Under the agreement, Puma shareholders will receive 1.137 common shares of Sage for each Puma common share held. Based on the currently issued and outstanding common shares of Puma, Sage will issue approximately 58.9 million common shares to acquire all of the currently outstanding Puma common shares, resulting in Puma shareholders holding approximately 25% of the combined entity. The post-merger issued and outstanding common shares of Sage will be approximately 236 million. The agreement has been negotiated at arm's length and approved by the Boards of Directors of both companies.

The transaction is to be effected pursuant to a plan of arrangement under the Business Corporations Act (British Columbia), which will require approval of at least 66 2/3% of the shares of Puma voted at Puma's upcoming annual and special shareholders' meeting, expected to be held in July 2009, with the transaction closing shortly thereafter. Completion of the transaction is subject to a number of other conditions precedent, including receipt by Puma of a favourable fairness opinion, and receipt of all necessary shareholder, stock exchange, court and regulatory approvals. The combined entity will retain the Sage Gold Inc. name and trading symbol SGX on the TSX Venture Exchange.

Full details of the transaction will be included in the Management Information Circular to be filed with the regulatory authorities and mailed to Puma shareholders in accordance with applicable securities laws.

Nigel Lees, Sage Gold's President and CEO commented that, "Combining with Puma creates a strong platform to implement our business plan and continue an aggressive exploration program in the Beardmore Geraldton Gold camp in Ontario where Sage has extensive property holdings including the Golden Extension gold discovery. This is the first acquisition in the Company's strategy to leverage its strong management team and exciting properties to grow Sage and enhance shareholder value."

Vahan Kololian, Puma's President and CEO, added, "The combination of our companies enables Puma's shareholders to acquire a 25% share in a growing gold company in the Beardmore Geraldton area of Ontario."

Fraser Mackenzie Limited is retained as financial advisor to the Board of Directors of Puma and will provide a fairness opinion with respect to the transaction.

SAGE is a mineral exploration and development company which has interests in exploration properties in Ontario, Nevada and Arizona. Its main properties are the Jacobus, Paint Lake, Solomon Pillars and Onaman properties in the Beardmore Geraldton Gold camp and the Kerrs property in Ontario; and the Gold Hill property in Arizona. Technical reports relating to the properties can be obtained from the System for Electronic Document Analysis and Retrieval ("SEDAR") website at www.sedar.com.

PUMA is a mineral exploration and development company which currently has two assets, a platinum group metals exploration property in the Kola Peninsula of Northwest Russia, and approximately $3.5 million of cash. Further information can be obtained from the SEDAR website at www.sedar.com.

Some statements contained in this release are forward-looking and, therefore, involve uncertainties or risks that could cause actual results to differ materially. Such forward-looking statements include comments regarding mining and milling operations, mineral resource statements and exploration program performance. Factors that could cause actual results to differ materially include metal price volatility, economic and political events affecting metal supply and demand, fluctuations in mineralization grade, geological, technical, mining or processing problems, exploration programs, future results of exploration programs, future profitability and production, and general market, economic and financing conditions. Sage and Puma disclaim any obligation to update forward-looking statements.

The securities described herein have not been and will not be registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.

This press release does not constitute an offer of any of the securities described herein in any jurisdiction.

FOR FURTHER INFORMATION PLEASE CONTACT:

Sage Gold Inc.
Nigel Lees
President and CEO
416-204-3170

or

Sage Gold Inc.
Mike O'Brien
Manager/Investor Relations
416-204-3170
416-260-2243 (FAX)
sgx@agoracom.com
www.agoracom.com/IR/sagegold

or

Consolidated Puma Minerals Corp.
Vahan Kololian
President and CEO
416-644-6000
416-644-6001 (FAX)

www.consolidatedpuma.com

This release was prepared by management of the Sage and Puma who takes full responsibility for its contents. The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.

Sage Gold Inc. (TSX VENTURE:SGX) has completed the surface exploration program on the Golden Extension discovered in August 2008 in the Beardmore Geraldton Gold Camp. Two new gold bearing veins were discovered in March 2009 (Vein 9 and Vein 10) located 432 metres northwest of Vein 1 and 268 metres northwest of the northwestern end of Vein 4. The system consists of multiple gold bearing veins on the Jacobus East property, 30 kilometres north- northeast of Beardmore, Ontario and is located northwest of Kodiak Exploration Ltd's Golden Mile discovery.

The first phase of a 3000 metre drill program is planned for June 2009 and will target the high-grade gold vein structures.

Highlights of Surface Exploration Program

- Vein 9 - comprises two discrete veins separated by up to 15 metres of sheared carbonatized and mineralized wall rock. Visible gold is present within the sheared wall rock between the north and south offshoots. Stripped length of 50 metres.

- Vein 9 - Grab samples ranging from 0.56g Au/T to 36.23 g Au/T, channel sample of 2.95 g Au/T over 0.30 metres

- Vein 4 channel sample of 93.72 g Au/T over a width of 0.4 metres

- Vein 4 grab sample of 259.99 g Au/T; grab samples range from 1.7 g Au/T to 259.99 g Au/T with an overall average of 75.83 g Au/T

- Vein 1 channel sample of 136.5 g Au/T over 0.50 metres

- Magnetometer and Very Low Frequency (VLF) surveys underway - good correlation with vein systems and geophysics

- 1.2 kms of exposed vein structures

Refer to www.sagegoldinc.com for complete assay results

Sage President & CEO Nigel Lees stated: "We are encouraged by the lateral extent of gold bearing quartz vein systems that we have discovered during the winter stripping and sampling program. We have expanded our array of drill targets at the Golden Extension now comprising the original discovery on Vein 1, Vein 2, the main vein on Vein 4, the extensive quartz stockwork at the northwestern end of Vein 4 and the new mineralized complex of Veins 9 and 10. We will be able to test multiple targets from each drill platform as the vein systems are spatially close and we will also able to test new targets between the veins. In addition, we are expecting the results from the winter geophysical program which will provide new data on the direction of the existing vein systems and potentially new vein systems. We look forward to our summer drill campaign".

A grid of cut lines totaling approximately 149 kilometres has been completed over the Golden Extension. Magnetic and VLF-electromagnetic surveys are in progress over the grid and are approximately 80 percent complete at this date.

Preliminary data from the magnetic and VLF surveys indicate that all the gold occurrences discovered to date are closely associated with magnetic high anomalies. Some of the gold-bearing veins and vein systems also correlate with VLF conductors, which are interpreted to reflect zones of shearing in the granodiorite host rock. In addition to magnetic and VLF anomalies associated with known gold occurrences, there are numerous anomalies that remain to be tested by prospecting and/or excavating.

The summer exploration program for the Jacobus East property will include excavating on anomalies defined by the magnetic and VLF surveys, as well as geological mapping and geochemical surveying. A 3,000 metre diamond drilling program is planned to commence in June and will be split into two phases. The first phase will target the high priority targets on Golden Extension. A later program, during the late summer or early Fall, will follow up on the June drilling and any new zones that are discovered throughout the summer prospecting and excavating work.

Sage has completed the winter stripping and trenching program and has suspended field operations during spring breakup. The Company intends to conduct a detailed mapping program of the Jacobus vein systems in order to establish the structural characteristics of the mineralization prior to drilling in the early summer. Drilling will commence once the geological mapping program is completed.

Sage also plans to continue prospecting, excavating and geological mapping on its other two key gold properties; Paint Lake and King Solomon Pillars. The press release of March 12, 2009 detailed the sampling results from both properties. The summer field work is aimed at developing drill targets for drilling during the winter of 2009/2010.

Technical Information

Sage's channel samples are between 3 and 4 cm wide and are cut with a motorized diamond saw to a depth of approximately 5 cm. The channels are cut as close to perpendicular to the strike of the vein as permitted by the rock surface. Samples are taken from the footwall, the vein and the hanging wall. Sample intervals are chosen to provide a representative sample of the surface mineralization of the vein and the wall rock. Assays reported in this news release were completed by Accurassay Labs in Thunder Bay. Accurassay's gold analysis is performed using a 30g fire assay charge. The fire assay procedure uses lead collection with a silver inquart. The beads are then digested and an atomic absorption or ICP finish is used. All gold assays that are greater than 10 g/t are re-assayed by fire assay with a gravimetric finish.

The technical content of this news release relating to the Jacobus East Golden Extension project has been reviewed by Sage's consulting Geologist Colin Bowdidge, Ph.D., P.Geo. who is a qualified person as defined by NI 43-101.

SAGE is a mineral exploration and development company which has interests in exploration properties in Ontario, Nevada and Arizona. Its main properties are the Jacobus, Paint Lake, Solomon Pillars and Onaman properties in the Beardmore Geraldton Gold Camp and the Kerrs property in Ontario. Technical reports relating to the properties can be obtained from the System for Electronic Document Analysis and Retrieval (SEDAR) website at www.sedar.com.

For all Sage Gold Inc. Investor relations needs, investors are asked to visit the Sage Gold Inc. IR Hub at http://www.agoracom.com/IR/sagegold where they can post questions and receive answers within the same day, or simply review questions and answers posted by other investors. Alternatively, investors are able to e-mail all questions and correspondence to sgx@agoracom.com where they can also request addition to the investor e-mail list to receive all future press releases and updates in real time.

This release was prepared by management of the Company who takes full responsibility for its contents.

Some statements contained in this release are forward-looking and, therefore, involve uncertainties or risks that could cause actual results to differ materially. Such forward-looking statements include comments regarding mining and milling operations, mineral resource statements and exploration program performance. Factors that could cause actual results to differ materially include metal price volatility, economic and political events affecting metal supply and demand, fluctuations in mineralization grade, geological, technical, mining or processing problems, exploration programs and future results of exploration programs, future profitability and production. The Company disclaims any obligation to update forward-looking statements.

FOR FURTHER INFORMATION PLEASE CONTACT:

Sage Gold Inc.
Nigel Lees
President and C.E.O.
416-204-3170

or

Sage Gold Inc.
Mike O'Brien
Manager/Investor Relations
416-204-3170
416-260-2243 (FAX)

www.sagegoldinc.com

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.

TORONTO, ONTARIO--(March 31, 2009) - Sage Gold Inc. (TSX VENTURE:SGX) has completed a NI43-101 compliant resource estimate for the Lynx Cu-Ag-Au project located on its 100% controlled Onaman property in the Beardmore-Geraldton Gold Camp. Highlights are:

- The Inferred Resource defined to date comprises 1,936,000 tonnes at an average grade of 1.44% Cu, 39.6 g Ag/T and 0.58 g Au/T and contains 61.3 million pounds of copper, 2.24 million troy oz of silver and 33,000 troy oz of gold. These resources are reported at a cut-off grade of 0.5% copper.

- Lersch-Grossman Pit Optimization techniques were utilized to evaluate the near surface potential of the resource that could be amenable to mining by open pit methods. The results indicate the potential for one pit located in the Lynx North area. Using cut-off grade sensitivity scenarios of 1% Cu and 0.5% inferred resources ranging from 485,000 tonnes at 2.1% Cu, 45.3 g Ag/T and 0.70 g Au/T to 845,000 tonnes at 1.55% Cu, 34.6 g Ag/T and 0.51 g Au/T could potentially be mined from two tonnage blocks determined by the cut-off grades.

- The Lynx deposit zones are located in North area and South area. The Resource modeling indicates that there is scope to expand the high grade resource in the South area down dip to the southwest and updip to the northeast. Further, the North area has not been closed off to the north and all zones have only been drilled down dip to an average depth of 200 metres. Refer to www.sagegoldinc.com for illustrative models of the North and South areas.

Nigel Lees stated "This resource estimate is the first step in developing the economic potential of polymetallic mineralization on the Onaman property. The Onaman property is characterized by a number of high grade Cu-Ag-Au and Pb-Zn-Ag-Au showings including Lynx, Cane Copper, Cane Gold, Abitibi, D9 and Headway. Sage has reported on drilling and sampling results from all of these showings in press releases from 2006 to 2009 (refer to www.sagegoldinc.com). The work to date shows the potential for additional resources at surface and at depth in the North and South areas".

Lynx Project, Beardmore Ontario

W. A. Hubacheck Consultants Ltd. (HCG) and Kirkham Geosystems Ltd. (KG) have completed a National Instrument 43-101 Mineral Resource Estimate on the Lynx Cu/Ag/Au Deposit based on the phase 1 and phase 2 drill programs completed in 2006 and 2008 along with historic drill holes from 1975. HCG/KG estimates that the Inferred Mineral Resources of the Lynx Deposit total 1,936,000 tonnes at an average grade of 1.44% Cu, 39.6 g Ag/T and 0.58 g Au/T and contains 61.3 million pounds of copper, 2.24 million troy oz.'s of silver and 33,000 troy oz.'s of gold. These resources are reported at a cut-off grade of 0.5% copper.

The Lynx Deposit resource estimate is supported by 106 drill holes arrayed on a grid layout on 35 drill fence sections with zone correlations involving 240 composite zones. The evaluators have employed a geometric sectional method to compare with two geostatistical models to estimate the polymetallic resources within the Lynx Cu/Ag/Au Deposit.

The geological interpretation is based on 35 cross-sections covering 2 en-echelon zones each having a strike length of 300 meters along the 1 km mineralized trend. Level plans spaced 50 metres apart were used to check the geological interpretation. The classification of inferred resources is supported by drill holes that are spaced at approximately 20 metres to 40 metres apart on section with section spacing of 15 metres to 30 metres for the South area. A wider spaced drilling array, generally 30 metres to 50 metres apart, was employed on the North area.

The main Lynx (LX) zone modeled in the resource estimation is a pyrrhotite-pyrite-chalcopyrite-quartz horizon hosted in interflow tuffaceous sediments. This horizon exhibits reasonable correlation of stratigraphic contacts as well as moderate to good continuity in grade reflecting consistency in both the Lynx South and Lynx North areas. . This zone generally has a westerly dip ranging from 60 degrees to 75 degrees and displays an "S" type fold symmetry along strike and to depth. Grade x thickness contouring of the LX in the South area shows a shallow northerly plunge with a flattening fold hinge indicating additional shallow resource potential. Grade x thickness contouring of copper, silver and gold show uniform distribution within the main polymetalic sulphide body of the LX Zone. In the Lynx North Area, the three sub-zones (LS1-North1,2 and LN1) are more variable in thickness hosted in interflow pillow selvages which are stratiform (generally 30 to 40 metres apart) and limited laterally to sub-basins in the volcanic pile. In the North area, the cross-sectional 3D model illustrates a 70 metre offset separating the main LX North 1 and LX North 2 zones. Refer to www.sagegoldinc.com for grade X thickness models for the Lynx zones.

Block modeling using the Inverse Distance Cubed method employed a database of 11,970 assays as well as incorporating the sectional shapes generated by the geological interpretation. The sectional interpretations were then wireframed to create a 3D solid with which to constrain the block interpolation process. The block modeling exercise took into account a 200 metre gap where the Lynx South and Lynx North areas are offset by northwest trending fault structures. The grade estimation process included modeling the mineralized structures, statistical analysis,drillhole composite data, variography, cut grade analysis, along with block estimation using inverse distance to the third power and nearest neighbor and polygonal estimation for validation and verification purposes. Cut-off grades were determined by natural limits based on lithologic control, cumulative frequency distribution curves and geologic continuity. These minimum grade cut-offs (0.5% Cu, 15 g Ag/T and 0.5 g Au/T) combined with a minimum mining true thickness (3m) were incorporated into a 3D grade x thickness contour model which shows discrete zone boundaries illustrating the deposit geometry.

LYNX DEPOSIT: NI 43-101 Inferred Mineral Resource

Assumptions:

Verification and Validation of Lynx geological database performed with Mapinfo Discover^TM software.

Mineral outlines / zone shapes / grade x thickness modeling exported to Encom Discover^TM 3D module in order to perform a cross-section polygonal check calculation.

CROSS-SECTION POLYGONAL MODEL: CHECK CALCULATION

Mineral outlines constrained by minimum true thickness equals 1.5m; grade x true thickness modeling of LX Zone used minimum true thickness of 3m @ cut-off grades of 0.5% Cu, 15 g Ag/T and 0.5 g Au/T.

Section widths from 15.5m to 50m with average section width equals 24.4m; Average true thickness of LX Zone equals3.37m; Section block volumes were weighted section by section; An average density (SG) of 3.31 was used.

ID3 GEOSTATISTICAL NI 43-101 MINERAL RESOURCE ESTIMATION

- 106 drillholes were utilized to interpolate five zones

- Drillholes were composited to the zone

- Sectional interpretations were wireframed to create 3D solids of the zones

- Zones were coded to the composites and the block model to constrain the modeling process

- Composites for each zone were used to interpolate into the blocks for those zones

- Inverse distance to the third power was utilized as the interpolator

- Decreasing ellipse sizes were employed to ensure the blocks were adequately formed

- Ellipse orientations were determined by orientation of zones

- A minimum of 2 composites were used for each block and a maximum of 2 composites were used per drillhole

- A cutting factor was applied for copper, gold and silver with high composites limited to 9% Cu, 3 g Au/T and 180 g Ag/T.

- A 0.5% Cu cut-off grade was used.

- Minesight^TM Software was used to perform the geostatistical modeling and estimations

- Tonnage comparisons with the sectional calculation check within a variance of +7%. Grade comparisons show an average variance of +16% for Cu, -6% for gold and +13% for Ag.

- Rounding factors have been applied to the tonnage and grade table.

Lersch-Grossman Pit Optimization techniques were utilized to evaluate the near surface potential of the resource that could be amenable to mining by open pit methods. The results indicate the potential for one pit located in the Lynx North area. Using cut-off grade sensitivity scenarios of 1% Cu and 0.5% Cu, conceptual geologic resources ranging from 485,000 tonnes at 2.1% Cu, 45.3 g Ag/T and 0.70 g Au/T to 845,000 tonnes at 1.55% Cu, 34.6 g Ag/T and 0.51 g Au/T could potentially be be mined from two tonnage blocks determined by the cut-off grades. Further work planned would involve metallurgical bulk testing, detailed specific gravity determinations and in-fill drilling to support a scoping study.

At Sage's request, HCG/KG conducted independent validation and verification of drill hole collars, borehole surveys, assay databases which are included in a NI43-101 technical report that will be published on SEDAR within 45 days. The geotechnical information in this press release was prepared and verified by Peter Hubacheck, P.Geo. and Garth Kirkham, P. Geo., who are qualified persons under NI 43-101 responsible for the mineral resource estimation contained in this release Garth Kirkham is the independant reviewer of the geotechnical data contained in this news release.

Mineral resources that are not mineral reserves do not have demonstrated economic viability. Mineral resource estimates do not account for minability, selectivity, mining loss and dilution. These mineral resource estimates include inferred mineral resources that are normally considered too speculative geologically to have economic considerations applied to them that would enable them to be categorized as mineral reserves. There is also no certainty that these inferred mineral resources will be converted to indicated and measured mineral resource categories through further drilling, or into mineral reserves once economic considerations are applied.

SAGE is a mineral exploration and development company which has interests in exploration properties in Ontario, Nevada and Arizona. Its main properties are the Jacobus, Paint Lake, Solomon Pillars and Onaman properties in the Beardmore Geraldton Gold Camp and the Kerrs property in Ontario. Technical reports relating to the properties can be obtained from the System for Electronic Document Analysis and Retrieval (SEDAR) website at www.sedar.com.

For all Sage Gold Inc. Investor relations needs, investors are asked to visit the Sage Gold Inc. IR Hub at http://www.agoracom.com/IR/sagegold where they can post questions and receive answers within the same day, or simply review questions and answers posted by other investors. Alternatively, investors are able to e-mail all questions and correspondence to sgx@agoracom.com where they can also request addition to the investor e-mail list to receive all future press releases and updates in real time.

This release was prepared by management of the Company who takes full responsibility for its contents.

Some statements contained in this release are forward-looking and, therefore, involve uncertainties or risks that could cause actual results to differ materially. Such forward-looking statements include comments regarding mining and milling operations, mineral resource statements and exploration program performance. Factors that could cause actual results to differ materially include metal price volatility, economic and political events affecting metal supply and demand, fluctuations in mineralization grade, geological, technical, mining or processing problems, exploration programs and future results of exploration programs, future profitability and production. The Company disclaims any obligation to update forward-looking statements.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.

TORONTO, ONTARIO--(Marketwire - March 12, 2009) - Sage Gold Inc. (TSX VENTURE:SGX)

Paint Lake Property

Sage has completed an extensive prospecting program on its optioned Paint Lake property in the Beardmore-Geraldton Gold Camp (BGGC). The Company has discovered two new zones of gold mineralization. One zone (SW zone) occurs 744 metres southwest of the stripped and sampled zone reported in the press release of August 25, 2008 (channel result 23.09 g Au/T over 0.4 metres). One grab sample from the Paint Lake Southwest Showing yielded 3.7 g Au/T Au. A second zone (SE zone) was discovered 640 metres southeast of the main stripped area. Grab samples from the Paint Lake Southeast Showing assaying greater than 1.0 g/t Au range from 1.1-2.4 g Au/T and average 1.7g Au/T. The mineralization is associated with quartz veins and silicified mafic tuffs.

Sage has completed an analysis of the historic drilling on the Paint Lake property. Metalore Resources drilled 34 holes between 1986 and 1989. The best results occur in the immediate area of the Sage stripping activity and include the following highlights:

550W-1 - 0.23m of 2.19 g Au/T, 0.50m of 2.40 g Au/t and 0.90m of 5.49 g Au/T

550W-2 - 0.3 m of 4.10 g Au/T and 1.2 m of 9.09 g Au/T

4W-2 - 1.5 m of 2.74 g Au/T, 0.25 m with 1.2 g Au/T and 0.43 m of 4.29 g Au/t

4W-3 - 0.5 m of 3.09 g Au/T and 0.6 m of 25.37 g Au/T.

2W-2 - 0.2 m of 12.68 g Au/T and 0.3 m of 2.40 g Au/T

The Paint Lake property is located contiguous to the western end of Ontex's Brookbank gold deposit which has 43-101 compliant inferred and indicated mineral resources. Ontex announced (12/18/08) a drill intersection of 85.9 g Au/T over 3.4 metres from drilling completed on the Brookbank deposit. Sage's new occurrence southwest of the original stripped area is 400 metres east of the property boundary and lies stratigraphically at the contact of the southern metavolcanics and the northern conglomerates within the Paint Lake shear zone. This structural and stratigraphic location is the host environment for both the Brookbank Gold deposit and Sage's original discovery on the Paint Lake property.

Sage intends to strip and channel sample the new zones in 2009.

King Solomon's Pillars Property

Sage has completed prospecting on the optioned Solomon's Pillars property. The Company has located two zones (North and South) of anomalous gold mineralization associated with quartz ankerite veining within oxide iron formation and associated metasediments. Grab samples from the King Solomon's Pillars northern showing assaying greater than 1.0 g Au/T range from 1.0-11.9 g Au/T and average 4.9 g Au/T. Grab samples from the King Solomon's Pillars southern showing assaying greater than 1 g Au/T range from 1.4-16.3 g Au/T and average 6.0 g Au/T.

Sage intends to trench and collect channel samples from the anomalous gold zones in 2009.

Headway - Onaman Property

Sage has completed surface prospecting and sampling of surface showings associated with the Headway Pb, Zn, Ag, Au zone. The 2008 sampling program yielded a number of high grade silver samples. Grab samples from a select group of 20 of the best samples yielded silver values ranging from 110-1050 g Ag/T (averaging 352.7 g Ag/T), gold values ranging from 0.1-3.9 g Au/T (averaging 1.0 g Au/T), Zn values ranging from 0.52-20.70 % (averaging 5.3 %) and Pb values ranging from 0.37-22.30 % (averaging 3.55 %). Cu values for these samples are generally less than 1 %.

The Headway zone is located approximately 250 metres northwest and stratigraphically above the Lynx zone on the Onaman property.

Assays reported in this news release were completed by ALS Chemex in Thunder Bay. Sample preparation was completed in the Thunder Bay facility of ALS Chemex and prepared samples were shipped to the ALS facility in Vancouver. The copper-silver-gold samples were assayed using induced coupled plasma (ICP) testing with a fire -assay finish for high grade precious metal samples and atomic absorption finish for high grade Cu, Zn and Pb samples.

The geotechnical content of this news release relating to the BGGC project has been reviewed by Peter Hubacheck, P.Geo. A.P.G.O., who is a qualified person as defined by NI 43-101.

SAGE is a mineral exploration and development company which has interests in exploration properties in Ontario, Nevada and Arizona. Its main properties are the Jacobus, Paint Lake, Solomon Pillars and Onaman properties in the Beardmore Geraldton Gold camp and the Kerrs property in Ontario. Technical reports relating to the properties can be obtained from the System for Electronic Document Analysis and Retrieval (SEDAR) website at www.sedar.com.

For all Sage Gold Inc. investor relations needs, investors are asked to visit the Sage Gold Inc. IR Hub at http://www.agoracom.com/IR/sagegold where they can post questions and receive answers within the same day, or simply review questions and answers posted by other investors. Alternatively, investors are able to e-mail all questions and correspondence to sgx@agoracom.com where they can also request addition to the investor e-mail list to receive all future press releases and updates in real time.

This release was prepared by management of the Company who takes full responsibility for its contents.

Some statements contained in this release are forward-looking and, therefore, involve uncertainties or risks that could cause actual results to differ materially. Such forward-looking statements include comments regarding mining and milling operations, mineral resource statements and exploration program performance. Factors that could cause actual results to differ materially include metal price volatility, economic and political events affecting metal supply and demand, fluctuations in mineralization grade, geological, technical, mining or processing problems, exploration programs and future results of exploration programs, future profitability and production. The Company disclaims any obligation to update forward-looking statements.

FOR FURTHER INFORMATION PLEASE CONTACT:

Sage Gold Inc.
Nigel Lees
President and C.E.O.
(416) 204-3170

or

Sage Gold Inc.
Mike O'Brien
Manager/Investor Relations
(416) 204-3170
(416) 260-2243 (FAX)

Website: www.sagegoldinc.com

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.

TORONTO, ONTARIO--(Feb. 26, 2009) - Golden Extension - Jacobus East

Sage Gold Inc (TSX VENTURE:SGX) has received further channel sampling results from Vein 4 of the Golden Extension discovery in the Beardmore-Geraldton Gold Camp (BGGC) including 93.72 g Au/T over a channel width of 0.4 metres. The Golden Extension discovery is located immediately northwest and on strike with Kodiak Exploration Ltd's Golden Mile discovery.

Highlights - Vein 4

- Visible gold present in northwest trending quartz veins and in the silicified pyritic wall rocks

- New channel results - 93.72 g Au/T over a channel width of 0.4 metres

- Contact zone - intrusion and volcanic - Extensive Quartz Stockwork with mineralized wall rock

- Vein exposed over a strike length of 80 metres

Channel and Grab Sample Results --Vein 4 Highlights

Refer to www.sagegoldinc.com for a channel map of Vein 4.

These results occur within the northwestern extension of Vein 4 within an area that was previously covered by water. The winter conditions allow the operator to remove the ice from the vein system which can then be sampled. Visible gold is present both within discrete quartz veins and within silicified mafic volcanic wall rocks. It is apparent that the stripped area now encompasses the contact zone between the Elmhirst intrusion and the surrounding volcanics. Quartz veins are present as multiple northwest trending veins and as interstitial ladder veins within altered pyritic silicified volcanics. The volcanic material yielded good gold values such as channel 176 which assayed 50.64 g Au/T (press release of January 26, 2009).

Sage continues to strip and sample multiple gold bearing vein structures which are both parallel and cross cutting the original discovery of Vein 1. Stripping and trenching continues in a Northwest direction on Vein 4.

The Company expects to complete magnetometer and VLF (very low frequency) survey over the eastern side of the Jacobus property before the spring. The trenching and geophysical programs will provide surface sampling and structural data to allow for the generation of drill targets for drilling during the summer season.

Sage has also received results from an airborne VTEM (versatile time domain electromagnetic) and magnetometer survey conducted during June and July of 2008. The survey encompasses all of the Sage property in the Beardmore- Geraldton Gold Camp except the original Onaman and Jacobus property blocks which were flown by Fugro Airborne Surveys in October 2007. Initial inspection of the data set reveals an abundance of magnetic and EM anomalies. Sage intends to ground truth the anomalies during the summer season.

Technical Information

Sage's channel samples are 4cm wide and are cut with a motorized circular saw to a depth of 22 cm and removed with a hammer. The channels are cut perpendicular to the strike of the vein. Samples are taken from the footwall, the vein and the hanging wall. Sample intervals are defined to provide a representative sample of the surface mineralization of the vein and the wall rock. Assays reported in this news release were completed by Accurassay Labs in Thunder Bay. Accurassay's gold analysis is performed using a 30g fire assay charge. The fire assay procedure uses lead collection with a silver inquart. The beads are then digested and an atomic absorption or ICP finish is used. All gold assays that are greater than 10 g/t are re-assayed by fire assay with a gravimetric finish.

The geotechnical content of this news release relating to the BGGC project has been reviewed by Peter Hubacheck, P.Geo. A.P.G.O, who is a qualified person as defined by NI 43-101.

SAGE is a mineral exploration and development company which has interests in exploration properties in Ontario, Nevada and Arizona. Its main properties are the Jacobus, Paint Lake, Solomon Pillars and Onaman properties in the Beardmore Geraldton Gold Camp and the Kerrs property in Ontario. Technical reports relating to the properties can be obtained from the System for Electronic Document Analysis and Retrieval (SEDAR) website at www.sedar.com.

For all Sage Gold Inc. Investor relations needs, investors are asked to visit the Sage Gold Inc. IR Hub at http://www.agoracom.com/IR/sagegold where they can post questions and receive answers within the same day, or simply review questions and answers posted by other investors. Alternatively, investors are able to e-mail all questions and correspondence to sgx@agoracom.com where they can also request addition to the investor e-mail list to receive all future press releases and updates in real time.

This release was prepared by management of the Company who takes full responsibility for its contents.

Some statements contained in this release are forward-looking and, therefore, involve uncertainties or risks that could cause actual results to differ materially. Such forward-looking statements include comments regarding mining and milling operations, mineral resource statements and exploration program performance. Factors that could cause actual results to differ materially include metal price volatility, economic and political events affecting metal supply and demand, fluctuations in mineralization grade, geological, technical, mining or processing problems, exploration programs and future results of exploration programs, future profitability and production. The Company disclaims any obligation to update forward-looking statements.

FOR FURTHER INFORMATION PLEASE CONTACT:

Sage Gold Inc.
Nigel Lees
President and C.E.O
(416) 204-3170
(416) 260-2243 (FAX)

or

Sage Gold Inc.
Mike O'Brien
Manager/Investor Relations
(416) 204-3170
(416) 260-2243 (FAX)
Website: www.sagegoldinc.com

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.

New Channel and Grab Results - Highlights




Vein 5

Sage will continue to trench and channel sample the Golden Extension and parallel vein systems.

The channel results, coupled with the geological interpretation of the vein systems, will be used to define drill targets for a 2009 drill program. A plan map of the trenched areas to date on the Golden Extension vein system with the associated channel locations is available at www.sagegoldinc.com.

Technical Information

Sage's channel samples are 4cm wide and are cut with a motorized circular saw to a depth of 22cm and removed with a hammer. The channels are cut perpendicular to the strike of the vein. Samples are taken from the footwall, the vein and the hanging wall. Sample intervals are defined to provide a representative sample of the surface mineralization of the vein and the wall rock. Assays reported in this news release were completed by ALS Chemex and Accurassay Labs in Thunder Bay. Sample preparation for the ALS samples was completed in the Thunder Bay facility of ALS Chemex and prepared samples were shipped to the ALS facility in Vancouver. The gold samples were assayed using induced coupled plasma (ICP) testing with a fire- assay finish for high grade precious metal samples. Accurassay's gold analysis is performed using a 30g fire assay charge. The fire assay procedure uses lead collection with a silver inquart. The beads are then digested and an atomic absorption or ICP finish is used. All gold assays that are greater than 10 g/t are re-assayed by fire assay with a gravimetric finish.

The geotechnical content of this news release relating to the BGGC project has been reviewed by Peter Hubacheck, P.Geo. A.P.G.O. who is a qualified person as defined by NI 43-101.

Kerrs Property - Abitibi Gold Belt - Joint Venture with Sheltered Oak Resources Corp.

Sage Gold Inc. has executed an amendment and extension to the option agreements (the 'Option Agreement') dated as of 30th of August 2005 between Sage Gold Inc. and Jocelyne A. Kidston and L. Michael Dyment as extended by the Extension and Waiver Agreement dated as of 21st of February 2007 and the Amendment Agreement dated as of 10th of November 2008 between Sage Gold Inc., Lucrum Capital Corp. and Jocelyne A. Kidston and L. Michael Dyment.

The term of the Option Agreement has been extended until September 6, 2009. The consideration for maintaining the Option Agreement in full force and effect is the issue of 78,125 treasury common shares of Sage to Jocelyne A. Kidston and 78,125 treasury common shares of Sage to L. Michael Dyment subject to regulatory approval, in addition to the issue of $12,500 of the share capital of Sheltered Oak Resources (formerly Lucrum Capital Corp.). Sheltered Oak Resources has a three year option agreement (press release of February 8, 2007) to earn a 55% interest in the Kerrs property for a cash consideration of $200,000 and total property expenditures of $1.8 million. Sage will have a "back-in" option which will allow Sage to maintain ownership control of the Kerrs property.

SAGE is a mineral exploration and development company which has interests in exploration properties in Ontario, Nevada and Arizona. Its main properties are the Jacobus, Paint Lake, Solomon Pillars and Onaman properties in the Beardmore Geraldton Gold camp and the Kerrs property in Ontario; the Pony Spur and Sugarloaf properties situated in Nevada; and the Gold Hill property in Arizona. Technical reports relating to the properties can be obtained from the System for Electronic Document Analysis and Retrieval (SEDAR) website at www.sedar.com.

For all Sage Gold Inc. Investor relations needs, investors are asked to visit the Sage Gold Inc. IR Hub at http://www.agoracom.com/IR/sagegold where they can post questions and receive answers within the same day, or simply review questions and answers posted by other investors. Alternatively, investors are able to e-mail all questions and correspondence to sgx@agoracom.com where they can also request addition to the investor e-mail list to receive all future press releases and updates in real time.

This release was prepared by management of the Company who takes full responsibility for its contents.

Some statements contained in this release are forward-looking and, therefore, involve uncertainties or risks that could cause actual results to differ materially. Such forward-looking statements include comments regarding mining and milling operations, mineral resource statements and exploration program performance. Factors that could cause actual results to differ materially include metal price volatility, economic and political events affecting metal supply and demand, fluctuations in mineralization grade, geological, technical, mining or processing problems, exploration programs and future results of exploration programs, future profitability and production. The Company disclaims any obligation to update forward-looking statements.


The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.

CONTACT INFORMATION: Sage Gold Inc.
Nigel Lees
President and C.E.O.
(416) 204-3170
Fax: (416) 260-2243

or

Sage Gold Inc.
Mike O'Brien
Manager/Investor Relations
(416) 204-3170
Fax: (416) 260-2243
Website: www.sagegoldinc.com

CONTACT INFORMATION: Sage Gold Inc.
Nigel Lees
President and C.E.O.
(416) 204-3170
Fax: (416) 260-2243

or

Sage Gold Inc.
Mike O'Brien
Manager/Investor Relations
(416) 204-3170
Fax: (416) 260-2243
Website: www.sagegoldinc.com

TORONTO, ONTARIO--(Nov. 6, 2008) - Sage Gold Inc. (TSX VENTURE:SGX) has completed 19 diamond drill holes totalling 9,048 feet on the Gold Hill property located in Maricopa County, Arizona.

The Gold Hill area encompasses the Main East vein structure and the newly discovered Old Coup vein. The vein systems are related to northwest-southeast trending fault systems that transect the quartz monzonite and the surrounding schists. The Main East vein was previously developed ,by others,through a 550 foot haulage level, four additional levels and an winze that was driven approximately 75 feet below the main haulage level. The Old Coup zone is located parallel and 600 feet (183 metres) south of the Main East Vein.

Main East Vein Structure - Drill Intersection Results

Eight holes targeted the Main East vein structure, approximately 100 feet (33 metres) below the workings on a 50 foot x 50 foot step-out pattern to delineate and determine the continuity of grade within the gold bearing zone. Three holes did not reach the intended target due to adverse ground conditions. GH-08-01 was designed to test the down dip extension of the Main East vein system. A hematized vein breccia structure was intercepted from 693 feet to 717 feet within a major deformation zone which is the host for gold mineralization in this area. GH-08-01 has tested and confirmed that the main deformation zone extends well below creek level and approximately 350 feet below the historical winze workings.

Drill holes nos 6, 8, 9, 11 and 16 have extended the Main East vein structure a distance of 350 feet striking at 135o. Based on surface mapping, underground sampling and diamond drilling, the Main East vein structure appears to be a linear, vertically dipping vein structure. It has a strike length of 840 feet exposed from a ridgeline elevation of 4,300 feet to a vertical elevation (above sea level) of 3,620 feet. There is potential to test the down rake vein extension from drill holes no. 9 and 16 where anomalous gold values over reasonable widths were encountered.

Old Coup Structure - Drill Intersection Results

Drill hole GH-08-02 was targeted to test the nearby historical Old Coup zone. The zone occurs at or near the contact between xenoliths and/or intrusive wallrock of slatey schists and the quartz monzonite sill. Mineralization is associated with hematized quartz vein breccias that are present near the southwest contact and also extend into the quartz monzonite. Coarse visible gold was encountered at the 200 foot level in the second hole yielding an intersection of 1.38 oz/t(47.31 g/T) over 3.2 feet. This drill hole confirms the lateral extent of the underground sampling of the Old Coup zone where gold values ranging from 0.22 oz/t (7.51 g/T) to 0.39 oz/t (13.3 g/T) occur in channel samples from 120 feet to 145 feet east of the portal. The zone has been traced through underground channel samples and the intersections returned in DDH 2 and 12. There were no anomalous gold values in this hole. GH-08-03 was drilled as a fifty foot step-out from GH-08-02. GH-08-04 was collared 328 feet northeast of GH-08-03. GH-08-03 intersected 0.073 oz Au/t (2.5 g Au/T) over 2 feet. GH-08-04 intersected the Old Coup zone between 201 to 207 feet with anomalous gold values of between 0.011 oz/t (0.377 g/T) to 0.020 oz/t (0.686g/T).

GH-08-05 extended the strike extension of the Old Coup zone to 520 feet due east from the adit entrance.

Sage has exercised an option to acquire a 50% interest in the property having spent U.S.$250,000 in exploration expenditures in the prior year. After earning its option, expenditures will be equally shared between Sage and the property vendor.

The geotechnical information in this release has been reviewed by Peter Hubacheck, P. Geo. A.P.G.O.; #1059 P. Geol., A.P.E.G.G.A #33789, a qualified person as defined by NI 43-101 regulations.

Assays reported in this news release were completed by ALS Chemex in Vancouver. Sample preparation was completed in the Elko facility of ALS Chemex and prepared samples were shipped to the ALS facility in Vancouver. The gold samples were assayed using induced coupled plasma (ICP) testing with a fire assay finish for high grade precious metal samples.

Nevada

Due to Sage's primary focus being on the Beardmore Geraldton Gold camp, the Company has decided to reduce its early stage exploration properties in Nevada and will not be renewing it's option on the Dike and Corridor claim blocks. In addition, Sage has terminated its option agreement with Atna Resources Ltd. by which Sage could have earned up to a 70% undivided interest in the Dixie Fork and Triple Junction properties comprising 67 claims in Elko County, Nevada.

The Company continues to hold 142 claims on the Sugarloaf and Pony Spur properties.

SAGE is a mineral exploration and development company which has interests in exploration properties in Ontario, Nevada and Arizona. Its main properties are the Jacobus, Paint Lake, Solomon Pillars and Onaman properties in the Beardmore Geraldton Gold camp and the Kerrs property in Ontario; the Pony Spur and Sugarloaf properties situated in Nevada, and the Gold Hill property in Arizona. Technical reports relating to the properties can be obtained from the System for Electronic Document Analysis and Retrieval (SEDAR) website at www.sedar.com.

For all Sage Gold Inc. investor relations needs, investors are asked to visit the Sage Gold Inc. IR Hub at http://www.agoracom.com/IR/sagegold where they can post questions and receive answers within the same day, or simply review questions and answers posted by other investors. Alternatively, investors are able to e-mail all questions and correspondence to sgx@agoracom.com where they can also request addition to the investor e-mail list to receive all future press releases and updates in real time.

This release was prepared by management of the Company who takes full responsibility for its contents.

Some statements contained in this release are forward-looking and, therefore, involve uncertainties or risks that could cause actual results to differ materially. Such forward-looking statements include comments regarding mining and milling operations, mineral resource statements and exploration program performance. Factors that could cause actual results to differ materially include metal price volatility, economic and political events affecting metal supply and demand, fluctuations in mineralization grade, geological, technical, mining or processing problems, exploration programs and future results of exploration programs, future profitability and production. The Company disclaims any obligation to update forward-looking statements.

FOR FURTHER INFORMATION PLEASE CONTACT:

Sage Gold Inc.
Nigel Lees
President and C.E.O.
(416) 204-3170
(416) 260-2243 (FAX)

or

Sage Gold Inc.
Mike O'Brien
Manager/Investor Relations
(416) 204-3170
(416) 260-2243 (FAX)

Website: www.sagegoldinc.com

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.

CONTACT INFORMATION: Sage Gold Inc.
Nigel Lees
President and C.E.O.
(416) 204-3170
Fax: (416) 260-2243

or

Sage Gold Inc.
Mike O'Brien
Manager/Investor Relations
(416) 204-3170
Fax: (416) 260-2243
Website: www.sagegoldinc.com

CONTACT INFORMATION: Sage Gold Inc.
Nigel Lees
President and C.E.O.
(416) 204-3170
Fax: (416) 260-2243

or

Sage Gold Inc.
Mike O'Brien
Manager/Investor Relations
(416) 204-3170
Fax: (416) 260-2243
Website: www.sagegoldinc.com

CONTACT INFORMATION: Sage Gold Inc.
Nigel Lees
President and C.E.O.
(416) 204-3170
Fax: (416) 260-2243

or

Sage Gold Inc.
Mike O'Brien
Manager/Investor Relations
(416) 204-3170
Fax: (416) 260-2243
Website: www.sagegoldinc.com