Sunridge Gold Files Technical Report for Asmara North Preliminary Feasibility Study, Eritrea
Sunridge Gold Corp. (SGC:TSX.V/SGCNF:OTCQX) has today filed a National
Instrument 43-101 compliant technical report regarding the preliminary
feasibility study (the 'Study?) for the zinc-gold-copper volcanogenic
massive sulphide (VMS) deposits on the Company′s 100% owned Asmara
Project, Eritrea as announced on May 2, 2012.
The Study concluded that operating all four deposits of the Asmara
Project (Emba Derho, Adi Nefas, Gupo Gold and Debarwa) as an integrated
operation with ore being processed at a single central mill is
technically feasible and is the optimum economic situation and
recommends that the project be advanced to a feasibility study.
Base Case Highlights:
- Net Present Value ('NPV?) of $555 million at a 10% discount
(pre-tax base case) (NPV @ 0% discount - $1,642 million) - Internal rate of return (IRR) - 27%
- Payback - 3.5 years
- Base Case metal prices used - US$3.28/lb copper, US$0.99/lb zinc,
US$1,111/oz gold, US$21.00/oz silver - Initial capital cost estimate - $489 million including a
contingency and owners costs - On site operating costs - $25.78 per tonne average through life of
mine - Average annual metal production -
- 56.9 million pounds (25,900 tonnes) of copper
- 136.0 million pounds (61,800 tonnes) of zinc
- 26,000 ounce of gold
- 695,000 ounces of silver
- Total metal production ?
- 804 million pounds (365,000 tonnes) of copper
- 1.789 million pounds (812,000 tonnes) of zinc
- 415,000 ounces of gold
- 11 million ounces of silver
- Life of Mine ? 15.25 years
The report is titled 'Asmara North Preliminary Feasibility Study? with
an effective date of May 1, 2012.
Qualified Person
Michael Hopley, President and CEO of Sunridge Gold Corp. is the
Company′s 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
Persons responsible for the Study.
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 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.
SUNRIDGE GOLD CORP.
'Michael Hopley?
Michael Hopley, President and Chief Executive Officer
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.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.
Sunridge Gold Corp.
Greg Davis, 604-688-1263 (direct)
VP
Business Development
greg@sunridgegold.com
