Sage Gold Extends Debt Facility Maturity Date

Sage Gold Extends Debt Facility Maturity Date
  
 

TORONTO, ONTARIO--(Marketwired - May 7, 2014) - As reported on February 6, 2014, Sage (TSX-VENTURE:SGX) entered into an amendment agreement (the "Amendment Agreement") relating to its CAD$1.5 million senior secured term debt facility (the "Facility") with Waterton Global Value, L.P. ("Waterton"). In the Amendment Agreement, Waterton agreed to extend the Facility's maturity date (the "Maturity Date") from February 10, 2014 to May 9, 2014 and offered Sage the option (at Sage's sole discretion) to further extend the Maturity Date to August 8, 2014 (the "Extension Option"). Sage has exercised the Extension Option.

As consideration for the modifications set forth in the Amendment Agreement, Sage has agreed to pay Waterton, on the Maturity Date: CAD$75,000 for the extension of the Maturity Date to May 9, 2014; CAD$100,000 for the extension of the Maturity Date to August 8, 2014; and CAD$20,000 in lieu of the issuance of one million common shares in the capital of Sage originally promised to Waterton as consideration for the Extension Option.

Sage 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 deposit in Timmins and the Lynx deposit 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 www.sagegoldinc.com.

This release was prepared by management of the Company who takes full responsibility for its contents. Neither 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 contains certain "Forward-Looking Statements" within the meaning of Section 21E of the United States Securities Exchange Act of 1934, as amended and "Forward Looking Information" within the meaning of applicable Canadian securities legislation. Some forward looking statements and forward looking information 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 and future results of exploration programs, future profitability and production.

Nigel LeesPresident and CEO416-204-3170416-260-2243www.sagegoldinc.com