As of the end of '08 there were 20 million warrants left with an average life of .42 years and an average price of 1.89.

The warrant overhang will be history as the exercise dates begin to expire in about 3 weeks.

The particular warrants are as follows:

"Mr. Dale Ginn, Chief Executive Officer of San Gold Corporation (the “Corporation”), a company listed on the TSX Venture Exchange under the symbol “SGR”, today announced an increase to the current private placement offering (the “Offering”) of the Corporation first announced on May 28, 2007 and amended on May 31, 2007. The Corporation has determined to increase the Offering from a maximum of 20,000,000 units of the Corporation (“Units”) up to a maximum of 23,000,000 Units, at a price of $1.00 per Unit. The Corporation anticipates a final closing for the full amount of the Offering on or about June 15, 2007. As previously announced, each Unit will consist of one common share of the Corporation (a “Common Share”) and one half of one Common Share purchase warrant (a “Warrant”). Each whole Warrant shall entitle the holder thereof to purchase one Common Share at a price of $1.25 per share for 12 months from the date of issuance and, if unexercised, at a price of $1.50 per share for 12 months thereafter. All other terms of the Offering remain the same."

and from November 30th, 2007

"San Gold Corporation (Bissett, Manitoba) (TSX-V:SGR) (the “Company”) is pleased to announce that it has closed its private placement offering of 17,900,000 units (the “Units”) of the Company at a price of $1.40 per Unit for total gross proceeds to the Company of $25,060,000. Dundee Securities Corporation, Cormark Securities Inc. and GMP Securities L.P. (the “Underwriters”) acted as underwriters for the Offering. Each Unit consists of one common share plus one half of one transferable common share purchase warrant with each whole purchase warrant exercisable into a common share at a price of $2.00 for a period of 18 months from closing. The Underwriters also exercised their over-allotment option to purchase up to an additional 10,725,000 Units for an additional $15,015,000 in gross proceeds to the Company. The common shares and warrants comprising the Units are subject to a hold period of four months and a day from the date of issuance in accordance with applicable securities laws and the policies of the TSX Venture Exchange.

In connection with the Offering, the Underwriters received a cash commission equal to 6% of the gross proceeds raised under the Offering plus broker warrants (the “Broker Warrants”) equal to 4% of the number of Units sold under the Offering. The Broker Warrants are exercisable into common shares at a price of $2.00 per Broker Warrant for a period of 18 months from closing"