Sunridge Gold
Sunridge Gold Corp. (SGC/TSX.V) (”Sunridge”) is pleased to announce that the Eritrean government has granted Sunridge extensions to two of its exploration licenses that make up the Asmara Project, Eritrea.
These extensions have increased the overall size of the Asmara Project by approximately sixty percent, from 665 square kilometres to 1062.5 square kilometers.
As can be seen on the map attached to this release the extensions expand the Sunridge exploration licenses five kilometres to the west and five kilometres to the east which covers areas where Sunridge staff believes are continuations of both volcanogenic-massive-sulphide (VMS) and shear zone gold mineralized trends. It is estimated that approximately 153 square kilometers of the new ground are within the area of interest of the Exploration Areas of the October 2, 2009 exploration and funding agreement with Antofagasta Minerals S.A. (”Antofagasta”).
Antofagasta can fund US$10,000,000 of exploration work over a 5-year period to earn a 60% interest in the Exploration Areas of the Asmara Project. The Antofagasta area of interest excludes the current existing Development Areas including the Emba Derho, Debarwa, Adi Nefas and Gupo Gold deposits.
Reconnaissance work on these new extensions will commence later this month.
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 has approximately 76 million shares outstanding and approximately $8.0 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 Don Halliday or Greg Davis at the numbers listed below.
Sunridge Gold Press Release PDF & MAP
SUNRIDGE GOLD CORP. “Michael Hopley” Michael Hopley, President and Chief Executive Officer For further information contact: Don Halliday, Executive Vice President Email: donh@sunridgegold.com Tel: 604-899-1505 (direct) 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 press release contains forward-looking statements about the Company and its business. Forward looking statements are statements that are not historical facts and include resource estimates. The forward-looking statements in this press release are subject to various risks, uncertainties and other factors that could cause the Company’s actual results or achievements to differ materially from those expressed in or implied by forward looking statements. These risks, uncertainties and other factors include, without limitation risks related to fluctuations in gold prices; uncertainties related to raising sufficient financing to fund the planned work in a timely manner and on acceptable terms; changes in planned work resulting from weather, logistical, technical or other factors; the possibility that results of work will not fulfill expectations and realize the perceived potential of the Company’s properties; uncertainties involved in the interpretation of drilling results and other tests and the estimation of gold resources; the possibility that required permits may not be obtained on a timely manner or at all; the possibility that capital and operating costs may be higher than currently estimated and may preclude commercial development or render operations uneconomic; the possibility that the estimated recovery rates may not be achieved; risk of accidents, equipment breakdowns and labor disputes or other unanticipated difficulties or interruptions; the possibility of cost overruns or unanticipated expenses in the work program; and other factors identified in the Company’s filings with Canadian securities regulatory authorities. Forward-looking statements are based on the beliefs, opinions and expectations of the Company’s management at the time they are made, and other than as required by applicable securities laws, the Company does not assume any obligation to update its forward-looking statements if those beliefs, opinions or expectations, or other circumstances, should change.
Related posts:
- Sunridge Gold Has A Promising Flagship Development Project In Eritrea, And A Weighty Partner To Help It Work Over The Rest Of Its Ground
- Sunridge Gold Drill Results 2009
- Sunridge Gold Appoints New Director and Provides Update on Antofagasta Asmara Project Joint-Venture Exploration Program
- Sunridge Gold Begins New Drill Programme in Eritrea
- Sunridge Gold Announces US$10,000,000 Exploration Funding and Alliance With Antofagasta Minerals S.A. for Eritrea Project
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Asmara
24°
Cairo
15°