Sulliden Gold terminates milestone bonus plan; shares rise

Thu Oct 4, 2012 10:56am EDT

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(Reuters) - Shares of Sulliden Gold Corp Ltd SUE.TO rose 14 percent after the miner terminated its milestone bonus plan for executives following discussions with shareholders.

The bonus plan would have rewarded executives for completion of an environmental impact assessment and for adding to the resource estimates of its flagship gold project in Peru, among other milestones.

Bonuses related to share performance would be discretionary and be determined by the compensation committee and the board.

Sulliden, which has a market value of C$226 million ($229 million), has assets in Peru and Canada.

The company's shares had fallen 34 percent this year up to Wednesday. They were up at C$1.04 in morning trading on the Toronto Stock Exchange. The stock was one of the top percentage gainers on the exchange.

($1 = 0.9880 Canadian dollars)

(Reporting by Ankur Banerjee in Bangalore; Editing by Maju Samuel)

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