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Sunridge
Gold Corp. (TSX-V:SGC - News) is pleased to provide
an update on the current drilling program being conducted at the Asmara
Project, Eritrea. Two diamond drills have recently completed the first 35
diamond drill holes as part of definition drilling at the high-grade
copper-gold-zinc Debarwa VMS (volcanogenic massive sulphide) deposit. Most holes drilled so far have
intersected strong VMS-style mineralization from the copper-enriched
supergene zone as well as the primary copper and zinc zones. It is expected
that assays from this drilling will be received by Sunridge
in early February.
These
first 35 holes were drilled at the northern and middle sections of the
deposit for a total of 4,640 metres as part of the
recently commenced feasibility study at Debarwa.
The drill program focused on further defining the potential "Direct
Shipping Ore" zone (a zone of +15% copper within the copper-enriched
supergene zone and referred to as the "DSO" zone) as well as
seeking extensions to the south and to the east, to extend the primary zone
in depth in the Main Zone, to capture structural data from the oriented core
and to gather more samples for ongoing metallurgical test work. The program
has about 1,400 metres remaining to drill, mainly
in the Debarwa South zone.
A
third drill will join the two existing drills at Debarwa
in January to initially drill wells for the ongoing hydrological studies,
part of the feasibility study, and then to move onto Sunridge's
near-surface gold targets at the Emba Derho and Gupo deposits as well
as the Medrizien gold target located in the
northern part of the Asmara Project.
The
Debarwa Feasibility Study
The
Debarwa feasibility study will consider a
standalone process plant using flotation for the recovery of the base and
precious metals and will study various mining options over a forecast life of
mine of approximately 9 years. The study will further investigate a direct shipping
option of the DSO zone to generate early cash flow and enhance economics of
the deposit. The completion of the feasibility study is expected in the third
quarter of 2011.
Michael
J. Hopley, the President and Chief Executive
Officer of Sunridge, is the Qualified Person for Sunridge and he is the person responsible for preparation
of the technical information contained in this news release.
ABOUT
SUNRIDGE:
Sunridge
is a mineral exploration and development company focused on the acquisition,
exploration, discovery and development of base and precious metal projects on
the Asmara Project in Eritrea and exploration properties in Madagascar. Sunridge currently has approximately 117 million shares
outstanding and approximately $25 million in cash. Sunridge
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 Don Halliday or Greg Davis at the numbers
listed below.
SUNRIDGE
GOLD CORP.
Michael
Hopley, President and Chief Executive Officer
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
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 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.
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.
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