San Gold Corporation provided production results for fourth quarter and full year of 2012. For the quarter, the company reported gold production of 19,019 ounces. For the quarter, 168,088 tons were milled. 171,351 tons were mined during the quarter. Average feed grade during the quarter was 4.22 grams per tonne gold (0.123 opt). Mill recovery during the quarter was 92.6% resulting in an average recovery of 93.1% for the year.

For the year, the company reported production of 86,506 ounces of gold with approximately 16,370 tons of ore remaining in surface stockpiles at year end. Overall, the company produced 17% more gold in 2012 compared with the 74,280 ounces of gold produced in 2011. Production levels decreased marginally during the fourth quarter and lower than planned grades were realized in several stoping blocks at the 007 mine. Additionally, grades were lower due to an increased focus during the quarter on ore development work

The company provided production guidance for the year 2013, 2014 and 2015. The company is providing preliminary guidance of between 85,000 to 95,000 ounces of gold with cash costs of under $800 an ounce for 2013. 95,000 to 105,000 ounces of gold for 2014 and 105,000 to 115,000 ounces of gold for 2015. The company continues to focus on its higher margin, near surface mines with minimal production from its Rice Lake mine where development activities are taking precedence. The Rice Lake mine is scheduled to recommence normal production levels in late 2014 to early 2015, when it is expected to become an important contributor to production growth. Historically, the Rice Lake mine has accounted for 20% of overall production. The company is forecasting annual capital development costs in the range of $45-$55 million for the years 2013 and 2014.