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From: Biniam Tekle (biniamt@dehai.org)
Date: Wed Jun 29 2011 - 08:10:44 EDT
June 29, 2011 08:00 ET
Sunridge Gold Restarts Exploration Program on Asmara Project, Eritrea
**
*VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 29, 2011) -* Sunridge Gold
Corp. (TSX VENTURE:SGC) announces that it has started another phase of
exploration on the Company's 100% owned Asmara Project in Eritrea. The
exploration ground of the Asmara Project covers 600 square kilometers which
is a volcanogenic-massive-sulphide (VMS) district with three
copper/zinc/gold/silver VMS deposits and one structurally controlled gold
deposit already discovered and currently being developed by Sunridge. The
property remains only partially explored and has several highly prospective
exploration targets with the potential for the discovery of additional
deposits. In addition, there are structurally controlled gold and
remobilized copper/gold targets on the Asmara Project which will also be
explored. Sunridge has recently started mapping, sampling and other field
work on many of the targets in anticipation of a 10,000 meters exploration
drilling program to start in August 2011.
*VMS Targets*
Many of the targets along the known VMS trends such as Dairo Paulos, Kodadu,
Torat, Adi Mussa, Adi Lamza, and Shiketi (possible extension to the Debarwa
Deposit) are considered to be VMS-style targets similar to the known
deposits on the Asmara Project with similar geophysical signatures and in
some cases coincident with elevated copper, gold and zinc values in soil and
rock samples.
*Gold Targets*
Exploration will be conducted on several structurally controlled gold
targets similar to the Company's Gupo Gold deposit that hosts 189,000 ounces
of gold at an average of 2.99 g/t gold. (see details below)
*Remobilized Copper/Gold Targets*
In addition, prior to further drilling, detailed geological mapping is
underway at the Adi Rassi prospect which is considered to be a remobilized
copper/gold prospect where previous drilling has returned values such as
1.32 g/t gold and 0.84 % copper over 84 meters.
On May 12, 2011, Sunridge announced that Antofagasta Minerals S.A. had
terminated the option agreement on the exploration ground of the Asmara
Project after spending approximately $2.2 million exploring for large
porphyry-style copper deposits. The termination of this option agreement
between Sunridge and Antofagasta means that Sunridge is once again 100%
owner of all the exploration ground in addition to the four deposits that
currently make up the 600 square kilometer Asmara Project.
*Gupo Gold Inferred Resource*
Inferred resource estimates for Gupo (then referred to as Adi Nefas Doop)
from the report titled "Independent Consulting Geologists Technical Report -
Asmara Project" prepared by Blackburn, G. and Chisholm, R., dated April 2004
(which may be viewed under Sunridge's profile on SEDAR at www.sedar.com) is
summarized as follows:
*Gupo Gold - Inferred Resources* *Tonnes* *Average Gold Grade g/t* *Ounces
of Gold* 1,965,000 2.99 189,000
*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 $18 million in cash. Sunridge trades on the
TSX Venture Exchange under the symbol SGC. For additional information on the
Company and its projects please visit our website at www.sunridgegold.com or
call Greg Davis at the number listed below. All of the above mentioned
technical reports are filed on the Company's profile at www.sedar.com.
*Qualified Person*
Michael J. Hopley the President and Chief Executive Officer of Sunridge is
the Qualified Person for Sunridge and he is the person responsible for
preparation of the technical information contained in this news release.
*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.
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