SAN GOLD CORPORATION
EARLY WARNING REPORT FILED PURSUANT TO
NATIONAL INSTRUMENT 62-103
SECTION 111 OF THE SECURITIES ACT (BRITISH COLUMBIA)
SECTION 141 OF THE SECURITIES ACT (ALBERTA)
SECTION 110 OF THE SECURITIES ACT, 1988 (SASKATCHEWAN)
SECTION 92 OF THE SECURITIES ACT (MANITOBA)
SECTION 101 OF THE SECURITIES ACT (ONTARIO)
SECTION 107 OF THE SECURITIES ACT (NOVA SCOTIA)
PROVINCE OF NEW BRUNSWICK
PROVINCE OF PRINCE EDWARD ISLAND
SECTION 102 OF THE SECURITIES ACT (NEWFOUNDLAND)
(a) The name and address of the eligible institutional investor.
GCIC Ltd. (“GCICL”)
One Adelaide Street East, 29th Floor
Toronto, Ontario
M5C 2V9
(b) The net increase or decrease in the number or principal amount of securities,
and in the eligible institutional investor’s securityholding percentage in the
class of securities, since the last report filed by the eligible institutional
investor under Part 4 or the early warning requirements.
Since our last report filed on October 10, 2012, GCICL, on behalf of the
portfolios of investment funds and private client accounts managed by it, disposed
of 1,406,400 common shares of San Gold Corporation (“San Gold”). This
represents a decrease of GCICL’s position in San Gold by 0.81%, on an undiluted
basis, as at November 30, 2012.

I am wondering if they were merely reporting the sale of shares. As a holder of more than 10% they need to disclose this.