2013-12-19 13:06:00 -
Vancouver, British Columbia CANADA, December 19, 2013 /FSC/ - Sunridge Gold Corp. (SGC:TSX.V/SGCNF:OTCQX),is pleased to announce that the summary of the Social and Environmental Impact Assessment (SEIA) report for the Company's Asmara Project located in Eritrea has been submitted to the Ministry of Energy and Mines. This begins the permitting process for application of the mining license for the Asmara Project which is expected to take nine to twelve months. In addition, other related documents such as the full SEIA appendices and the draft Social and Environmental Management Plan (SEMP) will be submitted to the Ministry in January and February 2014, respectively. The SEIA document was prepared by the international consulting firm Knight Piesold Ltd. with input from a variety
of international and national environmental and social specialist companies as well as Sunridge social and environmental staff.
The Company is also pleased to announce the employment of Mr. Chris Attwood, Operations Manager for the Asmara Project. Mr. Attwood is a mining engineer with over 10 years of experience the last 2 of which was as Mine Manager at the Bisha Mine, Eritrea. He will manage the mine operational activities as the project advances into construction and operations.
The Asmara Project feasibility study (the "Study") was completed May 2013 and demonstrated that the mining of four of the six deposits that make up the Asmara Project (Emba Derho, Adi Nefas, Gupo Gold and Debarwa) and processing of the ore at a central location near the large Emba Derho deposit is economically robust with a net present value of $692 million (using a 10% discount rate) and with an internal rate of return of 34%. The Study outlines a three-phase start-up mining operation which would initiate production in 2015 starting with high-grade copper and gold direct shipping ore production from the Debarwa deposit and heap-leaching of near surface gold, followed by supergene copper production, then zinc and copper at a full production rate of 4 million tonnes per year.
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. Sunridge currently has approximately 210 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 number listed below.
SUNRIDGE GOLD CORP.
Michael Hopley, President and Chief Executive Officer
For further information contact:
Greg Davis, VP Business Development
Tel: 604-688-1263 (direct)
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 any application for a mining license or of debt financing, completion of negotiations with ENAMCO, and the likelihood of receiving acquisition proposals. 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.
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Source: Sunridge Gold Corp. (TSX-V SGC) www.sunridgegold.com
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