From: Biniam Tekle (biniamt@dehai.org)
Date: Wed Nov 18 2009 - 07:36:36 EST
http://steelguru.com/news/index/2009/11/18/MTIxMjQ4/Sunridge_and_Antofagasta_to_explore_Asmara_copper_gold_Project.html
Wednesday, 18 Nov 2009
Sunridge and Antofagasta to explore Asmara copper gold Project
Wednesday, 18 Nov 2009
Proactive Investors reported that Sunridge Gold Corporation and its major
shareholder Antofagasta have strengthened their ties further through the
appointment of Mr Ricardo Muhr to the board of Sunridge Gold Corporation. Mr
Ricardo Muhr is currently the VP 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 USD 10 million of exploration work on Sunridge's
Asmara Project in Eritrea. Additionally Antofagasta completed USD 5 million
private placing in Sunridge and subsequently became the Company's largest
shareholder with an 18% stake in the company.
Mr Muhr has been VP of Mining Resources for over a decade during which he
has been responsible for the national and international exploration for
Antofagasta SA. He 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 5 years at a price of USD 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, 2 advanced high grade gold, copper, zinc and
silver Deposits, Debarwa and Adi Nefas and one gold deposit, named Gupo.
(Sourced from Proactive Investors)
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