Sulliden Gold Corporation
TSX : SUE
OTCQX : SDDDF

Sulliden Gold Corporation

October 07, 2010 07:30 ET

Sulliden Continues Exploration Success at Shahuindo; 5th Drill Active on Site

TORONTO, ONTARIO--(Marketwire - Oct. 7, 2010) - Sulliden Gold Corporation Ltd. ("Sulliden", the "Company") (TSX:SUE)(OTCQX:SDDDF) is pleased to announce new assay results for an additional 19 holes drilled on its wholly owned Shahuindo property in Peru. Exploration results from Shahuindo continue to demonstrate steady growth to the mineralization with new intercepts continuing to extend beyond the current mineral resource boundaries.

Exploration activities have expanded with the operation of a fifth drill joining the fleet at the Shahuindo site. The Company remains on track with its planned 30,000 meter exploration program, which is scheduled for completion by the end of 2010.

Significant intercepts in this group of exploration results include:

  • 1.06 g/t Au and 11.5 g/t Ag over 190.3 meters in hole SHM10-116 in the East Zone

  • 1.47 g/t Au and 44.2 g/t Ag over 38.0 meters and 0.75 g/t Au and 15.6 g/t Ag over 129.0 meters in hole SH10-128 in the Central Zone (See Figure 1)

  • 0.97 g/t Au and 25.2 g/t Ag over 136.5 meters, including 1.52 g/t Au and 41.7 g/t Ag over 70.5 meters in hole RSH10-48 in the Moyan Alto Zone (See Figure 2)

Peter Tagliamonte, President and CEO of Sulliden commented, "Today's results continue to provide strong confirmation of the mineral growth potential at the Shahuindo property. We believe these results will contribute meaningfully to the updated mineral resource estimate and the project's overall mining scenario."

Summary of Results

Results from the new 19 drill holes in the tables below represent 3,700 meters of the current 30,000 meter exploration campaign. The selected figures graphically demonstrate the expanding mineral resource in purple from the existing grade shells in red.

To view the figures associated with this Press Release, please visit the following links:

http://media3.marketwire.com/docs/641969fig1.jpg

http://media3.marketwire.com/docs/641969fig2.jpg

http://media3.marketwire.com/docs/641969fig3.jpg

Table 1 – Drill Results 
 
WEST ZONE
Drill hole # From (meters)
To (meters)
Interval (meters) True Width
(meters)
(1)
Gold
(g/t)
Silver
(g/t)
RSH10-62 13.5 93.0 79.5 50.0 0.94 11.6
             
CENTRAL ZONE
Drill hole # From (meters) To
(meters)
Interval (meters) True Width
(meters)
(1)
Gold
(g/t)
Silver
(g/t)
SH10-125 33.2 51.2 18.0 11.3 0.30 0.9
SH10-125 76.7 90.2 13.5 8.3 0.38 2.0
SH10-125 112.8 229.8 117.0 70.2 0.28 2.8
Including 118.8 132.1 13.3 8.1 0.73 1.9
 
SH10-126 (6) 1.0 19.1 18.1 15.0 3.16 3.7
SH10-126 23.2 93.0 69.8 66.4 0.43 2.0
SH10-126 133.6 147.0 13.4 9.0 0.25 4.0
SH10-126 213.0 244.6 31.6 21.5 0.32 2.8
Including 225.0 231.8 6.8 4.6 0.81 3.9
 
SHM10-127(5) 0.0 175.0 175.0 N/A N/A N/A
SHM10-127 175.0 227.1 52.1 34.1 0.32 5.4
SHM10-127 248.4 261.2 12.8 8.3 0.33 1.6
 
SH10-128(6) 10.5 59.0 48.5 34.0 0.63 10.4
Including 22.5 45.0 22.5 15.8 1.03 16.8
SH10-128 60.0 189.0 129.0 88.5 0.75 15.6
Including 145.0 183.0 38.0 25.9 1.47 44.2
SH10-128 195.0 240.0 45.0 30.7 0.33 6.3
Including 213.0 220.6 7.6 5.2 0.87 6.7
SH10-128(3) 266.5 270.0 3.5 2.4 0.40 15.0
             
EAST ZONE
Drill hole # From (meters) To
(meters)
Interval (meters) True Width
(meters)
(1)
Gold
(g/t)
Silver
(g/t)
SHM10-116(2, 3, 4, 7, 8) 8.0 198.3 190.3 109.2 1.06 11.5
 
RSH10-50 25.5 39.0 13.5 8.7 0.78 9.0
RSH10-50(3) 127.5 141.0 13.5 8.7 0.55 12.0
 
RSH10-51 24.0 52.5 28.5 18.3 0.63 6.9
Including 25.5 36.0 10.5 6.7 1.25 14.3
 
RSH10-53 70.5 106.5 36.0 25.0 0.69 5.2
Including 70.5 85.5 15.0 10.4 1.12 8.5
RSH10-53 145.5 163.5 18.0 12.5 0.37 1.0
Including 148.5 153.0 4.5 3.1 0.94 0.8
 
RSH10- 54 (8, 9) -- -- -- -- -- --
 
RSH10-56 0.0 18.0 18.0 10.6 1.22 6.5
RSH10-56 30.0 94.5 64.5 37.9 0.33 2.5
 
RSH10-58(8) 9.0 69.0 60.0 31.8 0.32 5.8
RSH10-58 82.5 94.5 12.0 6.4 0.33 3.5
RSH10-58 127.5 144.0 16.5 8.7 0.33 1.2
RSH10-58 178.5 189.0 10.5 5.6 0.67 6.3
             
MOYAN ALTO ZONE
Drill hole # From (meters) To
(meters)
Interval (meters) True Width
(meters)
(1)
Gold
(g/t)
Silver
(g/t)
RSH10-43 75.0 87.0 12.0 7.9 0.34 10.3
RSH10-43 97.5 192.0 94.5 62.0 0.36 4.5
 
RSH10-44(3) 171.0 234.0 63.0 31.5 0.28 4.6
 
RSH10-45(3) 82.5 190.5 108.0 61.9 0.39 4.6
Including 135.0 147.0 12.0 6.9 0.90 7.8
 
RSH10-46(3) 151.5 250.5 99.0 62.3 0.50 14.9
 
RSH10-47(2) 0.0 12.0 12.0 8.3 0.40 5.2
RSH10-47(3) 109.5 201.0 91.5 63.6 0.52 10.3
Including 171.0 178.5 7.5 5.2 0.91 20.1
 
RSH10-48 43.5 61.5 18.0 11.3 0.27 3.6
RSH10-48 144.0 150.0 6.0 3.8 0.28 1.4
RSH10-48(3, 8) 163.5 300.0 136.5 85.9 0.97 25.2
including 184.5 255.0 70.5 44.4 1.52 41.7
 
RSH10-49(3) 82.5 117.0 34.5 24.0 0.40 6.9
 
1) Assuming vertical or near-vertical zone, perpendicular or near-perpendicular to the plane defined by the drill hole
2) Mineralization found within 10 meters of BOH
3) Mineralization found within 10 meters of EOH
4) Metallurgical results from 6 meter composite samples. RSH10-116 is twinned after RSH09-03.
5) Composite samples were sent for metallurgical testing, results are pending
6) Mineralization in overburden
7) Twin hole from RSH09-03
8) Stopped due to technical difficulties, re-drilled as RSH10-58
9) No mineralized intersection found

Engineering Update

Kappes, Cassiday & Associates out of Reno, Nevada, continues to progress with the bankable Feasibility Study report for the Shahuindo Gold Project which remains on target for completion in April 2011. The Feasibility Study will also include an updated NI 43-101 Mineral Resource Estimate, which the Company expects for completion in the first quarter of 2011.

QUALITY CONTROL AND ASSURANCE

Stephane Amireault, P.Eng., Vice President Exploration for Sulliden is the Qualified Person responsible for the management of the exploration program and disclosure of the drill results as defined by National Instrument 43-101. Mr. Amireault has read and approved this news release.

The analyses for this drilling campaign were carried out by ALS Chemex in Lima, Peru and ALS Chemex in Reno, Nevada (for hole SHM10-116) exercising a thorough Quality Control and Assurance program (QA/QC). All ALS Chemex labs are ISO 9000 registered laboratories. All gold assays reported in the press release were obtained by standard 50g fire assaying with AA finish. All silver assays reported in the press release were obtained by Aqua-Regia dissolution followed by ICP-AES measurement.

ABOUT SULLIDEN

Sulliden is a Canadian-based mining company focused on the exploration and development of its wholly owned Shahuindo Gold Project, located in Peru. This project is located in 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 Assessment for the Shahuindo Gold Project was completed in December 2009 and a Feasibility Study is currently underway. While the Company progresses towards its goal of reaching production in 2012, a significant focus is being placed on exploration drilling to expand the mineral resource, which remains open in all directions and at depth. Sulliden is led by a strong management team with the proven ability to develop, finance and operate mining projects and is poised to generate superior value for its shareholders.

On behalf of Sulliden Gold Corporation Ltd.

Peter Tagliamonte Stan Bharti
President and CEO Chairman

For further information on Sulliden please visit the company website at www.sulliden.com.

If you would like to be added to Sulliden's news distribution list, please send your email address to 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 effect of the appointment 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.
    Caroline Arsenault
    Investor Relations Manager
    (416) 861-5805
    or
    Sulliden Gold Corporation Ltd.
    Scott Moore
    Vice President Corporate Development
    (416) 861-5903
    www.sulliden.com