GoldMinerPulse.com -- San Gold Corporation: (NI) 43-101 Metal Valuation Report

San Gold Corporation (SGR)

Company Web Site: www.sangoldcorp.com
(NI) 43-101 reports from projects located in: Canada (CA)
This report is based on NI 43-101 disclosures and fully diluted share counts available on: 2010-03-01. Metrics have been updated with stock price and metal prices in effect at the close of Canadian markets on 2010-03-11.
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San Gold Fair Market Stock Price Valuation is updated daily.
Recent Production
2009 : 8398 oz during Q3
2008 : 2,276 oz during Q3
Source(s): Production figures taken from the Management's Discussion and Analysis For the three and nine months ended September 30th, 2009 document available at Sedar.
GoldMinerPulse Most Optimistic Resource Estimate Summary (MORE):
Metrics last with prices in effect at the TSX/TSXV close on 2010-03-11
Project/Deposit CC MVpSh PP% MI% I% Gold
    007 Zone CA $6.55 0 29% 71% 1.65 M oz
    Rice Lake CA $5.92 0 25% 75% 1.49 M oz
    Hinge CA $3.41 0 31% 69% 860.26 K oz

GoldMinerPulse Metrics - Total All Projects/Deposits by Metal, prices from 2010-Mar-11
Metric / Metal Gold
    Metal Totals 4.01 M oz
    Metal Prices in US$ (from 2010-03-11) $1,108.90 per oz
    Metal Value per Share (MVpSh)
(Shown in US$ and based on fully diluted share count shown below) $15.88
    Percentage of Total Metal Value 100.00%
    PP% | MI% | I% 0 | 28% | 72%

GoldMinerPulse Metrics - All Metals from All Projects/Deposits and Prices from 2010-Mar-11
    Metal Value per Share (MVpSh)    US$15.88
    Average Ore Value per Tonne    US$
    Metal Value Leverage (MVL)    5.03
    Market Capitalization as % of Metal Value    19.9%
    Recent Stock Price    C$3.23   (TSX/TSXV close on 2010-03-11.)
Conversion rate used: 1 Cnd$ = 0.976275 US$ )
    Fully Diluted Share Count    279.79 M    ( Fully diluted share count taken from the San Gold Corp., Share Structure web page (viewed December 2009). )
    PP% | MI% | I%    0 | 28% | 72%
Gold Metrics-- all Projects/Deposits
    Average Gold Ore Grade     g/t
    Market Capitalization
    per oz of Gold In Ground    $220.25   US$  |   225.60   C$
    Gold Eq Oz Estimate    4.01 M oz   ( 4.01 M oz are in ground)
    Market Capitalization
    per oz of Gold Equilavent    $220.25   US$  |   225.60   C$

See terms for more about GoldMinerPulse metrics.
GoldMinerPulse Coverage Status:
GoldMinerPulse coverage of San Gold Corporation is complete pending a final internal review.

Project/Deposit	CC	MVpSh	PP%	MI%	I%	Gold
007 Zone	CA	$6.55	0	29%	71%	1.65 M oz
Rice Lake	CA	$5.92	0	25%	75%	1.49 M oz
Hinge	CA	$3.41	0	31%	69%	860.26 K oz

GoldMinerPulse Metrics - Total All Projects/Deposits by Metal, prices from 2010-Mar-11
Metric / Metal	Gold
Metal Totals	4.01 M oz
Metal Prices in US$ (from 2010-03-11)	$1,108.90 per oz
Metal Value per Share (MVpSh) (Shown in US$ and based on fully diluted share count shown below)	$15.88
Percentage of Total Metal Value	100.00%
PP% \| MI% \| I%	0 \| 28% \| 72%

GoldMinerPulse Metrics - All Metals from All Projects/Deposits and Prices from 2010-Mar-11
Metal Value per Share (MVpSh)	US$15.88
Average Ore Value per Tonne	US$
Metal Value Leverage (MVL)	5.03
Market Capitalization as % of Metal Value	19.9%
Recent Stock Price	C$3.23 (TSX/TSXV close on 2010-03-11.) Conversion rate used: 1 Cnd$ = 0.976275 US$ )
Fully Diluted Share Count	279.79 M ( Fully diluted share count taken from the San Gold Corp., Share Structure web page (viewed December 2009). )
PP% \| MI% \| I%	0 \| 28% \| 72%
Gold Metrics-- all Projects/Deposits
Average Gold Ore Grade	g/t
Market Capitalization per oz of Gold In Ground	$220.25 US$ \| 225.60 C$
Gold Eq Oz Estimate	4.01 M oz ( 4.01 M oz are in ground)
Market Capitalization per oz of Gold Equilavent	$220.25 US$ \| 225.60 C$

See terms for more about GoldMinerPulse metrics.

007 Zone - ^top^

(NI) 43-101 Report:

Title:
Date: (0 pages)

Project Location: Manitoba, Canada

Most Optimistic Resource Estimates (MORE):

•Measured + Indicated

Metal MVpSh Contained Metal Quantity Ore Grade Ore Quantity
Gold $1.89 477.48 K oz 21.600 g/t 687.56 K t
Estimate notes: Marketwire San Gold Presents Initial Mineral Resource Estimates for Hinge and 007 Zones.

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$1.89	477.48 K oz	21.600 g/t	687.56 K t
Estimate notes: Marketwire San Gold Presents Initial Mineral Resource Estimates for Hinge and 007 Zones.

•Inferred

Metal MVpSh Contained Metal Quantity Ore Grade Ore Quantity
Gold $4.66 1.18 M oz 21.900 g/t 1.67 M t
Estimate notes: See Measured + Indicated note.

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$4.66	1.18 M oz	21.900 g/t	1.67 M t
Estimate notes: See Measured + Indicated note.

Hinge - ^top^

(NI) 43-101 Report:

Title:
Date: (0 pages)

Updates: Marketwire San Gold Presents Initial Mineral Resource Estimates for Hinge and 007 Zones.

Project Location: Manitoba, Canada

Map View: View the Hinge Mine on a Google Map.

Most Optimistic Resource Estimates (MORE):

•Measured + Indicated

Metal MVpSh Contained Metal Quantity Ore Grade Ore Quantity
Gold $1.06 267.80 K oz 13.400 g/t 621.60 K t
Estimate notes:

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$1.06	267.80 K oz	13.400 g/t	621.60 K t
Estimate notes:

•Inferred

Metal MVpSh Contained Metal Quantity Ore Grade Ore Quantity
Gold $2.35 592.46 K oz 13.400 g/t 1.38 M t
Estimate notes: See Measured + Indicated note.
cutOffNotes

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$2.35	592.46 K oz	13.400 g/t	1.38 M t
Estimate notes: See Measured + Indicated note. cutOffNotes

Rice Lake - ^top^

(NI) 43-101 Report:

Title: MINERAL RESOURCE AND MINERAL RESERVE ESTIMATES AS OF DECEMBER 1, 2006 RICE LAKE PROJECT RICE LAKE GREENSTONE BELT BISSETT, MANITOBA, CANADA FOR SAN GOLD CORPORATION.
Date: 2006-12-11 (160 pages)

Updates: Also see Reserves & Resources web page at the San Gold web site (viewed December 2009).

Project Location: Manitoba, Canada

Map View: View Rice Lake Mine site on a Google Map.

Most Optimistic Resource Estimates (MORE):

•Measured + Indicated

Metal MVpSh Contained Metal Quantity Ore Grade Ore Quantity
Gold $1.46 367.15 K oz 8.087 g/t 1.41 M t
Estimate notes: See Reserves & Resources web page at the San Gold web site (viewed December 2009). Proven and Probable are included as part of the Measured + Indicated count.

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$1.46	367.15 K oz	8.087 g/t	1.41 M t
Estimate notes: See Reserves & Resources web page at the San Gold web site (viewed December 2009). Proven and Probable are included as part of the Measured + Indicated count.

•Inferred

Metal MVpSh Contained Metal Quantity Ore Grade Ore Quantity
Gold $4.46 1.13 M oz 8.087 g/t 4.33 M t
Estimate notes: See Measured + Indicated note.

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$4.46	1.13 M oz	8.087 g/t	4.33 M t
Estimate notes: See Measured + Indicated note.


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