Sulliden Gold Corporation Ltd.
TSX : SUE
OTCQX : SDDDF

Sulliden Gold Corporation Ltd.

January 24, 2011 13:00 ET

Sulliden Receives Proceeds of Approx. $22.8 Million from Accelerated Expiry of Warrants

TORONTO, ONTARIO--(Marketwire - Jan. 24, 2011) - Sulliden Gold Corporation Ltd. (TSX:SUE)(OTCQX:SDDDF) ("Sulliden" or the "Company") is pleased to announce it has received proceeds of C$22,763,467.00 million from the exercise of 22,763,467 million common share purchase warrants pursuant to the accelerated expiry of warrants previously announced (See Sulliden press releases dated December 16, 2010 and January 12, 2011).

Proceeds of C$22,763,467.00 million were received from the exercise of 22,763,467 million common share purchase warrants (the "Warrants") at a price of C$1.00 per common share pursuant to two financings completed in October 2009 and April 2010. The Warrants were subject to an accelerated expiry time of 4 p.m. (Toronto time) on January 18, 2011. 

Sulliden expects to use the proceeds towards the development and continued exploration of its Shahuindo Gold Project in Peru, and for general working capital purposes. The total number of common shares outstanding following the exercise of the 22,763,467 warrants is 201,730,768.

ABOUT SULLIDEN

Sulliden is a Canadian-based mining company focused on the exploration and development of the Shahuindo Gold 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 km to the north; both million-ounce per year producing mines. A positive Preliminary Assessment for the project was completed in February 2010 and a bankable Feasibility Study is expected for completion in the second quarter of 2011. 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 plans to undertake 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 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 use of proceeds, 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 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