Beijing - Global law firm K&L Gates LLP has advised Sunridge Gold Corp. on the sale of its 60% interest in the Asmara Mining Share Company, the holder of the Asmara Project in Eritrea, to Sichuan Road & Bridge Mining Investment Development Corp. Ltd. for an upfront purchase price of US$65 million cash.

As part of the deal, Sichuan Road & Bridge Mining Development Corp. assumed the obligation to pay Sunridge Gold Corp. the remaining principal of the deferred payment of US$13.33 million owed to Sunridge by Eritrean National Mining Corporation.

K&L Gates’ team on the deal was led by Beijing partner Frank Voon, who was supported by Hong Kong partners Michael Chan and Sacha Cheong, and associate Iris Bi. K&L Gates advised Sunridge on Hong Kong law and provided transaction support from a Chinese-law perspective.

Toronto-listed Sunridge Gold Corp. is a mineral exploration and development company focused on the exploration, discovery, and development of base and precious metal projects on the Asmara Project in Eritrea.