Sunridge Gold Corp. (SGC/TSX.V) (the “Company”) has issued 20,000,000 common shares and 10,000,000 common share purchase warrants (“Warrants”) to raise gross proceeds of $10,000,000 pursuant to a non-brokered private placement announced September 24, 2010.

The Company is pleased to acknowledge the continued support and participation of Lundin Mining Corporation (“Lundin”) in this private placement as Lundin exercised its pre-emptive rights and acquired 2,255,728 units.

Each Warrant entitles the holder thereof to purchase one common share in the capital of the Company at a price of $0.75 until October 26, 2012.

The common shares issued, and any common shares issued pursuant to the exercise of Warrants prior to February 27, 2011, are restricted from trading until February 27, 2011.

The Company paid finder’s fees to persons who introduced it to private placement investors consisting of $422,800 cash and 467,800 common shares and 158,900 Warrants.

The securities offered have not been registered under the U.S. Securities Act of 1933, as amended, or any state securities laws, and may not be offered or sold in the United States absent registration or an exemption from the registration requirements.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

ABOUT SUNRIDGE:

Sunridge 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 and exploration properties in Madagascar. Upon the close of the private placement announced on October 14, 2010, Sunridge will have approximately 115 million shares outstanding with $30.5 million in cash. Sunridge trades on the TSX Venture Exchange under the symbol SGC.

The proceeds of the financings will be used to fund the Company’s work programs at the Asmara Project in Eritrea, exploration work at the Besakoa Project in Madagascar and for general corporate purposes. Work programs at the Asmara Project in Eritrea will include a full feasibility study for the Debarwa high-grade copper-gold deposit, a pre-feasibility study for the combined Emba Derho, Adi Nefas, Gupo and Debarwa deposits, for drill programs at the Gupo Gold and Medrizien gold projects.

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4. Sunridge Gold Announces US$10,000,000 Exploration Funding and Alliance With Antofagasta Minerals S.A. for Eritrea Project
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