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Sunridge Gold Corp.: Sunridge Gold Provides Exploration Update, Asmara Project, Eritrea

^{Published on 2009-06-11 05:14:24, Last Modified on 2009-06-11 05:16:14 - Market Wire}
 

VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 11, 2009) - Sunridge Gold Corp. ("Sunridge" or the "Company") (TSX VENTURE:SGC) provides an update on recent exploration activities on its 650 square kilometre, 100% owned Asmara Project in Eritrea. Since acquiring the project in 2003, Sunridge has drilled over 140,000 metres and successfully defined four significant deposits with independently estimated NI43-101 compliant mineral resources. A positive Preliminary Economic Assessment Study (PEA) was announced on June 4, 2009 for the largest deposit, the 62 million tonne Emba Derho copper-zinc-gold deposit (for details refer to Sunridge's news release NR 2008-20 dated October 31, 2008).

Recent exploration activities have been focused on advancing several new high priority exploration targets to the drill ready stage. Exploration work has consisted of geophysical and geochemical surveys in conjunction with detailed geological mapping and sampling. These techniques, particularly the use of ground gravity surveys, have historically shown success in the Company's search for volcanogenic massive sulphide (VMS) deposits on the Asmara Project and led to the discovery of the Emba Derho deposit in early 2007.

This recent exploration work has outlined a number of strong gravity anomalies - several of which are significantly larger and stronger than the Emba Derho anomaly. Some of these gravity anomalies also have coincident electromagnetic (EM) and soil geochemical anomalies, and are located adjacent to known gossans - the weathered surface expression of VMS-style mineralization.

Details of the recent exploration work on the four highest priority targets are summarized below and a map showing their location can be found here: [ http://media3.marketwire.com/docs/sgc611.pdf ]

1. Debarwa

Sunridge has previously conducted extensive drilling on the Debarwa copper-zinc-gold VMS deposit on the Debarwa license establishing a NI43-101 compliant resource of 4.477 million tonnes (for details refer to Sunridge's news release NR 2008-03 dated January 23, 2008). Recent geological ground work by Sunridge suggests the possibility of a previously unknown parallel limb located 100 to 200 metres east of the main Debarwa deposit. This geological concept is based on regional and detailed local gravity surveys, re-logging of many historical drill holes in the area, detailed geological and structural surface mapping and the results of 15 lines of AMT (audio-magneto-telluric) survey which define a strong and continuous anomaly over a strike length of 1,800 metres. The conceptual geological model suggests that this new target is the eastern limb of an overturned anticline. Successful drilling of this target would significantly enhance the existing Debarwa Deposit.

2. Dairo Paulos

This target is located about 10 kilometres south of and on the same VMS trend as the Emba Derho deposit. Regional and local gravity surveys have outlined a strong (over 2 milligals) and large (1.5 by 1.0 kilometre) gravity anomaly coincident with nearby outcropping gossans with locally anomalous copper-zinc-gold values in the soil survey as well as AMT conductors over a 1,000 metre strike length. A drilling plan for this target will be produced when the current detailed geological mapping is completed.

3. Adi Rassi and Torat VMS and Gold Prospects

This cluster of targets is located on the Kodadu VMS trend, 4 kilometres east of the Debarwa Deposit. To date gravity surveys and prospecting have defined three anomalies that stretch for over 6 kilometres along a northeast striking trend. Locally, a 600 metre long gossan outcrops from which the Italian colonists reportedly mined remobilized gold and copper from quartz veins, along a major shear zone. In 1997 Golden Star drilled 3 holes in this area and the best results were 14 metres grading 2.5 g/t gold and 2.1% copper in diamond drill hole #2. Sunridge's management believes that the geochemical and geophysical targets outlined to date could represent the source of the remobilized gold and copper mineralization mined by the Italians. The Company plans to drill some of these targets in the next phase of drilling.

4. Adi Mussa

This target is located on a newly recognized northeast striking VMS trend about 4 to 5 kilometres west of the Emba Derho-Dairo Paulos trend. Gossans outcrop intermittently over a 600 metre strike length at Adi Mussa. Exploration work to date, consisting of gravity, pulse EM, AMT surveys and soil geochemistry has outlined a series of coincident anomalies over 4 kilometres of strike length. Detailed geological mapping is underway to understand the structure prior to formulating a drill plan.

There are many more targets on the Asmara Project which were identified by the property wide ground gravity survey. The Company will continue to conduct further ground work on some of these targets with the objective to bring them to the drill ready stage.

Stock Options

Pursuant to the Company's shareholder approved Stock Option Plan, the Directors have today granted incentive Stock Options to Directors, employees and consultants on 2,025,000 common shares of the Company's capital stock, exercisable for up to five years at a price of $0.47, which price is the closing price of the Company's shares prior to the date of grant. The options granted will vest 50% on grant and 50% six months from the date of grant and will be subject to any regulatory hold periods.

About Sunridge

Sunridge Gold Corp. is a mineral exploration and development company focused on the acquisition, exploration, discovery and development of precious and base metal projects. The company is currently developing base and precious metal deposits on the Asmara Project in Eritrea including the recent completion of a positive Preliminary Economic Assessment Study on the large Emba Derho Deposit. The Company has 62.4 million shares outstanding, approximately $5 million in cash and the Company 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 Don Halliday or Greg Davis at the numbers listed below.

NOTES:

Mr. Michael J. Hopley is President and Chief Executive Officer of Sunridge and the person responsible for preparation of the technical information contained in this news release.

SUNRIDGE GOLD CORP.

Michael Hopley, President and Chief Executive Officer

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.