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

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

Business Wire

VANCOUVER, British Columbia -- April 10, 2013

Sunridge Gold Corp. (the “Company”) (SGC:TSX.V/SGCNF:OTCQX) 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        Greg Davis, VP Business Development
Executive Officer
                                           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.

Contact:

Sunridge Gold Corp.
Greg Davis, 604-688-1263
VP Business Development
greg@sunridgegold.com
 
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