SAS announces positive pre-feasibility study for Taylor and a significant overall increase in SAS resources and reserves for 2011

• Published in: Canada NewsWire
• Format: Newsletter
• Language: English
• Published: Ottawa PR Newswire Association LLC 16.02.2012
• Subjects: Capital costs; Capital expenditures; Cash flow; Feasibility studies; Foreign exchange rates; Gold; Holt, Holloway; Internal rate of return; Mineral reserves; Mineral resources; Net present value; Royalties; TORONTO, Feb. 16, 2012

FORWARD-LOOKING INFORMATION This news release contains forward-looking information and forward-looking statements (collectively, "forward-looking information") under applicable securities laws, concerning the Company's business, operations, financial performance, condition and prospects, as well as management's objectives, strategies, beliefs and intentions. Forward-looking information is frequently identified by such words as "may", "will", "plan", "expect", "estimate", "anticipate", "believe", "intend" and similar words referring to future events and results, including with respect to the resource and reserve calculations at the Company's projects; the advancement of the Taylor Project towards production and the recovery rates, mine life, production levels, capital costs, cash operating costs and the rate of return therefrom, and the potential enhancement thereof; the completion of a bulk sampling program at the Taylor Project, and the timing thereof; and the availability of a NI 43-101 technical report on the Taylor Project, and the timing thereof. This forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from those expressed or implied by the forward-looking information. Factors that may cause actual results to vary materially include, but are not limited to, uncertainties relating to the interpretation of the geology, continuity, grade and size estimates as well as recoverability of the mineral reserves and resources; unanticipated operational and technical difficulties which could increase operating and capital costs; changes in the availability of qualified personnel; fluctuations in gold prices and exchange rates; insufficient funding or delays or inability to raise additional financing on satisfactory terms if required; changes in laws, regulations and the risks of obtaining necessary licenses and permits; changes in general economic conditions and changes in conditions in the financial markets. Such forward looking information is based on a number of assumptions, including but not limited to the level and volatility of the price of gold, the accuracy of reserve and resource estimates and the assumptions on which such estimates are based, the ability to achieve capital and operating cost estimates, the ability of the Company to retain and attract qualified personnel, the sufficiency of the Company's cash reserves and operating cash flow to complete planned development and exploration activities, the availability of additional financing on acceptable terms if and as required and the level of stability of general business and economic conditions. Should one or more risks and uncertainties materialize or should any assumptions prove incorrect, then actual results could vary materially from those expressed or implied in the forward-looking information and accordingly, readers are cautioned not to place undue reliance on this forward-looking information. SAS does not assume the obligation to revise or update this forward-looking information after the date of this release or to revise such information to reflect the occurrence of future unanticipated events, except as may be required under applicable securities laws. A more detailed description of these risks and uncertainties are can also be found in the Company's Annual Information Form obtained on SEDAR at www.sedar.com.