Sunridge Gold (SGC: TSX.V/SGCNF: OTCQX) has struck a US$65 million cash deal to sell its 60% interest in the Asmara Mining Share Company (AMSC), holder of the Asmara Project in Eritrea, to state-owned Sichuan Road & Bridge Mining Investment Development Corp. Ltd. (SRBM) for an upfront purchase price of US$65 million cash. Continue reading Sunridge Gold Sold its 60% Share in Eritrea Mine to China→
“We’ve been involved in Eritrea since 2003,” says Sunridge Gold’s (CVE:SGC) Greg Davis.
Indeed it was back in August of that year that the company first took an option on the Asmara and Debarwa copper-gold projects not far away from the Eritrean capital Asmara itself, right in the centre of the country.
But this was no shot in the dark taken by a company casting around for opportunity in the boom that was then gathering.
Sunridge Gold Corp. is pleased to announce that the Eritrean Ministry of Energy and Mines has awarded three mining licenses to the Asmara Mining Share Company (AMSC), a joint-venture company of which Sunridge owns 60% and the Eritrean National Mining Corporation owns 40%.
SUNRIDGE Gold (SGC:TSXV) is looking to follow in the foot steps of Nevsun Resources (NSU:TSX) and become the next Canadian listed miner in Eritrea, Africa. A feasibility study has been completed on four advanced stage projects that shows strong economics of a $692 million NPV (10% discount rate) and 34% IRR.
We were lucky enough to catch up with Micheal Hopley, CEO of Sunrdige Gold for a couple minutes at the recent Vancouver Resource Investment Conference.