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Press Release

Sulliden further defines North Corridor target with additional positive drill results

Canada NewsWire

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TORONTO, May 17, 2012 /CNW/ - Sulliden Gold Corporation Ltd. ("Sulliden", or the "Company") (TSX: SUE) (OTCQX: SDDDF) (BVL: SUE) is pleased to announce further assay results from the North Corridor of its Shahuindo property in Peru (See property location map, Figure 1).  The new intercepts reported in Table 1 and Figure 2 represent 1,527 metres of a total of 5,227 metres from 22 holes that have been completed in the North Corridor to date (previously reported intercepts are presented in Table 2).  The initial drill program testing the North Corridor was successful in demonstrating the presence of near-surface oxide mineralization that is similar to the Central Corridor.  Furthermore, the results have enabled the more accurate definition of the exploration target, which will be subject to further drilling.  Highlights from the new intercepts obtained from the North Corridor target include:

  • Hole SHN11-335:  Intersection of 1.44 g/t gold and 26.2 g/t silver over 18.0 metres, including 3.19 g/t gold and 62.2 g/t silver over 6.0 metres
  • Hole SHN11-329: Intersection of 1.19g/t gold and 33.5 g/t silver over 12.0 meters

"We are encouraged by the results obtained in the North Corridor to date and the new intercepts reported today continue to add confidence in the potential of this exploration target.  The best gold and silver intersections we have encountered are located along North-West to South-East trending structures, including the results from holes SHN11-335 and SHN11-328 (0.85 g/t Au and 71.4 g/t Ag over 53.8 meters; see press release from January 4, 2012), which appear to have a close relationship with porphyry occurrences." said Stéphane Amireault, VP of Exploration for Sulliden.  "With this information we will be able to identify exploration targets more accurately as we follow up on these positive results with further drilling."

North Corridor Geology 

Results from the initial drill program in the North Corridor indicate that the mineralization is located within the structure of an overturned anticline and hosted in clastic sediments, more specifically in a sandstone package.  As with the Central Corridor, a spatial relationship can be observed between the mineralization and porphyry bodies.  Of noteworthy interest are the results from hole SHN11-335, drilled 250 metres west of the mapped intrusive, which intersected oxide mineralization in sediments at the lower and upper contact of a porphyry (see Figure 2).

Table 1 - New North Corridor Drill Results

NORTH CORRIDOR
Drill hole # From
(metres)
To
(metres)
Interval
(metres)
Gold
(g/t)
Silver
(g/t)
Type
 
SHN11-323 47.9 59.1 11.2 0.42 8.8 Oxide
SHN11-323 112.7 118.7 6.0 0.52 20.3 Sulphide
SHN11-329 47.5 69.2 21.7 0.40 24.6 Oxide
SHN11-329 109.7 121.7 12.0 1.19 33.5 Sulphide
including 110.0 114.5 4.5 2.02 67.4 Sulphide
SHN11-330 119.5 179.5 60.0 0.40 8.7 Oxide
including 124.0 128.5 4.5 1.07 5.1 Oxide
SHN11-332 8.8 13.7 5.0 0.34 3.2 Oxide
SHN11-334 No significant mineralized intersection
SHN11-335 (2) 60.1 78.1 18.0 1.44 26.2 Oxide
including (2) 67.6 73.6 6.0 3.19 62.2 Oxide
SHN11-335 85.2 91.6 6.4 0.48 4.0 Oxide
SHN11-335 169.1 175.1 6.0 0.40 12.2 Oxide
SHN11-335 187.6 195.1 7.5 0.37 2.0 Oxide
SHN11-335 217.6 234.1 16.5 0.37 34.8 Oxide
SHN11-335 247.6 258.1 10.5 0.92 12.0 Oxide

(1) True thickness is not known at this stage.
(2) One or more Gold assays capped at 7 g/t Gold
   

Table 2 -Previously Reported North Corridor Drill Results

NORTH CORRIDOR
Drill hole # From
(metres)
To
(metres)
Interval (1)
(metres)
Gold
(g/t)
Silver
(g/t)
Type
 
SHN11-297  (2) 7.9 12.4 4.5 0.32 1.8 Oxide
SHN11-297 20.7 26.7 6.0 0.51 1.4 Oxide
SHN11-297 138.4 142.4 4.0 1.59 9.1 Sulphide
SHN11-301 88.7 93.2 4.5 0.35 9.8 Mixed
SHN11-307  (2) 0.0 8.2 8.2 1.24 34.8 Oxide
SHN11-308  (3) 45.2 49.7 4.5 0.23 3.3 Oxide
SHN11-311 250.7 253.4 2.7 0.47 1.9 Sulphide
SHN11-311 273.2 284.8 11.6 0.29 3.2 Sulphide
SHN11-311  (4) 298.7 317.9 19.2 0.39 5.4 Sulphide
SHN11-312 100.7 111.9 11.2 0.48 9.3 Oxide
SHN11-312 135.2 144.2 9.0 0.38 7.9 Oxide
SHN11-312 187.7 195.2 7.5 0.28 2.1 Mixed-Sulphide
SHN11-313 82.5 90.0 7.5 0.48 7.0 Sulphide
SHN11-313 115.5 135.0 19.5 0.29 9.8 Sulphide
SHN11-316 No significant mineralized interval
SHN11-317 197.0 205.5 8.5 0.24 3.1 Sulphide
SHN11-318 62.7 76.7 14.0 0.40 38.3 Oxide
SHN11-319 150.1 154.6 4.5 0.39 2.3 Sulphide
SHN11-320 88.9 112.4 23.5 0.24 1.2 Oxide
SHN11-320 132.4 139.9 7.5 0.27 6.0 Oxide
SHN11-320 168.4 174.4 6.0 0.29 3.6 Oxide
SHN11-320 222.4 244.4 22.0 0.63 19.5 Sulphide
including 226.9 230.9 4.0 1.17 33.4 Sulphide
SHN11-321 No significant mineralized intersection
SHN11-322 No significant mineralized intersection
SHN11-325 No significant mineralized intersection
SHN11-328(3, 5) 2.2 56.0 53.8 0.85 71.4 Oxide
including (6,7) 22.7 56.0 33.3 1.27 108.0 Oxide
including (6,7) 27.2 30.2 3.0 4.87 225.5 Oxide
including (7) 38.2 48.2 10.0 1.70 152.6 Oxide

(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
(5) Total length intersection combining overburden intersection as well as rock intersection with lower grade interval between the two zones.
(6) One or more Gold assays capped at 7 g/t Gold
(7) One or more Silver assays capped at 300 g/t Silver
   

Quality Control and Assurance

Sulliden's exploration program is being managed by its Vice-President of Exploration, Stéphane Amireault, P.Eng., a Qualified Person within the meaning of National Instrument 43-101.  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.  Assay results presented in the tables have been capped at 7 g/t gold and 300 g/t silver where noted.  Intercepts have been calculated using a 0.2 g/t Au cut-off.

About Sulliden

Sulliden Gold Corporation Ltd. is a Canadian-based precious metals company focused on the exploration and development of its wholly owned Shahuindo Gold and Silver Project, located in a prolific gold producing district in northern Peru.  Sulliden is listed on the Toronto (TSX) and Lima (BVL) stock exchanges under the symbol "SUE", as well as on the over-the-counter market under the symbol "SDDDF".  For more information about Sulliden, please visit www.sulliden.com.

On behalf of Sulliden Gold Corporation Ltd.:

Peter Tagliamonte          Stan Bharti  
President and CEO       Chairman
         

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.

 

 

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Image with caption: "Figure 2 - Plan View of Drill Hole Locations and Intercept Highlights in the North Corridor (CNW Group/Sulliden Gold Corporation Ltd.)". Image available at: http://photos.newswire.ca/images/download/20120517_C8537_PHOTO_EN_13851.jpg

Image with caption: "Figure 1 - The Shahuindo property is located in a world-class mining district in northern Peru (CNW Group/Sulliden Gold Corporation Ltd.)". Image available at: http://photos.newswire.ca/images/download/20120517_C8537_PHOTO_EN_13852.jpg

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