Enamco Intends to Acquire 30% Of Sunridge's Asmara Project, Eritrea
Mon Aug 20, 2012
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Sunridge Gold Corp. (the "Company" or "Sunridge") (SGC:TSX.V/SGCNF:OTCQX)
is pleased to announce that the Eritrean government through the Eritrean
National Mining Corporation ("ENAMCO") has informed the Company that ENAMCO
intends to acquire a 30% paid participating interest in the Company's Asmara
Project in Eritrea. This 30% interest is in addition to ENAMCO's existing
right to receive a 10% non-assessable interest that will be carried to
production by the participating partners. The terms of the acquisition of
the participating interest by ENAMCO have not yet been established and will
be determined by negotiation.
Michael Hopley, President and CEO of Sunridge commented, "We are very
pleased that ENAMCO has made the early decision to purchase a participating
interest and become our partner to bring the Asmara Project into production.
This kind of support from the government, for the development of what will
be the largest mine in Eritrea, is a major validation of the project and
will certainly help with completion of the next steps towards production --
completion of the feasibility study, mine permitting and construction
financing. We look forward to working with ENAMCO to bring the Asmara
Project into production as soon as possible for the mutual benefit of
Sunridge and the people of Eritrea".
The Asmara Project consists of four mineral deposits, the Emba Derho,
Debarwa and Adi Nefas copper-zinc-gold and silver deposits and the Gupo gold
deposit all located within 40 kilometres of the capital city of Asmara. The
results of a preliminary feasibility study (the "Study") that considered all
deposits being processed at a central mill was announced on May 2, 2012. The
Study showed production from the Asmara Project of 365,000 tonnes of copper,
812,000 tonnes of zinc, 415,000 ounces of gold and 11 million ounces of
silver over a 15.25 year mine life. The Study also demonstrated a pre-tax
net present value of $555 million at a 10% discount rate and an estimated
initial capital cost of $489 million. Sunridge is currently completing a
feasibility study on the Asmara Project which is planned for completion in
2013, subject to financing. Application for a mining license and permitting
will follow the completion of the feasibility study and the social and
environmental impact assessment study.
Mr. Hopley is the Qualified Person who approved the technical information
contained in this news release.
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Sunridge Gold Private Placement Update
Fri Aug 17, 2012
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Sunridge Gold Corp. (SGC:TSX.V/SGCNF:OTCQX) (the "Company") reports that it
will not be closing a second tranche of the non-brokered private placement
with Shanghai Richstone Investment Group Ltd. ("Richstone"), the terms of
which were outlined in the Company's news release dated June 7, 2012. On
July 5, 2012, the Company reported that the first tranche of the placement
was closed and that 5,405,405 common shares and 864,864 common share
purchase warrants were issued to raise gross proceeds of $2,000,000.
Pursuant to the terms of the subscription agreement between the Company and
Richstone, the second and final tranche of the private placement was to
close by July 20, 2012. Richstone advised that it was not able to obtain the
necessary approval for the placement from the State Administration of
Foreign Exchange of the People's Republic of China by July 20, 2012.
Sunridge initially provided a notice to Richstone stating that Sunridge
would not seek the approval of the TSX Venture Exchange (the "TSXV") for an
extended deadline, and subsequently rescinded such notice after discussions
with Richstone. Sunridge proceeded to obtain the approval of the TSXV for an
extended closing deadline of August 15, 2012 and notified Richstone of this.
Richstone did not provide the remainder of the private placement funds by
the August 15, 2012 deadline.
Sunridge is currently examining other financing options to fund the
completion of the feasibility study on the Asmara Project.
Received on Tue Aug 21 2012 - 00:41:22 EDT
