SAN Gold - Rice Lake gold beltSan Gold Corp. -- the Goliath down the road to Bison's David -- sold out a share offering last month in 10 minutes, raising $22 million including underwriters' options.
Every year for the past three years, San Gold has just about doubled its gold production. It's forecasting production of 100,000 ounces in 2012, an increase of about 33 per cent from 2011.
Last year, San Gold spent $25 million on exploration -- one of the largest programs in the country -- and expects to do almost as much this year.
Dale Ginn, San Gold's executive vice-chairman, said San Gold is starting to become more attractive to larger investment funds.
"Because we are a stable company that does lots of exploration we are considered a low risk,"said Ginn.
San Gold's mine and mill in Bissett employ more than 450 people -- twice the actual population of the town. It is mining and exploring a site that has been producing gold for 80 years.
Even at Bison Gold's property, prospectors were mining gold by hand 80 years ago.
But even with that historic evidence of gold in the so-called Rice Lake gold belt, the region is still considered to be under-explored.
Source : https://www.winnipegfreepress.com/business/manitobas-newest-gold-rush-exploration-spending-141282553.html