2012-10-29 12:35:28 -

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES OF AMERICA

Vancouver, British Columbia CANADA, October 29, 2012 /FSC/ - Sunridge Gold Corp.(SGC:TSX.V/SGCNF:OTCQX), is pleased to announce that, further to the press release dated October 18, 2012, it has closed the second and final tranche of its non-brokered private placement. The Company issued 1,588,318 units (each a "Unit") at a purchase price of $0.22 per Unit raising gross proceeds to the Company of $349,430. Each Unit consists of one common share in the capital of the Company and one half of one common share purchase warrant. The Company has issued a total of 49,234,955 Units to raise gross proceeds of $10,831,690.

Each of the

total 24,617,472 Warrants issued as a part of the Units entitles the holder thereof to purchase one common share in the capital of the Company at a price of $0.35 until October 18, 2017.

The Company paid aggregate finder's fees to persons who introduced it to private placement investors consisting of $712,181 cash and 3,128,096 finders options ("Finders Options Each Finders Option entitles the holder thereof to purchase one Unit at a purchase price of $0.22 per Unit until October 18, 2017, each Unit having the same terms as the Units issued in the private placement. On October 26, 2012 a total of 1,441,026 Finders Options were exercised for proceeds of $317,026 and the Company issued 1,441,026 common shares and 720,513 Warrants.

All securities issued in connection with the first tranche of the private placement are subject to a hold period in Canada expiring on February 19, 2013 and all securities issued in connection with the second tranche of the private placement are subject to a hold period in Canada expiring on February 27, 2013.

The Company intends to use the net proceeds of the private placement for completion of the feasibility study on the Asmara Project, Eritrea and other expenditures related to the project as well as general corporate purposes.

This news release is intended for distribution in Canada only and is not intended for distribution to United States newswire services or dissemination in the United States. This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the Shares or Warrants (the "Securities") in the United States or to, or for the account or benefit of, any U.S. person. The Securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act or any securities laws of any state of the United States and may not be offered or sold within the United States or to, or for the account or benefit of, any U.S. person unless an exemption from such registration requirements is available. "United States" and "U.S. person" are as defined in Regulation S under the U.S. Securities Act.


About Sunridge:

Sunridge is a mineral exploration and development company focused on the acquisition, exploration, discovery and development of base and precious metal deposits on the Asmara Project in Eritrea and exploration properties in Madagascar. Sunridge currently has approximately 174 million 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 Greg Davis at the numbers listed below.

SUNRIDGE GOLD CORP.
"Michael Hopley�
For further information contact:

Michael Hopley, President and Chief Executive Officer

Greg Davis, VP Business Development
Email: greg@sunridgegold.com
Tel: 604-688-1263 (direct)

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

This news release contains forward-looking statements that are based on the Company's current expectations and estimates. Forward-looking statements are frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate", "suggest", "indicate" and other similar words or statements that certain events or conditions "may" or "will" occur. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause actual events or results to differ materially from estimated or anticipated events or results implied or expressed in such forward-looking statements. Such factors include, among others: the actual results of current exploration activities; conclusions of economic evaluations; changes in project parameters as plans continue to be refined; possible variations in ore grade or recovery rates; accidents, labor disputes and other risks of the mining industry; delays in obtaining governmental approvals or financing; and fluctuations in metal prices. There may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise. Forward-looking statements are not guarantees of future performance and accordingly undue reliance should not be put on such statements due to the inherent uncertainty therein.

For further information about the company, please contact:
Don Halliday, Suite 800, 1075 West Georgia Street, Vancouver, British Columbia Canada, V6E 3C9
Telephone: (604) 623-4708 .
Facsimile: (604) 623-4701 .
Email: donhalliday@sunridgegold.com

To view this press release as a webpage, please click on the following link:
www.fscwire.com/pr/sunridgegoldoct292012.htm


Source: Sunridge Gold Corp. (TSX-V SGC) www.sunridgegold.com
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