Positive Results From Ethiopia's Sheba Exploration

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Posted 31st January 2008

Edited Press Release

LONDON -(Dow Jones)- Sheba Exploration Thursday announced exploration results from the Finarwa Exclusive Exploration Licence Area in northern Ethiopia.

Reconnaissance by geochemical sampling across a shear zone turned up a number of gold in soil anomalies over a strike length of three kilometres. 15 out of 80 traverse samples registered above a threshold of 50ppb and background of <20 ppb gold. A maximum value of 260ppb gold was detected in soil and 500ppb gold in bedrock. These results indicate that widespread gold anomalies are associated with the shear zone and its constituent lithologies. The company intends to continue tracing the anomalous gold zone at both ends, followed by infill sampling of the higher grade areas.

Director Henry Atkinson said: “The positive results from the early stage of exploration at Finarwa indicate that the company may have a third gold project in the making. Judging by our experience with other exploration projects in the area, the soil results are significant and will lead us to bedrock gold mineralisation. In fact, a random grabsample has already returned a highly anomalous gold value in bedrock”.

Source: nasdaq.com

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