TORONTO, ONTARIO--(July 23, 2009) - Sage Gold Inc. (TSX VENTURE:SGX) ("Sage") and Consolidated Puma Minerals Corp. (TSX VENTURE:CPW) ("Puma") are pleased to announce that shareholders of Puma have today approved the proposed Plan of Arrangement between Puma and Sage.

Completion of the transaction is subject to approval of the British Columbia court and the TSX Venture Exchange. Puma and Sage anticipate that closing of the Plan of Arrangement will take place on or about August 6, 2009.

Nigel Lees, Sage's President and CEO commented that, "Combining with Puma creates a strong platform to implement our business plan and continue an aggressive exploration program on the principle properties in the Beardmore Geraldton Gold camp. This is the first acquisition in the Company's strategy to leverage its strong management team and exciting properties to grow the company and enhance shareholder value."

Sage is a mineral exploration and development company which has interests in exploration properties in Ontario, Quebec, Nevada and Arizona. Its main properties are the Jacobus, Paint Lake, Solomon Pillars and Onaman properties in the Beardmore Geraldton Gold camp and the Kerrs property in Ontario; and the Gold Hill property in Arizona. Technical reports relating to the properties can be obtained from the System for Electronic Document Analysis and Retrieval ("SEDAR") website at www.sedar.com.

Puma is a mineral exploration and development company which previously owned a platinum group metals exploration property in the Kola Peninsula of Northwest Russia, and currently has more than $3 million of cash. Further information can be obtained from the SEDAR website at www.sedar.com.

This release was prepared by management of the Sage and Puma who takes full responsibility for its contents.

Some statements contained in this release are forward-looking and, therefore, involve uncertainties or risks that could cause actual results to differ materially. Such forward-looking statements include comments regarding mining and milling operations, mineral resource statements and exploration program performance. Factors that could cause actual results to differ materially include metal price volatility, economic and political events affecting metal supply and demand, fluctuations in mineralization grade, geological, technical, mining or processing problems, exploration programs, future results of exploration programs, future profitability and production, and general market, economic and financing conditions. Sage and Puma disclaim any obligation to update forward-looking statements.

FOR FURTHER INFORMATION PLEASE CONTACT:

Sage Gold Inc.
Nigel Lees
President and CEO
416-204-3170
416-260-2243 (FAX)

or

Sage Gold Inc.
Mike O'Brien
Manager/Investor Relations
416-204-3170
416-260-2243 (FAX)
www.agoracom.com/IR/sagegold
sgx@agoracom.com

or

Consolidated Puma Minerals Corp.
Vahan Kololian
President and CEO
416-644-6000
416-644-6001 (FAX)

www.consolidatedpuma.com

Neither TSX Venture Exchange nor its Regulations Service provider accepts responsibility for the adequacy or accuracy of this news release.