December Developing Copper, Zinc and Gold Deposits on the Asmara Project, Eritrea. November 2010

Transcription

1 November 2010 December 2013 Underground workings at Debarwa copper-gold deposit Developing Copper, Zinc and Gold Deposits on the Asmara Project, Eritrea

2 Eritrea and the Asmara Project Sudan Zara Bisha Mine Hambok Massawa Asmara Ethiopia Sunridge Gold VMS/Gold Target Area Sunridge Gold VMS/Gold Deposits Nevsun s Bisha VMS Gold-Copper-Zinc Mine Other VMS/Gold Projects 2 Asmara Eritrea

3 Eritrea Asmara Safe, beautiful, and the capital of the State of Eritrea Eritrea Population ± 4 million Mining code based on Northern Territory, Australia. Business in English. Excellent infrastructure; paved roads, grid power, paved road to port of Massawa Nevsun Resources has successfully operated the Bisha Mine for almost 2 years showing strong earnings 3

4 Asmara Project - Overview Completed May 2013! BFS - Central processing facility at Emba Derho with 3 satellite deposits: Emba Derho million tonnes (Measured and Indicated) resource containing 1.0 Blbs Cu, 2.07 Blbs Zn, 506,000 oz Au, 19 M oz Ag Adi Nefas Mt (Indicated) resource at, 10.1% Zn, 3.3 g/t Au, 1.8%Cu & 115 g/t Ag Gupo Gold Mt (Indicated) resource at 1.52 g/t Au, same format Debarwa Mt (Measured and Indicated) resource containing 200 Mlbs Cu, 74 Mlbs Zn, 180,000 oz Au, 2.94 M oz Ag Development and Exploration: Adi Rassi Mt (Inferred) resource at 0.54% copper and 0.33 g/t gold Kodadu Gold Target (Inferred) resource of 990,000 tonnes with an average grade of 1.24 g/t gold & 1.6 g/t silver 4

5 Asmara Project Highlights 5 blocks totaling 111 Km² area 6 mineral deposits 4 deposits subject of BFS May 2013 Total metal production 841 million pounds (381,000 tonnes) of copper 1,874 million pounds (850,000 tonnes) of zinc 436,000 oz of gold + Million oz silver Full government (ENAMCO) participation on whole project Mining friendly jurisdiction Bisha Mine, Zara Mine etc Applying for mining license Q Significant exploration potential Adi Rassi and Kodado now 5 th and 6 th deposits 5

6 Asmara Project Feasibility Study Central processing facility at Emba Derho with 3 satellite deposits: Emba Derho million tonnes (Measured and Indicated) resource containing 1.0 Blbs Cu, 2.07 Blbs Zn, 506,000 oz Au, 19 M oz Ag Adi Nefas Mt (Indicated) resource at 1.8%Cu, 10.1% Zn, 3.3 g/t Au, 115 g/t Ag Debarwa Mt (Measured and Indicated) resource containing 200 Mlbs Cu, 74 Mlbs Zn, 180,000 oz Au, 2.94 M oz Ag Gupo Gold Mt (Indicated) resource at 1.52 g/t Au 6

7 Asmara Project Feasibility Study - Emba Derho Copper-Zinc-Gold Deposit Favorable geometry for open pit mine Emba Derho Resource Model 7

8 Asmara Project Feasibility Study - Emba Derho Copper-Zinc-Gold Deposit Emba Derho -Summary of Measured and Indicated Mineral Resource Zone Cut-off grade tonnes Copper Zinc Gold Silver (million) % % g/t g/t Gold Oxide 0.5 g/t Au Cu Supergene 0.5% Cu Copper-rich Primary 0.3% Cu Zinc-rich Primary <0.3% Cu, >1.0% Zn TOTAL 70.0 Sunridge Gold Corp: Mineral Resource Estimate Update, Emba Derho Deposit, Eritrea. NI Technical Report prepared by Snowden Mining Industry Consultants Inc. for Sunridge Gold Inc. with contributions by Blue Coast Metallurgy Ltd. 110 pages. Effective date 6 February

9 Asmara Project Contained Metals Asmara Project - Contained Metal in Measured and Indicated Resources Deposit Copper millions of lbs Zinc millions of lbs Gold thousands oz Silver million oz Emba Derho , Debarwa Adi Nefas Gupo Gold Totals 1, (574,000 tonnes) 2, (1,158,000 tonnes)

10 Asmara Project Feasibility Study - Adi Nefas Resource Adi Nefas: High grade zinc-copper-gold VMS deposit 6 km from Emba Derho High grade material to be blended with Emba Derho Underground mine plan Measured and Indicated Resources* tonnes Gold Silver Copper Zinc Zone Cut-off (million) (g/t) (g/t) (%) (%) Primary Zn 2 % * Sunridge Gold Corp: Mineral Resource Estimate Update, Adi Nefas Property, Eritrea. NI Technical Report prepared by Snowden Mining Industry Consultants Inc. for Sunridge Gold Inc. with contributions by Blue Coast Metallurgy Ltd. 82 pages. Effective date 20 February

11 Asmara Project Feasibility Study - Gupo Gold Deposit Resource Indicated resource*: Cut of Grade g/t Au Tonnes Average Grade g/t Au Ounces of Gold , ,780 Inferred resource*: Cut of Grade g/t Au Tonnes Average Grade g/t Au Ounces of Gold 0.5 1,808, ,340 * Sunridge Gold Corp: Gupo Gold Mineral Resource Estimate Update, Adi Nefas Property, Eritrea. NI Technical Report prepared by Snowden Mining Industry Consultants Inc. for Sunridge Gold Corp. with contributions by Blue Coast Metallurgy Ltd. 97 pages. Effective date 3 April

12 Asmara Project Feasibility Study - Debarwa Deposit Resource Location of Direct Shipping Option (DSO) tonnage Debarwa Measured and Indicated Resources* Material Tonnes Copper Zinc Gold Silver Type Cut-off (million) (%) (%) (g/t) (g/t) Oxide Au 0.5g/t Supergene Cu 0.5% Primary Cu 0.5% Totals DSO zone Cu 12.0% * resource estimate completed by AMC Consultants (UK) Ltd, August 11, 2011

13 Asmara Project Feasibility Study Highlights Base Case Highlights (all $ equals US dollars): NPV of $692 million at a 10% discount pre-tax & $345 million post-tax Internal rate of return (IRR) pre-tax 34%, post-tax 27% 3 stage staged start-up for early production (2015) & to minimize capital Phase 1 copper & gold DSO + gold heap-leach - $46 million Full production in 3 years Peak Capital Funding - $354 million Average annual metal production over the first 8 years- 65 million pounds (29,000 t) of copper 184 million pounds (83,000 t) of zinc 42,000 ounces of gold 1.0 million ounces of silver On site operating costs - $29.42/t average through life of mine Life of Mine 1 construction year, 15.3 production years

14 Asmara Project Feasibility Study Mining Phases Initial Capital Required ± $46m Phase I - DSO and Gold Production (Year 1 Year 5) Phase IA DSO (Year 1 Year 2) Mining of 116,000 tonnes of high-grade DSO with an average grade of 15.6% copper, 2.96 g/t gold, and 76.8 g/t silver from Debarwa Phase IB Gold production (Year 1 Year 5) Mining and heap-leaching of the 3.0 million tonnes near-surface gold caps at Debarwa and Emba Derho followed by Gupo Gold ± $357m Phase II Supergene Copper Production (Year 2 Year 3.25) Mine and process by flotation 2.4 million tonnes of high-grade copper supergene ore from Debarwa and Emba Derho at rate of 2 million tonnes per year for 1.25 years Phase II average grades 2.25% copper, 0.76 g/t gold, 21.6 g/t silver Phase III Full Production (Year 3.25 Year 16.3) Mine and process by flotation 51.0 million tonnes of primary copper and zinc ore from Emba Derho, Debarwa, and Adi Nefas at a rate of 4 million tonnes per year for 13years

15 ENAMCO Eritrean National Mining Corporation ( ENAMCO ) in July 2012 exercised full option to acquire a 30% paid participating interest in the Asmara Project in Eritrea. 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. Asmara Project carried 2/3 s by Sunridge and 1/3 by ENAMCO The price and terms of the acquisition of the participating interest by ENAMCO being negotiated. ENAMCO will contribute 33 1/3 % of all development costs as they are incurred. This reduces Sunridge s capital cost by one third, as well as any ongoing expenditures on the project. 15

16 Asmara Project - Schedule to Production December 2013: Submission of final SEIA & EPCM contractor selection November 2013: Detailed engineering & begin procurement selection Q4 2014: Mine Permit (October 2014) Mobilization of construction team and mine production team Q1 2015: Pre-Production mining starts - DSO & gold cap at Debarwa and Emba Derho Q3 2015: Phase I - production starts high-grade Cu DSO (16%) and gold heap leaching Q4 2015: DSO revenue and gold revenue Q2 2016: Start Phase II high-grade copper (2.25%) crushing circuit commission (2Mtpa) Q3 2017: Phase III - Full Cu-Zn-Au-Ag plant operation (4Mtpa) 16

17 Adi Rassi Copper-Gold Deposit Adi Rassi: Sunridge s 5 th deposit of the Asmara Project located 10 km east of Debarwa The resources area is open for expansion in most directions Positive initial metallurgical results Copper and gold mineralization associated with quartz veins and breccia zones along a major shear zone that trends north-south over 3 km Further expansion drilling planned in 2013 Cut off % Cu Eq Tonnes ( 000s) Copper (%) Gold (g/t) Copper ( 000 lbs) Gold ( 000 oz) o/p and 0.72 u/g 15, , * Fladgate Exploration Consulting, December 1, 2012

18 Kodadu Gold Target Kodadu Gold Target: Inferred Mineral Resource of 990,000 tonnes with an average grade of 1.24 g/t gold & 1.6 g/t silver Contained metal = 39,000 ounces of gold & 51,000 ounces of silver in the near surface oxide Less than 25 km from planned central operating facility near the Emba Derho deposit Initial metallurgical results show gold can be recovered by heap-leaching The resources area is open for expansion Further expansion drilling planned in 2013 Gold mineralization in a one kilometre shear zone Contained Metal Cut- off Grade Tonnes Gold Grade Silver Grade Gold Silver ('000s) (g/t) (g/t) ('000 oz) ('000 oz) Fladgate Exploration Consulting Corp. - Effective Date 20 May,

19 SGC - Share Structure November 2013 Symbol: SGC/TSX.V SGCNF/OTCQX Shares outstanding: 209,794,982 Options: wt. avg = $0.91: 15,167,500 Warrants: 64,364,136 Fully diluted shares: 289,774,558 Cash: ±$4 million Market Cap: ~$40 million Asmara Project Core Storage Facility West Georgia Street, Vancouver, BC, V6E 3C9 T F info@sunridgegold.com -

20 Sunridge Gold - Key Points Asmara Project - large, well defined resource of copper, zinc gold and silver (± 2billion lbs Cu Eq) BFS completed May $692 million NPV - IRR 34% Government partnership - responsible for 33⅓% of capital costs Completing $5.75M over subscribed financing SGC team rapidly advancing project applying for mining license Q Staged start up expected to begin in 2015 with initial capital ± $46m Mining friendly country e.g. Nevsun s Bisha Mine & Chalice s Zara Project Following same path as Nevsun Resources - $ years ago Chinese interest large base metal resource in Africa with market cap ± 10% of project value Significant exploration potential 20

21 DISCLAIMER: General Disclaimer: Sunridge Gold Corp. "Sunridge", has taken all reasonable care in producing and publishing information contained in this presentation. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained in this presentation. Sunridge does not warrant or make any representations regarding the use, validity, accuracy, completeness or reliability of any claims, statements or information in this presentation. The information is not a substitute for independent professional advice before making any investment decisions and Sunridge recommends seeking independent professional advice before making any investment decisions concerning Sunridge. Furthermore, you may not modify or reproduce in any form, electronic or otherwise, any information in this presentation, except for personal use, unless you have obtained our express prior written consent. Forward-Looking Statements: This presentation includes certain forward-looking statements. All statements other than statements of historical fact, included in this release, including without limitation statements regarding potential mineralization and resources, exploration results, and future plans and objectives of Sunridge are forward-looking statements that involve various degrees of risks and uncertainties. Any mineral resource estimates contained herein are only estimates and no assurance can be given that any particular level of recovery of minerals will be realized or that an identified resource will ever qualify as a commercially mineable or viable deposit which can be legally and economically exploited. In addition, the grade of mineralization ultimately mined may differ from the one indicated by the drilling results and the difference may be material. Any estimated resources described herein should not be interpreted as assurances of mine life or of the profitability of future operations. There can be no assurance that forward-looking statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from Sunridge s expectations include, among others, risks related to the worldwide price of mineral commodities, the actual results of current exploration activities, unexpected delays in project development, conclusions of economic evaluations, changes in market conditions, risks inherent in mineral exploration, risks associated with development, construction and mining operations, uncertainty of future profitability and the uncertainty of access to capital. Although Sunridge has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Sunridge does not assume any obligation to revise or update any forwardlooking statements after the date of this document or to revise them to reflect the occurrence of future unanticipated events, except as may be required pursuant to applicable securities laws. Technical Disclosure This presentation includes disclosure of scientific and technical information, as well as information in relation to the estimation of mineral resources and reserves with respect to Sunridge s mineral properties. Certain information in this presentation is summarized from various technical reports filed on the SEDAR website under Sunridge s profile at The technical reports should be consulted for further information. Sunridge s disclosure of mineral reserve and resource information is governed by National Instrument Standards of Disclosure for Mineral Projects ( NI ) under the guidelines set out in the Canadian Institute of Mining, Metallurgy and Petroleum (the CIM ) Standards on Mineral Resources and Mineral Reserves, adopted by the CIM Council, as may be amended from time to time by the CIM. The technical contents of this presentation has been reviewed and approved by Michael J. Hopley, CPG, President and CEO of Sunridge, who is a qualified person within the meaning of NI