Sulliden to Allow Exercise of Accelerated Warrants Until January 18, 2011
TORONTO, ONTARIO -- (Marketwire) -- 01/12/11 -- Sulliden Gold Corporation Ltd. ('Sulliden', the 'Company') (TSX: SUE)(OTCQX: SDDDF) advises that it will accept exercises of the accelerated Warrants (see News Release dated December 16, 2010) until January 18, 2011 at 4:00 p.m. (Toronto time). Sulliden has elected to extend the exercise by one day in order to accommodate any warrant holders that purchased Warrants on the TSX today, January12, 2011 which will not settle until January 17, 2011.
Sulliden announced on December 16, 2010 that a notice of accelerated expiry was being issued to the holders of approximately 22,175,299 share purchase warrants of the Company (the 'Warrants') which were issued pursuant to public offerings completed in October 2009 and April 2010. Each Warrant is exercisable to purchase one common share of the Company at a price of $1.00 per common share.
Assuming all the Warrants are exercised, the Company will receive proceeds of approximately $22 million which will result in the Company's cash position exceeding $50 million.
This additional capital will be used in part towards a significant 2011 exploration program outlined in a press release dated December 7, 2010. During the drill program Sulliden plans, based on its exploration success, to nearly double the total meters drilled on the property since its discovery in 1992. The Company also plans to use the funds to complete all the necessary engineering and permitting studies required to develop the Shahuindo Gold Project.
On behalf of Sulliden Gold Corporation Ltd.
Peter Tagliamonte, President and CEO
Stan Bharti, Chairman
For further information on Sulliden please visit the company website at www.sulliden.com.
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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 expected proceeds from exercise, the use of proceeds, the impact of the acceleration 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 financial results of the company the future financial or operating performance of the Company, the prospective mineralization of the properties and planned exploration programs., the issue of permits, future production and sales volumes, capital and mine production costs, demand and market outlook for metals, planned exploration programs, anticipated production schedule and terms and the availability and likelihood of future acquisitions. 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; acquisition risks; and other risks of the mining industry. 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