From: Biniam Haile \(SWE\) (eritrea.lave@comhem.se)
Date: Tue Sep 22 2009 - 15:21:15 EDT
Sunridge Gold Begins New Drill Program at Asmara Project, Eritrea
By: Marketwire .
Sep. 22, 2009 02:42 PM
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 09/22/09 -- Sunridge Gold
Corp. ("Sunridge" or the "Company") (TSX VENTURE: SGC) is pleased to
announce that it has commenced a new drill program at the Asmara
Project, Eritrea. Drilling will focus on expanding the known resources
within the "Development Areas" that contain the four 100% owned
deposits, Emba Derho, Debarwa, Adi Nefas and Gupo Gold.
Drilling has commenced at the Debarwa high-grade copper-gold-zinc
volcanogenic massive sulphide (VMS) project. Approximately 2,000 metres
is planned for this phase of drilling which will test several strong
geological and geophysical anomalies that appear to be extensions of the
known mineralized zones. The objective of this drill program is to
expand the existing resource, particularly the high-grade copper
supergene zone with an average grade of 5.36% copper using a 1% copper
cut-off, containing 158 million pounds of copper in the Indicated
category. The deep primary zone at Debarwa, which is open at depth, has
an average grade of 2.53% copper with 3.23 % zinc in the Indicated
category using a 1% copper cut-off and contains an additional 39 million
pounds of copper and 49.8 million pounds of zinc (see the resource
statement below).
The drill targets at Debarwa consist of strong geophysical anomalies
which have been identified by gravity and audio-magneto telluric (AMT)
surveys as well as detailed mapping and sampling over the last year.
Drilling at Debarwa will focus on a geological and geophysical target
outlined over a continuous 1.5 kilometres in strike length located only
150 to 200 metres east of and parallel to the Debarwa Main Deposit.
Management believes this could represent an eastern limb of the main
deposit.
Upon completion of drilling at Debarwa, the program will focus on
possible extensions to the large Emba Derho copper-zinc-gold VMS
Deposit. A positive Preliminary Economic Assessment Study on the Emba
Derho deposit was completed in June 2009. The drill program will
continue on to the Gupo Gold Deposit to better define that resource.
Michael J. Hopley is the Qualified Person for Sunridge and is the person
responsible for preparation of the technical information contained in
this news release and is President and Chief Executive Officer of
Sunridge.
ABOUT SUNRIDGE
Sunridge Gold Corp. 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. On
September 4, 2009, Sunridge announced the signing of a Memorandum of
Understanding with Antofagasta Minerals S.A. to form a strategic
partnership whereby Antofagasta will fund US$10,000,000 of exploration
work over a five year period on the "Exploration Areas" of the Asmara
project to earn up to a 75% interest in these areas and also invest
US$5,000,000 in a non-brokered private placement. The transaction
remains subject to Antofagasta completing its due diligence, completion
of formal documentation and regulatory approvals. Closing is expected in
early October, 2009.
Prior to the completion of the private placement with Antofagasta,
Sunridge has 62.6 million shares outstanding and approximately $4.5
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 Don Halliday or Greg Davis at the numbers listed below.
SUNRIDGE GOLD CORP.
Michael Hopley, President and Chief Executive Officer
This press release contains forward-looking statements about the Company
and its business. Forward looking statements are statements that are not
historical facts and include resource estimates. The forward-looking
statements in this press release are subject to various risks,
uncertainties and other factors that could cause the Company's actual
results or achievements to differ materially from those expressed in or
implied by forward looking statements. These risks, uncertainties and
other factors include, without limitation risks related to fluctuations
in gold prices; uncertainties related to raising sufficient financing to
fund the planned work in a timely manner and on acceptable terms;
changes in planned work resulting from weather, logistical, technical or
other factors; the possibility that results of work will not fulfill
expectations and realize the perceived potential of the Company's
properties; uncertainties involved in the interpretation of drilling
results and other tests and the estimation of gold resources; the
possibility that required permits may not be obtained on a timely manner
or at all; the possibility that capital and operating costs may be
higher than currently estimated and may preclude commercial development
or render operations uneconomic; the possibility that the estimated
recovery rates may not be achieved; risk of accidents, equipment
breakdowns and labor disputes or other unanticipated difficulties or
interruptions; the possibility of cost overruns or unanticipated
expenses in the work program; and other factors identified in the
Company's filings with Canadian securities regulatory authorities.
Forward-looking statements are based on the beliefs, opinions and
expectations of the Company's management at the time they are made, and
other than as required by applicable securities laws, the Company does
not assume any obligation to update its forward-looking statements if
those beliefs, opinions or expectations, or other circumstances, should
change.
See the Technical Report titled Debarwa Project, Eritrea, Mineral
Resource Estimate prepared by MSA Geoservices (Pty) Ltd. filed on SEDAR
on March 4, 2008).
The January 21, 2008 MSA resource estimates for Debarwa are summarized
as follows: http://in.sys-con.com/node/1117015
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
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