News

Toronto, Ontario, Canada January 28, 2008 Sulliden Exploration Inc. (TSX: SUE) reports that Century Mining Corp. has announced that it has withdrawn its takeover bid for Sulliden. Sulliden understands that an overwhelming majority of Sulliden shareholders had rejected, or intended to reject, the Century Offer which was set to expire on January 30th and very few, if any, shareholders had tendered to the Offer.

As stated in the Notice of Change of the Directors’ Circular dated January 24, 2008, the Board of Directors believes that pursuing Sulliden’s existing strategy to continue with exploration of Shahuindo will ultimately generate the greatest value for Sulliden Shareholders. The Board of Directors will also continue to aggressively defend the legal ownership rights of Sulliden and the Shahuindo property and pursue all rational options to end the litigation in a timely manner.

Sulliden has been very successful in the exploration of the Shahuindo property and Sulliden has successfully demonstrated its ability to increase the gold and silver resources at Shahuindo through technically sound exploration and development programs. Since it acquired the property in 2002, Sulliden has carried out extensive exploration, including drill programs in 2003 and 2004. This exploration has significantly expanded the resource at Shahuindo.

Throughout 2007, Sulliden carried out another exploration program on Shahuindo in accordance with all legal requirements and with the authorization of the surface owners pursuant to a nine month Exploration Permit issued to Sulliden by the Ministry of Energy and Mines of Peru in April 2007. This program included the drilling of approximately 3,710 meters of diamond drilling in 14 holes. The program successfully extended the known mineralization zone for a further 1.3 kilometres to the North West of the known Principal San Jose Zone that forms the core of the Shahuindo gold and silver deposits (see Sulliden press releases dated November 27, 2007 and January 2, 2008). In order to enhance shareholder value during 2008, an aggressive exploration program is contemplated, subject to the availability of funds and the grant of permits. Sulliden has three main objectives for the next stages of exploration work at Shahuindo:

    * 1. Bring the Main Zone to the feasibility study stage by implementing a detailed in-fill drilling program that should lead to a more accurate resource calculation and at the same time potentially increase the contained gold and silver. After this work is completed a feasibility study of the Main Zone as a “stand alone” mining operation would be undertaken by a recognized independent consulting firm, which study would form the basis for project financing to facilitate the construction of a mine and the commencement of gold and silver production from Shahuindo.
    * 2. Undertake a systematic drilling campaign in the new NW extension that was identified during the 2007 program. This next stage drilling program would have the objective to add additional gold and silver resources outside the Main Zone. If successful the discovery and identification of additional potential ounces would increase and enhance the “stand –alone” Main Zone mine.
    * 3. Undertake an aggressive follow up exploration program of the new geochemical and geophysical targets that were identified during the 2007 program and which are located outside the Main Zone. This program would consist of systematic trench sampling, detailed geological and geochemical surveys and reconnaissance drilling.

Executing this three-part program in 2008 could open new potential ore zones that would bring Shahuindo project towards or into “world class” status and closer to production, which should significantly enhance the value of Sulliden Shares.

On January 7, 2008 Sulliden received notice that the Supreme Court of Peru had granted Sulliden's appeal against the decision of the Civil Court of Cajamarca granting a nullity petition and injunction to Algamarca challenging registration by the SUNARP of the Shahuindo concessions in Sulliden’s name. The Supreme Court ruled that the appropriate jurisdiction and competence to hear Algamarca’s motion is the Superior Court of Lima and not the Civil Court of Cajarmca.

The Directors well recognize that carrying out the above mentioned exploration program and continuing the aggressive defense in order to achieve an acceptable result from the ongoing legal dispute on Shahuindo will require further funding. The Directors have been encouraged by expressions of support received from many existing Sulliden shareholders and believe that the most appropriate way to raise the necessary financing is to give all existing shareholders the opportunity to participate in such financing by way of a rights issue. Accordingly, subject to receipt of all required regulatory approvals, the Directors intend to undertake a rights offering to all existing shareholders.

The Board believes the above course of actions will ultimately generate the greatest value for Sulliden shareholders and thank shareholders for their confidence and continued support.

If you require further information you are encouraged to contact Sulliden Exploration Inc. at (416) 703-8287, or En français : téléphone 514-953-7205 or via email at contact@sulliden.com.

The Notice of Change to the Directors’ Circular is available on SEDAR (www.sedar.com) and the website of Sulliden (www.sulliden.com) and will be mailed to Sulliden shareholders. The Directors encourage all Sulliden shareholders to review the information carefully and conduct their own independent research prior to making their decision.

If you require further information you are encouraged to contact Sulliden Exploration Inc. at (416) 703-8287, or En français : téléphone 514-953-7205 or via email at contact@sulliden.com.

ABOUT SULLIDEN

Sulliden Exploration Inc. is a mineral exploration company focused on the development of its Shahuindo gold and silver Project.  The Shahuindo project is located in northern Peru, in one of the world’s most prospective gold and silver regions, sitting approximately 25 km north of Barrick’s Laguanas Norte-Alto Chicama 1,100,000 oz/gold per year mine; 70 km south of Newmont’s multi-million oz/gold Yanacocha district and 200 km north of Barrick’s Pierina 650,000 oz/gold per year mine.

The Shahuindo resource stands at 38 million tonnes grading 0.95 g/t Au and 22.99 g/t Ag, containing 1.2 million oz of gold and 28 million oz of silver (equivalent to 1.6 million oz of gold at a gold to silver ratio of 1:60) in the Indicated Category; and 17.2 million tonnes grading 0.62 g/t Au and 12.83 g/t Ag, containing 342,000 oz of gold and 7 million oz of silver (equivalent to 460,000 oz of gold at a gold to silver ratio of 1:60) in the Inferred Category - (Resource Estimation – Met-Chem Canada Inc. April 2005 filed on www.sedar.com).

Sulliden’s rights to the Shahuindo property are in dispute and are the subject of extensive litigation in Peru.

Caution regarding forward-looking information:

Statements contained in this document which are not historical facts are forward-looking statements that involve risk, uncertainties and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. This forward-looking information includes, or may be based upon, estimates, forecasts, and statements as to management’s expectations with respect to, among other things, the outcome of legal proceedings, the issue of permits, the size and quality of the company’s mineral resources, progress in development of mineral properties, future production and sales volumes, capital and mine production costs, demand and market outlook for metals, future metal prices and treatment and refining charges, and the financial results of the company. Factors that could cause such differences, without limiting the generality of the following, include: volatility and sensitivity to market metal prices impact of change in foreign currency exchange rates and interest rates; imprecision in reserves estimates; environmental risks including increased regulatory burdens; unexpected geological conditions; adverse mining conditions; political risks arising from operating in developing countries; legal title to properties, outcome of litigation, changes in government regulations and policies, including laws and policies; and failure to obtain necessary permits and approvals from government authorities; and other development and operating risks.

Mineral resources that are not mineral reserves do not have demonstrated economic viability. Inferred mineral resources are considered too speculative geologically to have economic considerations applied to them that would enable them to be categorized as mineral reserves. There is no certainty that mineral resources will be converted into mineral reserves.

Although the Company believes that the assumptions inherent in the forward-looking statements are reasonable, undue reliance should not be placed on thes statements, which only apply as of the date of this document. The Company disclaims any intention or obligation to update or revised any forward-looking statement, whether as a result of new information, future events or otherwise.

For further information please contact:

John F. Kearney, President
Tel: (416) 703-8287
e-mail: contact@sulliden.com

James H. Coleman, Chairman
Tel: (403) 267-8373

Craig A. Geier, Vice President, CFO
Tel: (416) 703-8287
e-mail: craig.geier@sulliden.com