Sunridge Gold Private Placement Update

Sunridge Gold Corp. (SGC:TSX.V/SGCNF:OTCQX) (the 'Company?) reports that
it will not be closing a second tranche of the non-brokered private
placement with Shanghai Richstone Investment Group Ltd. ('Richstone?),
the terms of which were outlined in the Company′s news release dated
June 7, 2012. On July 5, 2012, the Company reported that the first
tranche of the placement was closed and that 5,405,405 common shares and
864,864 common share purchase warrants were issued to raise gross
proceeds of $2,000,000.

Pursuant to the terms of the subscription agreement between the Company
and Richstone, the second and final tranche of the private placement was
to close by July 20, 2012. Richstone advised that it was not able to
obtain the necessary approval for the placement from the State
Administration of Foreign Exchange of the People′s Republic of China by
July 20, 2012. Sunridge initially provided a notice to Richstone stating
that Sunridge would not seek the approval of the TSX Venture Exchange
(the 'TSXV?) for an extended deadline, and subsequently rescinded such
notice after discussions with Richstone. Sunridge proceeded to obtain
the approval of the TSXV for an extended closing deadline of August 15,
2012 and notified Richstone of this. Richstone did not provide the
remainder of the private placement funds by the August 15, 2012 deadline.

Sunridge is currently examining other financing options to fund the
completion of the feasibility study on the Asmara Project.

About Sunridge:

Sunridge is a mineral exploration and development company focused on the
acquisition, exploration, discovery and development of base and precious
metal deposits on the Asmara Project in Eritrea and exploration
properties in Madagascar. Sunridge has approximately 123 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 www.sunridgegold.com
or call Greg Davis at the numbers listed below.

SUNRIDGE GOLD CORP.

'Michael Hopley?

Michael Hopley, President and Chief Executive Officer

Neither the TSX Venture Exchange nor its Regulation Services Provider
(as that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release.

Sunridge Gold Corp.

Greg Davis, 604-688-1263 (direct)

VP
Business Development

greg@sunridgegold.com