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Sulliden Gold Corporation Ltd. (TSX:SUE - News; OTCQX:SDDDF)
("Sulliden" or the "Company")
is pleased to announce it has received proceeds of C$22,763,467.00 million
from the exercise of 22,763,467 million common share purchase warrants
pursuant to the accelerated expiry of warrants previously announced (See Sulliden press releases dated December 16, 2010 and
January 12, 2011).
Proceeds of C$22,763,467.00 million were
received from the exercise of 22,763,467 million common share purchase
warrants (the "Warrants") at a price of C$1.00 per common share
pursuant to two financings completed in October 2009 and April 2010. The
Warrants were subject to an accelerated expiry time of 4 p.m. (Toronto time)
on January 18, 2011.
Sulliden expects to use the proceeds towards the
development and continued exploration of its Shahuindo
Gold Project in Peru, and for general working capital purposes. The total
number of common shares outstanding following the exercise of the 22,763,467
warrants is 201,730,768.
ABOUT SULLIDEN
Sulliden is a Canadian-based mining company
focused on the exploration and development of the Shahuindo
Gold Project, its 100%-owned flagship property located in a prolific gold
producing district in northern Peru. This project neighbours
world-class gold mines including Barrick Gold's Lagunas Norte Mine, 30 km to the south, and the Yanacocha Mine operated by Newmont Mining Company, 80 km
to the north; both million-ounce per year producing mines. A positive
Preliminary Assessment for the project was completed in February 2010 and a
bankable Feasibility Study is expected for completion in the second quarter
of 2011. While the Company progresses towards its goal of becoming a gold
producer, a significant focus is being placed on exploration drilling to
increase the mineral resource, which remains open in all directions and at
depth. Based on the drilling success in 2009/2010, Sulliden
plans to undertake 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 use of proceeds, 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.
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