Press release -Sunridge Gold Updates United Nations Sanctions on Eritrea
Dec. 6, 2011, 1:55 p.m. EST
VANCOUVER, BRITISH COLUMBIA, Dec 06, 2011 (MARKETWIRE via COMTEX) --
Sunridge Gold Corp.
<
http://www.marketwatch.com/investing/stock/SGC?countrycode=CA&link=MW_story
_quote> CA:SGC +1.47% (otcqx:SGCNF) wishes to provide an update on the
latest developments regarding the United Nations Security Council's (UNSC)
actions in respect to Eritrea.
The UNSC resolution 2023 (2011), which was passed December 5, 2011, includes
three sections (see the actual wording of an extract of the text of the
resolution below) related to the mining industry and should have no direct
impact on Sunridge's operations in Eritrea. At this time, it is not possible
to anticipate any indirect impacts of the resolution.
The mining specific sections of the resolution are reprinted below:
12. Expresses concern at the potential use of the Eritrean mining sector as
a financial source to destabilize the Horn of Africa region, as outlined in
the Final Report of the Monitoring Group (S/2011/433), and calls on Eritrea
to show transparency in its public finances, including through cooperation
with the Monitoring Group, in order to demonstrate that the proceeds of
these mining activities are not being used to violate relevant resolutions,
including 1844 (2008), 1862 (2009), 1907 (2009) and this resolution;
13. Decides that States, in order to prevent funds derived from the mining
sector of Eritrea contributing to violations of resolutions 1844 (2008),
1862 (2009), 1907 (2009) or this resolution, shall undertake appropriate
measures to promote the exercise of vigilance by their nationals, persons
subject to their jurisdiction and firms incorporated in their territory or
subject to their jurisdiction that are doing business in this sector in
Eritrea including through the issuance of due diligence guidelines, and
requests in this regard the Committee, with the assistance of the Monitoring
Group, to draft guidelines for the optional use of Member States;
14. Urges all States to introduce due diligence guidelines to prevent the
provision of financial services, including insurance or re-insurance, or the
transfer to, through, or from their territory, or to or by their nationals
or entities organized under their laws (including branches abroad), or
persons or financial institutions in their territory, of any financial or
other assets or resources if such services, assets or resources, including
new investment in the extractives sector, would contribute to Eritrea's
violation of relevant resolutions, including 1844 (2008), 1862 (2009), 1907
(2009) and this resolution;
The full text of the resolution may be found on the UNSC web site.
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 $13 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
Copyright 2011 Marketwire, Inc., All rights reserved.
----[Mailing List for Eritrea Related News ]----
Received on Tue Dec 06 2011 - 23:19:29 EST