San Gold Corporation announced 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 Corporation reported consolidated unaudited operating and earnings results for the first quarter ended March 31, 2013. For the quarter, the company reported loss from operations of CAD 0.04 million and a total and comprehensive loss of CAD 9.7 million compared to income from operations of CAD 7.1 million and a total and comprehensive loss of CAD 0.7 million in the first quarter of 2012. The decrease is primarily attributable to reduced gold sales in the quarter as well as severance and other charges of approximately CAD 2.5 million incurred in the quarter associated with staff reductions and corporate administrative overhead. Revenue was CAD 24.3 million, a 31% decrease over revenue of CAD 35.5 million in the first quarter of 2012. This change was a result of lower gold sales and lower gold price. Loss before other income and expenses was CAD 10,125,484 against CAD 1,289,692 a year ago. Loss before income tax was CAD 11,155,578 against CAD 2,105,810 a year ago. Cash provided used in operating activities was CAD 6,501,000 against cash provided by operating activities of CAD 14,250,000 a year ago. For the quarter, the company reported ore milled of 156,013 tons against 153,537 tons a year ago. Gold produced of 17,354 ounces against 22,162 ounces a year ago. The company remains on track to produce 75,000 and 90,000 in 2013.

San Gold Corporation, Q1 2013 Earnings Call, May 10, 2013