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Recent News
  • 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
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