Asmara Project in Eritrea
Asmara Project lies near Asmara on a central plateau, Asmara is the capital city of Eritrea in Africa. With prospecting rights to Medrizien, AdiNefas and Debarwa, the project was commenced in 1996 and the site has been prospected for many times. The mineral right permit has been renewed for several times with the latest one expiring on May 21, 2015 and prospecting right covering an area of 111.42km². Within the mineral right area are 6 deposits identified, including EmbaDerho, AdiNefas, Debarwa, Gupo, AdiRassi and Kodadu, among which EmbaDerho, AdiNefas, Debarwa and Gupo are matures deposits and have been fully prospected. These four deposits have proven ore reserves of 7,610 tons with design life of 16.2 years, design ore production of 56.584 million tons and design copper, zinc, gold and silver production of 0. 4591 million, 0.9443 million, 26.4 and 720.8 tons respectively.
SRBM intends to acquire a 60% shareholding in the target company held by Sunrideg Eritrea, a wholly-owned subsidiary of SGC. SRBM had conversations on the acquisition with SGC that agrees to sell the shareholding it held in the target company, and SRBM is interested in acquiring its shareholding.