Sunridge Gold Corp. (TSX.V:SGC) (OTCQX:SGCNF) announces today it has filed on SEDAR an amended Technical Report (“the Amended Report”) on the independent Feasibility Study on the Asmara Project, Eritrea as a result of a review by the British Columbia Securities Commission. The original report was filed on July 2, 2013 (the “Original Report”). The amendments are all additions and do not change any fundamental facts contained in the Original Report and are summarized as follows:
- In addition to references to previously filed technical reports, summaries of these technical reports are now included in Sections 9, 10, 11, 12 and 14 of the Amended Report.
- The Amended Report now discloses information on the Adi Rassi and Kodadu mineral resource estimates which are included on the same Exploration Licenses as the Debarwa, Emba Derho, Adi Nefas and Gupo Gold deposits, but which are not part of the feasibility study for the Asmara Project.
The following Qualified Persons have reviewed and approved the scientific and technical content of this news release:
Neil Senior, P. Eng. MSc Mech. Eng, FSAIMM, SENET (Pty) Ltd.Anthony Finch, P. Eng. MAusIMM, Snowden Group Pty Ltd.Andrew Ross, FAusIMM, Snowden Mining Industry Consultants Pty Ltd.Christopher John Martin, BSc (Hons), MEng, IMMM, Blue Coast Metallurgy Limited Ltd.Scott David Rees, P. Eng. Knight Piésold Ltd.David Gwilym Thomas P. Geo. Fladgate Exploration Consulting Corporation
About the Asmara Project, Eritrea
The Amended Report on the independent feasibility study for the Asmara Project, Eritrea demonstrates that mining of the four advanced deposits that make up the Asmara Project (Emba Derho, Adi Nefas, Gupo Gold and Debarwa) and processing of the ore near the large Emba Derho deposit is economically robust with a Net Present Value (“NPV”) of $692 million. The report outlines a three-phase staged start-up mining plan which would initiate production almost one year earlier than was envisaged in the prefeasibility study. This earlier cash-flow, combined with capital cost reductions, reduces the initial capital requirements to be financed by over $130 million.