SGX Resources Inc. Enters into Option Agreement

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[{"type":"text","content":"\n\n\n\n\n\n/THIS PRESS RELEASE IS NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR\n DISTRIBUTION TO U.S. NEWS WIRE SERVICES./\n\n\nWINNIPEG, Sept. 8, 2011 /CNW/ - Hugh Wynne, Executive Chairman of SGX\n Resources Inc. (\"SGX\"), is pleased to announce that SGX and San Gold\n Corporation (collectively, the \"Optionees\") have entered into an option\n agreement (the \"Option Agreement\") with Caroline Creighton and Charles\n Creighton (collectively, the \"Optionors\") dated as of the date hereof.\n Pursuant to the Option Agreement, the Optionors have provided the\n Optionees with an option to acquire a 100% undivided interest in one\n mineral claim (the \"Property\") held by the Optionors in Tully Township\n in the Timmins, Ontario area.\nPursuant to the terms of the Option Agreement, the Optionees have the\n option to earn a 100% undivided interest in the Property by making the\n following aggregate cash payments and issuing the following aggregate\n numbers of common shares of SGX (\"Common Shares\") to the Optionors: (i)\n $40,000 cash and 40,000 Common Shares within 30 days from the date that\n all conditions precedent in the Option Agreement are satisfied or\n waived by the parties (the \"Effective Date\"); (ii) $60,000 and 60,000\n Common Shares on or before the first anniversary of the Effective Date;\n and (iii) $100,000 cash and 150,000 Common Shares on or before the\n second anniversary of the Effective Date. The Optionors are also\n required to incur the following exploration expenditures on the\n Property: (i) at least $250,000 prior to the first anniversary of the\n Effective Date; (ii) at least $400,000 by the second anniversary of the\n Effective Date; and (iii) at least $500,000 prior to the third\n anniversary of the Effective Date.\nThe Common Shares to be issued to the Optionors pursuant to the Option\n Agreement will be issued by SGX. San Gold will reimburse SGX for 50% of\n the deemed value of all Common Shares issued by SGX pursuant to the\n Option Agreement. The cash payments and exploration expenditures on the\n Properties will be split equally by SGX and San Gold.\nUpon transfer of a 100% undivided interest in the Property from the\n Optionors to the Optionees, the Optionors shall be entitled to an\n aggregate 2.2% net smelter returns royalty on the Property. At such\n time, the Optionors shall be entit...

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