This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Sunridge Reports Feasibility Study For Asmara Project, Eritrea On Schedule For Completion Q2 2013; Focus On Early Cash Flow And Lower Initial Capital Costs

Sunridge Gold Corp. (the “Company”) (SGC:TSX.V/SGCNF:OTCQX) is pleased provide an update on the Asmara Project Feasibility Study (the “Study”) being conducted on the four deposits that make up the Asmara Project, Eritrea. Sunridge recently announced the closing of a $10,831,690 financing which enables the Company and consultants to maintain work on the Study at full-speed and complete the work on schedule.

A summary of significant points are as follows:

  • The Study was started in April 2012 just prior to the publication of a positive Asmara Project prefeasibility study (PFS) that showed that all four deposits could be processed in a single central processing plant;
  • The Study is on schedule to be completed in the second quarter of 2013;
  • Based on new metallurgical testwork the Study will include early mining of the Direct Shipping Ore (“DSO”) from Debarwa and early heap-leaching of the surface gold material from the project;
  • Based on the above, cash-flow is expected a year earlier (2015) than presented in the PFS; and
  • Based on the new operating scenarios, initial capital costs are expected to be reduced and overall economics enhanced in the Study compared to the PFS.

On May 2, 2012 Sunridge announced the results of a prefeasibility study (“PFS”) on the Asmara Project that concluded that the four deposits of the Asmara Project could be successfully processed in a single centralized processing plant near the Emba Derho deposit and that this was the optimum economic scenario. The mining and processing plant would produce a total of 365,000 tonnes of copper, 812,000 tonnes of zinc, 415,000 ounces of gold and 11 million ounces of silver over a 15.25 year mine life. The economic analysis in the PFS, using 5-year average metal prices and a 10% discount rate, showed the project to have a pre-tax net present value of $555 million and an internal rate of return of 27%.

1 of 5

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 16,943.81 +28.74 0.17%
S&P 500 1,967.57 +2.89 0.15%
NASDAQ 4,415.49 +19.2860 0.44%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto
Advertising Partners

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs