SULLIDEN EXPLORATION INC.
TSX : SUE

SULLIDEN EXPLORATION INC.

April 23, 2009 18:24 ET

Sulliden Closes $6.1 Million Private Placement Financing

TORONTO, ONTARIO--(Marketwire - April 23, 2009) -

NOT FOR DISSEMINATION IN THE UNITED STATES OR THROUGH U.S. NEWSWIRE SERVICES

Sulliden Exploration Inc. (TSX:SUE) (the "Corporation") announces that it has completed a private placement financing of units ("Units") of the Corporation for gross proceeds of approximately $6.1 million, through the issuance of 9,386,533 Units at a price of $0.65 per Unit (the "Offering Price"), with each Unit consisting of one common share and one share purchase warrant (the "Warrants") with each Warrant exercisable at $0.80 per share at any time prior to April 23, 2011. The Corporation intends to use the proceeds of the private placement for the advancement of the Shahuindo gold/silver property in Peru and general working capital purposes.

The common shares (and the common shares issuable upon the exercise of the Warrants and Broker Warrants) are subject to resale restrictions that expire on August 24, 2009. In connection with the financing, the Corporation has paid Wellington West Capital Markets Inc. ("Wellington") a cash commission of $160,030 and issued Wellington 246,200 Broker Warrants and paid Delano Capital Corp. ("Delano", a limited market dealer in Ontario) a cash commission of $120,032 and issued Delano 184,665 Broker Warrants. Each Broker Warrant entitles the holder to acquire that number of Units of the Corporation at $0.65 until April 23, 2011.

Closing of the financing is subject to regulatory approval, including final TSX approval. The Corporation has received conditional TSX approval for up to $7.4 million and anticipates closing a further $1.3 million on or before May 11, 2009.

Following the closing, Sulliden has 106,233,333 shares issued and outstanding.

ABOUT SULLIDEN:

Sulliden Exploration Inc. is a mining company focused on the development of its Shahuindo gold and silver Project. The Shahuindo Project is located in northern Peru, in one of the world's most prospective gold and silver regions. The property is located approximately 25km north of Barrick Gold's Lagunas Norte-Alto Chicama 1,200,000 oz/gold per year mine; 70 km south of Newmont's 1,900,000 oz/gold per year Yanacocha mine and 200 km north of Barrick Gold's Pierina 450,000 oz/gold per year mine.

To view the map associated with this press release, click here: http://media3.marketwire.com/docs/sue0423map.pdf.

The Shahuindo Project has a NI 43-101 compliant resource with 38 million tonnes grading 0.95 g/t Au and 22.99 g/t Ag, containing 1.12 million oz of gold and 28 million oz of silver (equivalent to 1.56 million oz of gold at a gold to silver ratio of 1:70) in the Indicated Category; and 17.2 million tonnes grading 0.62 g/t Au and 12.83 g/t Ag, containing 342,000 oz of gold and 7 million oz of silver (equivalent to 460,000 oz of gold at a gold to silver ratio of 1:70 in the Inferred Category. The Mineral Resource Estimation was completed by Met-Chem Canada Inc. in April 2005 and has been filed on www.sedar.com.

For further information please contact Sulliden Exploration Inc. at (416) 861-6903 or via email at 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 proposed use of the proceeds of the financing, the receipt of all necessary approvals, the outcome of legal proceedings, the issue of permits, the size and quality of the company's mineral resources, progress in development of mineral properties, future production and sales volumes, capital and mine production costs, demand and market outlook for metals, 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, 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.

This news release does not constitute an offer to sell or a solicitation of an offer to sell any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

Contact Information

  • Sulliden Exploration Inc.
    John F. Kearney
    President
    (416) 703-8287
    contact@sulliden.com
    or
    Sulliden Exploration Inc.
    Stan Bharti
    Chairman
    (416) 861-5876
    or
    Sulliden Exploration Inc.
    G. Scott Moore
    Executive VP Corporate Dev
    (416) 861-5903