[AI] Asmarino Independent

Sunridge Gold's 2010 Exploration Plans for Asmara Project, Eritrea

VANCOUVER, BRITISH COLUMBIA--(Marketwire - 12/29/09) - Sunridge Gold Corp. (TSX-V:SGC - News) ("Sunridge") believes that the sanctions imposed on the State of Eritrea on December 23, 2009 by the United Nations Security Council will have no affect on the Company's activities in the country. The Company is planning a significant 2010 exploration and drilling program for its Asmara Project which will begin with the commencement of drilling of the large and previously undrilled Daero Paulus target in mid- January 2010, part of the Antofagasta joint venture ground. In addition further drilling is planned at the Debarwa Deposit with the objective of increasing the size of the deposit.

UPDATE 1-Eritrean turmoil weighs on Nevsun shares

* Nevsun stock tumbles more than 14 percent

TORONTO, Dec 24 (Reuters) - Nevsun Resources <NSU.TO> insisted on Thursday its Bisha gold project in Eritrea would proceed as planned despite United Nations sanctions against the African country.

Nevsun shares tumbled more than 14 percent following the sanctions, despite its assurances the U.N. actions -- including travel restrictions and asset freezes -- should not have any direct impact on the company or the project.

UN Sanctions may affect Canada's Nevsun, foreign companies

(Reuters) Eritrea's most advanced project is Bisha, run by Canada's Nevsun Resources Ltd (NSU.TO: ??). Its 27 million tonnes of ore are believed to contain 1 million ounces of gold, 700-800 million pounds of copper and 1 billion pounds of zinc.

The momentum towards imposing sanctions on Eritrea for its alleged role in war-torn Somalia has grown in recent months. It remains unclear how they may effect foreign companies, but according to one analyst, any disruption to the burgeoning mining industry would put pressure on Asmara.

Nevsun completes C$32.775 mln private placement for Bisha gold-copper project, Eritrea

Nevsun Resources Ltd (TSX/AMEX: NSU) said it has  completed its non-brokered private placement financing of 11.5 million common shares at C$2.85 announced last week, raising C$32.775 million.

The net proceeds from the offering will be used for general working capital purposes, including exploration and development of the Bisha high grade gold, copper and zinc project in Eritrea.

Eritrea readies first goldmine

"Its dictatorial ruling regime, which is in urgent need of dollars from mining, has also awarded exploration licences to eight new foreign companies eager to prospect close to Africa’s Red Sea coast."

War and government economic controls have limited the Eritrean private sector’s ability to generate foreign currency income and the country is one of the last unexplored frontiers in African mining.

In a break from its credo of self-reliance, the regime of President Isaias Afewerki has turned to foreign companies for capital and ex­pertise to develop its gold, zinc and copper deposits.

Sub-Sahara, Chalice merger to fund Eritrea project

EU seeds Eritrea’ dictators with blood money

The European Union’s approval of the a 122 million Euro in development aid package for Eritrea sends the wrong signal to the brutal regime in Asmara, in a country run by an oppressive dictatorship where human rights are systematically violated and its impoverished people live in constant fear it is difficult to understand the EU’s decision. Given the blatant disregard that the Eritrean regime has for the legally binding principles set out in the Cotonou Agreement Eritrea, it is in clear breach of legal obligations required to receive this.