Since the Rice Lake Project 43101 cutoff date of June 30, 2010, a number of significant discoveries have been made that could potentially put the resource estimate up ~ 4 million ounces.

In q3 they spent 4.7 million on exploration and all indications are they probably spent a similar amount in q4. Let's call it $10 million for the final 2 quarters and maybe 100,000 metres of drilling. At $10 per ounce discovery(sic), there's 1 million new ounces right there given the high grade nature of the new zones they are poking holes in and if they are connecting major zones together, the ounces add up fast as development costs fall.

It doesn't take much imagination to figure out that the discoveries made after June 30th have added ounces. If the following NR's last fall were for a stand alone Yukon explorer, think Atac, you could almost justify the current market cap given the ridiculous valuations placed on some explorers.

How can anyone in their right mind explain a share price performance over the last 8 months based on the following results and the sector performance as a whole? Does being a cash flow positive operator discount the company by almost 40%?

Hopefully the W shaped sentiment readings this time around produce twice the results of the 2008 V shaped one.

July 19

Bulk Sampling Commences at 007 Zone, Drilling Confirms High Grade Corridor, Operational Update and Outlook including Expansion Plans

http://www.sangold.ca/i/pdf/2010_July_19_pr.pdf

August 11

San Gold Drills New High Grade Discovery at Emperor Zone

http://www.sangold.ca/i/pdf/2010_Aug_11_EmperorResults_final.pdf

September 9

San Gold Extends 007 to Depth and Along Strike Nearing Emperor Zone

http://www.sangold.ca/i/pdf/2010-Sept-9-007-results_release.pdf

October 7

San Gold Discovers New Zones below Hinge Mine

http://www.sangold.ca/i/pdf/2010-oct7-press_release.pdf.pdf

October 13

San Gold Reports Initial Drill Results from L4 Zone Discovery Below Hinge Mine

http://www.sangold.ca/i/pdf/2010-oct13-press%20release.pdf

November 9

San Gold’s New L10 Zone Grows with Robust Widths and Grade

http://www.sangold.ca/i/pdf/2010-11-09-pr-L10.pdf

November 16

Step-out Drilling Discovers Substantial Extension to San Gold’s 007 Zone

http://www.sangold.ca/i/pdf/2010-11-16-pr.pdf

December 12

San Gold Extends 007 Zone Eastward by 200 Meters with High Grade Intercept of 415 g/tonne over 3.4 meters

http://www.sangold.ca/i/pdf/2010-12-02-pr-007East.pdf

January 12

San Gold Extends 007 East to depth with High Grade Intercept of 31 g/tonne over 8.3 meters

http://www.sangold.ca/i/pdf/2011-01-12-007East.pdf