MD&A - go read it. After that, go read the financials.

Before you label management as liars or even insinuate they are lying, you should perhaps get your facts straight.

Here are some facts not to be confused with "The facts are simple..."

Forward Looking Statements

"This management discussion and analysis contains “forward-looking statements” within the meaning of Canadian securities legislation. These forward-looking statements are made as of the date of this management discussion and analysis and San Gold does not intend, and does not assume any obligation, to update these forward-looking statements.

Forward-looking statements may include, but are not limited to, statements with respect to the estimation of mineral resources, the future price of gold, the realization of mineral resources estimates, the timing and amount of estimated future production, costs of production, capital expenditures, costs and timing of the development of new deposits, success of exploration activities, permitting time lines, fluctuations, requirements for additional capital, government regulation of mining operations, environmental risks, unanticipated reclamation expenses, title disputes or claims, limitations on insurance coverage and the timing and possible outcome of pending litigation. In certain cases, forward-looking statements can be identified by the use of words such as “plans”, “expects”, or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes” or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved”.

Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such factors include, among others, the integration of acquisitions, as well as those factors discussed below in the sections entitled “Other MD&A Requirements and Additional Disclosure and Risk Factors”. Although the Company has attempted to identify important factors that could cause actual actions, events, or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. See “Other MD&A Requirements and Additional Disclosure and Risk Factors”.

Date of Report
May 21st, 2009

another fact

"The Company continues to undertake extensive exploration and development work, primarily in the Bissett area of Manitoba. During the prior year, the Company entered several agreements to option property in and around Timmins, Ontario with an eye to opportunities for future exploration targets and development. The Company has increased its ore resources and reserves from measured plus indicated (M plus I) resources of 326,280 and inferred resources of 225,000 ounces of gold in 2004, when its predecessor companies acquired Harmony Gold (Canada) Inc., to M plus I resources of 402,880 and inferred resources of 1,197,670 ounces of gold as further described in the National Instrument 43-101 compliant technical report dated December 1, 2006 entitled “ Mineral Resource and Mineral Reserve Estimates as of December 1, 2006” prepared by A.C.A. Howe International Limited, Mining and Geological Consultants. As of the date hereof, the Company has not updated its 43-101 documentation for drill results obtained over the last 31 months including the discovery of a series of high grade gold bearing quartz veins located near surface and 1.5 kilometers northeast of the Rice Lake Mill – the aforementioned Hinge Zone. Work on an updated 43-101 document for the Hinge area is underway and expected soon.

The Company’s growth strategy is two-fold: (i) to establish a profitable mine production level and (ii), to continue exploration activities towards increasing the level of reserves and resources. This strategy includes seeking joint venture and other relationships with companies or individuals that can be accretive to reserves and resources and by extension, accretive to shareholder value."

another fact

"The company expects to have an initial NI 43-101 resource estimate for the new discovery in the second quarter of 2009. Delays in preparing the document have been experienced mostly due to the rapidly changing discovery profile surrounding the Hinge."

So without boring you with some real simple reading, by San Gold's own account they admit they have delayed the 43101 and have given explainations why.