Merger with SGX doesn't seem like such a bad idea now, does it? I only say this because I was insulted for suggesting as such previously to consolidate BG claims. KXL doing a bankable feasibility study on Golden Mile?

That said, I am a KXL shareholder as well and not amused by current share price. Down trend does seem to be Scotia computer trading as someone suggested. There seems to be no end. Fund liquidation? Probably that and a bunch of stop losses being hit along the way. In the absence of news it is gettign ugly.

Where are those remaining Milestone results?

red911

Sage Gold, Gryphon hire SRK for Borealis bankable study

2010-04-29 10:53 NT - News Release

See News Release (C-SGX) Sage Gold Inc

Mr. Nigel Lees of Sage Gold reports

SAGE AND GRYPHON RETAINS SRK FOR BOREALIS MINE BANKABLE STUDY

SRK Consulting Inc. has completed Sage Gold Inc.'s due diligence review of the Borealis prefeasibility study filed by Gryphon Gold Corp. in September, 2009. SRK has been engaged to prepare a bankable study for use in project financing.

SRK has provided a comprehensive list of recommendations which when implemented will assist in the preparation of a bankable study to support project financing. Key recommendations include:

-- Metallurgy - additional metallurgical work is recommended in the form of column tests for the in-situ oxide and mixed material;

-- Mine planning and Operating Costs - update the contractor costs for mining, crushing, agglomerating and stacking of ore. Further clarification is required for distribution of power and associated costs;

-- Process Engineering additional confirmation of the process design incorporating the results of the new column leach tests;

-- Resource - a new resource estimate will be prepared which incorporates the results of the metallurgical work, tighter grade constraints and the results of additional drilling. The new resource would form the basis for updated reserves.

Gryphon will, in the near future, undertake a drilling program designed to confirm and potentially expand resources at Borealis. Sage and Gryphon jointly will fund an additional core drilling program to provide sample material for the proposed metallurgical testing. Borealis was successfully mined by previous operators during the 1980's when gold prices were lower. There are substantial oxidized portions of the deposit amenable to open pit mining which is the subject of the upcoming bankable study. Exploration has identified primary sulphide mineralization below the oxide deposit. Cash flow from the oxide operation would be intended to fund the further drilling and potential development of the sulphide resource if feasible.

The upcoming Gryphon drill program will have as its objective upgrading inferred oxide resources reported in the 2008 NI 43-101 technical report (entitled "Canadian NI 43-101 Preliminary Assessment of the Mineral Resources of the Borealis Gold Project") to the Measured and Indicated category and potentially adding new oxide resources. The drill program will test multiple targets within the permitted area with the designed intent of adding additional gold ounces to the short term mine plan. Targets include extension of known ore zones, infill drilling and identification of additional mineralization. SRK will be retained to develop an updated NI 43-101 compliant Resource estimate in conjunction with the completion of the bankable study.

Sage and Gryphon are pleased to announce that a Joint Project Team as defined by the Option Agreement will be established incorporating representatives of both companies including experts in mine construction and finance.

The Option Agreement (and related subscription agreement), which was detailed in a previous press release (March 5, 2010), has been amended as follows:

1. The Option Expiry Date as defined in the Option Agreement has been extended until June 30, 2011.

2. Sage's commitment to subscribe for units of Gryphon has been modified to allow a subscription of US$200,000 by June 16, 2010 and a further subscription of US$200,000 by August 16, 2010 based on a subscription price equal to a 5% premium to the 30-day volume weighted average trading price preceding the subscription date, subject to TSX approval.

Mr. Nigel Lees, President & CEO of Sage Gold Inc. commented "We are pleased to be moving forward in the development of the Borealis Project in accordance with Sage's strategy to acquire resources with near term production potential. In addition to the cash flow potential from the near surface oxide portion of the deposit, the Borealis property has substantial upside in its deeper sulphide resources."

Mr. John Key, President & CEO of Gryphon Gold Corporation commented "We continue to be encouraged by moving to the next stage with Sage Gold. Gryphon plans to drill at Borealis allowing for the extension of the oxide resource in order to provide for the company's future growth."

The technical information in this press release was approved by Mr. Steven Craig, VP of Exploration of Gryphon Gold, a Qualified Person as defined by National Instrument 43-101 of the Canadian Securities Administrators.

The Borealis property is described in a technical report dated September 17, 2009 titled Pre Feasibility Study on the Mineral Resources of the Borealis Gold Project Located in Mineral County, Nevada, U.S.A prepared in accordance with National Instrument 43-101 of the Canadian Securities Administrators ("NI 43-101"). This technical report describes the exploration history, geology and style of gold mineralization at the Borealis property. Disclosure in this press release of mineral resources is based on the technical report. Details of the quality or grade of each category of mineral resources and key assumptions, parameters and methods used to estimate the mineral resources is included in the technical reports. The technical report also includes a description of environmental and permitting matters.

This release as it relates to Gryphon was prepared by the management of Gryphon. This release as it relates to Sage was prepared by Sage management.

We seek Safe Harbor.