November 17, 2005 09:50 ET

Sulliden Exploration Inc.: Update on Arbitration Proceedings

MONTREAL, QUEBEC--(CCNMatthews - Nov. 17, 2005) - Sulliden Exploration Inc. (TSX:SUE) provides the following update regarding the Arbitration Process that resumed following a decision of the Superior Court of Peru to revoke an earlier injunction obtained by Algamarca that had suspended the Process in May. The Arbitration was convened to resolve the ownership dispute over the Shahuindo gold/silver project in northern Peru.

Sulliden has just been informed through its wholly-owned subsidiary Minera Sulliden Shahuindo S.A.C. that the Arbitration Tribunal has once again rejected a request by Algamarca to suspend the Arbitration Process. While this latest measure has caused a delay in the timing of the closing arguments and the Arbitrators' decision, the Arbitrators have notified the parties that they intend to hear the closing arguments in early December.

Sulliden believes that the Arbitrators will soon complete the Arbitration Process in accordance with the laws of the Peruvian Constitution and the Directive of the Supreme Court of July 2005 which recognize Arbitration as autonomous in its procedural regulations and free from outside intervention. Sulliden remains confident that the outcome of the Arbitration will be favourable in view of its strong legal position.

Sulliden Exploration Inc. is a mineral exploration company focused on the development of its 100% interest in the Shahuindo gold-silver project located 25 km north of Alto Chicama and 70 km south of Yanacocha in northern Peru. An option interest to acquire 66% of an adjacent 1,900 hectares known as the Vikingo concessions brings the Company's land holdings in this exciting gold district to almost 10,000 hectares. In addition, Sulliden through a subsidiary has entered into an option agreement to earn a 50% interest in the Torrine gold project with Aruntani SAC and affiliates in southern Peru.

Certain of the information contained in this news release may constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements include without limitation, statements regarding estimates of reserves and resources, future plans and objectives, results of exploration, uncertainty with respect to changes in general economic or political conditions, title to properties, litigation, legislative, environmental and other judicial, regulatory and competitive developments in areas in which the Company operates. There can be no assurance that such statements will prove to be accurate; actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from Sulliden's expectations are disclosed under the heading "Risk Factors" in its latest Annual Report as well as in its Annual Information Form (AIF) both of which are filed with Canadian regulators on SEDAR.

Contact Information

  • Sulliden Exploration Inc.
    Mr. Jacques Trottier
    (514) 861-1953
    Sulliden Exploration Inc.
    Donna Yoshimatsu
    VP Investor Relations
    (416) 362-8809