TORONTO, Oct. 3, 2012 /CNW/ - Sulliden Gold Corporation Ltd. ("Sulliden", or the "Company") (TSX & BVL: SUE) (OTCQX: SDDDF) announces that based on discussions with its shareholders, it will not be proceeding with the milestone bonus plan outlined in the Management Information Circular dated September 5, 2012.
The Board of Directors felt that a milestone-based incentive plan would align management focus and shareholder value with a view to the best interest of the Company. However, in light of shareholder input, the board has decided to terminate the plan.
Sulliden Gold Corporation Ltd. is a Canadian precious metals company focused on the exploration and development of its wholly owned Shahuindo Gold and Silver Project, located in a prolific gold producing district in northern Peru. Sulliden is listed on the Toronto (TSX) and Lima (BVL) stock exchanges under the symbol SUE, as well as the premier tier of the U.S. Over-the-Counter (OTC) market (OTCQX) under the symbol SDDDF. For more information about Sulliden, please visit www.sulliden.com.
On behalf of Sulliden Gold Corporation Ltd.:
President and CEO
Caution regarding forward-looking information:
This press release contains "forward looking information" within the meaning of applicable Canadian securities legislation. Forward looking information includes without limitation, statements regarding the results of the feasibility study, next steps for the property, progress in development of mineral properties, projected capital and operating expenses, future metal prices, the future financial or operating performance of the Company and anticipated production schedule. Generally, forward looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Estimates underlying the results of the feasibility study arise from engineering, geological and costing work of KCA, MDA and the Company. See the technical report relating to the feasibility study for a description of all relevant estimates, assumptions and parameters. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including but not limited to: general business, economic, competitive, geopolitical and social uncertainties; the actual results of current exploration activities; other risks of the mining industry and the risks described in the annual information form of the Company. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward looking information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
SOURCE: Sulliden Gold Corporation Ltd.
For further information:
Toronto, Canada Head Office
Investor Relations Manager
65 Queen Street West, Suite 800
Toronto, Ontario M2H 2M5
Lima, Peru Head Office
Javier Fernandez-Concha Stucker
General Manager, Peru
Calle San Martín 845, oficina 201
Miraflores - Lima 18
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