Stocktube video - Sunridge Gold says fundraiser provides validation of the quality of its flagship assetMichael Hopley, chief executive of Sundridge Gold (CVE:SCG), tells Proactive Investors the recent fundraising serves a significant third-party validation of its flagship project in Eritrea.
Stocktube video - Sunridge Gold CEO talk merits of "undervalued" Eritrea project at Subscriber Investment SummitAt the recent Subscriber Investment Summit in Vancouver, Sunridge Gold CEO Michael Hopley discussed the progress of the company's Asmara project to a sold-out room, recently closing an oversubscribed financing of $5.75 million to fund further development. Talks with potential debt lenders have also begun and an environmental assessment is due for completion this month. The project, which has a mine life of more than 15 years, is pegged to produce a total of more than 841 million pounds of copper and 1.87 billion pounds of zinc, as well as gold and silver.
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Sunridge Gold Corp. (SGC-TSX-V) is focused on exploration and development of the Asmara copper-zinc-gold-silver Project in Eritrea and has now defined six NI 43-101 deposits on the Project.
A Feasibility Study on the 4 advanced projects on the Asmara Project was completed in May 2013, which demonstrated very strong economics; NPV (10%) = $692 million, IRR = 34%. The Feasibility Study outlined a robust mining plan with a 3 phase staged start-up with Phase 1 production beginning in 2015 and Phase 3 (Full Production) achieved in 3 years.
- Feasibility Study on the Asmara Project [base metal & gold] completed May 2013 demonstrating very strong economics; NPV (10%) = $692 million, IRR = 34%
- Feasibility Study outlined a robust mining plan with a 3 phase staged start-up with Phase 1 production beginning in 2015
- Phase 1 (Direct Shipment Ore (DSO) and Gold Production) initial capital costs estimated to be only $46M
- Full production to be achieved in 3 years -- first 8 years average annual production:
- 65 million lbs. (29,000 t) Copper
- 42,000 oz Gold
- 184 million lbs. (83,000 t) Zinc
- 1 million oz Silver
- Project has government participation (ENAMCO) -- Sunridge recently completed Shareholder's Agreement [June 2014] with the government and established the Asmara Mining Share Company ("AMSCo"), which will be held 60% by Sunridge and 40% by ENAMCO
- Sunridge is now well funded
- Mining license permitting process now underway
- Pipeline deposits, Adi Rassi and Kodado, now 5th and 6th resources on the Asmara Project -- significant exploration potential
Sunridge is operated by an entrepreneurial team with a proven record of discovery, exploration and development success with companies such as Sunridge Gold, Nevsun Resources Ltd., and Bema Gold Corp.
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