Sulliden Gold Corporation
TSX : SUE

Sulliden Gold Corporation

December 14, 2009 08:30 ET

Sulliden Begins New Drilling Program at Shahuindo Gold Project

TORONTO, ONTARIO--(Marketwire - Dec. 14, 2009) - Sulliden Gold Corporation ("Sulliden" or the "Company") (TSX:SUE) is pleased to announce that is has received a Category 1 exploration permit for the Shahuindo Gold Project in Peru, marking the start of the second drilling campaign on the property in 2009.

Drilling on the property will focus on high potential targets along strike, in and around the south- eastern portion of the deposit, where Sulliden was successful in expanding the mineralized zone earlier this year. A key drill target within this area will be the Gap Zone, covering a 500 meter strike length, on both sides of which the largest mineralized widths of the deposit have been identified. The Category 1 permit will allow Sulliden to conduct approximately 4,000 meters of additional drilling in this area. The goal of this campaign is to increase the density of drill holes in and around the currently defined mineral deposit to expand the resource.

The Company has initiated the application process for a Category 2 exploration permit, which would allow for a comprehensive, concession-wide drill program to move the project forward during the feasibility and development stages.

Stéphane Amireault, Vice President of Exploration for Sulliden commented; "We are very pleased to progress with additional drilling on the property. Every exploration campaign to date has been successful in extending the resource and we are confident that this additional drilling will generate similar results. We have strengthened the exploration management team at site and we are well positioned and enthusiastic about undertaking the new exploration program."

EXPLORATION UPDATE

In addition to the new drilling program on the property, Sulliden has been progressing with geochemical and geophysical testing, specifically targeting the "Gap Zone" where overburden derived from the Algamarca Anticline made it difficult for previous surveys to identify mineralization in the bedrock. The Mobile Metal Ion (MMI) geochemical method was recently tested and showed positive signs that the mineralization may be traced below the overburden. Resistivity and Induced Polarization (IP) surveys have also recently been completed to help characterize the bedrock features in this area and to assist in further identifying drill targets.

The site exploration team has been strengthened with the addition of Mr. Yvan Espinoza who will be responsible for heading the field exploration activities at the Shahuindo Gold Project. Mr. Espinoza is a senior field geologist with extensive experience conducting brownfield exploration in Peru.

QUALIFIED PERSON

Stéphane Amireault, P.Eng., Vice President Exploration for Sulliden Gold Corporation, is the Qualified Person responsible for the management of the exploration program and disclosure of the drill results as defined by National Instrument 43-101. Mr. Amireault has read and approved this news release.

ABOUT SULLIDEN

Sulliden is a Canadian-based mining company focused on the development of its principal asset, the Shahuindo Gold Project, located in Peru. This area is one of the world's most prolific gold producing districts and is home to world-class gold mines including Barrick Gold's Lagunas Norte Mine, 30 km to the south, and the Yanacocha Mine operated by Newmont Mining Company and Buenaventura 80 km to the north; both million-ounce per year producing mines.

The Preliminary Economic Assessment completed in December 2009 by AMEC showed strong economics for the Shahuindo Gold Project and Sulliden will now proceed with a bankable Feasibility study in 2010. While the Company progresses towards its goal of reaching production, a significant focus is being placed on exploration drilling to further expand the resource and reveal the upside potential of the Shahuindo deposit.

Sulliden is led by a strong management team with the proven ability to develop, finance, operate and explore mining projects and is uniquely positioned to generate superior value for its shareholders.

On behalf of Sulliden Gold Corporation

Peter Tagliamonte                                            Stan Bharti
President and CEO                                            Chairman

For further information on Sulliden please visit the company website at www.sulliden.com.

If you would like to be added to Sulliden's news distribution list, please send your email address to contact@sulliden.com.

Caution regarding forward-looking information:

This press release contains "forward looking information" within the meaning of applicable Canadian securities legislation. Forward looking information includes without limitation, statements regarding the effect of the results on the future financial or operating performance of the Company, the size and quality of the company's mineral resources, progress in development of mineral properties, future capital and operating expenses, capital and mine production costs, future metal prices and treatment and refining charges, the financial results of the company the future financial or operating performance of the Company, the prospective mineralization of the properties and planned exploration programs., the issue of permits, future production and sales volumes, capital and mine production costs, demand and market outlook for metals, planned exploration programs, anticipated production schedule and terms and the availability and likelihood of future acquisitions. Generally, forward looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including but not limited to: general business, economic, competitive, geopolitical and social uncertainties; the actual results of current exploration activities; acquisition risks; and other risks of the mining industry. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward- looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward looking information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.

 

Contact Information

  • Sulliden Gold Corporation
    Scott Moore
    Vice President Corporate Development
    (416) 861-5903
    or
    Sulliden Gold Corporation
    Caroline Arsenault
    Manager Marketing and Investor Relations
    (416) 861-5805
    Website: www.sulliden.com