| Fri Jun 26, 2015 |
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Sunridge Gold Corp. (the "Company" or "Sunridge") (SGC: TSX.V/SGCNF: OTCQX) is pleased to provide an update on the permitting process for the Asmara copper/zinc/gold/silver project in Eritrea. The Asmara Project is held by the Asmara Mining Share Company ("AMSC") a joint-venture company of which Sunridge owns 60% and the Eritrean National Mining Corporation ("ENAMCO") owns 40%. The Asmara Project comprises six defined deposits, four of which are the subject of a feasibility study completed in May 2013 and are currently in the permitting process.
As part of the final steps in the permitting process, AMSC is presently in discussions on the detailed terms of the Mining Agreement with the Ministry of Energy and Mines ("MEM"). This agreement covers every aspect of the planned mining operations on the Asmara Project over the 20 year term of the Mining License including the timing of the start of development and commercial production, design capacity and production amounts, reporting requirements, royalty calculations, the use of expatriate employees, contractors and sub-contractors, financing and fiscal arrangements, safety issues, community relations, as well as reclamation and closure plans. Once these terms are agreed to then AMSC and the MEM will execute the Mining Agreement and MEM will be able to issue a Mining License to AMSC. Sunridge is confident that the Mining License will be issued in the near future which will allow AMSC to raise the capital to fund the development of Phase 1A, which is the mining and shipping of the high-grade copper direct shipping ore on the Debarwa deposit. In addition, the MEM has recently notified AMSC of the renewal of the three exploration licenses that make up the Asmara Project until May 2016. 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. Sunridge currently has approximately 210 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 number listed below. SUNRIDGE GOLD CORP. "Michael Hopley" Michael Hopley, President and Chief Executive Officer For further information contact: Greg Davis, VP Business Development 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. Forward looking statements may include the timing and success of any application for a mining license, permitting or of debt financing. Risk and uncertain 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, a mining license, or debt financing, uncertainties in negotiating commercial arrangements with government entities; 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. |