September 25, 2009 18:25 ET

Sulliden Revises Treatment of Legal Fees in Annual and Q1 Financials

TORONTO, ONTARIO--(Marketwire - Sept. 25, 2009) - Sulliden Exploration Inc. ("Sulliden" or the "Company") (TSX:SUE) reports that Sulliden has filed revised April 30, 2009 annual audited consolidated financial Statements and restated July 31, 2009 first quarter consolidated financial Statements.

The re-filing is necessary under section 7110.48 of the CICA Handbook which covers events subsequent to the audit report date. The section requires the revision of previously filed financial statements under certain circumstances. Sulliden adopted a new accounting standard under section 3064 of the CICA Handbook with an effective date of May 1, 2009. The adoption of the new accounting standard resulted in certain transitional adjustments which were reflected in the Company's first quarter financial statements for its fiscal year ended April 30, 2010. As a result of these retroactive adjustments, the Company has re-filed revised audited consolidated financial statements and amended the corresponding Management's Discussion & Analysis ("MD&A").

In addition, the Company has restated its July 31, 2009 financial statements and amended its corresponding MD&A. The Company applied the transitional adjustment to certain legal fees which were recorded in "Mining Properties" totalling approximately $542,000. These amounts should remain in the Mining Property account and should not be affected by the adoption of Section 3064. The restatement and re-filings are not considered to be material by the Company.

About Sulliden

Sulliden is a Canadian based mining company focused on the development and exploration of the Shahuindo Gold Project located in northern Peru, one of the world's most prolific gold and silver producing districts. World-class gold mines in the region include Barrick Gold's Lagunas Norte Mine, 30 km to the south and the Yanacocha Mine operated by Newmont Mining Company, 70 km to the north.

In March 2009, the five-year legal dispute that disrupted the Shahuindo Gold Project was resolved. With the current resolution, Sulliden now holds 100 percent registered and undisputed ownership of the Shahuindo property and has secured exploration options on sixteen adjoining mining concessions.

In April 2009, the Board of Directors appointed a new Management team with the focus and ability to develop, finance and operate mining projects. With a strong strategic plan to advance the development of its Shahuindo Gold Project and potential for mineral resource expansion, Sulliden is positioned to generate superior value for its shareholders.

Peter Tagliamonte Stan Bharti
President and CEO Chairman

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 restatement and re-filings, 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. 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; other risks of the mining industry; and those risks described by the Company in its annual information form available under to profile on SEDAR at 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.

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