Mr. Michael Hopley reports

SUNRIDGE GOLD RAISES $10 MILLION

Sunridge Gold Corp. has issued 20 million common shares and 10 million common share purchase warrants to raise gross proceeds of $10-million pursuant to a non-brokered private placement previously announced in Stockwatch on Sept. 24, 2010.

The company is pleased to acknowledge the continued support and participation of Lundin Mining Corp. 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 75 cents until Oct. 26, 2012.

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

The company paid finders' fees to persons who introduced it to private placement investors, consisting of $422,800 cash, 467,800 common shares and 158,900 warrants.

The proceeds of the financing will be used to finance 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 prefeasibility study for the combined Emba Derho, Adi Nefas, Gupo and Debarwa deposits, and drill programs at the Gupo and Medrizien gold projects.