http://www.24hgold.com/english/news-company-gold-silver-letter-highlights-sunridge-gold-march-2015.aspx?articleid=1331821
Wednesday, March 11, 2015
Gold Newsletter Highlights Sunridge Gold, March 2015
Sunridge Gold (SGC.V; SGCNF.PK; C$0.13) announced that shareholders and directors have approved a $32 million exploration and development budget for the Asmara Mining Share Company ("AMSC") to apply to its Asmara project in Eritrea.
AMSC, which is owned 60% by Sunridge and 40% by the Eritrean National Mining Company ("Enamco"), will spend $18 million on trucks and other equipment for open-pit mining on the Debarwa deposit. Ore from this high-grade gold and copper deposit will be fed as direct shipping ore to a nearby smelter. Discussions are underway to cobble together the financing to get the Phase 1A mining project at Asmara completed.
In Q2 2015, AMSC expects to receive a mining license and a mining agreement from the Eritrean Ministry of Energy and Mines and other regulators. By Q3 2015, Sunridge plans to have finalized financing for the project, hired key personnel and begun procurement and mobilization of equipment. Mining operations should commence in Q4 2015, with direct shipping ore extracted and shipped by Q2 2016.
It's this kind of aggressiveness that underpinned my initial recommendation of Sunridge last year. This is a company that is not wasting any time getting the first part of its district-scale Asmara project into production. The upside here is significant, and the company's share price is essentially on sale at current levels. It's another buy.
To read Brien Lundin's latest coverage on Sunridge Gold's website,
click here
http://www.sunridgegold.com/i/pdf/media/Sunridge-march2015.pdf
Received on Wed Mar 11 2015 - 11:31:28 EDT