Sunridge Gold Completes Drilling Program and Reaches 50% Ownership at the Besakoa Copper-Zinc-Gold Project, Madagascar
19 Septembre 2011 - 2:00PM
Marketwired
Sunridge Gold Corp. (TSX VENTURE: SGC)(OTCQX: SGCNF) announces that
the initial 5,000 metre diamond drill program on the Besakoa
copper/zinc/gold volcanogenic-massive-sulphide (VMS) project in
Madagascar is now complete. Core samples have been shipped to the
laboratory and assay results are expected next month.
In addition, Sunridge has notified the owners of the project,
Majescor Resources Inc. ("Majescor"), that it has completed its $2
million work obligation on the property, has issued 300,000
Sunridge common shares to Majescor and confirms its intention to
gain a 50% ownership of Daraina Exploration S.A.R.I. ("Daraina")
the owner of the Besakoa Project under the terms of the September
15, 2008, option agreement with Majescor.
The recently completed drill program tested a number of
high-priority VMS-style targets which have been defined by Sunridge
personnel using airborne and ground geophysical surveys
(electromagnetics, magnetics, gravity and audio-magneto-tellurics)
soil geochemical surveys, geological and structural mapping and VMS
gossan prospecting. Geologically the property is underlain by
Neoproterozoic volcano-sedimentary shield rocks, a geological
setting similar to the company's deposits in Eritrea where Sunridge
has been successful in defining large amounts of copper, zinc and
gold in a series of VMS deposits.
The Besakoa property covers over 60 square kilometres and is
located in south central Madagascar and can be accessed by road
from the port city of Toliara.
Agreement
Sunridge has the right to acquire an additional 25% (aggregate
75%) of Daraina by spending an additional $2,500,000 by September
15, 2012, and by issuing Majescor an additional 500,000 Sunridge
common shares.
Upon acquiring a 75% interest in Daraina, Sunridge will have a
one-year period in which to elect to acquire the remaining 25%
interest at the fair value determined at that time by an
independent valuation or as agreed between the parties. Once
agreed, Sunridge can pay the purchase price in cash or, at the
election of Sunridge, in the equivalent value of Sunridge common
shares subject to regulatory approval. If Sunridge acquires a 100%
interest in Daraina, Majescor retains a 1% net smelter return
royalty on the Besakoa project, half of which can be purchased by
Sunridge for $1,000,000. If the Besakoa project is brought into
commercial production, Sunridge will be obliged to pay the original
owners of the project $1,000,000.
Disclosure
Michael J. Hopley the President and Chief Executive Officer of
Sunridge is the Qualified Person for Sunridge and he is the person
responsible for preparation of the technical information contained
in this news release.
About Sunridge
Sunridge is a mineral exploration and development company
focused on the acquisition, exploration, discovery and development
of base and precious metal projects on the Asmara Project in
Eritrea and exploration properties in Madagascar. Sunridge
currently has approximately 117 million shares outstanding and
trades on the TSX Venture Exchange under the symbol SGC. For
additional information on the Company and its projects please view
the slide show on our website at www.sunridgegold.com or call Greg
Davis at the numbers listed below.
SUNRIDGE GOLD CORP.
Michael Hopley, President and Chief Executive Officer
This news release contains forward-looking statements that are
based on the Company's current expectations and estimates.
Forward-looking statements are frequently characterized by words
such as "plan", "expect", "project", "intend", "believe",
"anticipate", "estimate", "suggest", "indicate" and other similar
words or statements that certain events or conditions "may" or
"will" occur. Such forward-looking statements involve known and
unknown risks, uncertainties and other factors that could cause
actual events or results to differ materially from estimated or
anticipated events or results implied or expressed in such
forward-looking statements. Such factors include, among others: the
actual results of current exploration activities; conclusions of
economic evaluations; changes in project parameters as plans to
continue to be refined; possible variations in ore grade or
recovery rates; accidents, labor disputes and other risks of the
mining industry; delays in obtaining governmental approvals or
financing; and fluctuations in metal prices. There may be other
factors that cause actions, events or results not to be as
anticipated, estimated or intended. Any forward-looking statement
speaks only as of the date on which it is made and, except as may
be required by applicable securities laws, the Company disclaims
any intent or obligation to update any forward-looking statement,
whether as a result of new information, future events or results or
otherwise. Forward-looking statements are not guarantees of future
performance and accordingly undue reliance should not be put on
such statements due to the inherent uncertainty therein.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Contacts: Sunridge Gold Corp. Greg Davis VP Business Development
604-688-1263 greg@sunridgegold.com www.sunridgegold.com
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