Montreal , Canada – September 23, 2004 . Sulliden Exploration Inc. (TSX: SUE) is pleased to announce that it has just received notification of two significant judicial decisions issued by the Fifth Civil Chamber of the Superior Court of Lima, Peru in connection with the legal title to Sulliden’s Shahuindo gold/silver project in Peru.
The first decision revokes the illegal injunction obtained by Alta Tecnología e Inversión Minera y Metalúrgica S.A . (“Atimmsa”), the new shareholder of Compañia Minera Algamarca S.A. (“Algamarca”), that questioned the validity of the Transfer Agreement between Minera Sulliden Shahuindo S.A.C and Algamarca, and which temporarily suspended the Agreement’s provisions. The Transfer Agreement was officially formalized in a public deed before a Peruvian Notary on November 11, 2002 in full accordance with Peruvian law. This decision, which confirms the Tenth Civil Court of Lima’s decision that nullified the procedures initiated by Atimmsa, validates Sulliden’s ownership of the Shahuindo property.
The second decision pertains to the nullification of the resolution that had originally admitted the complaint by Atimmsa against Sulliden on the basis that Atimmsa, having acquired control of Algamarca after the Transfer Agreement was already in effect, was not a party to this Agreement and therefore should not be entitled to petition the Courts to declare its invalidity.
The aforenoted judicial decisions of the Superior Court follow the Supreme Court’s unanimous ruling last November in Sulliden’s favour declaring the incompetence of the judge in La Esperanza, Trujillo who had admitted the complaint. This concludes the lawsuit pertaining to the injunction which should result in Sulliden’s ownership of Shahuindo being properly reflected in the public registry.
Sulliden is a mineral exploration company focused on the development of its 100% interest in the Shahuindo gold-silver project located 25 km north of Barrick Gold's Alto Chicama gold deposit and 70 km south of Newmont's Yanacocha deposits in northern Peru. On March 8, 2004 , the Company announced a new resource estimate conducted by Met-Chem Canada Inc. in accordance with NI 43-101 of 34.4 million tonnes at 1.03 g/t of gold and 23.61 g/t of silver for a total resource of 1,114,076 ounces of gold and 26,108,808 ounces of silver. A technical report has been filed with the regulatory authorities and is available on SEDAR (www.sedar.com).
The second phase drilling program at Shahuindo is underway to outline the property's global potential through diamond drilling on new target areas identified by encouraging soil geochemistry, ground magnetics and trenching results. In addition, Sulliden has an option to earn a 66% interest on a further 1,900 hectares adjoining the Shahuindo property known as the Vikingo concessions, bringing its exposure in this exciting gold district to almost 10,000 hectares.
For Further information please contact:
Donna Yoshimatsu, Vice-President Investor Relations
Tel: (416) 362-8809
E-mail: dyoshi@sulliden.com
Michel Rathé, Chief Financial Officer & Secretary
Tel: (514) 861-1953
Certain of the information contained in this news release may constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements include without limitation, statements regarding estimates of reserves and resources, future plans and objectives, results of exploration, uncertainty with respect to changes in general economic or political conditions, title to properties, litigation, legislative, environmental and other judicial, regulatory and competitive developments in areas in which the Company operates. There can be no assurance that such statements will prove to be accurate; actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from Sulliden’s expectations are disclosed under the heading “Risk Factors” in its 2004 Annual Report as well as in its Annual Information Form (AIF) both of which are filed with Canadian regulators on SEDAR.
