SBS 0.00% 2.9¢ sub-sahara resources nl

now what?

  1. 2,794 Posts.
    Looks like SBS,s boys will be looking for a new source of wages, and as they haven,t got a zac between them, guess what their next move will be--sorry, no prizes for the correct answer,---

    SUBJECT: News...Sundridge takes over mgmt Posted By: 4u
    Post Time: 2/16/05 09:12
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    Sunridge Gold Corp. Quick Quote: SGC 0.87 (Even)

    Sunridge Gold Corp.: Asmara Project Licenses Extended as Sunridge Takes Over Management
    2/16/05

    VANCOUVER, BRITISH COLUMBIA, Feb 16, 2005 (CCNMatthews via COMTEX) --
    Sunridge Gold Corp. ("Sunridge") (TSX VENTURE:SGC) announces that its joint-venture partner, Sub-Sahara Resources NL, ("Sub-Sahara") has received notification from the Minister of Energy and Mines in Eritrea that the renewal date of all three licenses that make up the Asmara Project has been extended to May 30, 2006. Under the Eritrean mining code an additional year of exploration (to May 30, 2007) is allowable on these licenses provided that sufficient exploration work is completed. It is anticipated that after that date the licenses would be converted to long-term mining licenses.
    "In addition, Sunridge has notified Sub-Sahara that it has assumed management of the Asmara project. As operator Sunridge is currently planning the resumption of the 2005 exploration program."

    As previously announced, Sunridge has also recently notified Sub-Sahara that Sunridge has earned a 40% interest in the Asmara Project by spending the required US$2.4 million in exploration expenditures and that it intends to earn an additional 30% interest in the project by continuing to be the sole financial contributor and by completing a bankable feasibility study within the required 3-year period.

    The balance of assays from the August" 2004 drill program on the Adi Nefas zinc/gold prospect as well as the Gupo Gold deposit are expected in early March.

    Michael Hopley, President and CEO of Sunridge Gold Corp. is the Qualified Person as defined in NI 43-101, and is responsible for the preparation of the information in this news release

 
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