TORONTO, July 16, 2018 (GLOBE NEWSWIRE) -- Sage Gold Inc. (“Sage Gold” or the “Company”)
(TSX-V:SGX) reports that an application was issued on July 10, 2018 in the Ontario Superior Court of Justice against the Company.
The applicant, CRH Funding II Pte. Ltd. (“CRH”), is seeking a court order appointing a receiver over the assets of Sage Gold,
alleging that Sage Gold has failed to fulfill its gold delivery obligations to CRH.
An interim receiver was appointed by the court on July 13, 2018 with powers expressly limited to the protection
and preservation of Sage Gold’s assets. The application for the appointment of a permanent receiver is scheduled to proceed on July
30, 2018. Sage Gold has disputed the allegations contained in the Application Record, and management intends to defend
against the appointment of a receiver.
About Sage Gold
Shares Outstanding: 110,183,926
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: the ability to rectify breaches of covenants under existing loan agreements with CRH Funding II
Pte. Ltd. and to satisfy this lender to forbear from creditor remedies in the interim; 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 at the present time and 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.
