Sulliden Gold Corporation

Sulliden Gold Corporation

April 12, 2010 07:30 ET

Sulliden Completes Final Mortgage Payment on Shahuindo Property

TORONTO, ONTARIO--(Marketwire - April 12, 2010) - Sulliden Gold Corporation Ltd. ("Sulliden", the "Company") (TSX:SUE) (OTCQX:SDDDF) is pleased to announce that it has completed a $7.5 million payment as part of the Shahuindo ownership settlement agreement announced on March 2, 2009. To date, Sulliden has paid a total of $10.0 million under the agreement and has a further $3.5 million in payments to be made between May 2010 and March 2011. The $7.5 million payment releases a mortgage that was held on Shahuindo and now provides Sulliden with 100% unencumbered ownership of the property.

Sulliden is currently preparing for the next exploration campaign at Shahuindo, expected to commence in June 2010. Since the discovery of Shahuindo in 1992, approximately 50,000 meters of drilling have been completed on the property. The upcoming campaign plans for over 20,000 meters of drilling with a focus on expanding the mineral resource, and will represents the largest and most comprehensive exploration effort on the property to date.

Data from geotechnical holes drilled earlier this year are currently being compiled and the Company expects to release the final results in the coming weeks. The geotechnical results will provide information on rock quality and strength that will be used to optimize the pit wall angles.


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, 80 km to the north; both million-ounce per year producing mines.

A positive Preliminary Economic Assessment prepared by AMEC for the Shahuindo Gold Project was completed in December 2009 and Sulliden is proceeding with a bankable Feasibility Study, expected for completion by the end of 2010. While the Company progresses towards its goal of reaching production by mid 2012, a significant focus is being placed on exploration drilling to 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 positioned to generate superior value for its shareholders.

On behalf of Sulliden Gold Corporation

Peter Tagliamonte, President and CEO

Stan Bharti, Chairman 

For further information on Sulliden please visit the company website at

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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 Ltd.
    Scott Moore
    Vice President Corporate Development
    (416) 861-5903
    Sulliden Gold Corporation Ltd.
    Caroline Arsenault
    Manager Marketing and Investor Relations
    (416) 861-5805