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Sunridge Gold Corp.: Sunridge Gold Begins New Drill Program at Asmara Project, Eritrea

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  Published in House and Home on Tuesday, September 22nd 2009 at 11:56 GMT by Market Wire
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VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 22, 2009) - Sunridge Gold Corp. ("Sunridge" or the "Company") (TSX VENTURE:SGC) is pleased to announce that it has commenced a new drill program at the Asmara Project, Eritrea. Drilling will focus on expanding the known resources within the "Development Areas" that contain the four 100% owned deposits, Emba Derho, Debarwa, Adi Nefas and Gupo Gold.

Drilling has commenced at the Debarwa high-grade copper-gold-zinc volcanogenic massive sulphide (VMS) project. Approximately 2,000 metres is planned for this phase of drilling which will test several strong geological and geophysical anomalies that appear to be extensions of the known mineralized zones. The objective of this drill program is to expand the existing resource, particularly the high-grade copper supergene zone with an average grade of 5.36% copper using a 1% copper cut-off, containing 158 million pounds of copper in the Indicated category. The deep primary zone at Debarwa, which is open at depth, has an average grade of 2.53% copper with 3.23 % zinc in the Indicated category using a 1% copper cut-off and contains an additional 39 million pounds of copper and 49.8 million pounds of zinc (see the resource statement below).

The drill targets at Debarwa consist of strong geophysical anomalies which have been identified by gravity and audio-magneto telluric (AMT) surveys as well as detailed mapping and sampling over the last year. Drilling at Debarwa will focus on a geological and geophysical target outlined over a continuous 1.5 kilometres in strike length located only 150 to 200 metres east of and parallel to the Debarwa Main Deposit. Management believes this could represent an eastern limb of the main deposit.

Upon completion of drilling at Debarwa, the program will focus on possible extensions to the large Emba Derho copper-zinc-gold VMS Deposit. A positive Preliminary Economic Assessment Study on the Emba Derho deposit was completed in June 2009. The drill program will continue on to the Gupo Gold Deposit to better define that resource.

Michael J. Hopley is the Qualified Person for Sunridge and is the person responsible for preparation of the technical information contained in this news release and is President and Chief Executive Officer of Sunridge.

ABOUT SUNRIDGE

Sunridge Gold Corp. 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. On September 4, 2009, Sunridge announced the signing of a Memorandum of Understanding with Antofagasta Minerals S.A. to form a strategic partnership whereby Antofagasta will fund US$10,000,000 of exploration work over a five year period on the "Exploration Areas" of the Asmara project to earn up to a 75% interest in these areas and also invest US$5,000,000 in a non-brokered private placement. The transaction remains subject to Antofagasta completing its due diligence, completion of formal documentation and regulatory approvals. Closing is expected in early October, 2009.

Prior to the completion of the private placement with Antofagasta, Sunridge has 62.6 million shares outstanding and approximately $4.5 million in cash. Sunridge 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 Don Halliday or Greg Davis at the numbers listed below.

SUNRIDGE GOLD CORP.

Michael Hopley, President and Chief Executive Officer

This press release contains forward-looking statements about the Company and its business. Forward looking statements are statements that are not historical facts and include resource estimates. The forward-looking statements in this press release are subject to various risks, uncertainties and other factors that could cause the Company's actual results or achievements to differ materially from those expressed in or implied by forward looking statements. These risks, uncertainties and other factors include, without limitation risks related to fluctuations in gold prices; uncertainties related to raising sufficient financing to fund the planned work in a timely manner and on acceptable terms; changes in planned work resulting from weather, logistical, technical or other factors; the possibility that results of work will not fulfill expectations and realize the perceived potential of the Company's properties; uncertainties involved in the interpretation of drilling results and other tests and the estimation of gold resources; the possibility that required permits may not be obtained on a timely manner or at all; the possibility that capital and operating costs may be higher than currently estimated and may preclude commercial development or render operations uneconomic; the possibility that the estimated recovery rates may not be achieved; risk of accidents, equipment breakdowns and labor disputes or other unanticipated difficulties or interruptions; the possibility of cost overruns or unanticipated expenses in the work program; and other factors identified in the Company's filings with Canadian securities regulatory authorities. Forward-looking statements are based on the beliefs, opinions and expectations of the Company's management at the time they are made, and other than as required by applicable securities laws, the Company does not assume any obligation to update its forward-looking statements if those beliefs, opinions or expectations, or other circumstances, should change.

See the Technical Report titled Debarwa Project, Eritrea, Mineral Resource Estimate prepared by MSA Geoservices (Pty) Ltd. filed on SEDAR on March 4, 2008).

The January 21, 2008 MSA resource estimates for Debarwa are summarized as follows:

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Debarwa - Indicated Resources
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Zone Cut Off K-tonnes Au g/t Ag g/t Cu% Zn%
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Oxide+Transition 0.5 g/t Au 2,442 1.71 13.79 0.12 0.09
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Supergene 1% Cu 1,336 1.54 33.87 5.36 0.08
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Primary 1% Cu 699 0.87 22.31 2.53 3.23
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Totals 4,478
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Debarwa - Inferred Resources
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Zone Cut Off K-tonnes Au g/t Ag g/t Cu% Zn%
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Oxide+Transition 0.5 g/t Au 113 0.97 8.55 0.08 0.04
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Supergene 1% Cu 95 0.52 12.13 1.69 0.31
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Primary 1% Cu 356 0.98 22.10 1.91 2.85
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Totals 564
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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.