The Eritrean Ministry of Energy and Mines has awarded three mining licences to the Asmara Mining Share Company (AMSC).

In the AMSC joint-venture company, Sunridge Gold owns 60% and the Eritrean National Mining has 40%.

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Encompassing a total area of 19.3km², the licences cover the four advanced projects, Emba Derho, Adi Nefas, Gupo Gold and Debarwa, on the Asmara copper-zinc-gold project near Asmara, the capital city of Eritrea, Africa.

"We now remain focused on our plans to finalise financing arrangements for Phase 1A, the mining and shipping the high-grade copper and gold direct shipping ore from Debarwa."

AMSC will retain an additional 83.12km² of exploration licences, which include the Adi Rassi copper-gold deposit and the Kodadu gold deposit.

Prior to receiving the award, Eritrean Minister of Energy and Mines Sebhat Ephrem signed a mining agreement on 11 September to give AMSC exclusive rights to the mineral title and rights to conduct mining operations within the licence areas for 20 years.

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Sunridge Gold president and CEO Michael Hopley said: "The acquisition of the mining licences is another important step forward for AMSC and Sunridge, and we are grateful for the continued support of the Government of Eritrea.

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"We now remain focused on our plans to finalise financing arrangements for Phase 1A, the mining and shipping the high-grade copper and gold direct shipping ore from Debarwa."

Phase 1A is expected to start commercial production in the third quarter of 2016.

During this phase, open-pit methods will be used to mine the high-grade copper direct shipping ore (DSO) from the Debarwa deposit and later on crushed and loaded into containers and transported 140km to the port facility at Massawa for shipping.