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From: Berhane Habtemariam (Berhane.Habtemariam@gmx.de)
Date: Thu Feb 03 2011 - 15:34:30 EST
Sunridge shares rise 14% on latest drill results from Debarwa
Thursday, February 03, 2011 by <http://www.proactiveinvestors.com/about_us>
Deborah Sterescu
Sunridge shares rally on latest results from Eritrea copper-gold project
Sunridge Gold Corp. (TSX-V: SGC) rose 14% on Thursday after the company
announced drill results from its Debarwa copper-gold-zinc deposit in
Eritrea, which confirm the high grade copper zones at the site.
The news sent the company's share price up to trade at $1.14 as of 11:44am
EST on Thursday.
The drill results from the current program at Debarwa, part of the Asmara
project, will be used to update the resource estimate for the area, with a
new report expected in March.
To date, approximately fifty drill holes have been completed in the current
phase of drilling, with five more planned before completion.
Highlights from the latest results include 31.85 m of 5.72% Cu and 2.13 g/t
Au, including 6.00 m of 17.99% Cu in hole DEBD-130; 13.45 m of 16.22% Cu
and 3.22 g/t Au, including 5.00 m of 17.24% Cu and 3.3 m of 26.04% Cu in
hole DEBD-132; and 25.45 m of 11.22% Cu and 1.75 g/t Au in hole DEBD-135.
The drilling, designed to extend and better define zones of mineralization,
forms part of the ongoing feasibility study at Debarwa, which began last
November.
The feasibility study, expected to be completed by the third quarter of this
year, will consider a standalone process plant, and will study various
mining options over a 9 year mine life.
Aside from the Asmara project in Eritrea, Sunridge is also focused on
exploring in Madagascar.
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