ENAMCO Intends to Acquire 30% of Sunridge′s Asmara Project, Eritrea
Sunridge Gold Corp. (the 'Company? or 'Sunridge?)
(SGC:TSX.V/SGCNF:OTCQX) is pleased to announce that the Eritrean
government through the Eritrean National Mining Corporation ('ENAMCO?)
has informed the Company that ENAMCO intends to acquire a 30% paid
participating interest in the Company′s Asmara Project in Eritrea. This
30% interest is in addition to ENAMCO′s existing right to receive a 10%
non-assessable interest that will be carried to production by the
participating partners. The terms of the acquisition of the
participating interest by ENAMCO have not yet been established and will
be determined by negotiation.
Michael Hopley, President and CEO of Sunridge commented, 'We are very
pleased that ENAMCO has made the early decision to purchase a
participating interest and become our partner to bring the Asmara
Project into production. This kind of support from the government, for
the development of what will be the largest mine in Eritrea, is a major
validation of the project and will certainly help with completion of the
next steps towards production ? completion of the feasibility study,
mine permitting and construction financing. We look forward to working
with ENAMCO to bring the Asmara Project into production as soon as
possible for the mutual benefit of Sunridge and the people of Eritrea?.
The Asmara Project consists of four mineral deposits, the Emba Derho,
Debarwa and Adi Nefas copper-zinc-gold and silver deposits and the Gupo
gold deposit all located within 40 kilometres of the capital city of
Asmara. The results of a preliminary feasibility study (the 'Study?)
that considered all deposits being processed at a central mill was
announced on May 2, 2012. The Study showed production from the Asmara
Project of 365,000 tonnes of copper, 812,000 tonnes of zinc, 415,000
ounces of gold and 11 million ounces of silver over a 15.25 year mine
life. The Study also demonstrated a pre-tax net present value of $555
million at a 10% discount rate and an estimated initial capital cost of
$489 million. Sunridge is currently completing a feasibility study on
the Asmara Project which is planned for completion in 2013, subject to
financing. Application for a mining license and permitting will follow
the completion of the feasibility study and the social and environmental
impact assessment study.
Mr. Hopley is the Qualified Person who approved the technical
information contained in this news release.
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 123
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
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 negotiating a shareholders′ agreement with ENAMCO and 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.
Sunridge Gold Corp.
Greg Davis, 604-688-1263 (direct)
VP
Business Development
greg@sunridgegold.com