Sunridge Gold Corp. (TSXV:SGC,OTCQX:SGCNF) announced that the government of Eritrea plans to buy a 30 percent paid participating interest in Sunridge’s Asmara project, which includes the Gupo gold deposit. The terms of the acquisition have not yet been settled.
As quoted in the press release:
This 30% interest is in addition to ENAMCO’s existing right to receive a 10% non-assessable interest that will be carried to production by the participating partners.
Michael Hopley, Sunridge’s president and CEO, commented:
We are very pleased that ENAMCO has made the early decision to purchase a participating interest and become our partner to bring the Asmara Project into production. This kind of support from the government, for the development of what will be the largest mine in Eritrea, is a major validation of the project and will certainly help with completion of the next steps towards production — completion of the feasibility study, mine permitting and construction financing. We look forward to working with ENAMCO to bring the Asmara Project into production as soon as possible for the mutual benefit of Sunridge and the people of Eritrea.