This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
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

Stocks in this article: SGC

Based on the positive economics of the PFS, work started in April 2012 to support the Study; this work included drilling for metallurgical samples on the Emba Derho deposit as well as geotechnical drilling near the proposed Emba Derho pit and at proposed plant facilities.

Variations to the Prefeasibility Study Plan

As in the PFS, the Study is considering a centralized process plant near the large Emba Derho deposit using flotation for the recovery of the base metals. However, in order to enhance economics and reduce project capital cost requirements, various processing trade-off studies have shown that early selective mining and shipping of the DSO from the Debarwa deposit to a smelter as well as early heap-leaching of the known zones of gold mineralization on the project are feasible and result in the optimum economic scenario.

Direct Shipping Ore (DSO)

The DSO Zone is located within the supergene copper zone of the Debarwa deposit and contains 116kt of high grade material at an average grade of 16% copper, 3.0g/t gold and 77.0g/t silver. The DSO zone is located about 40 meters below the surface and is approximately 140 meters long. The Study will include a plan to begin mining operations on the Asmara Project by mining, crushing and direct shipping the DSO material from Debarwa, which is located about 45km south of the Emba Derho plant site. The extraction of DSO material early in the project life could provide early cash flow and reduce initial capital exposure.

The DSO material will be crushed to minus ¾ inch and transported to the port of Massawa for shipping and sale to smelters. This plan for earlier production was outlined in the feasibility study for a standalone operation at Debarwa (see news release dated May 14, 2012) however it was not included in the mining plan outlined in the PFS because additional metallurgical work was required at that time.

2 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!

Markets

DOW 17,804.80 +26.65 0.15%
S&P 500 2,070.65 +9.42 0.46%
NASDAQ 4,765.38 +16.9840 0.36%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

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