http://www.proactiveinvestors.co.uk/companies/news/116364/sunridge-gold-lands-mining-licences-for-asmara-project-116364.html
Sunridge Gold lands mining licences for Asmara project
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13:12 19 Oct 2015
Asmara is forecast to start commercial mining operations in the third
quarter of 2016
Initial production will come from the Debarwa area
Sunridge Gold Corp (CVE:SGC) has secured three key mining licences in
Eritrea for the Asmara project.
Asmara Mining (AMSC), a joint venture 60% owned by the Canadian group,
has been awarded licences spanning 19.3 square kilometres and
encompassing four advanced deposits - namely Emba Derho, Adi Nefas,
Gupo Gold and Debarwa.
These areas were all incorporated into the feasibility study for
Asmara, a proposed copper-zinc-gold mining operation.
Asmara is forecast to start commercial mining operations in the third
quarter of 2016. It will initially produce a high-grade copper direct
shipping ore (DSO) product from the Debarwa deposit.
"The acquisition of the mining licenses is another important step
forward for AMSC and Sunridge and we are grateful for the continued
support of the Government of Eritrea" said Michael Hopley, Sunridge
chief executive.
"We now remain focused on our plans to finalize financing arrangements
for Phase 1A - the mining and shipping the high-grade copper and gold
direct shipping ore from Debarwa.”
Previously, in September, a mining agreement was signed between Asmara
Mining and Eritrea’s Minister of Energy and Mines, General Sebhat
Ephrem.
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Jamie Ashcroft
Received on Mon Oct 19 2015 - 10:34:56 EDT