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Press release from Marketwire

San Gold Announces Changes to its Board of Directors and the Acquisition of Shares in Wildcat Exploration

Tuesday, May 21, 2013

San Gold Announces Changes to its Board of Directors and the Acquisition of Shares in Wildcat Exploration

18:00 EDT Tuesday, May 21, 2013

WINNIPEG, MANITOBA--(Marketwired - May 21, 2013) - San Gold Corporation (TSX:SGR)(OTCQX:SGRCF) ("San Gold" or the "Company") announced today that the board of directors has appointed Ian Berzins, the President, Chief Executive Officer and Chief Operating Officer of the Company, as a director of the Company. The board of directors has also changed the role of executive vice chairman to that of lead director which continues to be filled by Dale Ginn.

San Gold also announced that it has filed an early warning report with respect to its purchase of 1,250,000 common shares ("Common Shares") of Wildcat Exploration Ltd. ("Wildcat") pursuant to a subscription agreement effective as of December 12, 2012. The Common Shares were acquired by the Company pursuant to the "accredited investor" exemption contained in National Instrument 45-106 Prospectus and Registration Exemptions.

The 1,250,000 Common Shares represent approximately 16.17% of the issued and outstanding Common Shares of Wildcat. The acquisition results in the Company beneficially owning and controlling an aggregate of 1,500,000 Common Shares of Wildcat, which represents approximately 19.4% of the issued and outstanding Common Shares of Wildcat. This represents a material change over the 250,000 Common Shares held by the Company prior to this transaction.

The purpose of the Company in effecting the transaction was to comply with its requirements pursuant to a property option agreement between the Company and Wildcat dated August 9, 2011 pursuant to which the Company has the option to acquire an 80% interest in certain mineral properties of Wildcat.

An early warning report in respect of the above-noted transaction has been filed on SEDAR and is available at www.sedar.com.

About San Gold

San Gold is an established Canadian gold producer, explorer, and developer that owns and operates the Rice Lake Mining Complex near Bissett, Manitoba. The Company employs more than 450 people and is committed to the highest standards of safety and environmental stewardship. San Gold is on the Toronto Stock Exchange under the symbol "SGR" and on the OTCQX under the symbol "SGRCF".

For further information on San Gold, please visit www.sangold.ca.

Cautionary Note

This news release includes certain "forward-looking statements". All statements, other than statements of historical fact included in this release, including, without limitation, statements regarding forecast gold production, gold grades, recoveries, cash operating costs, potential mineralization, mineral resources, mineral reserves, exploration results, and future plans and objectives of San Gold, are forward-looking statements that involve various risks and uncertainties. These forward-looking statements include, but are not limited to, statements with respect to mining and processing of mined ore, achieving projected recovery rates, anticipated production rates and mine life, operating efficiencies, costs and expenditures, changes in mineral resources and conversion of mineral resources to proven and probable mineral reserves, and other information that is based on forecasts of future operational or financial results, estimates of amounts not yet determinable and assumptions of management.

FOR FURTHER INFORMATION PLEASE CONTACT:

No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.

Contact Information:
San Gold Corporation
Ian Berzins
President and CEO
Toll Free: 1 (855) 585-4653
sgr@sangold.ca


San Gold Corporation
Gestur Kristjansson
Chief Financial Officer
Toll Free: 1 (855) 585-4653
sgr@sangold.ca
www.sangold.ca

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