SUNRIDGE EXPLORES ERITREA
Sunridge Gold Corp. (SGC-TSX-V) is a mineral resource company focused on the exploration and development of the Asmara project in Eritrea, East Africa. Sunridge Gold has earned a 40% joint venture interest in the project from partner Sub-Sahara by spending US$2.4 million. Sunridge can earn 70% by advancing any one of the deposits to the feasibility stage and can earn 90% if Sub-Sahara does not contribute pro-rata to production. The Eritrean government has a 10% free carried interest. The Country: Management has identified Eritrea as a country with immense geological potential yet relatively unexplored by modern methods. The exploration potential of the country has recently been demonstrated by the high-grade gold-copper discovery of Nevsun Resources Ltd. Bisha Project in west-central Eritrea. Nevsun have reported that Bisha is a precious metal bearing volcanogenic massive sulphide (VMS) system. The Debarwa Deposit located within the Asmara Project appears to belong to a similar style of VMS deposit. The Asmara Project: The Asmara Project comprises three exploration licenses and one prospecting license covering 1,300 square kilometres immediately north, south and west of the capital city of Asmara in east-central Eritrea. Several significant zones of mineralization exist on the concessions, namely the Debarwa copper/gold deposit, the Adi Nefas Doop gold deposit, the Adi Nefas zinc & gold deposit and the Medrizien Colonial gold mining areas. In 1999, Phelps Dodge, based on their drilling of 12 holes and the drilling of previous operators estimated a resource (supergene and primary) of 1,654,420 tonnes at an average grade of 5.10% copper and 1.40 grams per tonne gold. (Note: This estimate is an historic resource which does not comply with CIM standards and is therefore for illustrative purposes only and should not be relied upon). Sub-Sahara acquired the three exploration licenses in November 2001. Diamond drilling by Sub-Sahara in 2003 has returned some high-grade copper intercepts as reported in the Company's news release on August 20, 2003 and September 4, 2003. These grades, combined with previous high-grade results from past drilling lead management to believe that the overall grade of the Debarwa Deposit could be much higher than that quoted by Phelps Dodge. Results from the second Sub-Sahara drilling campaign at Debarwa which started in January 2004 and was funded by Sunridge, have extended the known strike extent of the high-grade copper supergene zone in the Debarwa Main zone and has begun to outline a similar zone approximately 1 kilometre south in the Debarwa South area (see NR 2004-03 and NR 2004-05). Management: Sunridge was founded by Craig Angus and Don Halliday, former Chairman and IR manager of Nevsun Resources. Craig and Don have many years of experience in the exploration business resulting in the discovery and development of the Tabakoto Project in Mali, the Kubi Project in Ghana and the Bisha Project in Eritrea. Michael Hopley, an exploration geologist with over 25 years of world-wide experience, joined the team as President and Chief Executive Officer on December 15, 2003.
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