Sunridge Gold Corp.

Sunridge Gold Corp.

October 31, 2006 08:01 ET

Sunridge Gold Commences US$500,000 Ground Gravity Survey at Asmara Project, Eritrea

TSX.V Approval Received for Acquisition of 100% of Asmara Project

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Oct. 31, 2006) - Sunridge Gold Corp. (TSX VENTURE:SGC) announces the commencement of a US$500,000 ground gravity survey on the Asmara Project Eritrea. This survey will be conducted over the greater part of the 1,100 square kilometre project area between now and March 2007 with the objective of identifying additional drill targets.

Gravity surveys have been a very successful exploration tool in Eritrea resulting in either the confirmation or discovery of several deposits to date. Sunridge Gold's Debarwa, Adi Nefas and Emba Derho Projects and Nevsun's Bisha Project all have significant gravity anomalies coincident with massive sulphide mineralization. Kodadu, a new exploration target for Sunridge, has the largest gravity anomaly outlined to date by Sunridge and will be drill tested for the first time next month.

Preliminary Assessment studies (also know as scoping studies) at the high-grade Debarwa and Adi Nefas deposits are in the final stages of completion and are expected by mid-December, 2006. The purpose of these studies is to provide management of Sunridge with a preliminary economic assessment of these deposits and to examine the possibility of fast tracking them to final feasibility and production. The Asmara Project has excellent infrastructure with paved roads, water, power, international airports and proximity to port facilities.

There are currently two drill rigs operating on the Asmara Project and two more will be added by mid-November with one rig at Adi Nefas, two at Emba Derho and one drilling the new, highly prospective Kodadu gossan and gravity target.


As part of the process to acquire 100% of the Asmara Project, Sunridge Gold has received approval from the TSX Venture Exchange to purchase the aggregate 60% interests currently held by Sunridge Gold's joint venture partners in exchange for a total of 9,500,000 common shares of Sunridge Gold. TSX.V approval is a significant step toward completing the process that management of Sunridge Gold anticipates can be completed by year end 2006.

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 39 million 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 at the number listed below.


Michael Hopley, President and Chief Executive Officer

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

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