Sulliden Reports Continued Drilling Success at Shahuindo-Intersects 1.29 g/t Au Over 47.7 Meters, Including 3.06 g/t Au over 15 Meters
TORONTO, ONTARIO -- (Marketwire) -- 11/23/10 -- Sulliden Gold Corporation Ltd. ('Sulliden', the 'Company') (TSX: SUE)(OTCQX: SDDDF) is pleased to announce 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 (See Figure 1)
-- 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
(See Figure 2)
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 in the tables below represent an additional 3,250 meters of the ongoing 30,000 meter exploration program. The selected sections 250E (Figure 1) and 1850E (Figure 2) graphically demonstrate the expanding mineral resource in purple from the existing red grade shells in the Central and Moyan Alto zones.
To view Figure 1 - Central Zone, Section 250E, please visit the following link: http://media3.marketwire.com/docs/SUE250E.jpg.
To view Figure 2 - Moyan Alto Zone, Section 1850E, please visit the following link: http://media3.marketwire.com/docs/SUEB1850E.JPG.
To view Figure 3 - Plan View of Mineral Deposit with New Collar Locations, please visit the following link: http://media3.marketwire.com/docs/654705FIG3.jpg.
Table 1 - Drill Results
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WEST ZONE
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From To Interval True Width Gold Silver
Drill hole # (meters) (meters) (meters) (meters)(1) (g/t) (g/t)
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RSH10-74 133.5 138.0 4.5 2.9 0.70 4.7
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RSH10-74 157.5 171.0 13.5 8.7 0.28 4.5
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RSH10-73 195.0 201.0 6.0 3.9 0.47 3.7
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RSH10-72 No significant mineralized intersection
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CENTRAL ZONE
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From To Interval True Width Gold Silver
Drill hole # (meters) (meters) (meters) (meters)(1) (g/t) (g/t)
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SH10-134 6.3 57.3 51.0 36.2 0.45 4.1
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SH10-135 17.3 66.8 49.5 32.1 0.47 2.1
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SH10-130 12.7 40.1 27.4 17.6 0.27 0.6
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SH10-130 65.9 93.7 27.8 17.9 0.81 11.5
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SH10-139 18.3 24.5 6.2 4.0 0.36 1.2
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SH10-139 33.4 123.4 90.0 56.8 0.79 4.8
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including 77.0 97.4 20.4 12.8 1.10 8.0
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including 106.9 122.6 15.7 9.8 1.63 7.1
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SH10-139 138.4 142.3 3.9 2.4 0.64 7.1
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SH10-139 150.2 153.4 3.2 2.0 1.27 13.1
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SH10-139 169.5 176.1 6.6 4.1 1.31 60.8
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SH10-139 18.3 24.5 6.2 4.0 0.36 1.2
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SH10-132 0.0 47.7 47.7 33.2 1.29 8.6
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including 30.0 45.0 15.0 10.4 3.06 20.7
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SH10-132 72.0 125.5 53.5 35.9 0.53 48.9
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SH10-132 157.6 223.6 66.0 43.5 0.51 8.5
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including 160.6 187.4 26.8 17.7 0.81 7.4
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including 201.7 206.8 5.1 3.3 0.70 11.0
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SH10-132(2) 244.6 248.0 3.4 2.2 0.56 8.6
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SH10-136 52.3 81.0 28.7 20.1 0.83 2.7
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including 52.3 61.8 9.5 6.7 1.85 4.2
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SH10-136 121.5 161.5 40.0 27.4 0.27 1.8
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SH10-136 187.5 221.0 33.5 22.4 0.32 7.5
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SH10-136 241.1 256.2 15.1 10.1 2.05 248.6
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SH10-136 291.0 378.0 87.0 58.2 0.31 4.4
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EAST ZONE
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From To Interval True Width Gold Silver
Drill hole # (meters) (meters) (meters) (meters)(1) (g/t) (g/t)
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RSH10-68 (2) 111.0 210.0 99.0 63.6 0.56 11.0
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including 111.0 150.0 39.0 25.1 0.87 15.1
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MOYAN ALTO ZONE
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From To Interval True Width Gold Silver
Drill hole # (meters) (meters) (meters) (meters)(1) (g/t) (g/t)
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RSH10-69 (2) 66.0 150.0 84.0 48.2 0.79 10.3
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including 73.5 105.0 31.5 18.1 1.20 3.7
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RSH10-70 0.0 6.0 6.0 3.4 0.35 0.5
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RSH10-70 96.0 225.0 129.0 74.0 0.54 5.8
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including 156.0 195.0 39.0 22.4 0.79 7.4
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RSH10-71 34.5 55.5 21.0 13.5 0.38 2.1
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RSH10-71 67.5 72.0 4.5 2.9 0.31 0.9
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RSH10-78 30.0 130.5 100.5 64.6 0.73 2.4
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including 40.5 61.5 21.0 13.5 1.17 1.7
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including 99.0 124.5 25.5 16.4 1.22 3.6
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RSH10-78 141.0 166.5 25.5 16.4 0.33 1.7
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RSH10-77 22.5 108.0 85.5 55.0 0.47 4.3
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including 57.0 84.0 27.0 17.4 0.74 5.5
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RSH10-77 120.0 141.0 21.0 13.5 0.54 2.2
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including 124.5 133.5 9.0 5.8 0.95 3.9
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RSH10-75 151.5 154.5 3.0 1.9 0.85 2.8
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1) Assuming vertical or near-vertical zone, perpendicular or near-
perpendicular to the plane defined by the drill hole
2) Mineralization found within 10 meters of EOH
QUALITY CONTROL AND ASSURANCE
Stephane 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.
ABOUT SULLIDEN
Sulliden is a Canadian-based mining company focused on the exploration and development of its wholly owned Shahuindo Gold Project, located in Peru. This project is located in one of the world's most prolific gold producing districts and is home to world-class gold mines including Barrick Gold's Lagunas Norte Mine, 30 km to the south, and the Yanacocha Mine operated by Newmont Mining Company, 80 km to the north; both million-ounce per year producing mines. A positive Preliminary Assessment for the Shahuindo Gold Project was completed in December 2009 and a Feasibility Study is currently underway. While the Company progresses towards its goal of reaching production in 2012, a significant focus is being placed on exploration drilling to expand the mineral resource, which remains open in all directions and at depth. Sulliden is led by a strong management team with the proven ability to develop, finance and operate mining projects and is poised to generate superior value for its shareholders.
On behalf of Sulliden Gold Corporation Ltd.
Peter Tagliamonte Stan Bharti
President and CEO Chairman
For further information on Sulliden please visit the company website at www.sulliden.com.
If you would like to be added to Sulliden's news distribution list, please send your email address to contact@sulliden.com
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 appointment on the future financial or operating performance of the Company, the 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 future financial or operating performance of the Company, the prospective mineralization of the properties and planned exploration programs, planned exploration programs and anticipated production schedule. 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; other risks of the mining industry and the risks described in the annual information form of the Company. 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.
Contacts:
Sulliden Gold Corporation Ltd.
Caroline Arsenault
Investor Relations Manager
(416) 861-5805
Sulliden Gold Corporation Ltd.
Scott Moore
Vice President Corporate Development
(416) 861-5903
www.sulliden.com