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From: B-Haile (eritrea.lave@comhem.se)
Date: Wed Dec 01 2010 - 16:47:19 EST
Proactive Investors
Wednesday, December 01, 2010
Sunridge Gold up 7% on start of 4,000m drill program at Debarwa project in Eritrea
Sunridge Gold (TSX-V: SGC) said Wednesday that a 4,000 metre diamond drill program has begun at the Debarwa copper-gold-zinc VMS deposit in Eritrea, northeast Africa, as part of the company's ongoing feasibility work on the project.
The company said the results of the drilling will be used for an updated resource estimate, expected to be completed in the first quarter of 2011. The feasibility study, which will examine various mining options over a forecast 9-year mine life, is anticipated to be ready by the third quarter of next year.
Two additional drills are scheduled to arrive at Debarwa within the next ten days, which will be used for gathering geotechnical and hydrological study data for the feasibility report, before moving to other targets for exploration drilling, Sunridge added.
The feasibility study will be based on a standalone process plant at Debarwa, using flotation for the recovery of the base and precious metals. The report will also investigate the option of mining and direct shipping a high grade portion (greater than 15% copper) of the enriched copper supergene zone to generate early cash flow.
Once the drill program at Debarwa is complete, two drill rigs will be mobilized to the Adi Nefas, Gupo Gold and Medrizien targets for resource definition and expansion drilling.
Sunridge, with $28 million of cash in the bank, explores and develops base and precious metal projects in Eritrea and Madagascar. The company jumped 7.2% on Wednesday to trade at $1.34 as of 2:11pm EST.
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