developed levels of the mine. All of the listed veins remain open at depth where 2008 phase 2 drilling will continue to define and extend from the currently advancing decline access being advanced by Dumas mine contracting crews.

The 96 vein, which is currently being developed at the 4670 level (5,330 feet below surface), has a strike length of 200 metres, is tabular in nature and has an average dip of 70 degrees. Phase 2 drilling so far has returned four intersections with an average width of 4.9 metres (16.1 feet) and an average grade of 19.2 g/t (0.56 ounce per ton).

The new zone is located immediately west of and parallel to the 96 vein. The recently completed lower mine development has created new drill stations near the western and deepest extent of known mineralization. This has allowed for drilling to access this area with angles giving near true widths which are estimated at over 90 per cent of the reported widths. Phase 2 drilling so far has returned three intersections with an average width of 3.6 metres (12 feet) and an average grade of 17 g/t (0.5 ounce per ton).

Please see the San Gold website for plan and section diagrams relevant to the areas drilled.
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