SUNRIDGE GOLD FILES TECHNICAL REPORT FOR EMBA DERHO RESOURCE, ASMARA PROJECT, ERITREA
Mar 20, 2012
OTC Disclosure News Service
Vancouver, BC, Canada –
Sunridge Gold Corp. (SGC:TSX.V/SGCNF:OTCQX) has today filed a National Instrument 43-101 compliant technical report regarding the new resource estimate for the Emba Derho volcanogenic massive sulphide (VMS) deposit on the Company’s 100% owned Asmara Project, Eritrea as announced on February 6, 2012. This new resource was completed by Snowden Mining Industry Consultants Inc. (“Snowden”) as part of its ongoing prefeasibility study on the Asmara North Deposits which include Emba Derho, the Adi Nefas zinc-gold-copper VMS deposit and the Gupo gold deposit. The prefeasibility study is being conducted by Snowden and GBM Minerals Engineering Consultants Ltd. and is scheduled for completion in April 2012.
The report titled “Mineral Resource Estimate Update, Emba Derho Deposit, Eritrea” with an effective date of February 6, 2012.
The highlights of the resource estimated as announced on February 6, 2012 are:
· Measured and Indicated resources are 70.0 million tonnes. In addition there are 15 million tonnes in the Inferred category
· Copper-rich zone: 49.8 million tonnes at an average grade of 0.83% copper and 0.93% zinc
· Zinc-rich zone: 16.8 million tonnes at an average grade of 2.80% zinc and 0.31 g/t gold
· Total contained metals in the Measured and Indicated categories are estimated as:
o 1.00 billion pounds of copper
o 2.1 billion pounds of zinc
o 506,000 ounces of gold
o 18.6 million ounces of silver.
Because of the exceptionally clean metallurgy and amenable shape of the deposit for open-pit mining, it is expected that most of these resources will be converted to reserves with the completion of the pre-feasibility study next month.
Michael Hopley, President and CEO of Sunridge Gold Corp. is the Qualified Person responsible for the contents of this press release and has reviewed the information in the release and confirmed that it is consistent with that provided by the independent Qualified Person responsible for the resource estimate, Andrew F. Ross of Snowden.
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 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.
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, labor 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.
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