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San Gold Sharply Higher after Drilling Expands Rice Lake Deposits, Shares Now Up 23%

San Gold Corp (SGR.TO), already moving higher today with gains for most gold stocks, is getting an added boost after saying drilling this January at the 007 Zone of its Rice Lake mining complex in Manitoba identified three new strike zone, later determined to be part of a continuous stretch of mineralization extending about 500 meters.

At last look, San Gold shares were up 32 cents -- or more than 23% -- at $1.70 each, gaining about 15 cents a share since 10 a.m. ET. More than 2 million shares have traded hands.

Company officials describe the expanded gold zone as one of the richest deposits yet discovered in Manitoba, adding it is expected to contribute about half of the company's mill feed "for the foreseeable future," according to CEO George Pirie.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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