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Sunridge Gold Corp. (TSX-V:SGC - News) is pleased to provide
an update on the commencement of feasibility work at the high grade Debarwa copper-gold-zinc VMS Deposit and plans for
exploration and definition drilling on other targets on the Asmara Project,
Eritrea.
DEBARWA FEASIBILITY STUDY:
As announced on October 21, 2010 Sunridge has appointed the engineering company Senet (Pty) Ltd to complete a full feasibility study on
the Debarwa deposit.
As part of the ongoing feasibility study
work for the Debarwa deposit a 4,000 meter diamond
drill program has commenced to define in greater detail some parts of the
deposit. The results of this drilling will be used for an updated resource
estimate to be completed in the first quarter of 2011 as part of the
feasibility study. Two additional drills are scheduled to arrive at Debarwa within the next ten days and will be used for
gathering geotechnical and hydrological study data for the feasibility study
before moving to other targets for exploration drilling.
The initial Debarwa
feasibility study meeting was held in Asmara last week with representatives
from the various companies involved in the study including Senet, AMC Consultants, Knight Piesold
and Blue Coast Metallurgy to discuss many aspects of the feasibility study
including tailings facility design, water and hydrological studies,
metallurgy, geological modeling and resource estimates as well as ongoing
baseline environmental studies and social engagement programs.
The feasibility study will consider a
standalone process plant at Debarwa 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 also investigate the option of mining and direct shipping a high
grade portion (greater than 15% copper) of the enriched copper supergene zone
to generate early cash flow and enhance the economics of the deposit. The
completion of this report is expected in the third quarter of 2011.
EXPLORATION PROGRAMS:
Following completion of the drill
program at Debarwa, two drill rigs will be
mobilized to the Adi Nefas,
Gupo Gold and Medrizien
Projects. Drilling at Adi Nefas
and Gupo will focus on both resource definition and
expansion while drilling at Medrizien will test a
large gold bearing zone with the potential for a new discovery.
The gold mineralization in the Medrizien Gold prospect varies in thickness from a few
meters up to 25 meters over a 3 1/2 kilometer strike length and occurs in a stockwork of quartz veins associated with sulphides. A total of 65 rock grab samples were taken
over the length of the prospect of which 57 samples were from the surface
showing of mineralized quartz veins and altered halo of volcanic rocks. The
results showed 10 samples with assays over 1 g/t gold with these sample
values averaging 12.13 g/t gold. The 8 rock samples taken from the old
underground workings range from 0.14 g/t up to a value of 319 g/t with an
average of 51.32 g/t gold.
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 exploration, discovery and development of
base and precious metal projects on the Asmara Project in Eritrea and
exploration properties in Madagascar. Sunridge has
117 million shares outstanding with approximately $28 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 news release.
Contact:
Contacts:
Sunridge Gold Corp.
Don Halliday
Executive Vice President
604-899-1505 (direct)
donh@sunridgegold.com
Sunridge Gold Corp.
Greg Davis
VP Business Development
604-688-1263 (direct)
greg@sunridgegold.com
www.sunridgegold.com
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