webmaster
© Copyright DEHAI-Eritrea OnLine, 1993-2011
All rights reserved
From: B-Haile (eritrea.lave@comhem.se)
Date: Tue Mar 01 2011 - 12:32:15 EST
Tuesday, March 1, 2011
Gold Stocks, GDX Rise, Sunridge Reports Positive Results
GOLD STOCKS NEWS - Gold stocks rose Tuesday, with the Market Vectors Gold Mines ETF (GDX) advancing $0.57 to $60.40 per share. The gains in gold stocks and the GDX were fueled by a $9.16 rally to $1,420.28 in gold bullion. Canada's leading gold stocks composite, the S&P/TSX Global Gold Index, climbed 1.1% alongside the GDX.
While the GDX moved higher, gold stocks making headlines Tuesday included Sunridge Gold (SGC.TSXV). The Canadian-based gold company reported positive copper and zinc recovery results from recent metallurgical tests performed on mineralized material from the Emba Derho deposit. The metallurgical work is a portion of the prefeasibility study presently being conducted on the Asmara North deposits in Eritrea, Africa.
Sunridge Gold announced the results are from "locked-cycle copper and zinc metal recovery testwork" performed at SGS laboratory in Vancouver, Canada, under the supervision of Blue Coast Metallurgy Ltd on samples from the Emba Derho deposit. Using a conventional, low-cost flotation flow sheet, the company reported that the test results demonstrated a 92% recovery of the copper producing a 28% copper concentrate, as well as a recovery of 88% of the zinc producing a 62% zinc concentrate. Recovery rates for gold and silver came in returned values of 50% and 55%, respectively. Head grades used in the test work were 1.15% copper, 2.14% zinc, 0.07 grams per tonne (g/t) gold and 5.1 g/t silver.
Michael Hopley, President and CEO of Sunridge Gold, commented that "These results show unexpected high copper and zinc recoveries from the Emba Derho mineralized material with impressive product grades. Considering the large amount of copper and zinc contained in the Emba Derho deposit this will certainly have a significant positive effect on the economics of the deposit in the ongoing prefeasibility study."
Sunridge Gold noted that ongoing metallurgical testing on the Emba Derho deposit will "include further flowsheet optimization, variability studies and testing of composites made from blending Emba Derho mineralization with that from two other VMS (volcanogenic massive sulphide) deposits on the Asmara Project, Adi Nefas and Debarwa."
Other notable gold stocks posting gains Tuesday included AngloGold Ashanti (AU), Agnico-Eagle Mines (AEM), and Gold Fields (GFI). AU, AEM, and GFI advanced 0.6%, 1.5%, and 0.5%, respectively.
http://www.goldalert.com/2011/03/gold-stocks-gdx-rise-sunridge-reports-positive-results/
No virus found in this outgoing message.
Checked by AVG - www.avg.com
Version: 9.0.872 / Virus Database: 271.1.1/3475 - Release Date: 03/01/11 08:34:00
----[This List to be used for Eritrea Related News Only]----