Sunridge Gold Corp (TSX-V: SGC) and its major shareholder Antofagasta (LSE: ANTO) have strengthened their ties further through the appointment of Mr. Ricardo Muhr to the board of Sunridge Gold Corp. Mr Ricardo Muhr is currently the Vice President of Mineral Resources, for Antofagasta’s South American subsidiary. The companies are jointly exploring Sunridge’s Asmara copper-gold project.

The appointment satisfies the terms of the agreed strategic partnership between Sunridge and Antofagasta in October.  Through the agreed partnership, Antofagasta agreed to fund US$10 million of exploration work on Sunridge’s Asmara Project in Eritrea. Additionally Antofagasta completed a $5m private placing in Sunridge and subsequently became the Company’s largest shareholder with an 18% stake in the company.

Mr. Muhr has been Vice-President of Mining Resources for over a decade during which he has been responsible for the national and international exploration for Antofagasta S.A. Mr. Muhr has broad knowledge of mining in the South American Andes Region and is a member of the Chilean Geological Society and of the Society of Economic Geologists.
Mr Muhr has extensive experience of mine development in the region, throughout his career he has worked on several significant projects including one of the largest operating copper mines in Chile, the Escondida Mine and he led the evaluation on one of Antofagasta’s most successful mining operations, the Los Pelambres deposit.

In addition to the appointment, Sunridge Gold also granted Mr Muhr Incentive Stock Options on 100,000 shares of the Company’s capital stock, which are exercisable for up to five years at a price of $0.66 per share.

The exploration agreement with Antofagasta under the partnership is in relation to the ‘Exploration Areas’.

According to Sunridge and Antofagasta the areas are considered to have the potential for large new discoveries.

The ‘Development Areas’ of the Asmara Project remain 100% owned by Sunridge. Within the development areas there are four deposits with NI-43-101 independently estimated resources. The 50 million tonne Emba Derho VMS copper-zinc-gold deposit, two advanced high-grade gold, copper, zinc, and silver (VMS) Deposits, Debarwa and Adi Nefas and one gold deposit, named Gupo.

In October, Sunridge said it will commence its own drilling programmes with the objective to expand and further develop these resources.

Sunridge Gold Corp

Sunridge Gold Corp.(SGC/TSX.V) is a base and precious metals junior development and exploration company focused on advancing four NI 43-101 deposits through development to production and increasing resources through exploration drilling at several high priority drill targets at its Asmara Project, Eritrea. Following a recent private placement and exploration agreement with Antofagasta Minerals S.A., Sunridge is well funded to explore and develop their 100% owned deposits at he same time that Antofagasta and Sunridge together conduct drilling at other targets with the potential for large discoveries. With significant assets and potential for more, Sunridge is a junior to watch.

Source - ProactiveInvestors