Sunridge Gold Corp.
TSX VENTURE : SGC
OTCQX : SGCNF

Sunridge Gold Corp.

January 26, 2012 08:00 ET

Sunridge Gold Announces Assay Results From Gupo Gold Deposit, Asmara Project, Eritrea

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 26, 2012) - Sunridge Gold Corp. (TSX VENTURE:SGC)(OTCQX:SGCNF) reports assay results from the final 63 drill holes of the recently completed drilling program at the Gupo Gold Deposit, part of the Asmara Project, Eritrea. This drill program consisted of 99 drill holes totaling 8,100 metres. The program was designed to expand and upgrade the current Inferred resource at Gupo to the Measured and Indicated categories and to acquire geotechnical data necessary for the ongoing prefeasibility study on the Asmara North deposits which include the Emba Derho, Adi Nefas, and Gupo Gold deposits.

Drill Intersection Highlights:

  • Drill hole GG-116-R: 28 metres averaging 3.05 g/t gold
  • Drill hole GG-125-R: 13 metres averaging 3.08 g/t gold
  • Drill hole GG-128-R: 19 metres averaging 2.77 g/t gold
  • Drill hole GG-142-R: 12 metres averaging 5.72 g/t gold and 7 meters averaging 6.52 g/t
  • Drill hole GG-156-R: 22 metres averaging 2.31 g/t gold
  • Drill hole GG-160-R: 19 metres averaging 5.30 g/t gold
  • Drill hole GG-168-R: 13 metres averaging 10.09 g/t gold

Gold mineralization at Gupo extends intermittently over a strike length of approximately 1.6 kilometres and is associated with stockwork quartz veins and a sericite alteration halo controlled by a shear zone 10 to 30 metres in width. The resource outcrops at surface and drilling has shown mineralization to extend at least to 150 metres vertically from surface and in many locations is open to depth.

The 2 maps attached to this release show that these recent drilling results are mostly from reverse-circulation drill holes from the southern part of the Gupo Main area and the Gupo South area.

To view the maps click on: http://media3.marketwire.com/docs/sgc1.pdf

As can be seen on the map of the Gupo Main area this southern part of the deposit bifurcates into two separate sub-parallel limbs each 30 to 50 metres wide. In order to better define the mineralization most of the reverse-circulation drill holes are close spaced (10 to 20 metres) along section lines 20 metres apart. Also, some holes are 'twin' holes (1 to 2 metres from original hole) that have been drilled to validate historic drilling at Gupo. In addition to the reverse-circulation holes there are 8 diamond drill holes (prefix GG-GT) drilled for geotechnical data necessary for the design of the proposed open-pit at Gupo; selected intervals were assayed and results are included in this release.

Gupo South gold mineralization occurs some 500 metres south of the southern limit the Gupo Main mineralization due to a 500 metre wide hiatus in gold mineralization. Gold mineralization has been defined by drilling in a zone that varies from 30 to 120 metres wide over a strike length of approximately 400 metres. The reverse-circulation drill holes recently completed are generally spaced at 40 to 50 metres apart both along and between sections and have defined mineralization down to about 80 metres.

In general these latest results from the Gupo Main and Gupo South areas confirm the location and grade of gold mineralization defined by previous drill holes down to depths of approximately 80 metres (Gupo South) to 150 meters (Gupo Main). In addition, new zones of mineralization have been found laterally (east and west) as well as in depth and in some cases these zones are open.

Michael Hopley, Sunridge President and CEO, says, "We are very pleased with the results of this latest drilling campaign at Gupo and are confident that it will achieve the goals of both upgrading and increasing the overall size of the Gupo Gold deposit. The next stage will be the completion of a new resource at Gupo by Snowden and this will be an important step towards completion of the Prefeasibility Study on the Asmara North in late March this year."

Asmara North Prefeasibility Study

The Asmara North Prefeasibility Study is being conducted by Snowden Mining Industry Consultants Inc. and GBM Minerals Engineering Consultants Ltd. and is scheduled for completion in late March, 2012. The study is examining all Asmara North deposits collectively including, the large Emba Derho copper-zinc-gold VMS Deposit, the Adi Nefas zinc-gold-copper VMS Deposit, and the Gupo Gold Deposit.

A summary of significant results are as follows:

Drill
Hole
From
Metres
To
Metres
Interval
Metres
Gold
g/t
GG-102-R 42.00 59.00 17.00 1.37
And 77.00 87.00 10.00 1.39
GG-112-R 6.00 14.00 8.00 2.89
GG-116-R 68.00 96.00 28.00 3.05
Including 80.00 89.00 9.00 5.31
GG-117-R 3.00 10.00 7.00 0.99
And 32.00 38.00 6.00 2.09
And 53.00 66.00 13.00 1.02
GG-119-R 21.00 22.00 1.00 4.50
GG-120-R 9.00 12.00 3.00 4.85
Including 11.00 12.00 1.00 14.06
GG-121-R 20.00 21.00 1.00 1.89
GG-123-R 4.00 5.00 1.00 1.48
GG-124-R 15.00 18.00 3.00 1.21
GG-125-R 36.00 49.00 13.00 3.08
GG-128-R 27.00 46.00 19.00 2.77
GG-129-R 51.00 53.00 2.00 1.37
GG-132-R 12.00 19.00 7.00 1.06
And 40.00 41.00 1.00 7.35
And 74.00 77.00 3.00 4.88
GG-135-R 53.00 54.00 1.00 2.56
GG-136-R 46.00 54.00 8.00 2.92
Including 51.00 53.00 2.00 10.65
GG-137-R 46.00 47.00 1.00 1.91
GG-141-R 11.00 21.00 10.00 1.26
GG-142-R 60.00 72.00 12.00 5.72
And 96.00 103.00 7.00 6.52
GG-143-R 81.00 85.00 4.00 0.83
GG-144-R 55.00 59.00 4.00 0.72
GG-145-R 21.00 25.00 4.00 0.81
GG-146-R 38.00 40.00 2.00 1.08
GG-147-R 71.00 80.00 9.00 1.95
GG-148-R 22.00 27.00 5.00 2.51
GG-150-R 13.00 22.00 9.00 1.06
GG-151-R 26.00 36.00 10.00 1.00
GG-152-R 1.00 9.00 8.00 1.38
And 77.00 81.00 4.00 10.89
Including 78.00 79.00 1.00 35.63
GG-153-R 48.00 58.00 10.00 3.97
GG-155-R 25.00 33.00 8.00 1.48
GG-156-R 17.00 19.00 2.00 5.16
And 48.00 70.00 22.00 2.31
GG-157-R 72.00 74.00 2.00 1.09
GG-158-R 1.00 11.00 10.00 2.70
And 29.00 75.00 46.00 1.00
And 59.00 78.00 19.00 1.20
GG-159-R 40.00 46.00 6.00 1.08
GG-160-R 4.00 23.00 19.00 5.30
Including 12.00 23.00 11.00 8.87
And incl 16.00 21.00 5.00 17.49
GG-162-R 48.00 50.00 2.00 1.37
GG-163-R 51.00 61.00 10.00 0.79
GG-164-R 29.00 34.00 5.00 0.76
GG-168-R 1.00 14.00 13.00 10.09
Including 6.00 7.00 1.00 107.27
And 44.00 53.00 9.00 1.65

Note: There were no significant assays in drill hole GG-115-R, 118, 122, 126, 127, 130, 131, 133, 134, 138, 139, 140, 149, 154, 161, 166, and 167. Assays pending for GG-165-R.

GEOTECHNICAL HOLES

Drill
Hole
From
Metres
To
Metres
Interval
Metres
Gold
g/t
GG-GT-01 25.00 30.00 5.00 3.35
And 40.00 48.00 8.00 1.23
GG-GT-02 38.00 39.00 1.00 1.04
GG-GT-03 12.00 36.00 24.00 1.40
And 84.00 94.00 10.00 1.82
GG-GT-04 34.00 35.00 1.00 4.54
GG-GT-05 47.00 63.00 16.00 5.71
Including 49.00 59.00 10.00 8.91
And 74.00 85.00 11.00 2.12
GG-GT-06 63.00 65.00 2.00 1.79
GG-GT-07 7.00 13.00 6.00 2.76
And 30.00 46.00 16.00 1.58
GG-GT-08 38.00 39.00 1.00 15.46
And 53.00 67.00 14.00 0.86

Gupo Gold Resources Inferred resource estimates for Gupo (then referred to as Adi Nefas Doop) from report titled "Independent Consulting Geologists Technical Report - Asmara Project" prepared by Blackburn, G. and Chisholm, R., dated April 2004 (which may be viewed under Sunridge's profile on SEDAR at www.sedar.com) are summarized as follows:

Gupo Gold - Inferred Resources
Tonnes Average Gold Grade g/t Ounces of Gold
1,965,000 2.99 189,000

ABOUT SUNRIDGE:

Sunridge is a mineral exploration and development company focused on the acquisition, exploration, discovery and development of base and precious metal projects on the Asmara Project in Eritrea and exploration properties in Madagascar. Sunridge currently has approximately 117 million shares outstanding and approximately $9 million in cash. Sunridge 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 www.sunridgegold.com or call Greg Davis at the number listed below.

Notes:

1. All drill holes prefixed GG are reverse-circulation drill holes and all geotechnical holes prefixed GG-GT are diamond drill holes.
2. Drill intercept lengths only are reported in the tabulations; it is estimated that true width will be approximately 80% of the reported drill intercept length.
3. A Quality Assurance/Quality Control program is part of the drilling program on the Asmara Project. This program includes chain of custody protocol as well as systematic submittals of standards, duplicates and blank samples into the flow of samples produced by the drilling. The program is described in the Company's most recent Debarwa Deposit, Technical Report dated August 18, 2011, and filed October 3, 2011, on the Company's profile on http://www.sedar.com/.
4. A description of the geology of the Gupo deposit is contained in the April 2004 Independent Consulting Geologists Technical Report - Asmara Project filed on the Company's profile at http://www.sedar.com/.
5. Samples are prepared at African Horn Testing Services (Eritrea) and analyzed at Genalysis Laboratories (a NATA registered laboratory) in Perth, Western Australia.
6. The Qualified Person responsible for the release of this exploration information is Michael Hopley, President and Chief Executive Officer of Sunridge Gold Corp.

SUNRIDGE GOLD CORP.

Michael Hopley, President and Chief Executive Officer

This news release contains forward-looking statements that are based on the Company's current expectations and estimates. Forward-looking statements are frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate", "suggest", "indicate" and other similar words or statements that certain events or conditions "may" or "will" occur. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause actual events or results to differ materially from estimated or anticipated events or results implied or expressed in such forward-looking statements. Such factors include, among others: the actual results of current exploration activities; conclusions of economic evaluations; changes in project parameters as plans to continue to be refined; possible variations in ore grade or recovery rates; accidents, labour disputes and other risks of the mining industry; delays in obtaining governmental approvals or financing; and fluctuations in metal prices. There may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise. Forward-looking statements are not guarantees of future performance and accordingly undue reliance should not be put on such statements due to the inherent uncertainty therein.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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