Sub-Sahara Resources’ joint venture partner, Sunridge Gold Corp has released further drill results from the Emba Derho prospect that forms part of the Asmara Project in Eritrea.
These drill results extend the massive sulfide mineralisation to over 900m and confirm its potential as a large, bulk mineable zinc, gold and copper deposit.
Sub-Sahara previously announced the proposed sale of its 48% interest in the Asmara project to Sunridge.
The consideration is to be satisfied by the issue of 7.6 million shares at an issue price of C$1.84 per share which at the prevailing share price of C$3.40, currently values Sub-Sahara’s interest at approximately A$28.5million.
The joint venture partners are in the process of seeking regulatory approval for the sale of the interest in the Asmara project.
- 12 Dec 2006
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