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Message: Sulliden Intersects Gold and Silver in First North Corridor Holes and
Continues Mineral Growth in Central Corridor With 1.61 g/t Gold Over 64.5 Metres
TORONTO, ONTARIO--(Marketwire - Nov. 30, 2011) - Sulliden Gold Corporation Ltd. ("Sulliden", or the "Company") (TSX:SUE)(OTCQX:SDDDF)(BVLAC:SUE) is pleased to announce initial assay results from the North Corridor exploration program that began in late August, as well as continued positive results from the Central Corridor on its Shahuindo property in northern Peru.
Results from the first six drill holes in the North Corridor represent approximately 1,450 meters of a 5,000 metre drill program planned for completion by year end, which is designed to test and improve the geological understanding of this large exploration target (See complete list of drill results in Table 1 and collar locations in Figure 1). The Company views the initial stage of exploration in the North Corridor positively, with results that include grades and widths that are comparable to those found in the Central Corridor. Drill intercept highlights in the North Corridor include, 1.24 g/t gold and 34.8 g/t silver over 8.2 meters from hole SHN11-307.
Stéphane Amireault, Vice President of Exploration for Sulliden commented, "The North Corridor represents a large exploration target on the Shahuindo property and we are pleased with the initial results in which every drill hole has intersected gold and silver mineralization. We believe the results to date represent a successful start to the exploration of this new target."
Sulliden began drilling the North Corridor in late August, 2011, after identifying a strong geochemical footprint that extends for at least two kilometres in a North-West to South-East direction and spans up to 500 metres in width. Initial trenching and rock sampling in this area returned positive results, including six continuous channel samples averaging 2.0 g/t gold and 6.6 g/t silver over 21.5 metres and five successive channel samples from an adit averaging 4.4 g/t gold over 26 metres (see August 25, 2011 press release).
The Company is pleased to report results from the Central Corridor, including 47 new drill holes totalling approximately 7,800 metres (See complete list of drill results in Table 2 and collar locations in Figure 1). Drilling in this area continues to return positive results with some intercepts extending beyond the previously defined mineralized domain. Significant new drill intercepts obtained in the Central Corridor include:
|•||Hole RSH11-194 in the East Zone|
|•||0.59 g/t Gold and 12.7 g/t Silver over 202.5 metres including 2.18 g/t Gold and 89.9 g/t Silver over 15.0 metres and 1.15 g/t Gold and 13.9 g/t Silver over 10.5 metres|
|•||Hole SH11-291 in the West Zone|
|•||0.96 g/t Gold and 29.2 g/t Silver over 34.7 meters, including 1.74 g/t Gold and 19.2 g/t Silver over 11.2 metres|
|•||2.02 g/t Gold and 68.8 g/t Silver over 16.5 meters, including 4.54 g/t Gold and 147.5 g/t Silver over 5.7 metres|
|•||Hole SH11-292 the northern extremity of the Central Zone|
|•||1.61 g/t Gold and 11.8 g/t Silver over 64.5 meters, including 6.30 g/t Gold and 46.6 g/t Silver over 13.5 metres|
As part of the 2011 exploration campaign, the Company has completed a systematic reverse-circulation drill program within a 100 by 100 metre area in the north eastern part of the Central Zone (See drill holes RSH11-174 to RSH11-189 in Figure 1) that has successfully confirmed a continuity of mineralization in a portion of the overburden layer. The Company expects this new data to help optimize the mineral resource calculation and future mining scenario.
To view Figure 1 - Plan View of Mineral Deposit with New Drill Hole Locations in North and Central Corridors, please visit the following link: http://media3.marketwire.com/docs/NC_and_Central_Plan_View_FINAL.jpg.
|Table 1 - North Corridor Drill Results (Intercepts have been calculated using a 0.2 g/t cut-off)|
|Drill hole #||From
|(1)||True thickness is not known at this stage.|
|(2)||Mineralization found within 10 meters of beginning of drill hole.|
|(3)||Stopped due to technical difficulties.|
|(4)||Mineralization found within 10 meters of end of hole.|
|Table 2 - Central Corridor Drill Results (Assays presented in this table have been capped at 7 g/t gold and 300 g/t silver. Intercepts have been calculated using a 0.2 g/t cut-off.)|
|Drill hole #||From
|SH11-281||No significant mineralized interval|
|RSH11-201||No significant mineralized interval|
|SUB CORRIDOR 'A'|
|SUB CORRIDOR 'B'|
|RSH11-197||No significant mineralized interval|
|(1)||Assuming perpendicular or near perpendicular to the plane defined by the drill hole. Geological understanding of the mineralized zones is continuing to develop as the project advances|
|(2)||One or more Gold assays capped at 7 g/t Gold|
|(3)||One or more Silver assays capped at 300 g/t Silver|
|(4)||Mineralization found within 10 meters of end of hole|
|(5)||Stopped due to technical difficulties|
|(6)||Mineralization found within 10 meters of beginning of hole|
Quality Control and Assurance
Stéphane Amireault, P.Eng., the Vice-President of Exploration for Sulliden is the "Qualified Person" as defined by National Instrument 43-101 who is responsible for the management of the exploration program and disclosure of the drill results. 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, exercising a thorough Quality Control and Assurance program (QA/QC). All ALS Chemex labs are ISO 9000 registered laboratories. Gold assays reported in this press release were obtained by standard 50 gram fire assaying with AA finish. Gold values over 10g/t Au were obtained by fire assay and gravimetric finish. Silver assays reported in the press release were obtained by Aqua-Regia dissolution followed by ICP-AES measurement. For silver values over 100g/t Ag, Aqua-Regia was followed by Atomic Absorption spectrometer reading. For silver values over 1000g/t Ag, a 30g fire assay was completed with a gravimetric finish.
Sulliden is a Canadian-based precious metals company focused on the exploration and development of the Shahuindo Gold and Silver Project, located in a prolific gold producing district in northern Peru. This project neighbours world class mines, including Barrick Gold's Lagunas Norte Mine 30 kilometres to the south and the Yanacocha Mine operated by Newmont Mining Company 80 kilometres to the north. A positive Preliminary Assessment for the Shahuindo Project was completed in February 2010 and a Feasibility Study is currently underway. On June 16, 2011, an updated mineral resource estimate more than doubled the Indicated gold ounces in the oxides and almost quadrupled the Inferred gold ounces relative to the 2009 year-end estimate. While the Company progresses towards its goal of becoming a gold producer, a significant focus is also being placed on exploration drilling. The current mineral deposit is open in all directions and at depth, and the Company has planned approximately 70,000 meters of drilling in 2011 to continue the mineral expansion on the property. 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.
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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 drilling results, 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.
Source: Marketwire Canada (November 30, 2011 - 7:30 AM EST)
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