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From: Biniam Tekle (biniamt@dehai.org)
Date: Mon May 16 2011 - 08:01:41 EDT
http://www.proactiveinvestors.com/companies/news/14538/sunridge-gold-climbs-after-antofagasta-ends-option-agreement-14538.html
Sunridge Gold climbs after Antofagasta ends option agreementThu 3:01 pm by
Ian Mclelland
Shareholders in *Sunridge Gold (CVE:SGC)* reacted positively to news that
the company had regained 100% control of the Asmara Project.
The junior exploration company signed a agreement with Antofagasta
(LON:ANTO) in September 2009 which gave it an option to earn a 60% interest
in Asmara by investing US$10 million in exploration expenditure over a five
year period. Antofagasta spent $2.2 million on the project, but opted to
terminate its option agreement rather than committing to further exploration
expenditure.
"We are very happy to again have 100% ownership of the exploration areas on
the Asmara Project particularly given the fact that Sunridge now has more
than $20 million in cash and will therefore be able to conduct an aggressive
exploration program on the property in addition to our ongoing feasibility
and pre-feasibility studies on our four known deposits," states Michael
Hopley, Sunridge President and CEO.
Asmara hosts three deposits: Emba Derho, Adi Nafas and Debarwa, holding a NI
43-101 compliant indicated resource of 1.28 billion pounds of copper, 1.13
million tonnes of zinc, 1.05 million ounces of gold and 31.8 million ounces
of silver and a fourth prospect known as Gupo, containing an inferred
resource of 189,000 ounces of gold.
The Asmara is named after the capital of Eritrea and is located on the
outskirts of the city, surrounded by paved roads and all of the
infrastructure requirements needed to build a mine and production
facilities.
http://www.sunridgegold.com/s/PressReleases.asp?ReportID=456781
Thu May 12, 2011
Sunridge Gold Announces Termination of Antofagasta Exploration Option
Agreement, Asmara Project, Eritrea
--------------------------------------------------------------------------------
Sunridge Gold Corp. (SGC/TSX.V) ("Sunridge" or the "Company") announces
that it has received a termination notice from Antofagasta Minerals S.A.
("Antofagasta") effective May 11, 2011 terminating the Option Agreement
between Sunridge and Antofagasta on the "Exploration Areas" of the Company's
Asmara Project.
Antofagasta is exercising their option to terminate the agreement at this
time based on meeting their minimum required expenditure of US$2 million in
the first two years from the signing of the agreement. The termination of
this option agreement between Sunridge and Antofagasta means that Sunridge
will again be the 100% owner of all the exploration ground in addition to
the four deposits that currently make up the 800 square kilometer Asmara
Project. The exploration ground of the Asmara Project covers a large and
only partially explored volcanogenic-massive-sulphide (VMS) district which,
in the opinion of Company management, has several highly prospective
exploration targets with the potential for the discovery of other
copper/zinc/gold/silver VMS deposits. Sunridge will be planning and
announcing near term exploration programs within the next month.
"We are very happy to again have 100% ownership of the exploration areas on
the Asmara Project particularly given the fact that Sunridge now has more
than $20 million in cash and will therefore be able to conduct an aggressive
exploration program on the property in addition to our ongoing feasibility
and pre-feasibility studies on our four known deposits", states Michael
Hopley, Sunridge President and CEO. "Antofagasta has been a great partner
and has been a tremendous stamp of approval for the mining industry in
Eritrea and we have enjoyed working with them."
On September 4, 2009 the Company announced that it had entered into to an
option agreement with Antofagasta whereby Antofagasta could fund
US$10,000,000 of exploration work over a five-year period to earn an initial
60% interest in parts of the Company's Asmara Project. To date Antofagasta
has spent approximately US$2.2 million on exploration work on the Asmara
Project.
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