San Gold Obtains Order to Extend Time to File Proposal

WINNIPEG, May 15, 2015 /CNW/ - San Gold Corporation (TSX-V: SGR) ("San Gold" or the "Company") announced today that it had obtained an order granting an extension to the time within which its proposal trustee, MNP Ltd., may file a proposal to its creditors under the Bankruptcy and Insolvency Act (Canada) to June 22, 2015. The maturity date for the Company's debtor-in-possession financing was also extended to June 22, 2015.

The order and other materials relating to the proceeding may be found at the website of MNP Ltd. at http://mnpdebt.ca/en/corporate-insolvency/corporate-engagements/pages/details.aspx?title=san-gold-corporation.

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. Common shares and subordinated unsecured convertible debentures of the Company are traded on the TSX Venture Exchange under the trading symbols "SGR" and "SGR.DB".

Cautionary Note           

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

This news release includes certain "forward-looking statements". All statements, other than statements of historical fact included in this release are forward-looking statements that involve various risks and uncertainties. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as "expects" or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "estimates" or "intends", or stating that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved) are not statements of historical fact and may be "forward-looking statements." Forward-looking statements are subject to a variety of risks and uncertainties that could cause actual events or results to differ from those reflected in the forward-looking statements.

There can be no assurance that forward-looking statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations include those factors discussed in the section entitled "Other MD&A Requirements and Additional Disclosure and Risk Factors" in the Company's most recent quarterly Management's Analysis and Discussion ("MD&A"). Although the Company has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.

SOURCE San Gold Corporation

For further information on San Gold, please visit www.sangold.ca or contact: Greg Gibson, President and CEO; Tim Friesen, Director of Communications and Corporate Affairs, Toll Free: 1 [phone], [email protected]