Sterlite Gold Ltd.
TSX : SGD

Sterlite Gold Ltd.

June 14, 2007 16:35 ET

Sterlite Gold Provides Further Update on Operations of Its Subsidiary AGRC

TORONTO, ONTARIO--(Marketwire - June 14, 2007) - Sterlite Gold Ltd. (TSX:SGD) advises that, in connection with the previously announced investigation by Armenian governmental authorities of AGRC's mining operations, AGRC has received from the Armenian state tax authority a notice of penalties and fines in the amount of approximately US$11.5 million. This tax authority notice is in addition to the previously announced preliminary notice of penalties and fines issued by the Armenian Ministry of Finance. The investigation by Armenian governmental authorities is continuing.

As advised previously, Sterlite Gold and AGRC will vigorously contest any and all allegations and claims that may be made against them arising out of the investigation.

Cautionary Note on Forward-Looking Statements

Some of the statements contained in this release are forward-looking statements, such as estimates and statements that describe the Company's future plans, expectations, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Forward-looking statements may be identified by such terms as "believes", "anticipates", "intends", "expects", "estimates", "may", "could", "would", "should", "will", "plan" or "potential". This information is based upon certain material factors and assumptions that were applied in drawing a conclusion or making a forecast or projection as reflected in the forward-looking information, including information relating to the Armenian government investigation, and the received notices of penalties and fines. Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results relating to, among other things, the Company's financial condition and prospects, could differ materially from those currently anticipated in such statements by reason of factors such as legislative and other judicial, regulatory, political and other developments, technological and operational difficulties and other matters detailed in other of the Company's filings with Canadian securities regulatory authorities. This list is not exhaustive of the factors that may affect any of the Company's forward-looking statements contained in this release. These and other factors should be considered carefully and readers should not place undue reliance on the Company's forward-looking statements. Further information regarding these and other factors which may cause results to differ materially from those projected in forward-looking statements are included in the filings made by the Company with Canadian securities regulatory authorities, available at www.sedar.com. The Company does not undertake to update any forward-looking statement that may be made from time to time by the Company or on its behalf, except in accordance with applicable securities laws.

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