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Sunridge
Gold Corp. (TSX-V:SGC - News) is pleased to announce
that it has engaged Snowden Mining Industry Consultants
Inc.("Snowden") and GBM Minerals Engineering Consultants Ltd.
("GBM") to conduct a prefeasibility study on its combined Emba Derho, Adi
Nefas and Gupo
copper-zinc-gold deposits, now called the Asmara North deposits in Eritrea.
Snowden, based in Vancouver, Canada is an internationally respected leader in
resource estimation and mine design. Snowden will manage the study assisted
by GBM with their engineering design expertise in process plant and
infrastructure of mining projects. Their experience will be complemented by
Knight Piesold Ltd. ("KP") for tailings
facility design and waste management.
The
prefeasibility study will consider a centralized process plant using
flotation for the recovery of the base metals and will study various mining
options over a forecast life of mine of between 10 and 14 years. The study
will further investigate process options for the development of a gold
recovery plant to process gold mineralized material from the "gold
cap" at the Emba Derho
deposit, the nearby Gupo gold deposit and other
possible nearby surface zones of gold mineralization to enhance economics of
the deposits. The completion of this report is expected in the fourth quarter
of 2011.
Scott
Ansell, VP Projects for Sunridge, stated that,
"The Snowden-GBM-Knight Piesold team bring strong mine and process design experience for
completion of a successful prefeasibility study. This prefeasibility study
will provide the direction of development of the Asmara North deposits to
production."
The
Asmara North Deposits
The
Asmara North deposits are made up of three distinct deposits (full resource
tables below):
-- Emba Derho VMS deposit
is a large surface minable 62 million tonne
copper-zinc-gold
volcanogenic massive sulphide (VMS) deposit that
was
the subject of a
positive scoping study by Wardrop Engineering (UK)
in
2009.
-- The Adi Nefas deposit located
approximately 6 kilometers away from Emba
Derho
is a much smaller but higher grade zinc-gold-copper VMS deposit.
-- The Gupo gold deposit is approximately 8 kilometers from Emba Derho and
is a near-surface
structurally controlled gold deposit that was mined
during the Italian
colonial period.
The
Debarwa Deposit Option
The
Debarwa deposit is located close to paved road
access just 45 minutes drive from the Asmara North
deposits. This high-grade copper-gold-zinc VMS deposit is currently in feasibility
study. The prefeasibility study to be conducted by Snowden and GBM will
examine options to transport ore from Debarwa to a
central process plant facility located at the Asmara North project.
Resource
Tables
Emba Derho: The September
10, 2008 Wardrop Engineering Inc. Indicated
resource estimates for Emba Derho
are summarized as follows:
---------------------------------------------------------------------
Cut-off Million
Gold Silver
Zone
grade Tonnes Copper % Zinc % g/t g/t
---------------------------------------------------------------------
Gold Oxide 0.2 g/t
Au 3.51 0.06 0.04 0.84 5.14
---------------------------------------------------------------------
Copper-rich
0.5% Cu 38.425 1.02 0.99 0.18 9.31
Primary
---------------------------------------------------------------------
Zinc-rich
1.0% Zn 20.545 0.28 2.35 0.39 12.13
Primary
---------------------------------------------------------------------
Adi Nefas: The January
21, 2008 MSA Geoservices (Pty) Ltd. resource
estimates for Adi Nefas
are summarized as follows:
---------------------------------------------------------------------
Adi Nefas - Indicated
Resources
---------------------------------------------------------------------
Zone
Cut Off K-tonnes
Au g/t Ag g/t Cu% Zn%
---------------------------------------------------------------------
Primary
2% Zn
2,727
2.85
99.30
1.39
8.38
---------------------------------------------------------------------
Gupo Gold: April 27, 2004, Blackburn and Chisholm
----------------------------------------------------
Gupo Gold - Inferred Resources
----------------------------------------------------
Tonnes Average Gold
Grade g/t Ounces of
Gold
----------------------------------------------------
1,965,000
2.99
189,000
----------------------------------------------------
Debarwa: The January 21, 2008 MSA Geoservices (Pty) Ltd. Indicated resource
estimates for Debarwa are summarized as follows:
-------------------------------------------------------------------------
Debarwa - Indicated Resources
-------------------------------------------------------------------------
Zone
Cut Off K-tonnes
Au g/t Ag g/t Cu% Zn%
-------------------------------------------------------------------------
Oxide+Transition 0.5 g/t Au 2,442 1.71 13.79 0.12 0.09
-------------------------------------------------------------------------
Supergene
1% Cu
1,336
1.54
33.87
5.36 0.08
-------------------------------------------------------------------------
Primary
1%
Cu
699 0.87 22.31 2.53 3.23
-------------------------------------------------------------------------
Totals
4,478
-------------------------------------------------------------------------
Total Contained Metals: The total contained metal in NI43-101
"Indicated"
category is as follows.
Asmara Project -- Total Contained Metal in Indicated Resources
----------------------------------------------------------------
Deposit
M lbs Cu M lbs Zn K oz Au M oz Ag
----------------------------------------------------------------
Emba Derho
993
1902
580
20.1
----------------------------------------------------------------
Debarwa
203.6
57.0
219.8
3.0
----------------------------------------------------------------
Adi Nefas
83.7
503.6
250.0
8.7
----------------------------------------------------------------
Totals
1,280.3
2,462.6
1,049.8
31.8
----------------------------------------------------------------
Note: Contained metal estimates are rounded and remain subject to factors
such as mining dilution and process recovery losses.
Qualified
Person
Michael
J. Hopley, President and Chief Executive Officer of
Sunridge is the Qualified
Person for Sunridge and 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 116 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 visit our website at www.sunridgegold.com
or call Greg Davis at the numbers listed below. All of the above mentioned
technical reports are filed on the Company's profile at www.sedar.com.
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.
Contact:
Contacts:
Sunridge Gold Corp.
Greg Davis
VP Business Development
604-688-1263 (direct)
greg@sunridgegold.com
Sunridge Gold Corp.
Don Halliday
604-899-1505 (direct)
donh@sunridgegold.com
www.sunridgegold.com
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