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Sunridge Enters Into Option Agreement on Gold Copper Zinc Properties in Madagascar

Posted on: Wednesday, 2 April 2008, 09:00 CDT

Sunridge Gold Corp. (TSX VENTURE: SGC) is pleased to announce that it has entered into a letter of intent with Majescor Resources Inc. (TSX VENTURE: MAJ) to acquire up to a 100% interest in four properties held by Majescor in Madagascar. The main point of interest for Sunridge is the Besakoa property in south-central Madagascar, which is geologically an extension of the same basement rocks of the Arabian-Nubian shield that also underlies the Company's Asmara Project, Eritrea. Based on a recent property visit, Sunridge management believes that Besakoa may represent a new emerging volcanogenic massive sulphide (VMS) district as there are numerous gossan outcrops on the Besakoa license which appear to be oxidized remnants of underlying VMS style mineralization.

"Sunridge Gold has been very successful over the past four years in discovering large VMS deposits on its Asmara Project and will be able to apply this knowledge and experience to the exploration of the Besakoa property," says Sunridge Gold President and CEO, Michael Hopley. "We also achieve some measure of geographical diversification of our mineral property portfolio while staying in the same hemisphere."

In addition to Besakoa, Sunridge has an option to acquire up to 100% in three other properties in Madagascar as described below. Location maps of the Madagascar Project have been posted on the Company website http://www.sunridgegold.com/s/madagascar.asp.

The Properties

Besakoa - VMS Copper/Zinc/Gold

The Besakoa property covers approximately 60 square kilometres in south central Madagascar and can be accessed by road from the port city of Toliara.

The property is underlain by Neoproterozoic volcano-sedimentary shield rocks, a geological setting similar to Sunridge's Asmara Project and Nevsun's Bisha Project both located in Eritrea. A 700 metre by 30 metre gossan similar to those found on the Asmara project was discovered in the 1950s by the French Bureau de Recherches Geologiques et Minieres (BRGM). Subsequent drilling by the BRGM (19 holes) established the presence of primary sulphide mineralization underlying the gossan outcrop. The best results were reported to be 12.91m averaging 1.3% Cu and 1.44% Zn and trench samples with 15.22% Cu over 9m. Majescor drilled another 8 short holes (total of 431 meters) in 2007 to verify the BRGM drilling. The best intersection from this drilling was reported to be 21.45m with 0.51g/t Au, 21.44g/t Ag, 0.69% Cu and 1.12% Zn. However, the property has not been systematically explored and there are many gossans outcropping on the project that have not been sampled or drilled. The Company intends to make use of geological mapping, soil geochemistry and geophysics on the property as these techniques were used to discover the Company's large Emba Derho zinc-copper-gold VMS deposit within the Asmara Project and in the discovery of Nevsun's large Bisha zinc-copper-gold VMS deposit.

Daraina - Gold & Copper

This project is located in northeast Madagascar and covers a series of shear zone hosted epithermal/mesothermal gold mineralized veins and is the site of much artisanal gold mining. There are numerous gold and copper geochemical anomalies identified by the BRGM in the 1970s. Majescor has conducted its own surface sampling program and the results confirm the presence of gold and silver values in both rock and stream samples.

Analalava - Nickel & Copper

This project is located in northeast Madagascar and covers an area of historic nickel-copper showings associated with Cretaceous age mafic intrusives. Copper and nickel mineralization is reported to occur along a 200 to 400 meter wide by over 3 kilometre long corridor. Major companies are exploring the same area for nickel-copper and platinum group elements and their land position surrounds that of Majescor's.

Ankaramy - Gold - Lead - Zinc

This project is located in northeast Madagascar and lies along the contact between the Precambrian basement and the overlying Paleozoic sedimentary cover. Based on the US Geological Survey data, the property shows potential for epithermal gold-silver and Sedex-type lead and zinc mineralization which supported a mining operation there in the 1940s.

The Letter of Intent

Sunridge has completed a 30-day legal and technical due diligence period, has paid $25,000 and given notice to Majescor that it will proceed with a definitive option agreement to acquire up to a 100% interest in the four Majescor properties in Madagascar; Besakoa, Daraina, Analalava and Ankaramy (the "Properties"). Sunridge can acquire an initial 50% in the Properties by spending $2 million over a 2 year period and issuing Majescor 1,000,000 common shares as follows:

                               Common shares of            Work expenditures          Sunridge Year 1            $  500,000           200,000 Year 2            $1,500,000           300,000 ------     -----------------------------------                   $2,000,000           500,000 

Upon acquiring a 50% interest in the Properties, Sunridge will then have the right to acquire an additional 25% (total 75%) by spending an additional $2,500,000 by the end of the third year and by issuing Majescor an additional 500,000 common shares of Sunridge.

Upon acquiring a 75% interest in the Properties, Sunridge will have a one-year period in which to elect to acquire the remaining 25% interest in the Properties at the fair value determined at that time by an independent valuation or as agreed between the parties in cash or, at the election of Sunridge, in the equivalent value of Sunridge common shares subject to regulatory approval.

Sunridge will be the operator of the exploration activities on the properties. The transaction remains subject to regulatory approvals.

Madagascar

This island nation is a new up and coming mining jurisdiction in Africa. It has a great deal of geological diversity and is mostly under-explored. The democratic government has recently been re-elected and is strongly supportive of business and foreign investment. The mining laws are stable and comprehensible. There are at least two very large new mining projects underway in the country; Sherritt is building a US$3 billion+ nickel-cobalt laterite mine on the west coast of Madagascar and Rio Tinto is reported to be planning to spend over US$1 billion to develop a titanium sands project on the east coast. Alcan is also apparently looking to develop a large bauxite deposit on the island.

In addition, other junior companies such as Uranium Star Corp. are actively exploring for VMS deposits in an area immediately south of the Besakoa property.

Sunridge Gold Corporate Matters

Sunridge Gold has been informed that approximately 8,000,000 shares of Sunridge owned by former Asmara Project joint-venture partners Sub-Sahara Resources NL and Africa Wide Resources Limited were sold to institutional buyers on March 20, 2008. The shares were originally issued to Sub-Sahara and Africa Wide in consideration for the purchase of their interests in the Asmara Project.

About Sunridge Gold

Sunridge Gold Corp. is a mineral exploration company focused on the acquisition, exploration, discovery and development of precious and base metal projects. The Company has 62.2 million common shares outstanding and trades on the TSX Venture Exchange under the symbol SGC. For additional information on the Company and its projects please view the slide show on our website at www.sunridgegold.com or call Don Halliday or Greg Davis at the numbers listed below.

SUNRIDGE GOLD CORP.

Michael Hopley, President and Chief Executive Officer

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this News Release.

 Contacts: Sunridge Gold Corp. Don Halliday Executive Vice President Direct: (604) 899-1505 Email: odealmeida@sunridgegold.com  Sunridge Gold Corp. Greg Davis VP Business Development Direct: (604) 688-1263 Email: greg@sunridgegold.com Website: www.sunridgegold.com

SOURCE: Sunridge Gold Corp.

Source: MARKET WIRE

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