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November 2009. Exploring and Developing Copper, Zinc and Gold Projects in East Africa. Sunridge Gold - Highlights. Asmara Project in Eritrea hosts four deposits identified to date with combined Indicated resources containing: 1.28 billion lbs (580,000 tonnes) copper

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November 2009

Exploring and Developing Copper,

Zinc and Gold Projects in East Africa

Sunridge gold highlights
Sunridge Gold - Highlights

Asmara Project in Eritrea hosts four deposits identified to date with combined Indicated resources containing:

1.28 billion lbs (580,000 tonnes) copper

2.5 billion lbs (1,130,000 tonnes) zinc

1.05 million oz gold

31.8 million oz silver

At current metal prices, these resources combine for very high value for a small cap junior.

Note: does not included inferred resource at Gupo Gold deposit, which currently contains 189,000 ounces of gold.


Sunridge gold highlights1
Sunridge Gold - Highlights

Antofagasta Minerals S.A. signs strategic alliance agreement with Sunridge and becomes largest shareholder

Sunridge is well funded with approx. CDN$ 9 M

Expansion drilling began October 2009 on deposits owned 100% by Sunridge

Exploration drilling funded by Antofagasta will commence on new highly prospective exploration targets early in 2010


Eritrea and the asmara project
Eritrea and the Asmara Project




Red Sea




Asmara Projects




Sunridge Gold VMS/Gold Projects ~ 700 sq km

Other VMS/Gold Projects



  • Population approx 4 million, largely subsistence agriculture

  • Asmara considered to be amongst the safest and most beautiful capital cities in Africa

  • Mining code based on Northern Territory, Australia

  • Business conducted in English

Asmara project infrastructure
Asmara Project – Infrastructure

  • Excellent infrastructure including:

  • Asmara Project located in close proximity to capital city of Asmara

  • Grid power – 4 km from power plant

  • Paved roads

  • Deep water port at Massawa, located on major trade and shipping routes on Red Sea

  • Both paved road and rail to port at Massawa, 120 km from project

  • Good water supply

Sunridge gold eritrea
Sunridge Gold–Eritrea

  • Nevsun Resources - Bisha Mine

  • 5.5 years from discovery (Jan. 2003) to mining license (May 2008)

  • 8 years to production, scheduled for Q3 2010 when gold mining starts at Bisha Mine

  • Nevsun received $25 M from ENAMCO for down-payment for purchase of 30% of Bisha Mine project

  • Secured over US$200 M debt finance commitment for mine construction

Asmara project three main focus areas
Asmara Project – Three Main Focus Areas

Work on the Asmara Project is focused on three distinct areas:

  • Antofagasta-Sunridge Exploration Area:

  • Antofagasta to fund $10 M in exploration

  • Drilling to begin early in 2010

  • Emba Derho Copper-Zinc-Gold VMS:

  • 100% Sunridge Owned

  • Positive Scoping Study Complete

  • Currently looking for partner to develop

Debarwa Copper-Zinc-Gold VMS Deposit:

- 100% Sunridge Owned

- Currently drilling to expand zones

- Scoping studies to begin in 2010

Antofagasta sunridge exploration area
Antofagasta – Sunridge Exploration Area

Antofagasta Minerals S.A. signs strategic alliance agreement for US$10 M in exploration expenditures over five years giving them 60% interest in the Exploration Ground (October 2, 2009)

Antofagasta invested US$ 5 M in private placement

Sunridge will be operator until a total of US$7 M has been funded by Antofagasta

Antofagasta may earn an additional 15% for a total of 75% interest in the Exploration Areas by completing a feasibility study on any project within the Exploration Areas

Exploration work funded by Antofagasta has commenced on new highly prospective targets


Antofagasta minerals s a
Antofagasta Minerals S.A.

Antofagasta is a wholly owned subsidiary of Antofagasta plc, listed on the London Stock Exchange (symbol -- ANTO)

Chilean mining operation are expected to produce approximately 447,000 tonnes of copper in concentrate in 2009

Expected to increase total copper production to nearly 700,000 tonnes per year from 2011

Antofagasta has exploration or feasibility programs in Chile, Pakistan, Zambia and Mexico

Antofagasta plc has net cash of US$1.8 billion and it currently has a market capitalization of US$11.3 billion (June 30,2009)


Antofagasta sunridge exploration area1
Antofagasta – Sunridge Exploration Area

Sunridge Gold – Antofagasta Exploration Areas

Sunridge Gold 100% owned Development Areas

X 43-101 Resources

X High Priority Drill Targets

Antofagasta sunridge exploration area2
Antofagasta – Sunridge Exploration Area

Many high priority, large targets for drilling with Antofagasta

Proven VMS trends containing numerous gossan outcrops with large geochemical and geophysical anomalies

Drilling to begin January 2009 at Dairo Paulos

Development Areas 100% Sunridge Gold

Highest Priority drill Targets within Exploration Area


Emba derho highlights
Emba Derho Highlights

100 % owned by Sunridge – Currently seeking JV Partner

Large NI 43-101 compliant copper-zinc-gold resource of 62.5 M tonnes

Positive Scoping Study demonstrates strong economic potential

Next stage is Prefeas/Feasibility at Emba Derho

Ideally located 15 km from Asmara on excellent infrastructure


Emba derho 43 101 resource wardrop september 17 2008
Emba Derho 43-101 ResourceWardrop, September 17, 2008

  • Summary of Indicated Mineral Resource

Emba derho 43 101 resource wardrop september 17 20081
Emba Derho 43-101 ResourceWardrop, September 17, 2008

Total Contained Metal at Emba Derho

Drilling at emba derho
Drilling at Emba Derho

Great terrain for open pit mining

Highlights of emba derho scoping study
Highlights of Emba Derho Scoping Study

  • Completed June 2009 by Wardrop UK:

  • Base case open pit mining at 4 M tonnes per year for 10.4 years (42 Mt out of 62 Mt) - potential mine life extension

  • Base case IRR is 21.6% with four years payback on initial estimated capital costs of US$331.8 M, sustaining capital US$67.3 M

  • Base case pre-tax NPV is estimated at US$203.9 M at 10% discount rate

  • Produce 200,000 t of Cu & Zn concentrates annually containing 55,000 t Zn, 25,000 t Cu, 20,000 oz Au & 0.6 m oz Ag

  • Total operating costs are estimated to be US$21.19/tonne milled

Scoping study sensitivity to metal prices
Scoping Study – Sensitivity to Metal Prices

Historical average metal prices sourced from London Metal Exchange as of June/09

Possible improvements to scoping study
Possible improvements to Scoping Study

  • Wardrop - opportunities for improving Emba Derho economics:

  • Possible mining of the NW zone consisting of 17.3 M tonnes averaging 0.96% Cu, 1.26% Zn, 0.18 g/t Au & 8.84 g/t Ag

  • Base case Scoping Study does not include oxide gold zone which contains 94,000 ozs Au. (3.51 m tonnes grading 0.84 g/t Au)

  • Upgrade ore by removing unmineralized dykes and dumping in the pits

  • Mining Emba Derho in conjunction with other nearby deposits

  • Possible use of railway, sharing port costs with Nevsun, study of local power options and using part of open pit for waste disposition

Emba derho nearby deposits1
Emba Derho – Nearby Deposits

Adi Nefas and Gupo Gold are within 6 km of Emba Derho and will be included in future Prefeas/Feasibility studies at Emba Derho:

Adi Nefas:

– high grade zinc-copper-gold VMS deposit.


  • Gupo Gold:

    • NI 43-101 compliant Inferred resource of 1,965,000 tonnes grading 2.99 g/t Au totaling 189,000 ounces gold.

    • Potential low cost operation in conjunction with Emba Derho gold cap.


Debarwa deposit
Debarwa Deposit

Debarwa Indicated Resources

Debarwa high-grade copper-zinc-gold VMS deposit


Debarwa deposit section 99965n


9m @ 3.15 g/t Au







10m @ 24.97 g/t Au

17.16m @ 8.53 g/t Au

20.1m @ 15.30% Cu, 9.69 g/t Au

Debarwa Deposit: Section 99965N

elev 1900m

Gossan / Leached Zone

Supergene Zone

elev 1850m

17m @ 12.33% Cu, 1.85 g/t Au

16.7m @ 8.02% Cu, 1.61 g/t Au, 35.81 g/t Ag

15.12m @ 4.42% Cu, 8.23% Zn, 2.00 g/t Au

Primary Zone

elev 1800m

18m @ 3.96% Cu, 5.48% Zn, 1.37 g/t Au

Debarwa highlights
Debarwa Highlights

  • High-grade copper-gold-zinc (VMS) project

  • 100% Sunridge owned

  • Current drill program underway to expand high grade zones

  • Scoping studies to begin early in 2010

  • Possible low capital cost – high grade operation

  • Option to direct ship ore to be considered



Asmara project total contained metals
Asmara Project – Total Contained Metals

Total Contained Metal in Indicated Resources in 100% Sunridge Owned Deposits

Note: Table does not included inferred resource at Gupo deposit, which current contains 189,000 ounces of gold.

Sgc share structure november 2009
SGC - Share Structure November 2009

Symbol: SGC/TSX.V

Shares outstanding: 76,171,765

Options: wt. avg = $1.20 6,192,500

Warrants @ $1.60 exp. March 19/10 5,764,500

Fully diluted shares: 87,928,765

Current cash: CDN$9,000,000

FD Cash: additional: $16,654,200

Market cap. Approx. $45 million

Antofagasta Mineral S.A. (Sierra Gorda Inv. Comp): 17.9%

Lundin Mining: 12.2%



Management and directors
Management and Directors

Michael Hopley – President/C.E.O.

David Daoud – Exploration Manager

Don Halliday – Executive Vice President

Doris Meyer – CFO & Director

Greg Davis – VP Business Development

Amanuel Arafine – Eritrean Country Manager, Eritrea

Craig Angus – Director, Chairman

Ricardo Muhr – Director (VP - Mineral Resources

Antofagasta Minerals S.A.)

Neil O’Brien – Director (Senior VP Lundin Mining)

Stephen Gatley – Director (GM, Lundin Mining)

Mark Corra – Director (CFO of B2 Gold)

Eric Edwards – Director



  • Exploration and development work focused on 3 distinct areas:

    • Exploration Area – funded by Antofagasta, drilling to begin on high priority targets early in 2010

    • Emba Derho – ready for prefeas/feasibility, currently looking for JV partner

    • Debarwa – currently drilling to expand high-grade zones, scoping studies planned for 2010

  • Positive Scoping Study on Emba Derho deposit with strong IRR’s and NPV’s

  • Experienced management team and board of directors

  • Excellent project infrastructure and strong gov’t support

  • Sunridge remains well funded

  • Nevsun on schedule to begin mining at Bisha in Q3 2010

  • 30


    Regulatory notes
    Regulatory Notes

    • All of Sunridge Gold’s exploration programs and pertinent disclosure of a technical or scientific nature are prepared by, or prepared under the direct supervision of Michael J. Hopley, CPG, Sunridge Gold’s President and CEO, who serves as the qualified person (QP) under the definitions of National Instrument 43-101.

    • Certain disclosures in this presentation, including management’s assessment of Sunridge Gold’s plans and projects constitute forward-looking statements that are subject to numerous risks, uncertainties, and other factors that may cause future results to differ materially from those expressed or implied. Readers are cautioned not to place undue reliance on forward-looking statements.