Sage Gold Delayed in Completion of Annual Filings

TORONTO, April 27, 2018 (GLOBE NEWSWIRE) -- Sage Gold Inc. (“Sage Gold” or the “Company”) (TSX-V:SGX) announced today that it expects that its audited financial statements, CEO and CFO certifications, and management discussion and analysis (the “Annual Filings”) for the year ended December 31, 2017 will not be released as scheduled on April 30, 2018.  The Company currently anticipates being able to file the Annual Filings on or before May 23, 2018.

The Company has been late in the preparation of the Annual Filings due to transition issues following the change of Chief Financial Officer in November 2017. The audit was commenced on April 23, 2018 and is continuing.  

As a result of the delay, the Company has voluntarily requested that the Securities Commissions in Ontario, British Columbia and Alberta issue a temporary order that prohibits certain current directors, officers and insiders of Sage Gold from trading in securities of the Company for so long as the Annual Filings are not filed.  The issuance of such management cease trade order generally does not affect the ability of persons who have not been directors, officers or insiders of the issuer to trade in their securities.  The Company intends to provide updates in accordance with National Policy 12-203 – Management Cease Trade Orders with respect to further developments in respect of this matter promptly following their occurrence, including the issuance of bi-weekly status update reports until such time as Annual Filings are completed.

About Sage Gold

Shares Outstanding 107,683,926

The Company is a mineral exploration and development company which has primary interests in near-term production and exploration properties in Ontario. Its main properties are the Clavos Gold property, 100% owned, in Timmins and the 100% owned Onaman property and other exploration properties in the Beardmore-Geraldton Gold Camp. Technical reports and information relating to the properties can be obtained from the System for Electronic Document Analysis and Retrieval (“SEDAR”) website at www.sedar.com and from the Company’s website at www.sagegoldinc.com.

Contact Information:

Nigel Lees, President and CEO
416-204-3170
nlees@sagegoldinc.com
www.sagegoldinc.com

CAUTIONARY STATEMENT: Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This news release may contain forward looking information and the Company cautions readers that forward looking information is based on certain assumptions and risk factors that could cause actual results to differ materially from the expectations of the Company included in this news release. This news release includes certain "forward-looking statements”, which often, but not always, can be identified by the use of words such as "believes", "anticipates", "expects", "estimates", "may", "could", "would", "will", or "plan". These statements are based on information currently available to the Company and the Company provides no assurance that actual results will meet management's expectations. Forward-looking statements include estimates and statements with respect to the Company’s future plans, objectives or goals, to the effect that the Company or management expects a stated condition or result to occur. Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results relating to, among other things, results of exploration, metallurgical processing, project development, reclamation and capital costs of the Company’s mineral properties, and the Company’s financial condition and prospects, could differ materially from those currently anticipated in such statements for many reasons such as, but are not limited to: failure to identify mineral resources; failure to convert estimated mineral resources to reserves; the preliminary nature of metallurgical test results; delays in obtaining or failures to obtain required governmental, environmental or other project approvals; political risks; uncertainties relating to the availability and costs of financing needed in the future; changes in equity markets, inflation, changes in exchange rates; fluctuations in commodity prices; delays in the development of projects; capital and operating costs varying significantly from estimates and the other risks involved in the mineral exploration and development industry; and those risks set out in the Company’s public documents filed on SEDAR. This list is not exhaustive of the factors that may affect any of the Company’s forward-looking statements. These and other factors should be considered carefully and readers should not place undue reliance on the Company’s forward-looking statements. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.