December 2010 Developing Copper, Zinc and Gold Deposits in Eritrea, East Africa

2 Sunridge Gold – Highlights The Asmara Project in Eritrea hosts four deposits, three of which, Emba Derho, Adi Nefas and Debarwa, have combined TSX approved Indicated resources totaling: 1.28 billion lbs (580,000 tonnes) copper 2.5 billion lbs (1,130,000 tonnes) zinc 1.05 million oz gold 31.8 million oz silver In addition a fourth deposit, the Gupo Gold deposit, contains an Inferred resource of 189,000 ounces of gold.

3 Sunridge Gold – Highlights Feasibility underway at Debarwa. Option to mine and direct ship 18-20% copper material being studied. Estimated capital cost of “DSO” mine ~$15 million Prefeasibility Study on Northern Deposits (Emba Derho, Adi Nefas, Gupo, and overlap on Debarwa) deposits early in 2011 Definition drilling begun at Debarwa. Expansion drilling to start at Emba Derho and Adi Nefas in January 2011 Expansion drilling scheduled for late 2010/early 2011 at Adi Nefas and Debarwa “De-riskification” of region continues – Bisha Mine on track for com- missioning late 2010 Discovery of potential new VMS district in Madagascar – drilling to begin in spring 2011 Well funded to complete all studies and exploration work over next couple of years – over $28 million in treasury

4 Eritrea and the Asmara Project ERITREA LOCATIONS Asmara Massawa Bisha Hambok Zara Asmara Projects Eritrea 38°E 16°N Red Sea Sunridge Gold VMS/Gold Projects ~ 800 sq km Other VMS/Gold Projects

5 Eritrea Population approx 4 million, largely subsistence agriculture Asmara considered one of the most beautiful and safest cities in Africa Mining code based on Northern Territory, Australia Business conducted in English Asmara Project located on excellent infrastructure; paved roads, grid power, rail and road to Port of Massawa, and good water supply for future mining operations

6 Eritrea – New World Class VMS and Gold Mining District Changing landscape of Eritrea – “De-riskification”: Nevsun’s Bisha Mine scheduled for commissioning in Q and production in Q Enamco (government mining company) has completed all their jv financial requirements to date with Nevsun Majors enter Eritrea with Antofagasta Minerals, Lundin Mining, and Thani Ashanti signing jv and/or option agreements Barrick Gold – looking for opportunities

Asmara Project – Three Main Focus Areas Antofagasta-Sunridge Exploration Area: - Antofagasta funding exploration drilling on new targets Northern Projects: - Emba Derho, Adi Nefas, and Gupo Gold - 100% Sunridge Owned - Positive Scoping Study Complete at Emba Derho -Coming! Prefeas/Feasibility Studies 2011 Debarwa Copper-Zinc-Gold VMS Deposit: - 100% Sunridge Owned - New! Updated resource estimate underway - New! Feasibility has begun 7

8 Debarwa Deposit Feasibility Study now underway at Debarwa copper-gold-zinc Project with objective of fast tracking to production by direct shipping of high grade copper material (18-20 % Copper). 100% Sunridge Owned Debarwa high-grade copper-zinc-gold VMS deposit – 100 % Sunridge Owned Highlights of copper-gold intercepts in the copper supergene zone: D % Cu, 2.18 g/t Au over m. D % Cu, 2.29 g/t Au over 9.80 m. D-021-D % Cu, 1.96 g/t Au over m. D-022-D % Cu, 5.80 g/t Au over 7.0 m. D-036-D % Cu, 1.99 g/t Au over m. D-044-D % Cu, 2.18 g/t Au over 6.05 m.

9 Debarwa Deposit ZoneCut Off Million Tonnes Au g/tAg g/tCu% Zn% Oxide 0.5 g/t Au Supergene1% Cu Primary1% Cu Totals4.477 Debarwa Indicated Resources* * Resource Estimate by MSA Geoservices (Pty) filed on SEDAR March 4,2008 open North open Direct shipment material (18-20% Cu) 1.4 km

10 Debarwa Deposit: Section 99965N g/t Au % Cu, 9.69 g/t Au g/t Au % Cu, 1.61 g/t Au, g/t Ag % Cu, 8.23 % Zn, 2.00 g/t Au % Cu, 5.48 % Zn, 1.37 g/t Au 3.15 g/t Au Supergene Zone Primary Zone Gossan / Leached Zone elev 1800m elev 1850m elev 1900m DEBD-002 DEBR-023-D DEBD-029 DEBR-021-D DEBR-050-D DEBR-065-D DEBD % Cu, 1.85 g/t Au

11 Debarwa Project – Study Participants Feasibility Study awarded to SENET\AMC Consultants on the Debarwa Project, with completion (Final Draft Report) forecast in October Tailings Facility design by Knight Pi é sold; including water and hydro-geological studies. Blue Coast Metallurgical will design and supervise test-work and prepare flow-sheet(s) design. Lions Gate Geological responsible for geological model and resource estimate. Ongoing environmental baseline studies and social engagement program by Sunridge, Knight Pi é sold, and Global Consultants.

12 Debarwa Feasibility Study Schedule Feasibility Study awarded to SENET/AMC. Study commenced November 2010 November Commenced 4,000 m drilling for metallurgical and structural analysis, resource definition and expansion February Final resource model May Metallurgical parameters and flow- sheet criteria June Mine design and production schedule complete June Decision to fast-track direct ship ore August Finalized process plant design September Preliminary Draft Report October Final Report Completion of SEIA by late 2011

13 Northern Deposits Northern Deposits include 3 deposits 100 % Sunridge Owned: Emba Derho – 62.5 million tonnes indicated resource containing 996 Mlbs Cu, 1,907 Mlbs Zn, 574,000 oz Au, 20 M oz Ag Adi Nefas – 2.7 Mt (indicated) resource at 1.4%Cu, 8.4% Zn, 2.9 g/t Au, 99.3 g/t Ag Gupo Gold - 189,000 Oz (inferred) at 2.99 g/t Au Positive Scoping Study at Emba Derho demonstrates strong economic potential with open pit mining plan Gold exploration potential at Medrizien Gold Target located 500 meters from Emba Derho Prefeasibility for Northern Deposits to commence February 2011 Ideally located 15 km from Asmara on excellent infrastructure

14 Northern Deposits

15 Emba Derho Resource Wardrop, September 17, 2008 Summary of Indicated Mineral Resource Zone Cut- off Million Tonnes Copper % Zinc % Au g/tAg g/t Gold Oxide 0.2 g/t Au Zinc-rich 1.0% Zn Copper-rich 0.5% Cu Total 62.48

16 Emba Derho Resource Wardrop, September 17, 2008 ZoneCut-off Million Tonnes Mlbs CuMlbs Zn KOz Au MOz Ag Gold Oxide Cap 0.2 g/t Au Zinc-rich Primary 1.0% Zn , Copper- rich Primary 0.5% Cu Totals (450,000 tonnes) 1,907 (865,000 tonnes) Total Contained Metal at Emba Derho

17 Northern Deposits – Emba Derho Ideal for open pit mining

18 Emba Derho Resource Model

19 Emba Derho Scoping Study – Base Case Completed June 2009 by Wardrop UK – Base Case Study: Open pit mining at 4 M tonnes per year for 10.4 years (42 Mt out of 62 Mt) - potential mine life extension Base Case IRR % Initial estimated capital costs - US$331.8 M, sustaining capital US$67.3 M Base Case NPV -US$203.9 M at 10% discount rate pre-tax Produce 200,000 t of Cu & Zn concentrates annually containing 55,000 t Zn, 25,000 t Cu, 20,000 oz Au & 0.6 m oz Ag Total operating costs - US$21.19/tonne milled

Scoping Study – Sensitivity to Metal Prices SENSITIVITY TO METAL PRICES Base Case Prices 5 Year Average 2 Year Average Price Pre-tax 10%US $ IRR% Pre-tax PaybackYears Mine LifeYears10.4 METAL PRICES CopperUS $ lb ZincUS $ lb GoldUS $ oz SilverUS $ oz Historical average metal prices sourced from London Metal Exchange as of June/09 20

21 Emba Derho Optimization Wardrop - opportunities for improving Emba Derho economics: Include 95,000 ozs 0.84 g/t from Oxide Gold Zone in pre-feasibility study Include Adi Nefas and Gupo Gold will be included in Prefeasibility Study Medrizien, compelling gold target, is located 500 meters away from Emba Derho and could add surface gold resources 4,000 meters drilling at Gupo and 1,000 meters in initial drill program for Medrizien, fall 2010 Steepen pit slope. A generic shallow pit slope (45 degrees) was used in scoping study Removal of ~20% internal waste with DMS system

22 Emba Derho Optimization

23 Northern Deposits – Adi Nefas Zone Cut Off Million Tonnes Au g/t Ag g/tCu%Zn% Primary 2% Zn INDICATED RESOURCES * Adi Nefas and Gupo Gold are within 6 km of Emba Derho and will be included in future prefeasibility/feasibility studies at Emba Derho: Adi Nefas: – high grade zinc-copper-gold VMS deposit. * Resource Estimate by MSA Geoservices (Pty) filed on SEDAR March 4,2008

24 Northern Deposits – Gupo Gold Gupo Gold Deposit: 189,000 ounces gold grading 2.99 g/t gold in inferred category Gold cyanide extraction tests returned 95% to 98% gold recovery Gupo has the potential to be a low cost open pit gold mine which could contribute to start up operations for the northern deposits 5,000 metre drill program to planned to upgrade resource to indicated category, determine continuity of deposit and test for extensions

25 Northern Deposits – Medrizien Gold Medrizien Gold Prospect : Located 500 meters from Emba Derho Deposit on 100% Sunridge Owned ground Gold mineralization varies from 5 metres to 25 metres in thickness over 3.5 kms strike length 65 rock grab samples taken over the strike length of the prospect, with 10 samples over 1.0 g/t Au averaging g/t Au, highest assay being 74.7 g/t Au 8 rock samples taken from old underground workings range from 0.14 g/t Au up to 319 g/t Au with an average of g/t Au Initial drill program to commence December 2010 Potential to add near surface resources to future mining operations at Emba Derho

26 Northern Deposits – Prefeasibility Prefeasibility scheduled to begin on Northern Deposits early 2011 : Study to assess Emba Derho, Debarwa, Adi Nefas as a group Study to include Gold Oxide cap at Emba Derho Trade off studies to include Debarwa, currently in Feasibility Study to consider steeper pit walls and DMS at Emba Derho To include upcoming drilling to expand Adi Nefas, Gupo, and initial drilling at Medrizien Gold prospect

27 Antofagasta – Sunridge Exploration Area Antofagasta Minerals S.A. signs strategic alliance agreement for US$10 M in exploration expenditures over five years for a 60% interest in the Exploration Area ( October 2, 2009 ) Antofagasta invested US$5 M in private placement at $0.40 per share Sunridge will be operator until a total of US $7 M has been funded by Antofagasta Antofagasta may earn an additional 15% for a total of 75% interest by completing a feasibility study on any project within the Exploration Areas Exploration work funded by Antofagasta is ongoing on new highly prospective targets

28 Adi Rassi Copper-Gold Prospect Adi Rassi: a potentially large new copper and gold zone discovery, July 2010 Drilled over 500 meters along strike to date, zone remains open Drill Highlights include: AR-002D: 84 metres grading 1.32 g/t gold and 0.84% copper AR-003D: 25 metres grading 0.75 g/t gold and 0.54% copper AR-004D: 78 metres grading 0.22 g/t gold and 1.0% copper 28 Adi Rassi

29 Madagascar – Besakoa Project A New Emerging VMS District: Similar to the initial exploration data collected at both the Asmara Project and Nevsun’s Bisha Project in Eritrea Coincident surface gossans, strong soil and gravity anomalies, airborne EM conductors Identified on the project which represent the surface expression of VMS systems Over 10 strong copper, zinc, gold, and lead geochemical anomalies between 1 and 4 kilometres in length Numerous large (longer than 1 kilometre) strong gravity anomalies, coincident with elevated base and precious metal values Initial drill program planned for early 2011

30 Madagascar – Besakoa Project

31 SGC - Share Structure November 2010 Symbol: SGC/TSX.V Shares outstanding: 116,684,500 Options: wt. avg = $1.25 9,238,500 Fully diluted shares: 155,849,465 Current cash: CDN$28 million Market cap. Approx. $135 million Antofagasta Mineral S.A. (Sierra Gorda Inv. Comp): 11.6% Lundin Mining: 7.4%

32 SGC – 5 Year Chart

33 Sunridge Gold Management Michael Hopley–President/C.E.O. David Daoud–Exploration Manager Scott Ansell –VP Project Development Don Halliday –Executive Vice President Doris Meyer –CFO & Director Greg Davis –VP Business Development Amanuel Arafine – Eritrean Country Manager, Eritrea Note: over 35 years combined experience in Eritrea

34 Sunridge Board of Directors Michael Hopley–President/C.E.O. & Director Doris Meyer –CFO & Director Craig Angus –Director, Chairman Ricardo Muhr–Director (VP - Mineral Resources Antofagasta Minerals S.A.) Neil O’Brien –Director (Senior VP Lundin Mining) Stephen Gatley –Director (GM, Lundin Mining) Mark Corra –Director (CFO of B2 Gold) Eric Edwards–Director

35 Summary Exploration and development work on Asmara Project focused on 3 distinct areas: 1.Debarwa – Feasibility now commenced. Focusing on direct shipment of high grade copper (18-20% Cu) material 2.Northern Deposits - Prefeasibility to begin 2011 Positive scoping study at Emba Derho with strong IRR and NPV, Drilling at Adi Nefas, Medrizien, Gupo Gold, Adi Nefas to begin December 2010, 3.Exploration Areas – Exploration drilling continuing on several targets Discovery of potential new VMS district in Madagascar – drilling to begin in spring 2011 Management team has over 35 years of experience in Eritrea Excellent project infrastructure and strong government support Sunridge remains well funded Nevsun on schedule to begin mining at Bisha Q1 2011

36 Regulatory Notes All of Sunridge Gold’s exploration programs and pertinent disclosure of a technical or scientific nature are prepared by, or prepared under the direct supervision of Michael J. Hopley, CPG, Sunridge Gold’s President and CEO, who serves as the qualified person (QP) under the definitions of National Instrument Certain disclosures in this presentation, including management’s assessment of Sunridge Gold’s plans and projects constitute forward-looking statements that are subject to numerous risks, uncertainties, and other factors that may cause future results to differ materially from those expressed or implied. Readers are cautioned not to place undue reliance on forward-looking statements.