From: Biniam Tekle (biniamt@dehai.org)
Date: Wed May 12 2010 - 09:09:17 EDT
http://www.sunridgegold.com/s/Home.asp
Wed May 12, 2010
Sunridge Gold And Antofagasta Minerals Exploration Joint-Venture Update,
Asmara Project, Eritrea
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Sunridge Gold Corp. (SGC/TSX.V) ("Sunridge") is pleased to announce that
Sunridge and Antofagasta Minerals S.A. have commenced a new drilling program
at the Adi Rassi copper-gold prospect within the Asmara Project, Eritrea,
which is within the Exploration Areas and part of the joint-venture
exploration funding agreement with Antofagasta Minerals announced October 2,
2009. The Adi Rassi copper/gold prospect is located about 8 kilometers
southeast of the company's Debarwa high-grade copper/gold VMS deposit. The
program will consist of at least four holes totaling 1,200 meters of diamond
drilling.
The copper and gold mineralization at the Adi Rassi prospect is associated
with quartz veins and breccia zones along a major shear zone that trends
northeast and dips steeply to the west. This mineralization is mainly hosted
in strongly foliated and distorted altered mafic volcanic tuff and flows.
Alteration associated with copper mineralization can be seen at surface in a
zone that measures about 80 meters wide along a strike length of
approximately 500 meters.
>From 1971 to 1974 the prospect was evaluated by the Ethio-Nippon Mining
Company and a drill program of 11 diamond drill holes comprising 2,170
meters of core were completed over a 550 meters of strike length. The best
results from this historic drilling were 41.3 meters of 1.77% Copper (DDH
EN-7) and 33.6 meters of 1.5% copper (DDH EN-4).
Note: The above drill results are taken from the report "Adi Rassi Copper
Prospect -- Ore Resources Evaluation" by D.J. Toogood, December 1997, Phelps
Dodge Exploration Corp. While the above historical data appears to be
complete and the procedures followed appear reliable, Sunridge has not
completed the work necessary to verify the reported results.
DAERO PAULOS DRILLING:
All results have recently been received from the drilling of the large Daero
Paulos copper target also part of the Antofagasta joint-venture exploration
funding agreement. Twelve widely spaced diamond drill holes were drilled
over an area of surface alteration measuring approximately 500 meters wide
and 2.5 kilometers long. The program returned only a few narrow zones of
mineralization.
REGIONAL TARGET GENERATION
In addition to the above drilling programs a regional target generation
program is underway covering all parts of the Exploration Areas as defined
in the joint-venture exploration funding agreement with Antofagasta. Stream
geochemical sampling, satellite imagery analysis and local geological
mapping are the main tools being used and it is hoped that this work will
result in the generation of new drill targets over the next few weeks.
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
$5.5 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
Don Halliday or Greg Davis at the numbers listed below.
NOTES:
A Quality Assurance/Quality Control program was part of the sampling program
on the Daero Paulos copper prospect. This program includes chain of custody
protocols as well as systematic submittals of standards, duplicates and
blank samples into the flow of samples produced by the sampling.
Samples were prepared at African Horn Testing Services (Eritrea) and
analyzed at Genalysis Laboratories (a NATA registered laboratory) in Perth,
Western Australia.
The results of the Daero Paulos copper prospect drill program have been
reviewed by Michael J. Hopley the Qualified Person for Sunridge. Mr. Hopley
is also the person responsible for preparation of the technical information
contained in this news release and is President and Chief Executive Officer
of Sunridge.
SUNRIDGE GOLD CORP.
"Michael Hopley"
Michael Hopley, President and Chief Executive Officer
For further information contact:
Don Halliday, Executive Vice President
Email: donh@sunridgegold.com
Tel: 604-899-1505 (direct)
Greg Davis, VP Business Development
Email: greg@sunridgegold.com
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 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.
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