Sunridge Gold Completes Initial Resource Estimate For Adi Rassi Copper-Gold Deposit, Asmara Project, Eritrea

Sunridge Gold Corp. ('Sunridge? or the 'Company?) (TSX.V:SGC;
OTCQX:SGCNF) reports that it has completed an initial independent
NI43-101 and JORC compliant mineral resource estimate for the Adi Rassi
copper-gold deposit located on the Asmara project, Eritrea.

HIGHLIGHTS:

• Inferred Mineral Resource of 15.77 million tonnes with an average
  grade of 0.54% copper and 0.33 g/t gold
• Contained metal = 189,060,000 pounds of copper and 167,000 ounces
  of gold
• The resources area is open for expansion in most directions
• Less than 10 km from Debarwa deposit and paved road access
• Positive initial metallurgical results
• Further expansion drilling planned in 2013

Adi Rassi is the fifth mineral resource defined by Sunridge on the
Asmara Project. On May 2, 2012, Sunridge announced the results of a
prefeasibility study ('PFS?) on the other four deposits (Adi Nefas, Emba
Derho, Gupo and Debarwa) that concluded that the optimum economic
scenario is to construct a single centralized processing plant near the
Emba Derho deposit. A feasibility study is now underway and is scheduled
for completion in April 2013.

Initial results from ongoing testwork by Blue Coast Research suggest
that copper, gold and silver can be successfully recovered from the
mineralized material at Adi Rassi by standard flotation methods, which
is compatible with the recovery processes with the other deposits on the
Asmara project.

'The defining of a fifth deposit by Sunridge continues to show the
prolific nature of the Asmara Project area. We are pleased with this
initial mineral resource estimate for the Adi Rassi deposit based on
just twenty-two new drill holes by Sunridge and believe that further
drilling will significantly expand and upgrade the mineralization.?
states Michael Hopley, President and CEO of Sunridge. 'Metallurgical
test work continues, but initial results show that the copper and gold
can be successfully recovered by standard flotation methods compatible
with the process to be used in the mine plan currently being examined in
the feasibility study?.

Adi Rassi Geologic Background

The Adi Rassi mineralization is distinctly different to Sunridge′s four
other deposits on the Asmara Project; three of the deposits are
volcanogenic-massive sulphide (VMS) deposits (Emba Derho, Adi Nefas and
Debarwa) or remobilized gold only (Gupo Gold). The mineralization at Adi
Rassi is considered to be remobilized copper and gold from a distal
source, possibly unidentified buried VMS mineralization.

Mineralization at Adi Rassi is associated with a major shear zone that
trends northeast for over 3 kilometres and dips steeply to the west. The
copper and gold mineralization is hosted in strongly foliated and
distorted altered mafic volcanic tuffs. Mineralization has now been
defined for over 450 metres north-northwest oriented strike length, 40
to 100 metres in width and to a vertical depth of 360 metres. (see map
at the end of this news release). The mineralized zone dips steeply to
the west and is off-set by an east-west oriented fault. The zone remains
open in depth, to the north and possibly to the south; additional
exploration potential exists along the 3 kilometre length of the host
shear zone. A program of expansion drilling, trenching and local mapping
and sampling is planned for 2013.

Methodology

The mineralization on which the Adi Rassi Inferred mineral resource
estimate is based extends over a strike length of 400 metres and a width
of up to 80 metres and has been drilled to a maximum vertical depth from
surface of approximately 360 metres. The Inferred mineral resource has
been estimated using 26 exploration drill holes consisting of 22 diamond
drill core holes by Sunridge and 4 diamond drill holes from a previous
operator. Assays of split core samples have been used in the estimation
of mineral resources.

Sectional interpretations of the mineralized zone were completed on
east-west sections spaced between 20 m and 50 m apart using a nominal
0.1% Cu threshold. The interpretations were linked together to form a
wireframe representing the mineralization. The wireframe interpretations
formed the basis for the construction of a block model as well as
selecting composites for geostatistical analysis and grade estimation. A
block model was constructed in MineSight mining software with cell
dimensions of 5 metres (X) x 5 metres (Y) x 5 metres (Z).

Grades for copper, gold and silver were estimated within the
mineralization wireframe using Ordinary Kriging after compositing the
assay intervals to 6 metre down-hole lengths within the mineralized
wireframe. Gold grade estimates were further constrained with a
probabilistic model to prevent over-projection of the higher grades into
lower grade areas.

Search ellipsoid dimensions and orientations were determined on
structural geological and geostatistical information. An average density
(specific gravity) value of 2.825 was assigned to blocks based on 592
density measurements provided by Sunridge.

The blocks falling within the mineralized zone were categorized for
mineral resource classification as Inferred if the nearest composite
fell within a distance of 100 m.

Inferred mineral resource estimates reported for Adi Rassi are
constrained by a conceptual pit shell in order to assess reasonable
prospects of economic extraction. Parameters used in the generation of
the Whittle pit shell are: gold price = US$1,700/ounce; copper price =
US$3.75/lb: silver price US$32/oz; mining cost = US$1.75/tonne;
processing cost (including administration cost) = US$16.50/tonne; copper
recovery = 95%, gold recovery 70%, silver recovery 70%; pit slope angle
= 50 degrees. The process recoveries, metal prices and ore based costs
(processing and G&A) were used to calculate a marginal copper equivalent
cut-off of 0.21%. Mineralization exists below the conceptual pit shell.
An ore based underground mining cost of $40/tonne in addition to the
processing costs were used to define a copper equivalent cut-off of
0.72%. Fladgate assessed the reasonable prospects of economic extraction
of this material by creating a grade shell at a 0.72% copper equivalent
threshold. Isolated blocks were removed from the material reported as
Inferred mineral resource.

Qualified Person:

Michael Hopley, President and CEO of Sunridge Gold Corp. is the
Qualified Person responsible for the contents of this press release and
has reviewed and verified the scientific and technical information in
the release and confirmed that it is consistent with that provided by
the independent Qualified Person responsible for the Inferred mineral
resource estimate, David G. Thomas P. Geo., Associate Geologist with
Fladgate Exploration Consulting Corp.

About Sunridge:

Sunridge is a mineral exploration and development company focused on the
acquisition, exploration, discovery and development of base and precious
metal projects on the Asmara Project in Eritrea and exploration
properties in Madagascar. Sunridge currently has approximately
175,162,728 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.

This news release contains forward-looking statements that are based
on the Company′s current expectations and estimates and include
information relating to the initial mineral resource estimate for the
Adi Rassi deposit on the Asmara Project. Forward-looking statements are
frequently characterized by words such as 'plan?, 'expect?, 'project?,
'intend?, 'believe?, 'anticipate?, 'estimate?, 'suggest?, 'indicate? and
other similar words or statements that certain events or conditions
'may? or 'will? occur. Such forward-looking statements involve known and
unknown risks, uncertainties and other factors that could cause actual
events or results to differ materially from estimated or anticipated
events or results implied or expressed in such forward-looking
statements.Such factors include, among others: the actual
results of current exploration activities; conclusions of economic
evaluations; changes in project parameters as plans to continue to be
refined; possible variations in ore grade or recovery rates; accidents,
labor disputes and other risks of the mining industry; delays in
obtaining governmental approvals or financing; and fluctuations in metal
prices.There may be other factors that cause actions, events or
results not to be as anticipated, estimated or intended.Any
forward-looking statement speaks only as of the date on which it is made
and, except as may be required by applicable securities laws, the
Company disclaims any intent or obligation to update any forward-looking
statement, whether as a result of new information, future events or
results or otherwise. Forward-looking statements are not guarantees of
future performance and accordingly undue reliance should not be put on
such statements due to the inherent uncertainty therein.

To view the graphic Adi Rassi drilling, please click on the following
link:

http://www.fscwire.com/pr/sunridgegolddec032012.jpg

To view this press release as a webpage, please click on the
following link:

http://www.fscwire.com/pr/sunridgegolddec032012.htm

Sunridge Gold Corp.

Greg Davis, 604-688-1263 (direct)

VP
Business Development

greg@sunridgegold.com