Tag Archives: Sunridge Gold

Sunridge Gold Sold its 60% Share in Eritrea Mine to China

Chinese State-owned company SRBM Acquired 60% share of Suridge Gold eritrea
DEAL. Chinese State-owned company SRBM Acquired 60% share of Suridge Gold’s Asmara Project at a premium price of US$65 million

By Sunridge Gold,

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

Sunridge Gold Plans Commercial Production at Debarwa by End of 2016

Another Canadian junior mining company is set to go for commercial production of gold and copper from its Debarwa deposit in Eritrea by end of next year.

By Alastair Ford | for Proactive Investors,

“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.

Rather, it was a calculated move by a group of people who were getting to know Eritrea pretty well via what was to eventually be the country’s great mining success story: Nevsun (TSX:NSU). Continue reading Sunridge Gold Plans Commercial Production at Debarwa by End of 2016

Eritrea Awards Three Mining Licenses to Sunridge Gold’s Asmara Project

The wait is over. Sunridge received the mining licenses for its Asmara project. Chinese LiuGong agreed to deliver some of the heavy duty machineries required to commence commercial production in Q3 2016 (i.e. between July – September 2016 )

By Sunridge Gold,

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%.

These licenses cover a total area of 19.3 square km and cover the four advanced projects (Emba Derho, Adi Nefas, Gupo Gold and Debarwa) on the Asmara copper-zinc-gold project that were included in a feasibility study completed by Sunridge in May 2013. Continue reading Eritrea Awards Three Mining Licenses to Sunridge Gold’s Asmara Project

Sunridge to Get Mining License for the Asmara Project

The Asmara project, which has a three phase start-up plan, is focused on bringing the project to production in Q4 2015

By Sunridge Gold,

SUNRIDGE Gold (CVE:SGC) (OTCQX:SGCNF) after starting field work in 2014, expects to acquire a mining license for the its joint venture Asmara copper/zinc/gold/silver project in Eritrea as part of a wider mining agreement, covering every aspect of the operations over a 20 year term. Continue reading Sunridge to Get Mining License for the Asmara Project

2015 Will be Crucial for Sunridge Gold in Eritrea

“We only need US$30m to finance our Phase 1A operation… not many people can say this: Cash now … production this year” – Micheal Hopley, CEO of Sunridge Gold

By James Fraser,

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.

A busy year is in the plans as permits, a debt financing, and production are all on the agenda for this small company in 2015. Continue reading 2015 Will be Crucial for Sunridge Gold in Eritrea

Sunridge Announces US$32 Million 2015 Budget for Asmara Project

The Asmara project, which has a three phase start-up plan, is focused on bringing the project to production in Q4 2015.

By Sunridge Gold,

SUNRIDGE Gold Corp. (the “Company” or “Sunridge”) (SGC: TSX.V/SGCNF: OTCQX) is pleased to provide a summary of the planned activities in 2015 for the Asmara Project, Eritrea.

The Asmara Project is owned and operated by the Asmara Mining Share Company (“AMSC”) which is owned 60% by Sunridge and 40% by Eritrean National Mining Corporation (“ENAMCO”).  AMSC expects to achieve several key milestones over 2015 to meet its goal of commencing mining operations in the fourth quarter of 2015. Continue reading Sunridge Announces US$32 Million 2015 Budget for Asmara Project