Sunridge Gold Corp. Sunridge Gold Files Preliminary Economic Assessmentforthe Emba Derho Deposit Asmara Project Eritrea

Published in House and Home on Tuesday, June 30th 2009 at 12:04 GMT, Last Modified on 2009-06-30 12:05:13 by Market Wire
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VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 30, 2009) - Sunridge Gold Corp. (TSX VENTURE:SGC) ("Sunridge" or the "Company") is pleased to announce it has today filed on Sedar a Preliminary Economic Assessment ("PEA") report on its large 100% owned copper-zinc-gold Emba Derho Project, Eritrea completed by Wardrop, a Tetra Tech Company, the results of which were announced on June 4, 2009.

Highlights of the study more fully described in the press release on June 4, 2009 include:

- The currently estimated mineral resources provide for open-pit mining at a rate of 4 million tonnes of ore per year for 10.4 years with a possibility of mine life extension through either an expanded open pit or underground production;

- A conventional flotation process plant would produce separate copper and zinc concentrates containing annually approximately 55,000t zinc, 25,000t copper, 20,000oz gold and 0.6moz silver;

- The base case internal rate of return (IRR) is 21.6% with 4 years payback on an estimated initial capital cost of $331.8 million with sustaining capital of $67.3 million;

- The pre-tax net present value (NPV) is estimated to be $203.9 million at 10% discount rate;

- Total operating costs are estimated by Wardrop to be $ 21.19 per tonne milled;

- The PEA is based entirely on resources in the Indicated category using data from 256 diamond drill holes. Wardrop has estimated an Indicated mineral resource in the Supergene and Primary zones of 58.97 million tonnes containing 990 million pounds of copper, 1,900 million pounds of zinc, 485 thousand ounces of gold and 19.5 million ounces of silver (as announced by Sunridge on September 17, 2008);

- Wardrop recommends the continuation of studies and moving the Emba Derho project into the Pre-Feasibility stage. This includes further drilling in the open-ended northwest zone of the Emba Derho mineralized system and continued exploration elsewhere on the Medrizien exploration license which may lead to the discovery of satellite deposits.

Madagascar Projects

The Company has an option to acquire up to a 100% interest in four properties held by Majescor Resources Inc. in Madagascar by completing expenditures and issuing shares as described in the Company's press release dated October 15, 2008. Majescor has agreed with the Company that all the commitment dates in the September 15, 2008 agreement will be extended by a one year period so that Sunridge now has until September 15, 2010 to complete the initial $500,000 (Canadian) of expenditures on the properties. In exchange for this extension Sunridge has agreed to issue Majescor 200,000 common shares, subject to definitive documentation being entered into and receipt of regulatory approval.

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 metals deposits on the Asmara Project in Eritrea including the 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 (Canadian) 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:

1. Except where noted all dollars referred to in this news release are US dollars.

2. The Emba Derho resources, on which the PEA study was based, were originally released on September 17, 2008 by the Company.

3. The results of the Wardrop PEA for Emba Derho have been reviewed by Sunridge technical staff including Michael J. Hopley the Qualified Person for Sunridge. The Company believes that the PEA for Emba Derho was conducted in a professional and competent manner. Mr. Hopley is also the person responsible for preparation of the technical information contained in this news release and is President and Chief Executive Officer of Sunridge.

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.