Sulliden Gold Corporation
TSX : SUE
OTCQX : SDDDF

Sulliden Gold Corporation

May 03, 2011 17:42 ET

Sulliden Intersects 3.54 g/t Gold Over 34.5 Metres and Continues Growth in Sub-Corridor 'A'

TORONTO, ONTARIO--(Marketwire - May 3, 2011) - Sulliden Gold Corporation Ltd. ("Sulliden", or the "Company") (TSX:SUE)(OTCQX:SDDDF) is pleased to report assay results for the latest 17 drill holes from its ongoing 70,000 metre exploration program at its 100%-owned Shahuindo Gold and Silver Project in northern Peru. Significant gold and silver intercepts from this latest group of exploration results are highlighted below. Complete results are reported in Table 1.

Significant gold drill intercepts include:

• Hole RSH11-144 in the East Zone
3.54 g/t Gold over 34.5 meters including 6.74 g/t Gold over 13.5 metres
• Hole RSH11-145 in the East Zone
1.26 g/t Gold over 61.5 metres including 4.97 g/t Gold over 10.5 metres

Significant silver drill intercepts include:

• Hole SH11-190 in the Central Zone
110.9 g/t Silver over 27.5 metres
• Hole RSH11-135 in the Sub-Corridor 'A'
37.2 g/t Silver over 22.5 metres including 174.5 g/t Silver over 3.0 metres

Peter Tagliamonte, President and CEO of Sulliden, commented, "The new exploration results continue to confirm our belief in the significant mineral potential of this property. These drilling results demonstrate the growth of mineralization along the length of the Central Corridor, including the Sub-Corridor 'A', where three holes have confirmed continuity. This parallel sub-corridor is a good example of our ever increasing geological knowledge of the property, which has enabled us to define excellent new areas for mineral resource growth."

Summary of Results

The collar locations of the 17 new holes are indicated in the following figure.

To view Figure 1 – Plan View of Mineral Deposit with New Drill Hole Locations, please visit the following link: http://media3.marketwire.com/docs/sulliden_may3_figure_01.jpg

The vertical section in Figure 2 below highlights new drill holes in section 1100E in the East Zone, where the Company has graphically demonstrated the interpretation of newly identified mineralization (in purple), and the existing grade shells as defined in the Preliminary Assessment from December 2009 (in red).

To view Figure 2 – East Zone, Section 1100E*, please visit the following link: http://media3.marketwire.com/docs/sulliden_may3_figure_02.jpg

*The new grade shells highlighted in the section above are geological interpretations that are preliminary in nature and should not be relied on.

The results from 17 new holes representing approximately 3,300 meters of drilling are presented in Table 1 below. An economic cut-off grade of 0.17 g/t in gold oxides was established by AMEC in the NI 43-101 Preliminary Assessment (see December 8, 2009 news release).

Table 1 – Drill Results

SUB-CORRIDOR 'A'
Drill hole #From (metres)To
(metres)
Interval (metres)True Width
(metres)
(1)
Gold
(g/t)
Silver
(g/t)
RSH11-135 (2)0.010.510.59.90.454.8
RSH11-13597.5120.022.521.10.6637.2
including111.0114.03.02.82.71174.5
RSH11-140 (2)9.036.027.025.40.594.9
including13.516.53.02.82.235.4
including30.033.03.02.81.1910.5
SH11-19244.259.215.014.90.480.9
SH11-19266.780.213.513.40.599.8
WEST ZONE
Drill hole #From (metres)To
(metres)
Interval (metres)True Width
(metres)
(1)
Gold
(g/t)
Silver
(g/t)
RSH11-152No significant mineralized intersection
CENTRAL ZONE
Drill hole #From (metres)To
(metres)
Interval (metres)True Width
(metres)
(1)
Gold
(g/t)
Silver
(g/t)
SH11-18718.532.013.58.50.587.2
SH11-187 (3)148.5156.58.04.62.82109.3
SH11-187 (3)206.9216.59.65.41.44121.2
SH11-19028.0115.887.854.50.916.9
including62.573.811.37.02.156.2
SH11-190120.3126.36.03.70.918.5
SH11-190 (3)130.3157.827.516.60.73110.9
SH11-190 (3, 4)241.8250.89.05.30.5854.3
SH11-19196.0127.431.422.20.451.8
SH11-191156.0177.021.014.90.404.8
SH11-193 (2)6.299.293.059.30.494.9
including6.213.77.54.81.745.9
SH11-19476.8136.860.035.40.8338.7
including130.8135.54.72.81.6163.7
SH11-194 (3, 4)183.3216.333.019.10.6033.1
EAST ZONE
Drill hole #From (metres)To
(metres)
Interval (metres)True Width
(metres)
(1)
Gold
(g/t)
Silver
(g/t)
RSH11-14496.0105.09.05.80.241.9
RSH11-144 (3, 4, 5)181.5216.034.522.43.5436.9
including (3, 5)183.0196.513.58.86.7470.3
RSH11-145 (3, 5)90.0151.561.532.71.2618.0
including (3, 5)129.0139.510.55.64.9773.5
RSH11-145 (4)225.0250.525.513.60.387.3
including (4)247.5250.53.01.60.934.6
MOYAN ALTO ZONE
Drill hole #From (metres)To
(metres)
Interval (metres)True Width
(metres)
(1)
Gold
(g/t)
Silver
(g/t)
RSH11-14621.058.537.523.80.846.5
RSH11-14727.049.522.514.40.481.8
RSH11-14857.094.537.523.90.453.2
RSH11-148108.0132.024.015.30.447.5
RSH11-14972.0123.051.033.80.595.5
including72.093.021.013.91.027.3
RSH11-149 (4)151.5160.59.06.00.3324.8
RSH11-150No significant mineralized intersection
RSH11-151105.0121.516.510.10.537.2
(1)Assuming perpendicular or near perpendicular to the plane defined by the drill hole. Geological understanding of the mineralized zones is continuing to develop as the project advances.
(2)Mineralization found within 10 meters of beginning of hole.
(3)One or more Ag assays cut to 300 g/t Ag
(4)Mineralization found within 10 meters of end of hole.
(5)One or more Au assays cut to 7 g/t Au

QUALITY CONTROL AND ASSURANCE

Stéphane 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 the technical and scientific information in this news release.

The analyses for this drilling campaign were carried out by ALS Chemex in Lima, Peru exercising a thorough Quality Control and Assurance program (QA/QC). All ALS Chemex labs are ISO 9000 registered laboratories. All gold assays reported in this press release were obtained by standard 50 gram 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 precious metals company focused on the exploration and development of the Shahuindo Project, its 100%-owned flagship property located in a prolific gold producing district in northern Peru. This project neighbours 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 kilometres to the north; both million-ounce per year producing mines. A positive Preliminary Assessment for the project was completed in February 2010 and a Feasibility Study is currently underway. While the Company progresses towards its goal of becoming a gold producer, a significant focus is being placed on exploration drilling to increase the mineral resource, which remains open in all directions and at depth. Based on the drilling success in 2009/2010, Sulliden is undertaking approximately 70,000 meters of drilling in 2011 to continue the mineral expansion on the property. 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, President and CEO

Stan Bharti, 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 drilling results, the size and quality of the company's mineral resources, progress in development of mineral properties, future capital and operating expenses, future metal prices, the future financial or operating performance of the Company, the prospective mineralization of the properties, planned exploration programs and anticipated production schedule. 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; other risks of the mining industry and the risks described in the annual information form of the Company. 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
    Caroline Arsenault
    Investor Relations Manager
    (416) 861-5805

    Sulliden Gold Corporation
    Scott Moore
    Vice President Corporate Development
    (416) 861-5903
    www.sulliden.com