From: Berhane Habtemariam (Berhane.Habtemariam@gmx.de)
Date: Thu Jan 07 2010 - 07:38:31 EST
Sunridge Gold Increases Size of Asmara Project, Eritrea by 60%
Posted : Wed, 06 Jan 2010 13:01:09 GMT
Author : Sunridge Gold Corp.
VANCOUVER, BRITISH COLUMBIA -- 01/06/10 -- Sunridge Gold Corp. (TSX VENTURE:
SGC) ("Sunridge") is pleased to announce that the Eritrean government has
granted Sunridge extensions to two of its exploration licenses that make up
the Asmara Project, Eritrea. These extensions have increased the overall
size of the Asmara Project by approximately sixty percent, from 665 square
kilometres to 1062.5 square kilometers.
As can be seen on the map attached to this release the extensions expand the
Sunridge exploration licenses five kilometres to the west and five
kilometres to the east which covers areas where Sunridge staff believes are
continuations of both volcanogenic-massive-sulphide (VMS) and shear zone
gold mineralized trends.
It is estimated that approximately 153 square kilometers of the new ground
are within the area of interest of the Exploration Areas of the October 2,
2009 exploration and funding agreement with Antofagasta Minerals S.A.
("Antofagasta").
Antofagasta can fund US$10,000,000 of exploration work over a 5-year period
to earn a 60% interest in the Exploration Areas of the Asmara Project. The
Antofagasta area of interest excludes the current existing Development Areas
including the Emba Derho, Debarwa, Adi Nefas and Gupo Gold deposits.
Reconnaissance work on these new extensions will commence later this month.
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 has approximately 76 million shares outstanding and approximately
$8.0 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 <http://www.sunridgegold.com>
www.sunridgegold.com or call Don Halliday or Greg Davis at the numbers
listed below.
SUNRIDGE GOLD CORP.
Michael Hopley, President and Chief Executive Officer
This press release contains forward-looking statements about the Company and
its business. Forward looking statements are statements that are not
historical facts and include resource estimates. The forward-looking
statements in this press release are subject to various risks, uncertainties
and other factors that could cause the Company's actual results or
achievements to differ materially from those expressed in or implied by
forward looking statements. These risks, uncertainties and other factors
include, without limitation risks related to fluctuations in gold prices;
uncertainties related to raising sufficient financing to fund the planned
work in a timely manner and on acceptable terms; changes in planned work
resulting from weather, logistical, technical or other factors; the
possibility that results of work will not fulfill expectations and realize
the perceived potential of the Company's properties; uncertainties involved
in the interpretation of drilling results and other tests and the estimation
of gold resources; the possibility that required permits may not be obtained
on a timely manner or at all; the possibility that capital and operating
costs may be higher than currently estimated and may preclude commercial
development or render operations uneconomic; the possibility that the
estimated recovery rates may not be achieved; risk of accidents, equipment
breakdowns and labor disputes or other unanticipated difficulties or
interruptions; the possibility of cost overruns or unanticipated expenses in
the work program; and other factors identified in the Company's filings with
Canadian securities regulatory authorities. Forward-looking statements are
based on the beliefs, opinions and expectations of the Company's management
at the time they are made, and other than as required by applicable
securities laws, the Company does not assume any obligation to update its
forward-looking statements if those beliefs, opinions or expectations, or
other circumstances, should change.
To view the map associated with this press release, please click on the
following link: <http://media3.marketwire.com/docs/sgc15.pdf>
http://media3.marketwire.com/docs/sgc15.pdf
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.
Don Halliday
Executive Vice President
604-899-1505 (direct)
<mailto:donh@sunridgegold.com> donh@sunridgegold.com
Sunridge Gold Corp.
Greg Davis
VP Business Development
604-688-1263 (direct)
<mailto:greg@sunridgegold.com> greg@sunridgegold.com
<http://www.sunridgegold.com> www.sunridgegold.com
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