"We are extremely encouraged by these early drilling results, as they appear to confirm our original geologic interpretation of the significant iron mineral resource potential at Lac Virot."
In June, Shanghai Richstone provided $2 million, representing the initial portion of the Financing to the Company, in exchange for 5,405,405 common shares in the capital of Sunridge.
For the three months ended June 30, 2012, it has recorded a net loss US$13,610,824 or US$0.09 per share compared to a net loss of US$7,568 or US$0.00 per share for the same period in 2011.
A total of 11.8 million warrants, the original exercise price of which was $0.35, have been re-priced at $0.15 per share and been given a 12 month extension.
The company announced today its pilot program geared at establishing the feasibility of a 250 ton per hour commercial mining operation at the Nick Mine is underway.
Average gold recoveries of nearly 80% in static columns show there is good potential to use heap leach cyanidation to process Rojo Grande mineralization.
The results of 10 historic drill holes drilled in 1997 have reported results such as 1.26% Copper and 1.37% Zinc over 32.2 meters and 1.31% Copper over 26.9 meters.
