FSC / Press Release
Sunridge Gold's Asmara Project, Eritrea - Feasibility Study on Schedule
Vancouver, British Columbia CANADA, April 10, 2013 /FSC/ - Sunridge Gold Corp.
(the "Company") (SGC - TSX Venture, 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.
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
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"
Michael Hopley, President and Chief Executive Officer
For further information contact:
Greg Davis, VP Business Development
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.
To view this press release as a PDF file, please click on the following link:
Source: Sunridge Gold Corp. (TSX-V SGC) http://www.sunridgegold.com
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-0- Apr/10/2013 11:00 GMT
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