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Sulliden Gold Receives Positive Exploration Results from Shahuindo Gold Project in Peru

Sulliden Gold Corporation Ltd. (TSX:SUE)(OTCQX:SDDDF) has announced further positive results from the current exploration program at the Shahuindo Gold Project located in northern Peru. 

The results continue to indicate an expanding mineral resource on the Shahuindo property.  Sulliden expects the recent drill results to positively affect the new National Instrument 43-101 ("NI-43-101") mineral resource estimate, expected in early 2011.

Significant intercepts derived from both the Central and Moyan Alto zones in this group of exploration results are highlighted below. An economic cut-off grade of 0.17 g/t in gold oxides was established by AMEC in the NI 43-101 study (see news release of December 8, 2009).

  • 1.29 g/t Au over 47.7 meters including 3.06 g/t Au over 15 meters in hole SH10-132 in the CENTRAL ZONE
  • 0.73 g/t Au over 100.5 meters including 1.17 g/t Au over 21 meters, and 1.22 g/t Au over 25.5 meters in hole RSH10-78 in the MOYAN ALTO ZONE

Peter Tagliamonte, President and CEO of Sulliden commented, "Results from our current exploration program continue to show a widening of the oxide mineralization above the economic cut-off, increasing our confidence that the mineral resource at Shahuindo will be larger than what is currently outlined.  New areas of mineralized oxide ore are being encountered where waste was previously calculated, which we believe will contribute positively to both an updated resource statement in the new year and a more robust mine plan.  Drilling successes have outlined expanded mineralization along the Central Corridor, and we are now preparing our 2011 exploration program which will expand exploration activities to other new promising targets on the Shahuindo property."

Stephane Amireault, Vice-President of Exploration for Sulliden, commented, "We have obtained some very encouraging initial results from holes SH10-130, SH10-134 and SH10-135 in the south western part of the Central Zone which was previously undrilled.  These results add continuity and strike length to this portion of the mineral deposit and we look forward to following-up on this area with upcoming drilling."

Sulliden initiated a 30,000 meter resource expansion drilling program in August 2010, following the award of a project-wide exploration permit (See news release of July 20, 2010).  To date, over 110 holes totalling over 24,000 meters of this program have been drilled in the Central Corridor and exploration activities continue on track with five drills currently operating on the site.

Summary of Recent Results

Results from 16 new drill holes represent an additional 3,250 meters of the ongoing 30,000 meter exploration program. The selected sections 250E and 1850E graphically demonstrate the expanding mineral resource in purple from the existing red grade shells in the Central and Moyan Alto zones.

QUALITY CONTROL AND ASSURANCE

Stéphane Amireault, P.Eng., Vice President Exploration for Sulliden is the Qualified Person responsible for the management of the exploration program and disclosure of the drill results as defined by National Instrument 43-101. Mr. Amireault has read and approved the technical and scientific information in this news release.

The analyses for this drilling campaign were carried out by ALS Chemex in Lima, Peru and ALS Chemex in Lima, Peru exercising a thorough Quality Control and Assurance program (QA/QC).  All ALS Chemex labs are ISO 9000 registered laboratories.  All gold assays reported in the press release were obtained by standard 50g fire assaying with AA finish. All silver assays reported in the press release were obtained by Aqua-Regia dissolution followed by ICP-AES measurement.

Source: Sulliden Gold Corporation Ltd.

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