Sunridge Gold - Explorer in Eritrea

The integrated mining operation outlined in the PFS details a processing facility at Emba Derho that processes ore from open pit mines at Emba Derho, Debarwa, and Gupo and an underground mine at Adi Nefas.

The current Feasibly Study will differ from PFS as it is considering a staged start up beginning with the mining and direct shipping of 116,000 tonnes of high-grade copper material averaging 16% copper, 3.0 g/t gold, and 77 g/t silver from the DSO Zone at Debarwa. This will enable the project to be in production earlier and will generate early cash flow and reduce initial capital costs.

Also in the staged start up mining plan, a heap leach operation will process the gold from the gold caps early in the mine life and a floatation plant will begin by processing the supergene copper material.

Full production will begin in the 3rd year of operation and will process 4 million tonnes of material per annum. Annual production will average 57.3 million lbs. (26,000 tonnes) copper, 143.2 million lbs. (65,000 tonnes) zinc, 24,000 oz gold, 787,000 oz silver over 13 years of full production.

Total metal production over the life of the mine is 804 million pounds (365,000 tonnes) of copper, 1.789 million pounds (812,000 tonnes) of zinc, 415,000 ounces of gold, and 11 million ounces of silver. Sunridge has now begun a Feasibility Study and is expected to complete in Q1 2013.

Sunridge also continues to explore new targets. Encouraging results from recent drilling at Adi Rassi support Sunridge management's belief that Adi Rassi is a new large copper-gold discovery that has the potential to become Sunridge's fifth deposit on the Asmara Project.

Sunridge is operated by an entrepreneurial team with a proven record of discovery, exploration and development success with companies such as Nevsun Resources Ltd. and Bema Gold Corp.

www.sunridgegold.com/s/Home.asp


SUNRIDGE GOLD HIGHLIGHTS

Asmara Project Hosts $8.5bn of in-situ Gold, Copper, Zinc, and Silver – Sunridge Gold has successfully defined four independently estimated 43-101 mineral deposits on the Asmara Project in Eritrea, Africa, with indicated resources of 1.28b Cu lbs, 2.5b zinc lbs, 1.05m gold oz, and 31.2m silver oz.

Advancing 100%-owned Emba Derho and Derbarwa Gold-Copper-Zinc VMS Deposits, the company"s two largest deposits. Emba Derho contains Indicated Resources of 62.5 m/t containing 990m lbs Cu, 1.9 billion lbs Zn, 580,000oz. gold and 20.8m oz Ag. Derbarwa is a Supergene copper zone with 1.3m tonnes of 5.36% Cu, 1.54 g/t Au, and 33.87 g/t Ag – containing 158m pounds of Cu in the Indicated category.

Excellent Infrastructure: Grid Power, Water, Roads and Rail – Emba Derho and Debarwa are located 15 and 25km, respectively, from Asmara, the capital city of Eritrea, where the infrastructure is excellent.

Largest Shareholders: Strategic Partner, Antofagasta Minerals, Lundin Mining – Sunridge has a strategic partnership with London-based mining conglomerate Antofagasta Minerals in which Antofagasta has agreed to fund $10 million in exploration work and has become Sunridge"s largest shareholder.

www.goldalert.com/sunridge-gold/



Institutional Shareholders

Top Holders


US Global Investors, Inc. (Asset Management) 6.60m 3,77%

Enso Capital Management LLC 6.26m 3,57%

BlackRock Advisors LLC 5.55m 3,17%

BlackRock Investment Management (UK) Ltd. 4.44m 2,54%

Vertex One Asset Management, Inc. 4.04m 2,31%

markets.ft.com/research/Markets/Tearsheets/...rofile?s=SGC:CVE




Stefan Ioannou (Haywood Securities) über Sunridge Gold:

(aus einem Interview mit "The Gold Report" vom 2.Januar 2013)


Stefan Ioannou: People are not familiar with Eritrea, and red flags typically go up when anything related to Northeast Africa is mentioned. Nevsun was basically the first publicly traded company to get into Eritrea. It made the Bisha discovery and over 10 years, took it through exploration, permitting, development, construction and into production. Along the way skeptics pointed to the risk of the government taking more than its fair share of the project.

I give the Eritrean government a lot of credit. It has been very pragmatic. The government recognized early on that it had to work with foreign investment to make a mining industry a reality, and not just with Nevsun. The last time I checked there were about 15 exploration companies active in Eritrea. I have been to Eritrea twice now and had very good experiences both times. The common sentiment among visitors is that it was safer than they expected.

Sunridge Gold Corp. (SGC:TSX.V) is also active in Eritrea, as is Chalice Gold Mines Ltd. (CXN:TSX; CHN:ASX). The latter is exploring for VMS deposits along the same belt that hosts Bisha, and recently announced a discovery.


The Gold Report: Sunridge just published a resource estimate for its Adi Rassi discovery. Given the size and scope of the deposit and Sunridge's lack of cash, could this be a takeover target?

Stefan Ioannou: I think the Eritrean government would like to see more than one foreign player developing the mining industry in Eritrea.

With respect to takeover potential, I think the completion of a feasibility study, expected in Q2/13, on the company's Asmara project will be key. The feasibility study will not include Adi Rassi. It is based on four other projects, the Emba Derho, Debarwa and Adi Nefas copper-zinc-gold and silver deposits and the Gupo gold deposit. That said, Adi Rassi is located near Debarwa and could ultimately develop into the Asmara project's fifth deposit.

Also important for Sunridge is the Eritrean government's intention to buy upwards of a 30% interest in the project, similar to what it did with Nevsun at Bisha. The price still needs to be determined. That may happen before the feasibility comes out or the government may use the feasibility study as the basis of the valuation.

The government paid fair value to Nevsun and we expect the same to happen with Sunridge. Once the government does that, it will signal a vote of confidence to the investment community that things are moving in the right direction.

The feasibility study, of course, will give us a better handle on the project's economics and what it should be worth. The big questions include what it will cost to build it, how much money Sunridge will have to raise, and what that means from a dilution point of view.

www.theaureport.com/pub/na/14898


Sunridge Gold moves as "Rapidly" as it can towards Production
December 7th, 2012 TesfaNews
By Stock Tube

Michael Hopley, President and CEO of Sunridge Gold (CVE:SGC) explains that the company, with money in the bank for the feasibility study, has a lot of copper and precious metals on the project and now hopes to be in production earlier than initially indicated. Michael also says that investors should look to exploration results next year.

www.tesfanews.net/archives/10407


Wednesday Jan 16, 2013

Sunridge Gold Provides 2013 Outlook On The Asmara Project, Eritrea And Corporate Activity

Sunridge Gold Corp. (the "Company" or "Sunridge") (SGC:TSX.V/SGCNF.OTCQX) is pleased to provide an outlook on the Company's planned activities for 2013. The Company's primary focus for early 2013 is to complete the feasibility study (the "Study") and apply for a mining license on the four mineral deposits that make up the Asmara Project in Eritrea. The Company also plans to continue exploration work on its fifth deposit the Adi Rassi copper-gold deposit where initial resources were announced on December 4, 2012 as well as to conduct exploration work on additional targets on the Asmara Project.

www.sunridgegold.com/s/PressReleases.asp?ReportID=565812



Friday Jan 18, 2013

Sunridge Gold Files Technical Report For Adi Rassi Resource

Sunridge Gold Corp. (the "Company" or "Sunridge") (SGC:TSX.V/SGCNF.OTCQX) ) has filed a National Instrument 43-101 compliant technical report regarding the initial resource estimate for the Adi Rassi copper-gold deposit located on the Asmara Project, Eritrea.

As announced on December 4, 2012, the highlights of the estimate were:

- Inferred Mineral Resource of 15.77 million tonnes with an average grade of 0.54% copper and 0.33 g/t gold
- Contained metal = 189,060,000 pounds of copper and 167,000 ounces of gold
- The resources area is open for expansion in most directions
- Less than 10 km from Debarwa deposit and paved road access
- Positive initial metallurgical results
- Further expansion drilling planned in 2013


Adi Rassi is the fifth mineral resource defined by Sunridge on the Asmara Project. A feasibility study is scheduled for completion in April 2013 on the other four deposits (Adi Nefas, Emba Derho, Gupo and Debarwa).

The report is titled "Adi Rassi Deposit" prepared by Fladgate Exploration Consulting Corporation with an effective date of January 18, 2013.

Mr. Michael J. Hopley is the Qualified Person who approved the technical information contained in this news release.

www.sunridgegold.com/s/PressReleases.asp?ReportID=566600



Grandich Client Sunridge Gold

January 21, 2013
www.grandich.com/2013/01/grandich-client-sunridge-gold-2/

The report also estimated a pre-tax net present value of $555 million at a 10 per cent discount rate and an internal rate of return of 27 per cent, with an initial capital cost pegged at $489 million.

Sunridge is now working on finishing a final feasibility study, on track for April this year, after which the application for a mining license and permitting will follow, along with the social and environmental impact assessment.

Late last year, the company also unveiled a maiden resource for the Adi Rassi copper-gold deposit - the fifth deposit defined by the company at Asmara.  The junior mineral explorer reported an inferred mineral resource of 15.77 million tonnes at Adi Rassi, with an average grade of 0.54% copper and 0.33 grams per tonne (g/t) gold.

"Although Sunridge's main focus has recently been completing the Asmara Project feasibility study and moving the four established deposits on the Asmara Project toward production, it is important to realize that the area remains highly prospective for new gold and base metal deposits" said president and CEO, Michael Hopley, in a statement earlier this month.

Indeed, the Kodadu volcanogenic-massive sulphide (VMS) target will see a program consisting of around 20 drill holes, specifically aiming for the oxide gold cap within the upper oxidized zones.

The junior explorer said that a 2009 trenching program by the company, in which 87 samples were taken, returned 28 gold values of over 0.2 grams per tonne (g/t), with the best values being 10.67 g/t over 14.7m, 2.3 g/t over 8m and 1.79 g/t over 13.3m.

It added that gold mineralization that has been found running parallel and about 100 metres west of Kodadu will also be drill tested.

Sunridge's upcoming feasibility study will now include early mining of the direct shipping ore (DSO) from Debarwa, and early heap-leaching of the surface gold material from the project, allowing more revenue to be generated earlier.

As a result, cash flow is expected a year earlier than presented in the prefeasibility study, now anticipated in 2015. Initial capital costs are also anticipated to be lower due to the new operating scenarios.

The company is targeting that full production at 4 million tonnes per year would be reached roughly 2 years after the start of mining activities.


www.proactiveinvestors.com/companies/news/...asmara-40031.html

The first phase will be to mine the
116,000 tonnes of high-grade ore
(15.6% copper, 3 g/t gold and 77 g/t
silver) which will be direct shipped to
a smelter. Mining that direct shipping
ore (DSO) will span about six months
and produce more than $100 million of
revenue, with only modest operating
expense. The capital expense incurred
in the DSO will be directly applicable
to the main project.
At the same time as mining the DSO,
mining of the gold oxide “caps” overlying
three of the base metal deposits
will begin, with the gold recovered by
heap leaching, producing five years of
cash flows, again with modest capital
expenditures and operating costs.
While mining the DSO and the gold
caps, the company would develop the
main ore bodies and construct the
processing facility. Production for the
first 1.25 years would come from an
enriched “supergene” zone, generating
high levels of cash flow early in the
mine life. Mining would be a combination
of open pit and underground, using
conventional flotation recovery.
The capital requirements, net of the
cash flow from the DSO ore and the
gold heap leach, would be about $350
million.
The Asmara projects is well located
for mine development, as it is less than
an hour drive from the main city in
Eritrea and only a couple of hours
from the port. The project has good
grades, it is easy to mine and it has
favorable metallurgy. The government
is highly supportive of mining, as
demonstrated by the success of the
Nevsun project.
North American investors may have
concerns about investing in Eritrea,
but that concern is misplaced. Nevsun
successfully developed and is profitably
operating its Bisha mine, which
involved participation of international
financial firms.
There are many mining companies that
would very much like to develop this
project. The biggest concern for shareholders
at this time is that Sunridge
will receive a takeover offer before
investors begin to recognize the value
of the large and highly attractive metal
deposits that they hold. Any offer
would be priced at a premium to the
market price at the time of the offer.
The share price will almost certainly
begin to track higher as investors gain
better insights into the nature of this
project and as investor sentiment improves
toward resources.

Price July 29, 2013: C$0.185
Shares Outstanding: 175 million
Shares Fully Diluted: 236 million
Market Cap: C$32.3 million
Contact: Investor Relations
604-688-1263
www.sunridgegold.com

www.grandich.com/wp-content/uploads/2013/...es+July+2013-2.pdf

Ein Beitrag aus "stockhouse":


tony1969
April 09, 2014 - 08:10 PM  

"Top management get double their yearly salary in a buyout...

Exactly double.  In other words, if they sell this summer it would essentially be like if they worked and received their salaries through the summer of 2016. Plus compensation for their options.
2013 Salaries and Change of Control Payment

Michael Hopley - $250,000 salary with a change of contol payment of $500,000
Scott Ansell - $230,000 salary with a change of control payment of $460,000
Greg Davis - $160,000 salary with a change of control payment of $320,000
David Daoud - $220,000 salary with a change of control payment of $440,000

Bulk of their Stock Options

Hopley - 750,000 at $.22 and 600,000 at $.26 or 1,350,000 at an average of $.238
Ansell - 600,000 at $.22 and 500,000 at $.26 or 1,100,000 at an average of $.238
Davis - 600,000 at $.22 and 500,000 at $.26 or 1,100,000 at an average of $.238
Daoud -  600,000 at $.22 (I do not see any at $.26)

They have more options at $.47 and at $.55 but I believe (my personal opinion based solely on where we trade now) that if there is a deal the bulk of management's options gains will come from the $.22 and $.26 priced options.

I got this info from the Dec 2013 management information circular and from Canadian Insider."


www.stockhouse.com/companies/bullboard/...corp?postid=22432832

"Sunridge Gold Corp. announced that it's accepted an offer for its 60% interest in the Asmara Mining Share Co. in Eritrea. The offer, by a Chinese conglomerate, is for $78.33M (CA$102.4M), which would equate to about CA$0.33/fully diluted share. . .which would imply a 37.5% gain if you bought today and held through the deal's consummation. . .Sunridge is a Buy for what appears to be the likelihood of a nice-sized, quick profit."
[Gwen Preston]
          §
Gwen Preston, Resource Maven (11/6/15)
"Sunridge Gold Corp. just got a takeout offer from a Chinese construction company. . .it has offered $78.3M to buy the company's 60% interest in the project. . .the deal is $65M as a purchase price plus $13.3M representing the amount Sunridge is still owed from the Eritrean government. . .if you want to pick up 30%, buy the company right now."
Gwen Preston, Resource Maven (11/6/15)
"Sunridge Gold Corp. just got a takeout offer from a Chinese construction company. The share price moved up immediately on the news, but there remains an opportunity to make some money. . .Sunridge owns the Asmara project in Eritrea. It is a set of very high-grade volcanogenic massive sulfide deposits scattered in a roughly 15km radius of the Eritrean capital city. . .over the last four years, Sunridge updated four resource estimates, negotiated the terms of a buy-in from the Eritrean government, raised $10.8M, completed a feasibility study outlining a low capital cost phased approach to mine development, raised another $6.5M and earned full project permits."
Management Q&A: View From the Top
Michael Hopley
Sunridge Is Now Good to Go at Its Asmara VMS Project in Eritrea (9/24/15)
It's been a very active decade filled with milestones for Sunridge Gold, and now following the September signing of a comprehensive permitting agreement with its partner, the government of Eritrea, the Canadian junior is now set to begin production in 2016. President and CEO Michael Hopley discusses the riches of his company's copper, gold, zinc and silver deposits and looks forward to becoming as successful as Nevsun has been.

www.stockhouse.com/companies/bullboard/...corp?postid=24329857

www.theaureport.com/pub/co/993

www.theaureport.com/pub/na/...ts-asmara-vms-project-in-eritrea