Sunridge Gold Corp. (SGC:TSX.V/SGCNF:OTCQX) provides a summary of activities and an outlook for the first six months of 2012 on the Company's 100% owned Asmara Project in Eritrea. The project encompasses a district of base and precious metals volcanogenic-massive-sulphide (VMS) deposits as well as near surface gold mineralization. Sunridge has drilled more than 200,000 meters since 2003 and has defined four separate copper, zinc, gold and silver mineral resources. In addition the Company has outlined additional highly prospective exploration targets on the Asmara Project. See map attached to this news release.
Debarwa Project - Feasibility Study
A feasibility study is near completion that is examining a standalone open-pit mine and process plant at the Debarwa copper-zinc-gold-silver VMS deposit over a forecast life of mine of approximately 7 years. The study is also examining the option of early mining and direct shipping a high-grade portion (greater than 15% copper) of the enriched copper supergene zone to generate early cash flow and enhance the economics of the deposit. Significant upcoming events for the Debarwa deposit include:
Completion of the Feasibility Study - Q1 2012
Completion of Social and Environmental Impact Assessment (SEIA) Report - Q2 2012
Apply for mining license at Debarwa - Q2 2012
Asmara North Projects - Prefeasibility Study
The Asmara North Project area is made up of three distinct deposits; 1) the Emba Derho copper-zinc-gold-silver VMS deposit which is a large surface minable VMS deposit, 2) the Adi Nefas zinc-gold-copper VMS deposit, located approximately 6 kilometers away from Emba Derho, and 3) the Gupo gold deposit located approximately 8 kilometers from Emba Derho and is a near-surface gold deposit. A prefeasibility study is examining mining and processing options with a centralized process plant at Emba Derho. The study is also considering options to process mineralized material from the Debarwa deposit at the proposed centralized process plant at Emba Derho.
Key upcoming events for the Asmara North Projects are as follows:
Updated resource updates for Emba Derho (Jan/12), Adi Nefas (Jan/12), and Gupo Gold (Feb/12)
Completion of the Prefeasibility Study - Q2 2012
Begin full Feasibility Study - Q2 2012
Sunridge plans to start a 12,000 meter exploration drilling program on several new gold and VMS targets within the Asmara Project in late January 2012. Further details of specific targets will be forthcoming in the next few weeks.
The Company will be attending the Africa Mining Congress Conference in Livingstone, Zambia, the Mining Indaba in Cape Town, South Africa and the PDAC in Toronto within the first quarter of 2012.
Other Eritrea Mining Events
Nevsun Resources has now successfully operated the Bisha Mine in Eritrea for almost 12 months showing strong earnings.
Chalice Gold Mines recently announced the sale of the Zara gold project in Eritrea to the Shanghai Construction Group Co. Ltd.
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 $9 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 number listed below.
SUNRIDGE GOLD CORP.
Michael Hopley, President and Chief Executive Officer
For further information contact:
Greg Davis, VP Business Development
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 to continue to be refined; possible variations in ore grade or recovery rates; accidents, labour 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.