Sunridge Gold Provides an Outlook on the Asmara Project, Eritrea and
Corporate Activity
Wed Jan 11, 2012
_____
Sunridge Gold Corp. (SGC:TSX.V/SGCNF:OTCQX) provides a summary of
activities and an outlook for the first six months of 2012 on the Company's
100% owned Asmara Project in Eritrea. The project encompasses a district of
base and precious metals volcanogenic-massive-sulphide ("VMS") deposits as
well as near surface gold mineralization. Sunridge has drilled more than
200,000 meters since 2003 and has defined four separate copper, zinc, gold
and silver mineral resources. In addition the Company has outlined
additional highly prospective exploration targets on the Asmara Project. See
map attached to this news release.
Debarwa Project - Feasibility Study
A feasibility study is near completion that is examining a standalone
open-pit mine and process plant at the Debarwa copper-zinc-gold-silver VMS
deposit over a forecast life of mine of approximately 7 years. The study is
also examining the option of early mining and direct shipping a high-grade
portion (greater than 15% copper) of the enriched copper supergene zone to
generate early cash flow and enhance the economics of the deposit.
Significant upcoming events for the Debarwa deposit include:
* Completion of the Feasibility Study - Q1 2012
* Completion of Social and Environmental Impact Assessment (SEIA)
Report - Q2 2012
* Apply for mining license at Debarwa - Q2 2012
Asmara North Projects - Prefeasibility Study
The Asmara North Project area is made up of three distinct deposits; 1) the
Emba Derho copper-zinc-gold-silver VMS deposit which is a large surface
minable VMS deposit, 2) the Adi Nefas zinc-gold-copper VMS deposit, located
approximately 6 kilometers away from Emba Derho, and 3) the Gupo gold
deposit located approximately 8 kilometers from Emba Derho and is a
near-surface gold deposit. A prefeasibility study is examining mining and
processing options with a centralized process plant at Emba Derho. The study
is also considering options to process mineralized material from the Debarwa
deposit at the proposed centralized process plant at Emba Derho.
Key upcoming events for the Asmara North Projects are as follows:
* Updated resource updates for Emba Derho (Jan/12), Adi Nefas
(Jan/12), and Gupo Gold (Feb/12)
* Completion of the Prefeasibility Study - Q2 2012
* Begin full Feasibility Study - Q2 2012
Exploration Programs
Sunridge plans to start a 12,000 meter exploration drilling program on
several new gold and VMS targets within the Asmara Project in late January
2012. Further details of specific targets will be forthcoming in the next
few weeks.
Corporate
The Company will be attending the Africa Mining Congress Conference in
Livingstone, Zambia, the Mining Indaba in Cape Town, South Africa and the
PDAC in Toronto within the first quarter of 2012.
Other Eritrea Mining Events
* Nevsun Resources has now successfully operated the Bisha Mine in
Eritrea for almost 12 months showing strong earnings.
* Chalice Gold Mines recently announced the sale of the Zara gold
project in Eritrea to the Shanghai Construction Group Co. Ltd.
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 currently has approximately 117 million shares
outstanding and approximately $9 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 Greg Davis at the
number listed below.
SUNRIDGE GOLD CORP.
"Michael Hopley"
Michael Hopley, President and Chief Executive Officer
For further information contact:
Greg Davis, VP Business Development
Email: <mailto:greg_at_sunridgegold.com> greg_at_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 news release contains forward-looking statements that are based on the
Company's current expectations and estimates. Forward-looking statements are
frequently characterized by words such as "plan", "expect", "project",
"intend", "believe", "anticipate", "estimate", "suggest", "indicate" and
other similar words or statements that certain events or conditions "may" or
"will" occur. Such forward-looking statements involve known and unknown
risks, uncertainties and other factors that could cause actual events or
results to differ materially from estimated or anticipated events or results
implied or expressed in such forward-looking statements. Such factors
include, among others: the actual results of current exploration activities;
conclusions of economic evaluations; changes in project parameters as plans
to continue to be refined; possible variations in ore grade or recovery
rates; accidents, labour disputes and other risks of the mining industry;
delays in obtaining governmental approvals or financing; and fluctuations in
metal prices. There may be other factors that cause actions, events or
results not to be as anticipated, estimated or intended. Any forward-looking
statement speaks only as of the date on which it is made and, except as may
be required by applicable securities laws, the Company disclaims any intent
or obligation to update any forward-looking statement, whether as a result
of new information, future events or results or otherwise. Forward-looking
statements are not guarantees of future performance and accordingly undue
reliance should not be put on such statements due to the inherent
uncertainty therein.
<
http://www.sunridgegold.com/i/misc/2012-01-11_NR1.jpg>
http://www.sunridgegold.com/i/misc/2012-01-11_NR1-sm.jpg
----[Mailing List for Eritrea Related News ]----
Received on Wed Jan 11 2012 - 10:10:31 EST
