From: Berhane Habtemariam (Berhane.Habtemariam@gmx.de)
Date: Mon Nov 16 2009 - 12:16:35 EST
Sunridge And Antofagasta Strengthen Ties To Explore The Asmara Copper-Gold
Project
16/11/2009
Sunridge Gold Corp (TSX-V: SGC) and its major shareholder Antofagasta (LSE:
ANTO) have strengthened their ties further through the appointment of Mr.
Ricardo Muhr to the board of Sunridge Gold Corp. Mr Ricardo Muhr is
currently the Vice President of Mineral Resources, for Antofagasta's South
American subsidiary. The companies are jointly exploring Sunridge's Asmara
copper-gold project.
The appointment satisfies the terms of the agreed strategic partnership
between Sunridge and Antofagasta in October. Through the agreed
partnership, Antofagasta agreed to fund US$10 million of exploration work on
Sunridge's Asmara Project in Eritrea. Additionally Antofagasta completed a
$5m private placing in Sunridge and subsequently became the Company's
largest shareholder with an 18% stake in the company.
Mr. Muhr has been Vice-President of Mining Resources for over a decade
during which he has been responsible for the national and international
exploration for Antofagasta S.A. Mr. Muhr has broad knowledge of mining in
the South American Andes Region and is a member of the Chilean Geological
Society and of the Society of Economic Geologists.
Mr Muhr has extensive experience of mine development in the region,
throughout his career he has worked on several significant projects
including one of the largest operating copper mines in Chile, the Escondida
Mine and he led the evaluation on one of Antofagasta's most successful
mining operations, the Los Pelambres deposit.
In addition to the appointment, Sunridge Gold also granted Mr Muhr Incentive
Stock Options on 100,000 shares of the Company's capital stock, which are
exercisable for up to five years at a price of $0.66 per share.
The exploration agreement with Antofagasta under the partnership is in
relation to the 'Exploration Areas'.
According to Sunridge and Antofagasta the areas are considered to have the
potential for large new discoveries.
The 'Development Areas' of the Asmara Project remain 100% owned by Sunridge.
Within the development areas there are four deposits with NI-43-101
independently estimated resources. The 50 million tonne Emba Derho VMS
copper-zinc-gold deposit, two advanced high-grade gold, copper, zinc, and
silver (VMS) Deposits, Debarwa and Adi Nefas and one gold deposit, named
Gupo.
In October, Sunridge said it will commence its own drilling programmes with
the objective to expand and further develop these resources.
Sunridge Gold Corp
Sunridge Gold Corp.(SGC/TSX.V) is a base and precious metals junior
development and exploration company focused on advancing four NI 43-101
deposits through development to production and increasing resources through
exploration drilling at several high priority drill targets at its Asmara
Project, Eritrea. Following a recent private placement and exploration
agreement with Antofagasta Minerals S.A., Sunridge is well funded to explore
and develop their 100% owned deposits at he same time that Antofagasta and
Sunridge together conduct drilling at other targets with the potential for
large discoveries. With significant assets and potential for more, Sunridge
is a junior to watch.
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