From: Biniam Tekle (biniamt@dehai.org)
Date: Tue Dec 29 2009 - 10:14:35 EST
Sunridge Gold says UN sanction on Eritrea will have no impact on drilling
plans
(CP) – 2 hours ago
VANCOUVER, B.C. — Sunridge Gold Corp. (TSXV:SGC) says UN sanctions imposed
on Eritrea last week will have no effect on its activity in the Horn of
Africa country.
Sunridge announced Tuesday that it plans to begin drilling on the Daero
Paulus target in mid-January, part of the joint venture with Antofagasta
Minerals SA.
Antofagasta agreed in September to provide US$10 million over five years to
Sunridge for its Asmara project in northeastern Africa. In return for the
financing, Antofagasta can earn a 60 per cent interest in the project.
Antofagasta also invested US$5 million to purchase 18 per cent of the
Vancouver-based Sunridge.
A Dec. 23 resolution by the UN Security Council imposes an arms embargo and
other sanctions against the government of Eritrea.
The African Union asked the Security Council to impose sanctions on Eritrea
for providing support to armed groups trying to destabilize neighbouring
Somalia.
Sunridge is an exploration-staged company currently focused on three
exploration licenses in Eritrea.
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