2012-10-19 13:34:51 -

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

Vancouver, British Columbia CANADA, October 19, 2012 /FSC/ - Sunridge Gold Corp. (SGC:TSX.V/SGCNF:OTCQX), is pleased to announce that, further to the press releases dated September 27, 2012 and October 9, 2012, it has closed the first tranche of its non-brokered private placement. The Company issued an aggregate of 47,646,637 units (each a "Unit") at a purchase price of $0.22 per Unit raising gross proceeds to the Company of $10,482,490. Each Unit consists of one common share in the capital of the Company and one half of one common share purchase warrant. Each of the 23,823,314 Warrants issued as a part of the Unit

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 expects to close the second tranche of 1,588,317 Units for proceeds of $349,200 within the next two weeks.

The Company has agreed to pay finder's fees to persons who introduced it to private placement investors consisting of up to $702,439 cash and 3,083,814 finders options ("Finders Options") subject to regulatory approval. 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.

All securities issued in connection with the private placement are subject to a hold period in Canada expiring on February 19, 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 170.5 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"
Michael Hopley, President and Chief Executive Officer


For further information contact:
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.


To view this release as a web page, please click on following link:
www.usetdas.com/pr/sunridgegold10192012.htm



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