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Sunridge Gold Completes Initial Resource Estimate For Adi Rassi Copper-Gold Deposit, Asmara Project, Eritrea

Stocks in this article: SGC

Grades for copper, gold and silver were estimated within the mineralization wireframe using Ordinary Kriging after compositing the assay intervals to 6 metre down-hole lengths within the mineralized wireframe. Gold grade estimates were further constrained with a probabilistic model to prevent over-projection of the higher grades into lower grade areas.

Search ellipsoid dimensions and orientations were determined on structural geological and geostatistical information. An average density (specific gravity) value of 2.825 was assigned to blocks based on 592 density measurements provided by Sunridge.

The blocks falling within the mineralized zone were categorized for mineral resource classification as Inferred if the nearest composite fell within a distance of 100 m.

Inferred mineral resource estimates reported for Adi Rassi are constrained by a conceptual pit shell in order to assess reasonable prospects of economic extraction. Parameters used in the generation of the Whittle pit shell are: gold price = US$1,700/ounce; copper price = US$3.75/lb: silver price US$32/oz; mining cost = US$1.75/tonne; processing cost (including administration cost) = US$16.50/tonne; copper recovery = 95%, gold recovery 70%, silver recovery 70%; pit slope angle = 50 degrees. The process recoveries, metal prices and ore based costs (processing and G&A) were used to calculate a marginal copper equivalent cut-off of 0.21%. Mineralization exists below the conceptual pit shell. An ore based underground mining cost of $40/tonne in addition to the processing costs were used to define a copper equivalent cut-off of 0.72%. Fladgate assessed the reasonable prospects of economic extraction of this material by creating a grade shell at a 0.72% copper equivalent threshold. Isolated blocks were removed from the material reported as Inferred mineral resource.

Qualified Person:

Michael Hopley, President and CEO of Sunridge Gold Corp. is the Qualified Person responsible for the contents of this press release and has reviewed and verified the scientific and technical information in the release and confirmed that it is consistent with that provided by the independent Qualified Person responsible for the Inferred mineral resource estimate, David G. Thomas P. Geo., Associate Geologist with Fladgate Exploration Consulting Corp.

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