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Sunridge Gold’s Asmara Project, Eritrea – Feasibility Study on Schedule

VANCOUVER, British Columbia, Apr 10, 2013 (BUSINESS WIRE) -- Sunridge Gold Corp. (the "Company") (sgc:TSX.V/SGCNF) is pleased to announce that the Asmara Project Feasibility Study (the "Study") is on schedule for completion as planned in

VANCOUVER, British Columbia, Apr 10, 2013 (BUSINESS WIRE) — Sunridge Gold Corp. (the “Company”) (sgc:TSX.V/SGCNF) is pleased to announce that the Asmara Project Feasibility Study (the “Study”) is on schedule for completion as planned in early May. The Study is being conducted by lead engineer Senet (Pty) Ltd. on four of the five deposits that comprise the Asmara Project and will outline a mining plan that integrates the four deposits being processed at a central concentrator near the large Emba Derho copper-zinc-gold-silver deposit. Furthermore, in order to achieve early cash flow and minimize initial capital costs the Study will include a staged start-up process over the first 3 years of the mine life. A positive prefeasibility study (“PFS”) for the Asmara Project was completed in May 2012.

Variations to the PFS – Staged Start Up

The Asmara Project Feasibility Study will have improvements over the PFS mining plan including a staged start-up as follows:

— Phase 1A: DSO production – Mine by open-pit, crush, ship and sell high-grade copper and gold material as “direct shipping ore” (“DSO”) material from the supergene copper zone at Debarwa over a 10 to 12 month period; this zone contains 116,000 tonnes at 16.0 % copper, 3.0 g/t gold, and 77.0 g/t silver;

— Phase 1B: Gold production – Gold heap-leach process plant at Emba Derho to recover gold and silver from the near surface ‘gold caps’ at Emba Derho and Debarwa as well as the gold-only Gupo deposit over a period of 36 to 48 months;

— Phase 2: Copper production – Mine and process 2.4 million tonnes of high-grade copper supergene ore (less the DSO zone) at a rate of 5,500 tonnes per day (2 million tonnes per year) from Debarwa and Emba Derho for 15 months at the same time as Phase 1B is in production; and

— Phase 3: Copper and zinc production – Mine and process primary copper and zinc ore at full production from Emba Derho, Debarwa and Adi Nefas at a rate of 11,000 tonnes per day (4 million tonnes per year) for 13 to 15 years.

The Asmara Project PFS showed that the mine would produce a total of 365,000 tonnes of copper, 812,000 tonnes of zinc, 415,000 ounces of gold and 11 million ounces of silver over an approximate 15 year mine life. The Emba Derho, Debarwa and Gupo deposits will be mined by open-pit methods and the Adi Nefas deposit by underground mining methods.

ENAMCO

Negotiations continue with the Eritrean National Mining Corporation (“ENAMCO”) for ENAMCO’s purchase of a 30% working interest in the Asmara Project. On completion of the purchase, ENAMCO will have a 10% carried interest and a 30% working interest and will be responsible for funding one-third of the costs of all operations conducted on the Asmara Project, which may include a portion of the Study.

About Sunridge

Sunridge currently has approximately 175 million shares outstanding and trades on the TSX Venture Exchange under the symbol SGC and the OTCQX marketplace under the symbol SGCNF. For additional information on the Company and its projects please view the slide show on the company website at www.sunridgegold.com or call Greg Davis at the numbers listed below.

Mr. Michael J. Hopley is the Qualified Person who approved the technical information contained in this news release.


        SUNRIDGE GOLD CORP.
        "Michael Hopley"    For further information contact:
        Michael Hopley, President and Chief Executive Officer                    Greg Davis, VP Business Development
                                                                                 Email: greg@sunridgegold.com
                                                                                 Tel: 604-688-1263 (direct)

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.

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 continue to be refined; possible variations in ore grade or recovery rates; accidents, labor disputes and other risks of the mining industry; delays in negotiating a shareholders’ agreement with ENAMCO and 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.

http://cts.businesswire.com/ct/CT?id=bwnews&sty=20130410005399r1&sid=cmtx4&distro=nx

SOURCE: Sunridge Gold Corp.

 


			

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19 COMMENTS
  • mashela April 11, 2013

    wawwwwww ama for the first time to read as such article on ur blog. i mean with out any poletical view

  • Hailu April 11, 2013

    ISAYAS AND MONKEY are running to dig out all mineral resources and gold before their time come to an end. Every Eritrean understands the rush for Gold by the ruling party for they know if change comes they will be asked “WHERE IS THE MONEY”.

    Many humble and innocent Eritreans feel this is for good of the country but is never, we have seen worst living conditions while millions of dollars is harvested from Bisha mining, the dictator is rushing at its capacity to exploit all the resources and collect as much foreign currency as possible.
    The struggle for democracy and change is approaching fast and the gold rush is also at its peak to avoid any delay from collecting the dollars from the mining companies.

    The other important things is the people of the villages like Emba derha,Adi Nefas and Weki dba they will not get a cent from this mining boom and they will not have any voice on their natural resources.

    What can we do then ?

    All Eritreans standing for justice must email and call the Sun ridge Gold Corp to cancel their agreement or they will face its dangerous consequences.

    The Sun ridge company should be told that any agreement made between them and the Isayas regime does not represent the Eritrean people and violates the basic rights of the villagers (The people of Emba derhao, Weki dba, Adi nfas, Bisha and others).The land owners should have been part of the agreement and they should get a fair share of the profit. The government policy about LAND IS OWNED BY THE GOVERNMENT is a snare tactic to conquer all mining areas and their resources and hence, people do not agree on this basic policy also. The mining companies must know that the land if the property of a respective village.

    Please all of us let’s email the company and express our concern about the agreement they are doing
    Here is their email:\

    Greg Davis, VP Business Development
    Email: greg@sunridgegold.com
    Tel: 604-688-1263 (direct)

    • Abdi April 12, 2013

      KKKKKKKK loser go shout infront of their HQ sahsah listro. Emba derho bele KKKKKKKK

    • OROMAI no hope ERITREA April 12, 2013

      Dear Hailu,

      Quote… ¨humble and innocent Eritreans¨……End of quote

      Although your recommendations are sound to people who truly care about their people…the one I quoted you…I am 50++++ Eritrean & I have to see..innocent & humble Eritreans. I wish you could name 5 Eritreans with such quality..I give you a year to come up with such..good luck..New borns do not apply.
      Hawka

  • kk April 11, 2013

    This is a bad news for Eritrea as a country loosing it is resources and for Eritreans prolong their struggle against the dictator. We have to stop this project from going ahead

    • OROMAI no hope ERITREA April 12, 2013

      KK ,

      Eritrea has been losing it´s most important natural resources for the last 50 years.It´s people fooled & obligated by bandits named Tegadelti.

  • Abdi April 12, 2013

    Lol what’s gone wrong the agame website is talking about Eritrea s development issue?were gana kitnbirkekha eikhin.
    BTW Qatar has convinced(bought) your agame master’s acceptance to demarcate the border as PIA wanted it.so i advise you to pack your gesso messo and leave Ethiopia before the exchange of esubat happens.

    • Stefen Temolso April 12, 2013

      What is this Abdi as his name a donkey or a monkey. A cvilized person does not Write like that!!

      • OROMAI no hope ERITRA April 12, 2013

        Stefen ,
        Our donkey from Eritrea was offended to be compared to Abdi…please apologize to him. Our donkey knows right from wrong ..currently he(our donkey) is teaching ¨how to dig trenches against Woyane & CIA invasion¨in Asmara non visible university…ones the donkey completes his sawa duty he will come to San diego were he will fit with the Eritrean community in Sandiego.MaHber deqi arbAA.

    • fithawi April 12, 2013

      bhaki “ABDI” … SHIM YIMERIH TIWAF YIBERIH!i

    • daniel April 14, 2013

      ABDI TEWELIJE ,ABDISAGA ,THE GOLD BELONGS TO ERITREAN PEOPLE NOT WEDI AFOM ,WHO IS GOING TO USE THE MONEY FOR HIS SECURITY and DEMHIT and OTHER REBEL GROUPS WHO HAS NO BENEFIT FOR THE COUNTRY EXCEPT HIMSELF AND HIS STUPID AGENDA.

  • ghezai April 12, 2013

    stefen T
    ABDL MESHREFET BELOO EMBER DONKEY MONKEY ARE MORE SMART THAN THIS GUY

  • oromay April 12, 2013

    Pfdj gangs are depleting natural and human resources aggressively more than ever at the time of their departure. Why are we volunteered to die in silence while the few are destroying us once and for all?

  • Tamrat Tamrat April 12, 2013

    Who is proffiting now? the west, ya! the dictators ya! and anybody who sells weapoen to Eritrea, ya. Who is the looser …….

    Were candians, Arabs or anybody who sells weapon to Eritrea better than Ethiopians? I dont think so.

    Last but not least, the other Groups are also in line to profit by arming the oppressed and depposing the old juntas to the west to enjoy their savings in the west banks. God knows when we break this horrible Vicious circle! How silly was then when in 1991 shabis and woyanes dancing for fulfilling the endless Vicious cicle. A good deal of eri-scholars came and tried to break this idiocy, but isayas and his followers (even a good deal of laymenn too) loughed at the by saying where the hell have you been when we sacrificed Our lives?

    If we see Our selves deeply then this non ending journy is what inhibiting us from over throwing these dictators organizations because subconsiously we have no guarantee who is comming. We want change but at least not by sacrificing Our dear life.

  • OROMAI no hope ERITRA April 12, 2013

    Please take note ..I am not the one commenting under the nick name ¨OROMAY¨.

    thanks

    • Massawa April 14, 2013

      First of all give back the name oromay to the real Eritrean and get lost this isn’t your business. Your name followed by …..no hope for Eritrea You r not one of us.

  • OROMAI no hope ,ERITRA April 13, 2013

    South Africa, Nigeria, Angola, Ghana, and Ethiopia all have economies that are growing at a brisk pace. But their future depends on how they invest that money, writes Matthew Hawkins……..puts the MONITOR AFRICA…

    Well Eritrea is also number one in digging trenches & producing the highest refugees in the world .What is your point ???

  • OROMAI no hope ,ERITRA April 13, 2013

    South Africa, Nigeria, Angola, Ghana, and Ethiopia all have economies that are growing at a brisk pace. But their future depends on how they invest that money, writes Matthew Hawkins……..puts the MONITOR AFRICA…

    Well Eritrea is also number one in digging trenches & producing the highest refugees in the world .What is your point ???right ???

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