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Announcement re Sunridge Gold Corp

26th Oct 2009 16:33

RNS Number : 3971B

Antofagasta PLC

26 October 2009

Antofagasta plc

Announcement re Sunridge Gold Corp

London, 26 October 2009 - As part of Antofagasta plc's ("Antofagasta") long-term strategy for growth, its mining division Antofagasta Minerals S.A. ("Antofagasta Minerals") entered into an exploration agreement with Sunridge Gold Corp ("Sunridge") on 29 September 2009. Under this agreement Antofagasta Minerals can earn an initial 60% interest in Sunridge's Asmara project in Eritrea by funding US$10 million of exploration work over a 5-year period, and a further 15% interest (for an aggregate 75% interest in the project) by delivering a feasibility study on the project. On 2 October 2009, Sierra Gorda Investment Company Limited ("Sierra Gorda"), a wholly-owned subsidiary of Antofagasta, acquired 13,588,750 common shares in Sunridge for cash at CDN$0.40 per share under a private placement (amounting to US$5 million and representing approximately 18% of the issued share capital of Sunridge). These shares are subject to a four month hold period until 2 February 2010.

Sunridge is a company listed on the TSX Venture Exchange in Canada. As required under the rules of that exchange, Sierra Gorda will today file and announce details of this transaction in Canada.