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Sunridge Gold Announces Mining Agreement Signed By Asmara Mining Share Company

VANCOUVER, BC / ACCESSWIRE / September 11, 2015 / Sunridge Gold Corp. (the "Company" or "Sunridge") (SGC: TSX.V/SGCNF: OTCQX) is pleased to announce that the Asmara Mining Share Company ("AMSC") has signed a Mining Agreement with the Eritrean Ministry of Energy and Mines ("MEM") and as a result three mining licenses will subsequently be issued to AMSC. These licenses will cover the four advanced projects (Emba Derho, Adi Nefas, Gupo Gold and Debarwa) that make up the Asmara copper-zinc-gold project in Eritrea. An additional 83.12 square kilometers of exploration licenses will be retained by AMSC which include the Adi Rassi copper-gold deposit and the Kodadu gold deposit.

The Asmara Project is held by AMSC, a joint-venture company of which Sunridge owns 60% and the Eritrean National Mining Corporation ("ENAMCO") owns 40%.

The Mining Agreement covers every aspect of the planned mining operations on the Asmara Project including the timing of the start of development and commercial production, design capacity and production amounts, reporting requirements, royalty calculations, the use of expatriate employees, contractors and sub-contractors, financing and fiscal arrangements, safety issues, community relations, as well as reclamation and closure issues.

A summary of the most important terms of the AMSC Mining Agreement are as follows:

- The Mining Agreement was signed on September 11, 2015 in Asmara by the Minister of Energy and Mines, His Excellency, General Sebhat Ephrem, representing the State of Eritrea and Michael Hopley, Chairman of the Board of Directors of AMSC;

- The Mining Agreement gives AMSC exclusive rights to the mineral title and exclusive rights to conduct mining operations within the license areas for a 20 year term;

- The Emba Derho, Debarwa and the Adi Nefas Mining Licenses will cover a total area of 19.3 square km;

- Planned mining operations of the Mining Licenses are based on the Asmara Project Feasibility Study dated May 16, 2013 and amended March 2014;

- Development work leading to production has to commence within 6 months of been awarded the Mining Licenses and commercial production has to be reached within 36 months; and

- The terms of the Mining Agreement approves the initiation of all of AMSC's proposed reclamation and closure plans contained in the Asmara Project Social and Environmental Impact Assessment ("SEIA") report dated January 2014.

"We are very happy to have achieved this major milestone; after a comprehensive review of Sunridge's feasibility study and SEIA by the MEM and other government departments, including an independent third party review, the signing of the Mining Agreement and the subsequent issuance of being awarded the three Mining Licenses to AMSC is a validation of all this work over the past several years by Sunridge. These Mining Licenses will allow AMSC to move forward with all plans for the Asmara Project including the completion of the financing plans for Phase 1 - the mining and shipping the direct shipping ore (DSO) from Debarwa," stated Michael Hopley, President and CEO of Sunridge.