September 30, 2009 09:04 ET

Sulliden Exploration Inc. Announces Amended Bought Deal

TORONTO, ONTARIO--(Marketwire - Sept. 30, 2009) -


Sulliden Exploration Inc. (TSX:SUE) (the "Company") announced today the execution of an amended and restated underwriting agreement in connection with its bought deal announced on September 11, 2009. Under the revised agreement Cormark Securities Inc., Macquarie Capital Markets Canada Ltd., Canaccord Capital Corporation, Fraser Mackenzie Limited and Wellington West Capital Markets Inc. have agreed to purchase 22.5 million units of the Company on a bought deal basis, at a price of $0.80 per unit for aggregate gross proceeds to the Company of $18 million. In addition, each Unit will now consist of one common share (a "Common Share") and one-half of one common share purchase warrant (each whole purchase warrant, a "Warrant"). The Company will also grant to the Underwriters an option, exercisable at any time until 5:00 p.m. (Toronto time) on the 30th day following the closing, to purchase up to an additional 3,375,000 Units for additional aggregate proceeds of up to $2,700,000.

Each Warrant will entitle the holder to acquire one Common Share at a price of $1.00 for a period of three (3) years from closing. In the event that the Common Shares trade on the TSX at a volume weighted-average price of $1.50 or more for a period of at least twenty (20) consecutive trading days from that date which is 6 months following the closing, the Company shall be entitled to accelerate the exercise period to a period ending at least thirty (30) days from the date notice of such acceleration is provided to the holders of Warrants.

The Company expects to file a final short form prospectus later today in each of the provinces of Canada for the purpose of qualifying the Units for distribution to the public and the offering is scheduled to close on or about October 6, 2009. The offering is subject to certain conditions including, but not limited to, the receipt of all necessary approvals, including the approval of the Toronto Stock Exchange and the securities regulatory authorities.

The proceeds of the offering will be used for exploration, property payments, feasibility studies and for general corporate purposes.

The securities being offered have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States or to, or for the account or benefit of, U.S. persons absent registration or an applicable exemption from registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any state in which such offer, solicitation or sale would be unlawful.

About Sulliden

Sulliden is a Canadian based mining company focused on the development and exploration of the Shahuindo Gold Project located in northern Peru, one of the world's most prolific gold and silver producing districts. World-class gold mines in the region include Barrick Gold's Lagunas Norte Mine, 30 km to the south, and the Yanacocha Mine operated by Newmont Mining Company, 70 km to the north.

In March 2009, the five-year legal dispute that disrupted the Shahuindo Gold Project was resolved. With the current resolution, Sulliden now holds 100 percent registered and undisputed ownership of the Shahuindo property and has secured exploration options on sixteen adjoining mining concessions.

In April 2009, the Board of Directors appointed a new Management team with the focus and ability to develop, finance and operate mining projects. With a strong strategic plan to advance the development of its Shahuindo Gold Project and potential for mineral resource expansion, Sulliden is positioned to generate superior value for its shareholders.

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 restatement and re-filings, 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. 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; other risks of the mining industry; and those risks described by the Company in its annual information form available under to profile on SEDAR at 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 

Peter Tagliamonte Stan Bharti
 President and CEOChairman

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