SULLIDEN GOLD CORPORATION LTD. 
By TORONTO, ONTARIO -- (MARKET WIRE) -- 07/21/11 -- Sulliden Gold Corporation Ltd. ("Sulliden", or the "Company") (TSX: SUE)(OTCQX: SDDDF) is pleased to announce results for seven new drill holes from the ongoing 70,000 metre drilling program being carried out this year on its 100% owned Shahuindo Gold and Silver Project in northern Peru. Significant new gold intercepts are highlighted below and complete results are reported in Table 1.
Highlights include:
-Hole SH11-205 in the East Zone - 1.17 g/t Gold over 104.6 meters, including 4.47 g/t Gold over 5.1 metres and 3.15 g/t Gold over 14.9 metres -Hole SH11-204 in the East Zone - 1.20 g/t Gold over 52.5 meters, including 2.09 g/t Gold over 23.7 metres -Hole SHV11-209 in the Central Zone - 1.55 g/t Gold over 34.5 metres including 2.59 g/t Gold over 16.0 metres
Stephane Amireault, Vice-President of Exploration for Sulliden, commented, "Our exploration program is progressing well as we continue to more clearly define the mineralized structure and trends of the deposit. The drilling we have conducted since the cut-off of the last mineral resource estimate has demonstrated a steady addition of new mineralized volume and has also allowed us to better define the higher-grade portions of the deposit. Some recent drill holes are also assisting us with the definition of a more accurate oxide-sulphide contact zone, for example hole SH11-205 in Figure 2 which shows us that the oxides continue approximately 50 vertical metres deeper than the previous interpretation. This new information will add oxide material in the eventual pit volume and positively affect our future mining scenario."
The Company continues to advance its 70,000 metre drilling program with 187 holes representing approximately 36,200 metres drilled to date. Results from the seven new holes in this press release represent 1,574 meters of drilling. The collar locations of the new holes are shown in Figure 1 below.
Perpendicular Drill Program Assessing High-Grade Cross-Cutting Structures
Within the current exploration campaign, Sulliden is progressing with a specific drill program focused on assessing the influence of cross cutting high-grade veins oriented perpendicular to the current North-West/South-East trending mineral strike length of the Central Corridor, as seen in hole SHV11-209 in the Central Zone (see Figure 1). This program was initiated during the fourth quarter of 2010 and to date the results suggests that these structures could potentially have a positive influence on the overall grade of the mineral deposit. Hole SHV11-209 in this group of results intersected 1.55 g/t gold over 34.5 metres including 2.59 g/t gold 16.0 metres in oxides, which represents significantly higher gold values than the average 0.52 g/t average Indicated gold grade of the mineral deposit (see updated mineral resource estimate announced on June 16, 2011). The Company will continue this program in order to better understand and quantify this occurrence.
http://media3.marketwire.com/docs/PlanViewFigureJuly2011FINAL.jpg.
The vertical section in Figure 2 below highlights new drill hole number SH11-205 in section 1150E in the East Zone, where the Company has graphically interpreted newly identified mineralization (purple) in relation to the existing grade shells defined by Mine Developments Associates in the updated mineral resource estimate announced on June 16, 2011 (in red). This new hole suggests that the depth of oxide-sulphide boundary (dark blue dashed line in Figure 2) to be approximately 50 vertical metres below that of the previous interpretation (light blue dashed line in Figure 2). Since the oxides and sulphides are processed differently, this added volume of oxide material (see area highlighted in yellow in Figure 2) will positively contribute to the planned heap leach scenario.
To view "Figure 2 - East Zone, Section 1150E(i)", please visit the following link: http://media3.marketwire.com/docs/1150E.jpg.
(i)The interpretations of added mineralization highlighted in the section above are geological interpretations that are preliminary in nature and should not be relied on.
Table 1 - Drill Results
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WEST ZONE
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Drill From To Interval True Width Gold Silver
hole # (metres) (metres) (metres) (metres)(1) (g/t) (g/t) Type
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SH11-206 (2) 0.0 30.2 30.2 14.8 0.74 4.2 Oxide
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SH11-206 40.7 94.6 53.9 26.0 0.66 12.4 Oxide
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including 73.2 81.5 8.3 4.0 1.29 14.3 Oxide
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SH11-206 115.7 145.2 29.5 13.6 1.01 28.2 Oxide
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including 117.2 127.4 10.2 5.3 1.60 46.4 Oxide
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SH11-213 (2) 5.5 29.0 23.5 14.9 1.24 29.1 Oxide
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CENTRAL ZONE
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Drill From To Interval True Width Gold Silver
hole # (metres) (metres) (metres) (metres)(1) (g/t) (g/t) Type
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SH11-207 66.0 81.0 15.0 9.7 0.31 0.5 Oxide
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(i)SHV11-209
(3) 127.6 162.1 34.5 23.6 1.55 6.2 Oxide
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including 138.1 154.1 16.0 10.9 2.59 1.7 Oxide
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EAST ZONE
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Drill From To Interval True Width Gold Silver
hole # (metres) (metres) (metres) (metres)(1) (g/t) (g/t) Type
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SH11-204 (2) 0.0 36.4 36.4 23.3 0.36 2.5 Oxide
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SH11-204 (4) 136.9 189.4 52.5 31.3 1.20 19.0 Oxide
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Including 161.2 184.9 23.7 13.9 2.09 35.0 Oxide
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SH11-204
(3,4,5) 216.4 240.4 24.0 12.9 1.52 64.1 Oxide
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including 229.7 237.4 7.7 4.2 2.92 140.9 Oxide
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SH11-205 12.0 17.6 5.6 3.6 1.40 18.6 Oxide
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SH11-205 93.3 111.3 18.0 10.8 0.36 1.8 Oxide
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SH11-205 121.8 132.3 10.5 6.2 0.39 3.4 Oxide
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SH11-205
(4,5) 199.2 303.8 104.6 61.1 1.17 21.6 Oxide
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including 199.2 204.3 5.1 3.0 4.47 26.0 Oxide
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including 208.5 213.3 4.8 2.8 1.55 23.4 Oxide
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Including 252.3 258.3 6.0 3.5 0.98 7.9 Oxide
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including 267.3 271.7 4.4 2.6 1.45 25.3 Sulphide
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including 277.8 292.7 14.9 8.7 3.15 58.1 Sulphide
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SH11-205
(4,5) 315.3 324.3 9.0 5.3 2.66 108.3 Sulphide
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including 317.7 322.8 5.1 3.0 4.36 172.5 Sulphide
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SH11-208 162.0 168.0 6.0 2.6 0.43 1.5 Oxide
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(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) Mineralization found within 10 meters of beginning of hole.
(3) Mineralization found within 10 meters of end of hole.
(4) One or more Gold assays capped at 7 g/t Gold.
(5) One or more Silver assays capped at 300 g/t Silver.
(i) Cross-cutting 320 degree drill holes are labeled with a "V"
Quality Control and Assurance
Stephane Amireault, P.Eng., Vice-President 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.
About Sulliden
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.
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 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.
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.comSource: Sulliden Gold Corporation Ltd.
