Sulliden Exploration Inc.: The Superior Court of Lima,
Peru Reaffirms Sulliden's Title to Shahuindo
MONTREAL, QUEBEC--(CCNMatthews - Sept. 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 Tecnologia e Inversion Minera y Metalurgica S.A.
("Atimmsa"), the new shareholder of Compania 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.
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.
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FOR FURTHER INFORMATION PLEASE CONTACT:
Sulliden Exploration Inc.
Donna Yoshimatsu, Vice-President
Investor Relations
(416) 362-8809
dyoshi@sulliden.com
or
Sulliden Exploration Inc.
Michel Rathe
Chief Financial Officer & Secretary
(514) 861-1953
