Eritrean business news: Sunridge Gold Corp. (SGC:TSX.V/SGCNF:OTCQX) has filed a National Instrument 43-101 compliant technical report regarding the initial mineral resource estimate for the near surface oxide gold cap (gossan), which is part of the Kodadu volcanogenic-massive-sulphide (“VMS”) target, located on the Asmara project, Eritrea.
As announced on May 23, 2013, the highlights of the estimate were:
- Inferred Mineral Resource of 990,000 tonnes with an average grade of 1.24 g/t gold & 1.6 g/t silver
- Contained metal = 39,000 ounces of gold & 51,000 ounces of silver in the near surface oxide
- Less than 25 km from planned central operating facility near the Emba Derho deposit
- Initial metallurgical results show gold can be recovered by heap-leachin
- The resources area is open for expansion
- Further expansion drilling planned in 2013
Kodadu is the sixth mineral resource defined by Sunridge on the Asmara Project. On May 16, 2013, Sunridge announced the results of a feasibility study on four of the other deposits (Adi Nefas, Emba Derho, Gupo and Debarwa) that concluded that the optimum economic scenario is to construct a single centralized processing plant near the Emba Derho deposit. This plant will include a gold heap-leaching facility where it is possible that mineralized material from Kodadu could be processed. Initial metallurgical results from ongoing testwork suggest that gold can be successfully recovered from the mineralized material at Kodadu by standard heap-leaching methods.
The report is titled “The Kodadu Deposit” prepared by Fladgate Exploration Consulting Corporation with an effective date of June 21, 2013.
Mr. Michael J. Hopley is the Qualified Person who approved the technical information contained in this news release.
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.