ERITREA tells mining companies to halt work until further notice
3, 4:19 PM EDT
(Dow Jones)--Nevsun Resources Ltd. (NSU.T), Sanu Resources Ltd. ( SNU.V) and
Sunridge Gold Corp. (SGC.V) have each received a letter dated Sept. 2 from the
Minister of Energy and Mines of Eritrea instructing the companies to halt all
mineral prospecting and exploration work and related activities in Eritrea
until further notice.
In a news
release, the affected companies said no reason was given for the order.
they have sought further clarification and will provide information as it
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Hopley, president and chief executive of Sunridge Gold Corp. (SGC.V), said he
hopes to obtain more information before markets open on Tuesday, after the
Labor Day holiday Monday.
been blindsided," Hopley said of the brief letter received in the capital
city of Asmara from the Eritrean Minister of Energy and Mines. Hopley said the
letter "gives no hint as to the reason" for requesting a halt in all
mineral exploration and related work being done in the African country.
he didn't want to speculate on possible reasons for the letter. "
Everything seemed to be going along well, and still seems to be going along
well," he said. "There was nothing that I know of, and more
importantly nothing that our in-country managers are aware of, that would
create something like this," he said.
an option to earn up to a 90% joint venture interest in the Asmara gold and
copper project, operated by Australia's Sub-Sahara Resources N.L. (SBS.AU).
Resources Ltd. (NSU.T) owns 90% of the Bisha high-grade gold and copper project
in west-central Eritrea. Nevsun president and chief executive John Clarke
couldn't immediately be reached for comment.
Ltd.'s (SNU.V) Web site says the exploration company is focused on one project
in Eritrea and another in Mali.
Sites: http://www.nevsun.com, http://www.sunridgegold.com and
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