RE:RE:Grandich ResignsCashtango,
I've got assurance from Greg that they will never issue stock/private placement in the future. From now on this project is not belong only to SGC and I'm very confident the Eritreans/ENAMCO will borrow/debt financing exactly the way they did with nevsun to get Asmara Project to production as soon as possible for their own interest. For now SGC have enough cash and recently they have received 2million out of 18 million from ENAMCO (see below email from Greg). Since the Eritreans prefer full production of the project ASAP they may pressure SGC to sell to very qualified party but if they decide and are confident on the ability of SGC to take the project to production, then ENAMCO will take care of the financing part and after all they are the partner of SGC and are responsible for 1/3 of the cost.
Sunridge issued a news release which provides a general update on our progress on the Asmara Copper-Zinc-Gold Project in Eritrea – see attached.
We have now completed the Shareholder’s Agreement with ENAMCO (Eritrean State owned Mining company) and we have received the first $2m of $18.33m of their payments to Sunridge. We now have the funds to move quickly towards production. We expect to receive a mining license for the project near the end of this year and we are on track to begin building and mining Phase 1 DSO (Direct Ship Ore ~15% copper) in 2015.