Sunridge Gold Corp.
TSX VENTURE : SGC

Sunridge Gold Corp.

February 03, 2011 08:01 ET

Sunridge Gold Reports More High-Grade Copper Drill Results From Debarwa Deposit, Asmara Project, Eritrea

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 3, 2011) - Sunridge Gold Corp. (TSX VENTURE:SGC) is pleased to provide results from newly received assays from ten diamond drill holes from the Company's Debarwa copper-gold-zinc deposit located on the Asmara Project, Eritrea. The drill results from the current program (along with results from 35 drill holes completed in late 2009) will be used to update the resource estimate for Debarwa which is scheduled to be completed in March 2011 as part of the ongoing Debarwa feasibility study. Approximately fifty diamond drill holes have been completed to date in this current phase of drilling and approximately five more are planned before completion of this phase of work.

Highlights from these latest drilling results are as follows:

DEBD-130 – 31.85 m of 5.72% Cu & 2.13 g/t Au, including
    6.00 m of 17.99% Cu
     
DEBD-131 – 9.29 m of 11% Cu & 4.19 g/t Au
     
DEBD-132 – 13.45 m of 16.22% Cu & 3.22 g/t Au, including
    5.00 m of 17.24% Cu & 3.3 m of 26.04% Cu
     
DEBD-133 – 16.70 m of 14.9% Cu & 2.15 g/t Au
     
DEBD-135 – 25.45 m of 11.22% Cu & 1.75 g/t Au
     
DEBD-136 – 11.45 m of 4.1% Cu & 2.18 g/t Au
     
DEBD-138 – 16.50 m of 3.66% Cu & 7.15% Zn (Primary Zone)
     
DEBD-139 – 4.50 m of 2.04% Cu & 11.8% Zn (Primary Zone)

The purpose of the ongoing diamond drill program at Debarwa is to better define and extend both laterally and at depth all zones of copper, gold and zinc mineralization as part of the ongoing Debarwa feasibility study that started in November 2010. The first six shallow holes DEBD-130 to DEBD-133, DEBD-135 and DEBD-136 were designed to intersect the surface outcropping gold-rich oxide zone and/or the copper-enriched supergene zone which lies immediately beneath. Within the supergene zone there exists a particularly high-grade copper zone, with grades greater than 15% copper; this zone is known as the "Direct Shipping Ore" or DSO zone. Four holes DEBD-134 and DEBD-137 to DEBD-139 were drilled deeper to intersect the primary zone of copper-zinc-gold mineralization.

The results of these new assays continue to confirm the high-grade copper grades in the supergene and DSO zones and the deeper holes have both confirmed and extended the depth of the primary zone of copper-zinc-gold mineralization at Debarwa.

As well as better definitions and extensions of the mineralized zones the purpose of the current Debarwa drilling program is to capture structural data from the oriented drill core and to gather more samples for ongoing metallurgical test work.

A summary of the assay results from these ten drill holes are as follows:

Drill hole # From Metres To Metres Interval Metres Gold g/t Silver g/t Copper % Zinc % Zone
DEBD-130 36.30 68.15 31.85 2.13 57.59 5.72   Au Oxide/Cu Supergene
Incl. DEBD-130 36.30 46.65 10.35 3.34 82.23 0.04   Au Oxide
And DEBD-130 46.65 68.15 21.50 1.55 45.73 8.45   Cu Supergene
And DEBD-130 51.65 57.65 6.00 2.38 85.00 17.99   DSO
DEBD-131 78.86 88.15 9.29 4.19 50.85 11.00   Cu Supergene
DEBD-132 43.70 51.70 8.00 3.86 18.84 0.06   Au Oxide
DEBD-132 51.70 65.15 13.45 3.22 86.57 16.22   Cu Supergene
Incl. DEBD-132 53.70 58.70 5.00 2.06 81.60 17.24   DSO
And DEBD-132 61.85 65.15 3.30 3.20 114.42 26.04   DSO
DEBD-133 33.30 46.80 13.50 1.68 35.94 0.03   Au Oxide
And DEBD-133 47.80 64.50 16.70 2.15 75.92 14.90   Cu Supergene
Incl. DEBD-133 56.80 61.50 4.70 2.31 151.68 27.17   DSO
DEBD-135 36.50 61.95 25.45 1.75 40.23 11.22   Cu Supergene
Incl. DEBD-135 45.80 56.80 11.00 2.48 60.64 18.62   DSO
DEBD-136 24.55 50.55 26.00 1.37 16.99 0.09   Au Oxide
And DEBD-136 50.55 62.00 11.45 2.18 46.84 4.1   Cu Supergene
DEBD-137 180.97 194.10 13.13 0.53 6.72 1.1 0.75 Primary Cu/Zn
DEBD-138 97.50 114.00 16.50 2.43 39.79 3.66 7.15 Primary Zn/Cu
DEBD-139 140.30 144.80 4.50 1.14 25.11 2.04 11.80 Primary Zn/Cu

NOTE: See plan map here – http://media3.marketwire.com/docs/sgc23.pdf and on the Company's website – www.sunridgegold.com. There were no significant assays from drill hole DEBD-134.

The Debarwa Feasibility Study

The Debarwa feasibility study will consider a standalone process plant using flotation for the recovery of the base and precious metals and will study various mining options over a forecast life of mine of approximately 9 years. The study will further investigate a direct shipping option to mine high-grade copper mineralization (greater than 15% copper) to generate early cash flow and enhance economics of the deposit. The completion of this report is expected in the third quarter of 2011.

NOTES:

  1. A Quality Assurance/Quality Control program was part of the sampling program on the Debarwa copper-zinc-gold deposit. This program includes chain of custody protocols as well as systematic submittals of standards, duplicates and blank samples into the flow of samples produced by the sampling.

  2. Samples were prepared at African Horn Testing Services (Eritrea) and analyzed at Genalysis Laboratories (a NATA registered laboratory) in Perth, Western Australia.

  3. The results of the Debarwa drill program have been reviewed by Michael J. Hopley the Qualified Person for Sunridge. Mr. Hopley is also the person responsible for preparation of the technical information contained in this news release and is President and CEO of Sunridge.

ABOUT SUNRIDGE:

Sunridge is a mineral exploration and development company focused on the acquisition, exploration, discovery and development of base and precious metal projects on the Asmara Project in Eritrea and exploration properties in Madagascar. Sunridge currently has approximately 117 million shares outstanding and approximately $25 million in cash. Sunridge 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 Greg Davis at the numbers listed below.

SUNRIDGE GOLD CORP.

Michael Hopley, President and Chief Executive Officer

This news release contains forward-looking statements that are based on the Company's current expectations and estimates. Forward-looking statements are frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate", "suggest", "indicate" and other similar words or statements that certain events or conditions "may" or "will" occur. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause actual events or results to differ materially from estimated or anticipated events or results implied or expressed in such forward-looking statements. Such factors include, among others: the actual results of current exploration activities; conclusions of economic evaluations; changes in project parameters as plans to continue to be refined; possible variations in ore grade or recovery rates; accidents, labour disputes and other risks of the mining industry; delays in obtaining governmental approvals or financing; and fluctuations in metal prices. There may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise. Forward-looking statements are not guarantees of future performance and accordingly undue reliance should not be put on such statements due to the inherent uncertainty therein.

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.

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