Australian-based gold exploration company Sub-Sahara Resources (ASX:SBS) advises that it has completed
the sale of its shares in Canadian listed Sunridge Gold Corp (TSX:SGC) as of today’s date.
In March 2007, Sub-Sahara received 7.6 million common shares in Sunridge, as consideration for its 48%
interest in the Asmara Joint Venture in Eritrea.
Sub Sahara subsequently sold these shares netting Sub-Sahara CDN$9.2 million. The Company will use
US$4.6 million of the share proceeds to clear a tax debt to the Eritrean Government leaving US$4.4 million for
further developing the Zara project as well as general working capital.
Sub Sahara Resources Managing Director Mr Michael Griffiths said the sale of these shares was an important
corporate action that added significant value to the company.
"The money raised from the sale of our Sunridge shares has provided a significant boost to our working capital
without adding to our shares on issue. This ensures we have the necessary resources available to further
progress our exploration activities at the highly prospective Zara Gold Project in Eritrea,” Mr Griffiths said.
“At present the Zara gold project has a deposit of over 1 million oz and with more drilling to be undertaken this
year, we believe there is still room to grow this deposit further. With gold prices at record highs and the
considerable upside we believe still exists, the Sub Sahara board and management team are committed to
achieving our vision of developing this project into a viable, commercial gold mining operation in the near term.”.
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