http://www.marketwatch.com/story/sunridge-gold-provides-an-outlook-on-the-asmara-project-eritrea-and-corporate-activity-2012-01-11-82370?reflink=MW_news_stmp
PRESS RELEASE
Jan. 11, 2012, 8:02 a.m. EST
Sunridge Gold Provides an Outlook on the Asmara Project, Eritrea and
Corporate Activity
VANCOUVER, BRITISH COLUMBIA, Jan 11, 2012 (MARKETWIRE via COMTEX) --
Sunridge Gold Corp. CA:SGC +2.33% (otcqx:SGCNF) 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:
http://media3.marketwire.com/docs/sgc.pdf ).
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 www.sunridgegold.com or
call Greg Davis at the number listed below.
SUNRIDGE GOLD CORP.
Michael Hopley, President and Chief Executive Officer
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.
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.
Contacts:
Sunridge Gold Corp.
Greg Davis
VP Business Development
604-688-1263 (direct)
greg_at_sunridgegold.com
www.sunridgegold.com
SOURCE: Sunridge Gold Corp.
mailto:greg_at_sunridgegold.com
http://www.sunridgegold.com
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Received on Wed Jan 11 2012 - 19:36:03 EST
