FSC / Press Release
Sunridge Gold Announces Start of Debt Financing Due Diligence Review of Asmara
Vancouver, British Columbia CANADA, June 10, 2013 /FSC/ - Sunridge Gold Corp.
(SGC - TSX Venture, SGCNF - OTCQX), is pleased to announce that the
international mining industry consulting company Micon International Limited
("Micon") has been selected to complete an independent "due diligence" review
of the Asmara Project, Eritrea on behalf of the potential financing providers to
the project. Endeavour Financial Limited (Cayman) ("Endeavour") will lead this
process until the lender group is formed. Endeavour provides financial
consulting services to Sunridge with respect to debt financing requirements for
the Asmara Project and they have unique experience in Eritrea having previously
advised Nevsun Resources Limited. Micon's review will cover all aspects of the
project including mineral Resources/Reserves, metallurgy, processing plant and
infrastructure, mine design, economic analysis, and environmental and social
engagement programs. Micon's team has already been to the site and will conduct
its review of the feasibility study during the third quarter of this year.
"Micon's due diligence review of the Asmara Project for the banks is an
important step towards being able to debt finance the Asmara Mine into
production" says Michael Hopley, President and CEO.
Sunridge recently announced the completion and positive results of an
independent feasibility study by lead engineer SENET (Pty) Ltd. on the Asmara
Project. The study demonstrates that the mining of all four advanced deposits
that make up the Asmara Project (Emba Derho, Adi Nefas, Gupo Gold and Debarwa)
and processing of the ore near the large Emba Derho deposit is economically
robust with a Net Present Value ("NPV") of $692 million (at 10% discount rate).
The study outlines a three-phase staged start-up mining plan which would
initiate production in 2015 starting with a gold cap and moving into high grade
copper then zinc. This staged approach allows for earlier cash-flow and,
combined with capital cost reductions, reduces the initial capital requirements
to be financed by over $130 million when compared to the prefeasibility study
which was published in May 2012.
The Asmara feasibility study results were reviewed by SENET under the direction
of Study Manager, David Chambers, an Independent Qualified Person within the
meaning of NI 43-101.
Michael Hopley, President and CEO of Sunridge Gold Corp. is the Company's
Qualified Person responsible for the contents of this press release and has
reviewed the information in the release and confirmed that it is consistent with
that provided by the independent Qualified Person responsible for the Study.
Sunridge is a mineral exploration and development company focused on the
acquisition, exploration, discovery and development of base and precious metal
deposits on the Asmara Project in Eritrea and exploration properties in
Madagascar. Sunridge currently has approximately 175 million shares outstanding
and trades on the TSX Venture Exchange under the symbol SGC. For additional
information on the Company and its projects please view the slide show on our
website at www.sunridgegold.com or call Greg Davis at the numbers listed below.
SUNRIDGE GOLD CORP.
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 the press release as a PDF file, please click on the following link:
Source: Sunridge Gold Corp. (TSX-V SGC) http://www.sunridgegold.com
Maximum News Dissemination by FSCwire. http://www.fscwire.com
Provider ID: 00021755
-0- Jun/10/2013 11:05 GMT
Press spacebar to pause and continue. Press esc to stop.