1st time I find Dundee research out the same day as NR (past 1 1/2 yrs)

Drill results continue to extend mineralized veins that lay foundation for future production. They beleive the Hinge zones & other exploration targets comprise the central part of sgr's story, Rice Lake mine (RLM) also has important role to play.

Drilling hits gold in multiple areas with RLM

* good grades over mineable widths in all 4 areas.

* 1 hole hit 3 gold-bearing intercepts in new area off the 26 level - with highlight 16.2 g/t over 4.5m.

* 2 holes testing a westward extension of the high grade "98" vein hit highest grade, including highlight of 43.8 g/t over 5.9m.

* Results are given for 25 holes testing the deepest part of mine (96, A, C veins). Encountered veins with weighted avg grade of 12.2 g/t over 3.5 m - in-line with past drilling.

* 4 holes hit numerous intercepts in Deep East area (DE), avg'g 8.2 g/t over 3.5m. Although grades are somewhat lower than in other areas, DE target has yeilded higher-grade results in past and these holes held delineatethe veins with good widths.

Holes help lay foundation for future production

* extend mineralized veins beyond current resource area. Results suggest veins extend in several directions & grades compare favourably with the reserve and resource grades.

* Target areas are close to current mine - thus may see mining in near term and should extend life of mine.

Exploration continues at RLM and other fronts

* Drilling is ongoing within RLM and Hinge zones at edpths of 600-800 ft, below deepest level currently under development. Several drill rigs targeting recently discovered Cohiba zone & corridor between Cohiba and Hinge.

* Plus, drills testing the next target ares to east (Emperor target) & other targets. see figure 2 from NR

maintian rating $3.20

Disclosure / Disclaimer

Dundee Securities and/or affilates, in the aggregate, own and/or exercise control and direction over > than 10% of a class of equity securities issued by SGR.

Hoping it pops like in past NR's - couple days following!