VANCOUVER, BRITISH COLUMBIA--(Marketwire - 12/29/09) - Sunridge Gold Corp. (TSX-V:SGC - News) ("Sunridge") believes that the sanctions imposed on the State of Eritrea on December 23, 2009 by the United Nations Security Council will have no affect on the Company's activities in the country. The Company is planning a significant 2010 exploration and drilling program for its Asmara Project which will begin with the commencement of drilling of the large and previously undrilled Daero Paulus target in mid- January 2010, part of the Antofagasta joint venture ground. In addition further drilling is planned at the Debarwa Deposit with the objective of increasing the size of the deposit.Management will be closely monitoring all information regarding the effect of the sanctions, if any, on the Company. The details of the sanctions are not yet known and may not be for some time. The government of Eritrea states that there is no justification for imposing the sanctions.
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. On October 2, 2009, the Company executed an exploration and funding agreement with Antofagasta Minerals S.A. whereby Antofagasta can fund US$10,000,000 of exploration work over a 5-year period to earn a 60% interest in the Exploration Areas of the Asmara Project. The exploration agreement with Antofagasta excludes the current existing Development Areas including the Emba Derho, Debarwa, Adi Nefas and Gupo Gold deposits.
Sunridge has approximately 76 million shares outstanding and $8.3 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 Don Halliday or Greg Davis at the numbers listed below.
SUNRIDGE GOLD CORP.
Michael Hopley, President and Chief Executive Officer