Sunridge Gold Corp.
TSX VENTURE : SGC

Sunridge Gold Corp.

January 23, 2008 10:01 ET

Sunridge Gold Announces New Resource Estimates for Debarwa and Adi Nefas VMS Deposits

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 23, 2008) - Sunridge Gold Corp. (TSX VENTURE:SGC) announces new NI 43-101 compliant independent resource estimates for the Debarwa copper-zinc-gold and Adi Nefas zinc-gold-copper volcanogenic massive sulphide (VMS) deposits on its 100% owned Asmara Project, Eritrea. Most of the resources in both deposits have been upgraded to the Indicated category as well as a significant increase in size and grade at Adi Nefas from the initial independent resource estimates for the Adi Nefas and Debarwa deposits released in January 2007.

Combined with the recently announced resources on the Company's Emba Derho property the total combined metal in the Indicated category defined on the Asmara Project is:

- 2.3 billion pounds of zinc

- 1 billion pounds of copper

- 872,000 ounces of gold

- 27 million ounces of silver

Note: Contained metal estimates remain subject to factors such as mining dilution and process recovery losses.

The Debarwa deposit is located approximately 30 kilometres south and Adi Nefas about 8 kilometres north of the capital city of Asmara and both have excellent infrastructure including paved roads, power, water, an international airport and an international sea port only 120 kilometres away by paved road. In addition, Adi Nefas is located only 6 kilometers away from the large Emba Derho zinc-copper-gold deposit for which Sunridge recently announced the initial resource estimate (see location map below).

To view Location Map, please click on the following link: http://www.ccnmatthews.com/docs/sunlm123.pdf

HIGHLIGHTS

Debarwa Deposit

- The Debarwa Deposit has a rich supergene copper zone with an average grade of 5.36% copper using a 1% copper cut-off, containing 158 million pounds of copper in the Indicated category.

- The deep primary zone at Debarwa, which is open at depth, has an average grade of 2.53% copper with 3.23% zinc in the Indicated category using a 1% copper cut-off and contains an additional 39 million pounds of copper and 49.8 million pounds of zinc.

Adi Nefas Deposit

- The Adi Nefas deposit's average grade of the primary zone, using a 2% zinc cut-off, has increased to 8.38% zinc, 2.85 g/t gold and 99.36 g/t silver containing 504 million pounds of zinc, 250,000 ounces of gold and 9 million ounces of silver.

- These resource estimates for both Debarwa and Adi Nefas are mostly in the "Indicated" category.

Asmara Project:

- Sunridge now has four mineral deposits on the Asmara Project with NI 43-101 reported resources; these are Emba Derho, Adi Nefas and Gupo Gold deposits within 6 kilometres of each other and the high-grade Debarwa Deposit located 30 kilometres to the south.

Note: Detailed tabulations of the resources for these deposits as well as details of resource estimate methodologies are appended to this news release.

Sunridge Gold Corp. is a mineral exploration company focused on the acquisition, exploration, discovery and development of precious and base metal projects. The Company has 51.6 million shares outstanding and trades on the TSX Venture Exchange under the symbol SGC. For additional information on the Company and its projects please view the slide show on our website at www.sunridgegold.com or call Don Halliday or Greg Davis at the numbers listed below.

SUNRIDGE GOLD CORP.

Michael Hopley, President and Chief Executive Officer



Asmara Project - Total Contained Metal in Indicated Resources

---------------------------------------------------
Property K oz Au M oz Ag M lbs Cu M lbs Zn
---------------------------------------------------
Emba Derho 402.5 14.9 735.1 1,722.6
---------------------------------------------------
Debarwa 219.8 3.0 203.6 57.0
---------------------------------------------------
Adi Nefas 250.0 8.7 83.7 503.6
---------------------------------------------------
Totals 872.3 26.6 1,022.4 2,283.2
---------------------------------------------------


Asmara Project - Total Contained Metal in Inferred Resources

---------------------------------------------------
Property K oz Au M oz Ag M lbs Cu M lbs Zn
---------------------------------------------------
Emba Derho 75.8 0.4 9.1 6.4
---------------------------------------------------
Debarwa 16.3 0.3 18.7 23.1
---------------------------------------------------
Adi Nefas 67.3 1.1 12.9 32.5
---------------------------------------------------
Gupo Gold(i) 186.0 0 0 0
---------------------------------------------------
Totals 345.4 1.8 40.7 62.0
---------------------------------------------------

(i) The Gupo Gold resource estimate is 1.97 million tonnes at an average
grade of 2.99 g/t gold by Blackburn and Chisholm September 15, 2003.


The January 21, 2008 MSA resource estimates for Debarwa are summarized as
follows:

------------------------------------------------------------------------
Debarwa - Indicated Resources
------------------------------------------------------------------------

------------------------------------------------------------------------
Zone Cut Off K-tonnes Au g/t Ag g/t Cu% Zn%
------------------------------------------------------------------------
Oxide+Transition 0.5 g/t Au 2,442 1.71 13.79 0.12 0.09
------------------------------------------------------------------------
Supergene 1% Cu 1,336 1.54 33.87 5.36 0.08
------------------------------------------------------------------------
Primary 1% Cu 699 0.87 22.31 2.53 3.23
------------------------------------------------------------------------
Totals 4,478
------------------------------------------------------------------------


------------------------------------------------------------------------
Debarwa - Inferred Resources
------------------------------------------------------------------------

------------------------------------------------------------------------
Zone Cut Off K-tonnes Au g/t Ag g/t Cu% Zn%
------------------------------------------------------------------------
Oxide+Transition 0.5 g/t Au 113 0.97 8.55 0.08 0.04
------------------------------------------------------------------------
Supergene 1% Cu 95 0.52 12.13 1.69 0.31
------------------------------------------------------------------------
Primary 1% Cu 356 0.98 22.10 1.91 2.85
------------------------------------------------------------------------
Totals 564
------------------------------------------------------------------------


The January 21, 2008 MSA resource estimates for Adi Nefas are summarized as
follows:

------------------------------------------------------------------------
Adi Nefas - Indicated Resources
------------------------------------------------------------------------

------------------------------------------------------------------------
Zone Cut Off K-tonnes Au g/t Ag g/t Cu% Zn%
------------------------------------------------------------------------
Primary 2% Zn 2,727 2.85 99.30 1.39 8.38
------------------------------------------------------------------------
Totals 2,727
------------------------------------------------------------------------


------------------------------------------------------------------------
Adi Nefas - Inferred Resources
------------------------------------------------------------------------

------------------------------------------------------------------------
Zone Cut Off K-tonnes Au g/t Ag g/t Cu% Zn%
------------------------------------------------------------------------
Oxide+Transition 0.5 g/t Au 485 3.40 36.81 0.33 0.39
------------------------------------------------------------------------
Supergene 0% Cu 129 1.61 69.75 2.61 4.51
------------------------------------------------------------------------
Primary 2% Zn 114 2.04 74.90 0.78 6.17
------------------------------------------------------------------------
Totals 728
------------------------------------------------------------------------


The November 30, 2007 MSA resource estimates for Emba Derho are summarized
as follows:

------------------------------------------------------------------------
Emba Derho - Indicated Resources
------------------------------------------------------------------------

------------------------------------------------------------------------
Zone Cut Off K-tonnes Au g/t Ag g/t Cu% Zn%
------------------------------------------------------------------------
Zn Primary 1.0% Zn 27,895 0.36 11.51 0.46 2.52
------------------------------------------------------------------------
Cu Primary 0.5% Cu 21,177 0.12 6.74 0.96 0.36
------------------------------------------------------------------------
Totals 49,072
------------------------------------------------------------------------


------------------------------------------------------------------------
Emba Derho - Inferred Resources
------------------------------------------------------------------------

------------------------------------------------------------------------
Zone Cut Off K-tonnes Au g/t Ag g/t Cu% Zn%
------------------------------------------------------------------------
Au Oxide 0.5 g/t 1,237 1.86 7.70 0.05 0.03
------------------------------------------------------------------------
Zn Primary 1.0% Zn 116 0.20 6.73 1.22 1.60
------------------------------------------------------------------------
Cu Primary 0.5% Cu 248 0.12 6.14 1.10 0.42
------------------------------------------------------------------------
Totals 1,601
------------------------------------------------------------------------

---------------------------------------------------------------------------


The resource estimates for Debarwa and Adi Nefas were completed by MSA Geoservices Ltd., ("MSA"), an independent and internationally operating geological consultancy firm based in Johannesburg, South Africa in accordance with National Instrument 43-101 requirements. The resource estimate dated January 21, 2008 was carried out by Graham Greenway of MSA and audited by Mike Hall, MAus IMM, an independent Qualified Person as defined by National Instrument 43-101.

The Company will file a NI 43-101 Technical Report regarding the Debarwa and Adi Nefas resource estimates within 45-days of the date of this news release. The Company filed the Emba Derho NI-43-101 Technical Report on the Company's profile on www.sedar.com on January 16, 2008.

Debarwa Resource Estimate Methodology

The Debarwa deposit is a copper/zinc/gold/silver volcanogenic massive-sulphide (VMS) deposit that has been defined by Sunridge in 277 drill holes over a total combined strike length of over 1,000 metres. The deposit has an average width varying between 8 to 30 metres dips between 50 and 60 degrees to the west and has been drilled down to a depth of about 250 metres from surface. The resource estimate was completed by MSA using industry standard methods in accordance with National Instrument 43-101 requirements and used Datamine modeling software. The estimate was based upon data from 277 diamond and reverse circulation drill holes (total of 32,530 metres) and a geological model supplied to MSA by Sunridge geological staff. The geological model created by Sunridge staff used 20 and 40 metre cross-section spacings. Ordinary kriging was used to estimate grades into blocks with dimensions of 10 metres (easting), 12.5 metres (northing) and 5 metres (RL), subsequently sub-divided to half of these figures. The search ellipsoid dimensions and directions chosen for the grade interpolation process were metal and zone specific. Minor grade caps were applied to the gold, silver, copper and zinc values during block grade estimation to limit the influence of high grade outliers.

Specific gravities used in the model were based on 710 specific gravity measurements made on drill core. Block density values were assigned to the oxide zone using the nearest neighbor technique using a combination of density measurements and average lithological densities. In the supergene and primary zones block model density values were assigned using a regression formula.

Adi Nefas Resource Estimate Methodology

The Adi Nefas deposit is a zinc/gold/copper volcanogenic massive-sulphide (VMS) deposit that has been defined by Sunridge in 96 drill holes over a total combined strike length of 450 metres. The deposit has an average width of approximately 6 to 12 metres, dips between 70 and 80 degrees to the east and has been drilled down to a depth of about 350 metres from surface. The resource estimate was completed by MSA using industry standard methods in accordance with National Instrument 43-101 requirements and used Datamine modeling software. The estimate was based upon data from 96 diamond drill holes (total of 18,424 metres) and a geological model supplied to MSA by Sunridge geological staff. The geological model created by Sunridge staff used 40 metre cross-section spacings. Ordinary kriging was used to estimate grades into blocks with dimensions of 7.5 metres (easting), 10 metres (northing) and 5 metres (RL) and subcelled to 3.75 metres by 5.0 metres by 2.5 metres. The search ellipsoid dimensions and directions chosen for the grade interpolation process were metal and zone specific.

Specific gravities used in the model were based on 280 specific gravity measurements made on drill core. Block density values were assigned to the oxide and supergene zones using the nearest neighbor technique using a combination of density measurements and average lithological densities. In the primary zone block model density values were assigned using a regression formula.

DISCLOSURE NOTES:

1. A Quality Assurance/Quality Control program was part of the drilling program on the Debarwa and Adi Nefas deposits. This program includes chain of custody protocols as well as systematic submittals of standards, duplicates and blank samples into the flow of samples produced by the drilling. The database archive used by MSA Geoservices Ltd. in the estimate of the resources at Debarwa and Adi Nefas were reviewed and verified by Mike Robertson, a Qualified Person as defined by NI 43-101.

2. A description of the geology, sampling procedures, and the Company's laboratory Quality Assurance/Quality Control procedures will be described in NI 43-101 Technical Report that will be filed within 45 days of the date of this release. This report will then be available at www.sedar.com.

3. Samples from the drilling were prepared at African Horn Testing Services (Eritrea) and analyzed at Genalysis Laboratories (a NATA registered laboratory) in Perth Western Australia.

4. The results of the MSA resource estimate have been reviewed by Sunridge technical staff including Michael J. Hopley the Qualified Person for Sunridge. The Company believes that the MSA resource estimate for Debarwa and Adi Nefas was conducted in a professional and competent manner. Mr. Hopley is also the person responsible for preparation of the technical information contained in this news release and is President and Chief Executive Officer of Sunridge.

5. Inferred Resources are resources that have not been defined in sufficient detail to be characterized as Measured or Indicated Resources. Mineral resources have not had economic considerations applied to them and are therefore not characterized as Reserves.

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