SUTTER GOLD
CLOSES FINAL TRANCHE ON NON-BROKERED PRIVATE PLACEMENT
Sutter Gold Mining Inc. (SGM:TSX-V)
(SGMNF:OTCQX) (?Sutter? or the ?Company?) announces that, further to its news releases dated
January 4, 2013, December 28, 2012, November 14, 2012 and October 18, 2012, the
Company has completed the second and final tranche of a non-brokered private
placement (the ?Private Placement?) of an aggregate of 506,634 common shares at
a price of US$0.30 per common share for gross proceeds of USD$151,990.20.
All common shares issued pursuant to the Private Placement are subject to a
four-month hold period expiring May 16, 2013. Completion of the Private
Placement is subject to the approval of the TSX Venture Exchange. Sutter will
apply the net proceeds from the Private Placement towards continued advancement
of the Lincoln Mine project and general working capital purposes.
About
Sutter Gold Mining Inc.
Sutter is a near-term gold producer, building Phase One of the new Lincoln Mine
Project in the historic California Mother Lode. Ramp-up to full production is
planned in the first half of 2013. The Lincoln-Comet and Keystone zones
have a NI 43-101 compliant Indicated Resource estimate (completed in February
2008) of 612,400 tonnes (673,600 tons) grading 11.3
g/t Au (0.33 oz/ton) containing 223,000 ounces of
gold and Inferred Resources of 2,161,700 tonnes
(2,377,900 tons) grading 6.6 g/t Au (0.19 oz/ton)
containing 458,900 ounces of gold.
Sutter currently controls approximately 4.6 miles of the Mother Lode of Amador
County, with 90% of the property still unexplored. Potential exists both at
depth and along strike of the known mineralized zones on both the footwall and
hanging wall. The 120-mile long Mother Lode Gold Belt produced over 13 million
ounces of gold historically with 7.9 million ounces originating from the
10-mile long segment between Jackson and Plymouth where the Lincoln Project is
strategically located. Properties under the Company?s control include seven
historic mines with significant historic gold production totaling over 3.5
million ounces or 27% of the historic gold production from the Mother
Lode. Historic mines located north and south of the Lincoln Project in
the Jackson to Plymouth segment of the Mother Lode success fully mined gold to
depths of 4,500 and 6,300 feet, respectively.
In Mexico, Sutter holds the rights to the geologically similar, high-grade El
Alamo district of northern Baja, where historic mining to the water table
produced mined grades of 30 to 60 g/t gold. Initial exploration with its
joint-venture partner, Premier Gold, has demonstrated the extension of
high-grade veins.