Welcome To The Sunridge Gold Corp HUB On AGORACOM
Edit this title from the Fast Facts Section
Sunridge Gold has been exploring for VMS base and precious metal deposits in Eritrea since 2003 and has successfully defined 6 deposits on the Asmara Project located outside of Asmara which contain significant amounts of copper, zinc, gold, and silver.
A Feasibility Study on the 4 advanced projects on the Asmara Project was completed in May 2013. The Feasibility Study demonstrates very robust economics, with the Net Present Value (NPV) of the project was shown to be $692 million dollars with a 10% discount applied ($1.791 Billion NPV with zero discount) and the Internal rate of return (IRR) is 34%.
- 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 from the Eritrean National Mining Corporation ("ENAMCO"); ENAMCO is paying Sunridge $18.33 million for the purchase of 30% of the project
- ENAMCO is now responsible for 33.33% of all development costs on the Asmara Project going forward
- Mining license permitting process now underway
- Pipeline deposits, Adi Rassi and Kodado, now 5th and 6th resources on the Asmara Project -- significant exploration potential