This Day On The Street
Continue to site
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

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

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

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
Stocks Under $10

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

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

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
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free


Chart of I:DJI
DOW 17,787.24 -26.15 -0.15%
S&P 500 2,086.97 -1.90 -0.09%
NASDAQ 5,116.2180 +0.0750 0.00%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs