The Canadian Press – LINK
VANCOUVER, B.C. —Sunridge Gold Corp. (TSXV:SGC) says UN sanctions imposed on Eritrea last week will have no effect on its activity in the Horn of Africa country.
Sunridge announced Tuesday that it plans to begin drilling on the Daero Paulus target in mid-January, part of the joint venture with Antofagasta Minerals SA.
Antofagasta agreed in September to provide US$10 million over five years to Sunridge for its Asmara project in northeastern Africa. In return for the financing, Antofagasta can earn a 60 per cent interest in the project.
Antofagasta also invested US$5 million to purchase 18 per cent of the Vancouver-based Sunridge.
A Dec. 23 resolution by the UN Security Council imposes an arms embargo and other sanctions against the government of Eritrea.
The African Union asked the Security Council to impose sanctions on Eritrea for providing support to armed groups trying to destabilize neighbouring Somalia.
Sunridge is an exploration-staged company currently focused on three exploration licenses in Eritrea.