Eritrea: Sunridge Gold Lands Mining Licences for Asmara Project

Posted on : Tuesday, 20th October 2015

Sunridge Gold Corp (CVE:SGC) has secured three key mining licences in Eritrea for the Asmara project.

Asmara Mining (AMSC), a joint venture 60% owned by the Canadian group, has been awarded licences spanning 19.3 square kilometres and encompassing four advanced deposits – namely Emba Derho, Adi Nefas, Gupo Gold and Debarwa.

These areas were all incorporated into the feasibility study for Asmara, a proposed copper-zinc-gold mining operation.

Asmara is forecast to start commercial mining operations in the third quarter of 2016. It will initially produce a high-grade copper direct shipping ore (DSO) product from the Debarwa deposit.

“The acquisition of the mining licenses is another important step forward for AMSC and Sunridge and we are grateful for the continued support of the Government of Eritrea” said Michael Hopley, Sunridge chief executive.

“We now remain focused on our plans to finalize financing arrangements for Phase 1A – the mining and shipping the high-grade copper and gold direct shipping ore from Debarwa.”

Previously, in September, a mining agreement was signed between Asmara Mining and Eritrea’s Minister of Energy and Mines, General Sebhat Ephrem.