Sterlite Gold Reports on Investigation Involving its Subsidiary AGRC



    TORONTO, Jan. 30 /CNW/ - Sterlite Gold Ltd. (TSX:SGD) advises that
Armenian governmental authorities are conducting an investigation of the
Company's wholly owned subsidiary, Ararat Gold Recovery Company (AGRC), in
connection with an ongoing case in an Armenian Court relating to AGRC's mining
operations. As part of this investigation, the Armenian governmental
authorities have requested the production of documents and frozen bank
accounts of AGRC with total balances of approximately US$3 million. Whilst
AGRC is co-operating with the Armenian authorities in the conduct of its
investigation, AGRC and its legal advisors believe that the allegations made
are without foundation and are unjustified. The Company will vigorously defend
itself against any legal proceedings or claims that may be brought against it
or AGRC.

    Cautionary Note on Forward-Looking Statements

    Some of the statements contained in this release are forward-looking
statements, such as estimates and statements that describe the Company's
future plans, expectations, objectives or goals, including words to the effect
that the Company or management expects a stated condition or result to occur.
Forward-looking statements may be identified by such terms as "believes",
"anticipates", "intends", "expects", "estimates", "may", "could", "would",
"should", "will", "plan" or "potential". This information is based upon
certain material factors and assumptions that were applied in drawing a
conclusion or making a forecast or projection as reflected in the
forward-looking information, including information relating to the Armenian
government investigation. Since forward-looking statements are based on
assumptions and address future events and conditions, by their very nature
they involve inherent risks and uncertainties. Actual results relating to,
among other things, the Company's financial condition and prospects, could
differ materially from those currently anticipated in such statements by
reason of factors such as legislative and other judicial, regulatory,
political and other developments, technological and operational difficulties
and other matters detailed in other of the Company's filings with Canadian
securities regulatory authorities. This list is not exhaustive of the factors
that may affect any of the Company's forward-looking statements contained in
this release. These and other factors should be considered carefully and
readers should not place undue reliance on the Company's forward-looking
statements. Further information regarding these and other factors which may
cause results to differ materially from those projected in forward-looking
statements are included in the filings made by the Company with Canadian
securities regulatory authorities, available at www.sedar.com. The Company
does not undertake to update any forward-looking statement that may be made
from time to time by the Company or on its behalf, except in accordance with
applicable securities laws.




For further information:

For further information: Mr. Sandeep Agrawal, Chief Financial Officer,
Sterlite Gold, E-mail: sandeep.agrawal@agrc.am, Tel: +37410-538547

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STERLITE GOLD LTD.

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