Sulliden Continues Exploration Success, Further Expands the Shahuindo Gold Project
TORONTO, ONTARIO -- (Marketwire) -- 12/14/10 -- Sulliden Gold Corporation Ltd. ('Sulliden', the 'Company') (TSX: SUE) (OTCQX: SDDDF) is pleased to announce additional positive results from 22 new drill intersections conducted along the Central Corridor of the Shahuindo Gold Project located in northern Peru. These results continue to indicate strong mineral resource growth potential along its currently defined 3.8 kilometer strike length and the deposit still remains open along strike, laterally and at depth. Calculation of a new National Instrument 43-101 ('NI 43-101') resource estimate is currently underway, and is expected for completion in Q1, 2011.
Significant intercepts from 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).
-- 2.12 g/t Gold over 88.1 metres in hole SHM10-121 in the Central Zone
(This larger PQ size hole was drilled for metallurgical purposes)
-- 0.94 g/t Gold over 119.1 metres including 1.23 g/t Gold over 78.8 metres
in hole SH10-143 in the Central Zone
-- 0.54 g/t Gold over 115.5 metres including 1.01 g/t Gold over 24 meters
in hole RSH10-92 in the Central Zone (See Figure 1)
-- 1.24 g/t Gold over 48.0 metres including 3.02 g/t Gold over 7.5 metres,
and 0.72 g/t Gold over 55.5 metres including 1.05 g/t Gold over 24.0 m
in hole RSH10-86 in the Moyan Alto Zone (See Figure 2)
Stephane Amireault, Vice-President of Exploration for Sulliden, commented, 'The results from this exploration program have been very encouraging. Drilling on Shahuindo continues to define new mineral continuity that has expanded both the width and length of the Central Corridor. We are looking forward to commencing our 2011 exploration program, which will include several new target areas that could represent significant new mineral growth at Shahuindo.'
A 30,000 meter exploration program was initiated in August 2010, following the award of a project-wide exploration permit (See news release dated July 20, 2010). Sulliden has completed over 30,000 meters of drilling on Shahuindo since the program was initiated and intends to continue drilling activity on the site for an additional week. The Company is also beginning to prepare for its 2011 exploration program, announced on December 7, 2010, including approximately 70,000 metres of drilling that will nearly double the number of metres drilled on Shahuindo since its discovery in 1992. The new program will continue targeting the Central Corridor to further expand the current mineralized envelopes, but will also include new target areas that are designed to identify new potential mineral resources on Shahuindo.
Summary of Recent Results
Results from 22 new drill holes in the tables below represent approximately 5,300 metres of the 30,000 metre exploration program initiated last August. The selected sections 700E (Figure 1) and 1350E (Figure 2) graphically demonstrate the newly identified mineralization in purple being added to the existing red mineral envelopes in the Central and Moyan Alto zones.
To view Figure 1 - Central Zone, Section 700E(i), please visit the following link: http://media3.marketwire.com/docs/sue1214figure1.jpg
To view Figure 2 - Moyan Alto Zone, Section 1350E(i), please visit the following link: http://media3.marketwire.com/docs/sue1214figure2.jpg
(i)The new grade shells highlighted in the sections above are geological interpretations that are preliminary in nature.
To view Figure 3 - Plan View of Mineral Deposit with New Collar Locations, please visit the following link: http://media3.marketwire.com/docs/sue1214figure3.jpg
Table 1 - Drill Results
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CENTRAL ZONE
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From To Interval True Width Gold Silver
Drill hole # (metres) (metres) (metres) (metres)(1) (g/t) (g/t)
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SH10-138 0.0 45.7 45.7 26.2 0.72 1.7
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including 0.0 15.7 15.7 9.0 1.67 3.1
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SH10-138 134.2 151.4 17.2 9.9 0.24 2.8
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SH10-138 161.2 174.7 13.5 7.7 0.99 34.6
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SH10-140 94.5 113.8 19.3 12.4 0.27 0.3
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SH10-140 130.3 145.5 15.2 9.8 0.52 6.5
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SH10-140 163.7 180.2 16.5 10.6 0.25 6.1
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SH10-140 (2) 268.5 273.0 4.5 2.9 1.07 12.6
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SH10-141 37.2 141.8 104.6 60.0 0.60 9.2
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including 92.8 141.8 49.0 28.1 0.85 14.1
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SH10-142 (3) 0.0 46.5 46.5 32.9 0.53 10.0
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including(3) 27.4 46.5 19.1 13.5 0.99 18.6
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SH10-142 46.5 87.0 40.5 28.6 0.54 4.7
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including 46.5 55.5 9.0 6.4 1.70 15.2
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SH10-143 1.5 21.0 19.5 12.5 0.57 2.1
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SH10-143 39.0 158.1 119.1 76.6 0.94 42.0
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including 64.5 143.3 78.8 50.7 1.23 58.1
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RSH10-90 85.5 195.0 109.5 70.4 0.50 7.7
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including 99.0 138.0 39.0 25.1 0.78 9.6
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including 99.0 115.5 16.5 10.6 1.38 2.8
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RSH10-91 55.5 108.0 52.5 33.7 0.43 3.9
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including 60.0 76.5 16.5 10.6 0.61 9.2
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including 99.0 108.0 9.0 5.8 0.75 0.7
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RSH10-92 (2)(4) 52.5 168.0 115.5 74.2 0.54 2.3
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including 75.0 99.0 24.0 15.4 1.01 3.2
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including 118.5 130.5 12.0 7.7 0.89 4.3
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SHM10-121
(2)(4)(5)(6) 51.9 140.0 88.1 62.3 2.12 7.3
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SHM10-124(5) 47.2 150.2 103.0 59.1 0.34 4.1
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EAST ZONE
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From To Interval True Width Gold Silver
Drill hole # (metres) (metres) (metres) (metres)(1) (g/t) (g/t)
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RSH10-80 0.0 25.5 25.5 14.6 0.26 1.7
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RSH10-80 40.5 165.0 124.5 71.4 0.31 6.4
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RSH10-84 147.0 154.5 7.5 4.8 0.70 17.4
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RSH10-84(2) 184.5 300.0 115.5 74.2 0.71 19.3
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including 232.5 259.5 27.0 17.4 1.60 57.7
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MOYAN ALTO ZONE
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From To Interval True Width Gold Silver
Drill hole # (metres) (metres) (metres) (metres)(1) (g/t) (g/t)
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RSH10-76 130.5 174.0 43.5 28.0 0.52 6.0
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including 156.0 169.5 13.5 8.7 0.81 13.9
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RSH10-76 201.0 235.5 34.5 22.2 0.37 3.1
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including 201.0 213.0 12.0 7.7 0.61 6.1
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RSH10-79 58.5 136.5 78.0 50.1 0.51 13.1
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including 72.0 97.5 25.5 16.4 0.89 25.2
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RSH10-79 145.5 159.0 13.5 8.7 0.38 3.5
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RSH10-81(2) 111.0 190.5 79.5 51.1 0.31 2.8
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RSH10-82(2) 157.5 300.0 142.5 91.6 0.57 15.7
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including 157.5 163.5 6.0 3.9 1.53 6.7
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including 205.5 223.5 18.0 11.6 1.70 17.4
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RSH10-83 111.0 199.5 88.5 56.9 0.45 13.6
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including 124.5 135.0 10.5 6.7 0.90 13.7
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including 159.0 171.0 12.0 7.7 0.71 8.2
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including 181.5 195.0 13.5 8.7 0.64 7.4
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RSH10-83 226.5 231.0 4.5 2.9 0.72 1.2
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RSH10-85 97.5 106.5 9.0 5.2 0.54 4.5
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RSH10-85 148.5 219.0 70.5 40.4 0.54 5.3
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including 157.5 180.0 22.5 12.9 1.15 6.2
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RSH10-86 21.0 76.5 55.5 35.7 0.72 3.3
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including 36.0 60.0 24.0 15.4 1.05 1.4
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RSH10-86 100.5 148.5 48.0 30.9 1.24 11.0
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including 139.5 147.0 7.5 4.8 3.02 18.8
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RSH10-86 228.0 237.0 9.0 5.8 0.20 2.4
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RSH10-86(2) 244.5 261.0 16.5 10.6 0.34 11.5
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RSH10-87 51.0 66.0 15.0 9.6 0.50 0.6
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RSH10-88(2) 175.5 286.5 111.0 71.3 0.44 5.9
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including 192.0 211.5 19.5 12.5 0.63 17.1
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RSH10-89(2) 144.0 292.5 148.5 95.5 0.41 3.0
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including 175.5 235.5 60.0 38.6 0.56 3.0
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including 213.0 228.0 15.0 9.6 0.84 1.7
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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 metres of the end of hole
(3) Mineralization in overburden
(4) Stopped due to technical difficulties
(5) Twin hole, metallurgical results from composite samples
(6) One composite value of 32 g/t Gold in hole SHM10-121 was cut to 7 g/t Gold as per the high cut-off grade established by AMEC in the Preliminary Assessment from December 2009.
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 Reno, Nevada (holes SHM10-121 and SHM10-124) 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 size and quality of the company's mineral resources, progress in development of mineral properties, future capital and operating expenses, future metal prices, the future financial or operating performance of the Company, the prospective mineralization of the properties, 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
Caroline Arsenault
Investor Relations Manager
(416) 861-5805
Sulliden Gold Corporation
Scott Moore
Vice President Corporate Development
(416) 861-5903
www.sulliden.com