Monday, October 19, 2015
Sunridge Gold Announces Receipt of
Mining Licenses for Asmara Project
Sunridge Gold Corp. (the "Company" or "Sunridge") (SGC:
TSX.V/SGCNF: OTCQX) is pleased to announce that the Eritrean
Ministry of Energy and Mines has awarded three mining licenses to
the Asmara Mining Share Company ("AMSC"), a joint-venture company of
which Sunridge owns 60% and the Eritrean National Mining Corporation
owns 40%. These licenses cover a total area of 19.3 square km and
cover the four advanced projects (Emba Derho, Adi Nefas, Gupo Gold
and Debarwa) on the Asmara copper-zinc-gold project that were
included in a feasibility study completed by Sunridge in May 2013.
An additional 83.12 square km of exploration licenses will be
retained by AMSC which include the Adi Rassi copper-gold deposit and
the Kodadu gold deposit. See map accompanying this news release.
The award of the mining licenses follows the signing of a mining
agreement between AMSC and the Minister of Energy and Mines, His
Excellency, General Sebhat Ephrem, representing the State of Eritrea
on September 11, 2015 (see Sunridge news release dated September 11,
2015).
"The acquisition of the mining licenses is another
important step forward for AMSC and Sunridge and we are grateful for
the continued support of the Government of Eritrea" said Sunridge
President and CEO Michael Hopley, "We now remain focused on our
plans to finalize financing arrangements for Phase 1A - the mining
and shipping the high-grade copper and gold direct shipping ore from
Debarwa".
In Phase 1A, which is expected to start commercial
production in Q3 of 2016 the high-grade copper direct shipping ore
("DSO") will be mined from the Debarwa deposit by open-pit methods,
crushed and loaded into containers and transported 140 km to the
port facility at Massawa for shipping and sale to a smelter.
SUNRIDGE GOLD CORP.
"Michael Hopley"
Michael Hopley, President and Chief
Executive Officer
For further information contact:
Greg Davis, VP
Business Development
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.
Forward looking statements may include the timing and success of
financing the DSO capital cost and commencing development within six
months of the Mining Licenses being granted. Risk and uncertain
factors include, among others: the actual results of current
exploration activities; conclusions of economic evaluations; changes
in project parameters as plans to continue to be refined; possible
variations in ore grade or recovery rates; accidents, labour
disputes and other risks of the mining industry; delays in obtaining
governmental approvals, a mining license, or debt financing,
uncertainties in negotiating commercial arrangements with government
entities; 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.
View News Release in PDF Format
You can also view this News Release on our website at:
http://www.sunridgegold.com/s/PressReleases.asp?ReportID=726467 |
