Sunridge Gold Corp.

Sunridge Gold Corp.

March 19, 2008 14:35 ET

Sunridge Closes Private Placement

VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 19, 2008) - Sunridge Gold Corp. (TSX VENTURE:SGC) is pleased to announce that it has closed a non-brokered private placement of 10,540,000 units at a price of $1.25 per unit for gross proceeds of $13,175,000. Each unit consists of one common share and one-half of one common share purchase warrant, with each whole warrant entitling the subscriber to purchase one additional common share in the capital of the Company at a price of $1.60 until March 19, 2010. Finder's fees were paid in the amount of $852,312.50 cash and 494,500 share purchase warrants on the same terms as the share purchase warrant included in the unit. The common shares issued, and any common shares issued pursuant to the exercise of share purchase warrants prior to July 20, 2008 are restricted from trading until July 20, 2008.

In the event that the trading price of the common shares of the Company closes at or above $2.00 per share for 20 consecutive trading days in the period commencing July 20, 2008, the Company will have the right to accelerate the expiry date of the warrants to the date which is 30 days after notice is given to the holders of the warrants of the accelerated expiry date.

The proceeds of the financing will be used to fund the Company's work programs at the Asmara Project in Eritrea including a planned scoping study for the Emba Derho Deposit, ongoing feasibility and exploration drilling, potential property acquisitions and for general corporate purposes.

Sunridge Gold Corp. is a mineral exploration company focused on the acquisition, exploration, discovery and development of precious and base metal projects. The Company has 62.2 million common shares outstanding and trades on the TSX Venture Exchange under the symbol SGC. For additional information on the Company and its projects please view the slide show on our website at or call Don Halliday or Greg Davis at the numbers listed below.


Michael Hopley, President and Chief Executive Officer

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this News Release.

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