Sunridge Gold Begins Drilling Gold Cap at Kodadu, Asmara Project, Eritrea

  Sunridge Gold Begins Drilling Gold Cap at Kodadu, Asmara Project, Eritrea

Business Wire

VANCOUVER, British Columbia -- January 23, 2013

Sunridge Gold Corp. (the “Company” or “Sunridge”) (SGC:TSX.V/SGCNF:OTCQX) is
pleased to announce that a reverse-circulation drill program has commenced on
the Kodadu volcanogenic-massive sulphide (VMS) target located on the Company’s
Asmara Project in Eritrea, East Africa.

The program consisting of approximately 20 drill holes is specifically
targeting the oxide gold cap within the upper oxidized zones (known as
gossans) of the Kodadu VMS mineral occurrence. The goal of the program is to
rapidly define a resource that could be mined as feed to a central gold plant
near the large Emba Derho deposit.

“Although Sunridge’s main focus has recently been completing the Asmara
Project feasibility study and moving the four established deposits on the
Asmara Project toward production, it is important to realize that the area
remains highly prospective for new gold and base metal deposits” states
Michael Hopley, Sunridge’s President and CEO.

The Kodadu VMS target is located approximately 25 kilometres south of the Emba
Derho copper-zinc-gold-silver deposit. Several gossans trend north-northeast
for over a 1.2 kilometre strike length with an average width of 10 metres and
about 35 metres deep. A recent (2009) Sunridge trenching program in which 87
samples were taken, returned 28 gold values of over 0.2g/t and the best values
were 10.67g/t over 14.7m, 2.3g/t over 8m and 1.79 g/t over 13.3m.

Gold mineralization that has been identified in a one kilometre shear zone
running parallel and about 100 metres west of the Kodadu gossans will also be
drill tested. Geological mapping has shown the zone to be approximately 30
metres wide and historic gold values from trenches sampled by a previous
operator are reported as 3.85g/t over 50m; 2.05g/t over 50m; and 11.87g/t over
8m.

Qualified Person

Mr. Michael J. Hopley is the Qualified Person who approved the technical
information contained in this news release.

About Sunridge:

Sunridge is a mineral exploration and development company focused on the
acquisition, exploration, discovery and development of base and precious metal
deposits on the Asmara Project in Eritrea and exploration properties in
Madagascar. Sunridge currently has approximately 175 million shares
outstanding and 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 Greg Davis at the numbers
listed below.

SUNRIDGE GOLD CORP.

“Michael Hopley”

Michael Hopley, President and Chief Executive Officer

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.

This news release contains forward-looking statements that are based on the
Company’s current expectations and estimates. Forward-looking statements are
frequently characterized by words such as “plan”, “expect”, “project”,
“intend”, “believe”, “anticipate”, “estimate”, “suggest”, “indicate” and other
similar words or statements that certain events or conditions “may” or “will”
occur. Such forward-looking statements involve known and unknown risks,
uncertainties and other factors that could cause actual events or results to
differ materially from estimated or anticipated events or results implied or
expressed in such forward-looking statements. Such factors include, among
others: the actual results of current exploration activities; conclusions of
economic evaluations; changes in project parameters as plans continue to be
refined; possible variations in ore grade or recovery rates; accidents, labor
disputes and other risks of the mining industry; delays in negotiating a
shareholders’ agreement with ENAMCO and obtaining governmental approvals or
financing; and fluctuations in metal prices. There may be other factors that
cause actions, events or results not to be as anticipated, estimated or
intended. Any forward-looking statement speaks only as of the date on which it
is made and, except as may be required by applicable securities laws, the
Company disclaims any intent or obligation to update any forward-looking
statement, whether as a result of new information, future events or results or
otherwise. Forward-looking statements are not guarantees of future performance
and accordingly undue reliance should not be put on such statements due to the
inherent uncertainty therein.

To view this press release as a webpage please click on the following link:
http://www.usetdas.com/pr/sunridgegoldjan232013.htm

Contact:

Sunridge Gold Corp.
Greg Davis, 604-688-1263 (direct)
VP Business Development
greg@sunridgegold.com