Sunridge Gold Engages Endeavour Financial
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 08/09/11 -- Sunridge Gold Corp. (TSX VENTURE: SGC) announces the engagement of Endeavour Financial International Corporation ('Endeavour') on an exclusive basis to provide financial advisory services with respect to its debt financing requirements for the development of the Asmara Project, Eritrea.
The feasibility study at Debarwa copper-gold-zinc deposit is now substantially past the halfway point of completion and the prefeasibility study on the Asmara North copper-zinc-gold projects is also well advanced. The Company is therefore now at a point of making some fundamental decisions about how these projects should proceed towards mining. Endeavour's technical and financial advice on these different development options at this stage will be important to Sunridge.
Endeavour provided advice and assistance to Nevsun Resources Ltd. in its evaluation of the Bisha Project, a large precious and base metal rich deposit which is now in production 150 kilometers west of Asmara, Eritrea.
Upon receipt of TSX Venture Exchange ('TSXV') acceptance, the Company will issue to Endeavour 1,000,000 share purchase warrants exercisable at a price of $1.00 for three years to vest one-third every six months from the date of the TSXV approval. Endeavour will be paid a monthly work fee during the term of the engagement, milestone fees in certain circumstances and a financing success fee on the closing of any debt financing provided to Sunridge.
ABOUT SUNRIDGE:
Sunridge is a mineral exploration and development company focused on the acquisition, exploration, discovery and development of base and precious metal projects on the Asmara Project in Eritrea and exploration properties in Madagascar. Sunridge currently has approximately 117 million shares outstanding and approximately $16 million in cash. Sunridge 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, President and Chief Executive Officer
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.
Contacts:
Sunridge Gold Corp.
Greg Davis
VP Business Development
604-688-1263 (direct)
greg@sunridgegold.com
www.sunridgegold.com