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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.

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