From: Biniam Haile \(SWE\) (eritrea.lave@comhem.se)
Date: Wed Jul 01 2009 - 10:54:48 EDT
Economic Assessment for the Emba Derho Deposit, Asmara Project, Eritrea
By: Marketwire .
Jun. 30, 2009 02:48 PM
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 06/30/09 -- Sunridge Gold
Corp. (TSX VENTURE: SGC) ("Sunridge" or the "Company") is pleased to
announce it has today filed on Sedar a Preliminary Economic Assessment
("PEA") report on its large 100% owned copper-zinc-gold Emba Derho
Project, Eritrea completed by Wardrop, a Tetra Tech Company, the results
of which were announced on June 4, 2009.
Highlights of the study more fully described in the press release on
June 4, 2009 include:
- The currently estimated mineral resources provide for open-pit mining
at a rate of 4 million tonnes of ore per year for 10.4 years with a
possibility of mine life extension through either an expanded open pit
or underground production;
- A conventional flotation process plant would produce separate copper
and zinc concentrates containing annually approximately 55,000t zinc,
25,000t copper, 20,000oz gold and 0.6moz silver;
- The base case internal rate of return (IRR) is 21.6% with 4 years
payback on an estimated initial capital cost of $331.8 million with
sustaining capital of $67.3 million;
- The pre-tax net present value (NPV) is estimated to be $203.9 million
at 10% discount rate;
- Total operating costs are estimated by Wardrop to be $ 21.19 per tonne
milled;
- The PEA is based entirely on resources in the Indicated category using
data from 256 diamond drill holes. Wardrop has estimated an Indicated
mineral resource in the Supergene and Primary zones of 58.97 million
tonnes containing 990 million pounds of copper, 1,900 million pounds of
zinc, 485 thousand ounces of gold and 19.5 million ounces of silver (as
announced by Sunridge on September 17, 2008);
- Wardrop recommends the continuation of studies and moving the Emba
Derho project into the Pre-Feasibility stage. This includes further
drilling in the open-ended northwest zone of the Emba Derho mineralized
system and continued exploration elsewhere on the Medrizien exploration
license which may lead to the discovery of satellite deposits.
Madagascar Projects
The Company has an option to acquire up to a 100% interest in four
properties held by Majescor Resources Inc. in Madagascar by completing
expenditures and issuing shares as described in the Company's press
release dated October 15, 2008. Majescor has agreed with the Company
that all the commitment dates in the September 15, 2008 agreement will
be extended by a one year period so that Sunridge now has until
September 15, 2010 to complete the initial $500,000 (Canadian) of
expenditures on the properties. In exchange for this extension Sunridge
has agreed to issue Majescor 200,000 common shares, subject to
definitive documentation being entered into and receipt of regulatory
approval.
About Sunridge
Sunridge Gold Corp. is a mineral exploration and development company
focused on the acquisition, exploration, discovery and development of
precious and base metal projects. The company is currently developing
base and precious metals deposits on the Asmara Project in Eritrea
including the completion of a positive Preliminary Economic Assessment
Study on the large Emba Derho Deposit. The Company has 62.4 million
shares outstanding, approximately $ 5 million (Canadian) in cash and the
Company 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
<http://www.sunridgegold.com/> or call Don Halliday or Greg Davis at
the numbers listed below.
NOTES:
1. Except where noted all dollars referred to in this news release are
US dollars.
2. The Emba Derho resources, on which the PEA study was based, were
originally released on September 17, 2008 by the Company.
3. The results of the Wardrop PEA for Emba Derho have been reviewed by
Sunridge technical staff including Michael J. Hopley the Qualified
Person for Sunridge. The Company believes that the PEA for Emba Derho
was conducted in a professional and competent manner. Mr. Hopley is also
the person responsible for preparation of the technical information
contained in this news release and is President and Chief Executive
Officer of Sunridge.
SUNRIDGE GOLD CORP.
Michael Hopley, President and Chief Executive Officer
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.
Don Halliday
Executive Vice President
604-899-1505 (direct)
donh@sunridgegold.com
Sunridge Gold Corp.
Greg Davis
VP Business Development
604-688-1263 (direct)
greg@sunridgegold.com
www.sunridgegold.com <http://www.sunridgegold.com/>
http://www.sys-con.com/node/1021067
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