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San Gold Corporation - one of Canada's most exciting new exploration companies and gold producers.

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Message: Fundamental Research Corp

Based on our discussion with management, since production at Hinge was not considered commercial production in Q2 2009, cash received on sales of the 5,502 oz gold produced from the bulk sample program at Hinge (in the amount of $5.89 million) were not recognized as revenues. Instead it was recorded as a reduction to the capitalized value of the Hinge mineral property.

This is odd. It's like they're deliberately understating production and revenue when that is exactly what the market is looking for.

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