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The study on the Asmara project started in April 2012 and remains on schedule to be completed in the second quarter of 2013.
Sunridge Gold Corp. (TSX: V.SGC, Stock Forum) said the company’s primary focus for early 2013 is to complete the feasibility study and apply for a mining license on the four mineral deposits that make up the Asmara project in East Africa.
The Asmara project, located in Eritrea, comprises four mineral deposits; three copper, zinc, gold and silver volcanogenic-massive-sulphide deposits as well as a near-surface gold deposit.
According to the Sunridge Gold press release, a positive Asmara project prefeasibility study was completed in May 2012 which studied an integrated mining operation for all four deposits with a central mill located at the large Emba Derho Deposit.
Recent work on the study has identified significant improvements over the PFS which should result in earlier cash-flow, as well as possible lower initial capital costs and stronger economics.
Production rates will be similar to those outlined in the PFS with an annual average of 31,750 tonnes of copper, 63,500 tonnes of zinc, 31,000 ounces of gold and 997,000 ounces of silver to be produced over the first eight years of the mine life.
Following the completion of the Study, Sunridge will complete a social and environmental impact assessment report in the second quarter of 2013 and will then apply for a mining license.
Sunridge is a mineral exploration and development company focused on the acquisition, exploration, discovery and development of base and precious metal deposits on the Asmara project in Eritrea and exploration properties in Madagascar.
On Wednesday, Sunridge was up 14.89% and was trading at $0.27 a share. The company has a market cap of $47.3 million, based on 175.2 million shares outstanding. The 52-week high and low was $0.71 and $0.185 respectively.