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Gold/Mining/Energy : Sandstorm Gold

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Oct 24 9:44 AM EST

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From: kidl	9/2/2011 9:08:01 AM
	of 1133

Sandstorm Gold Announces US$6 Million Payment to Metanor Resources and Provides Update on the Bachelor Lake Project 09:00 EDT Friday, September 02, 2011 VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 2, 2011) - Sandstorm Gold Ltd. ("Sandstorm") (TSX VENTURE:SSL) has remitted the US$6 million final payment to Metanor Resources Inc. ("Metanor") (TSX VENTURE:MTO) in accordance with the gold purchase agreement announced January 17, 2011. Under the terms of the agreement, Sandstorm is entitled to purchase 20% of the life of mine gold produced from the Bachelor Lake project ("Bachelor Lake") at a per ounce price equal to the lesser of US$500 and the then prevailing market price of gold. Development at Bachelor Lake has been advancing as planned, the most recent milestone being the completion of the shaft sinking to 536 feet which included the development of the two shaft stations. Over 90% of the equipment required to complete the 5,000 ton bulk sample is on site and infrastructure is being upgraded for the extraction of the bulk sample. Lateral development and underground infrastructure construction is set to begin shortly. A 15,000 metre definition diamond drilling campaign is underway at Bachelor Lake and assays from initial drill holes are in the laboratory with results pending. Bachelor Lake is open in all directions including at depth with a deep hole intercept at approximately 3,500 feet.

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