Sunridge Gold Reports Completion of Drill Program and Channel Assay Results from Kodadu Prospect, Asmara Project, Eritrea

  Sunridge Gold Reports Completion of Drill Program and Channel Assay Results
  from Kodadu Prospect, Asmara Project, Eritrea

Business Wire

VANCOUVER, British Columbia -- February 19, 2013

Sunridge Gold Corp. (the “Company” or “Sunridge”) (SGC:TSX.V/SGCNF:OTCQX) is
pleased to report the completion of the reverse-circulation drill program as
well as encouraging initial assay results from channel samples from the Kodadu
volcanogenic-massive sulphide (VMS) and gold shear zone targets located on the
Company’s Asmara Project in Eritrea, East Africa.

A reverse-circulation drill program announced on January 23 at the Kodadu VMS
prospect has now been completed and assays are expected next month. A total of
22 drill holes targeting the oxide gold cap of the Kodadu VMS mineral
occurrence and a nearby related gold mineralized shear zone were drilled (see
map). 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.

Sunridge has recently received assay results from 14 channels cut across the
surface of the Kodadu VMS gossan intermittently over a 1.2 kilometre strike
length as well as over part of the gold mineralized shear zone (see map). The
results are summarized as follows:

                          
                Distance in       Gold assays
Channel                    
                meters            grams per tonne
KD-CH-010    5.5            1.16
KD-CH-011    11.0           1.46
                                  No significant
KD-CH-012                 
                                  values
                                  No significant
KD-CH-013                 
                                  values
KD-CH-014    10.5           0.73
KD-CH-015    10.0           0.25
KD-CH-016    22.5           0.69
KD-CH-017    18.9           0.76
KD-CH-018    6.0            0.26
KD-CH-019    7.00           0.88
KD-CH-020    7.00           1.11
                                  No significant
KD-CH-021                 
                                  values
                                  No significant
KD-CH-022                 
                                  values
                                  No significant
KD-CH-023                 
                                  values
                           

The Kodadu VMS target is located approximately 25 kilometers south of the
large Emba Derho copper-zinc-gold-silver deposit. Several gossans have been
identified by surface mapping that trend north-northeast for over 1.2
kilometre strike length and they have an average width of about 10 meters.
Typically these gossans have depths from surface of 30 to 35 meters. In 2009
Sunridge completed a channel sampling program (channels 1 to 9) in which 87
samples were taken. This program 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 (see map).

In addition to the VMS target described above, gold mineralization has been
identified in a one kilometer shear zone running parallel and about 100 meters
west of the Kodadu gossans. Geological mapping has shown the zone to be
approximately 30 meters 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.

Asmara Project Feasibility Study

In addition to the exploration ground held by Sunridge the Asmara Project
consists of five defined mineral deposits; three copper, zinc, gold and silver
VMS deposits, a near-surface gold deposit and a shear-zone hosted copper-gold
deposit. A feasibility study on four of these deposits that envisions an
integrated centralized mining operation was started in April 2012 and remains
on schedule to be completed in the second quarter of 2013. A positive Asmara
Project Prefeasibility Study was completed in May 2012 on these same four
deposits which demonstrated robust economics, with a pre-tax net present value
of $555 million with a 10% discount applied and an internal rate of return of
27%.

NOTES:

1.All assays reported are from channel samples that were cut into bedrock by
    a hand-held diamond circular saw. The channels were about 5 centimeters in
    width and approximately 2 centimeters in depth.
2.A Quality Assurance/Quality Control program was part of the sampling
    program on the Kodadu gold prospect. This program includes chain of
    custody protocols as well as systematic submittals of standards,
    duplicates and blank samples into the flow of samples produced by the
    sampling.
3.Samples were prepared at African Horn Testing Services (Eritrea) and
    analyzed at Genalysis Laboratories (a NATA registered laboratory) in
    Perth, Western Australia.
4.The results of the Kodadu channel sampling program have been reviewed by
    Michael J. Hopley the Qualified Person for Sunridge. Mr. Hopley is also
    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 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 the graphic associated with this release, please click on the
following link:
http://www.usetdas.com/pr/sunridgegraphicfeb192013.jpg

This release is available in PDF. To view the PDF, please click on the
following link:
http://www.usetdas.com/pr/sunridgegoldfeb192013.pdf

Contact:

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