Mr. Greg Gibson reports

SAN GOLD RECEIVES NO THIRD PARTY OFFERS TO PURCHASE OR INVEST

San Gold Corp. did not receive any third party final bids by the deadline for the company's previously announced sale and investor solicitation process pursuant to the Bankruptcy and Insolvency Act (Canada). As a result, it is expected that the company's secured lenders will seek court approval for a transaction by which the assets of the company will be acquired by a nominee of the company's principal secured lenders in exchange for its secured debt. In such event, the company will have no ability to make a viable proposal to its creditors and will become bankrupt upon the expiry of the court-ordered stay period. The BIA provided the company an initial stay period of up to 30 days of protection from its creditors to enable it to pursue the option of a proposal to its creditors. The stay period has since been extended by court order and is currently scheduled to end on June 22, 2015.

We seek Safe Harbor.