Sub-Sahara die Gelegenheit

Nevsun says Eritrea has signed mining agreement for Bisha

The Canadian Press

December 12, 2007 at 11:25 AM EST

Nevsun Resources Ltd. [NSU-T]appears to have cleared the final obstacle to developing the Bisha mine in Eritrea, said to be one of the largest unexploited gold and base-metal deposits in Africa.

Nevsun said Wednesday its Eritrean venture, Bisha Share Mining Co., has concluded a mining agreement with the government which “contains all of the normal provisions governing the future development and operations for the Bisha project, including all substantive requirements of international financial institutions.”

The government has told the company a mine licence “will be issued soon.”

Nevsun shares gained 9.6 per cent Wednesday morning, rising 19 cents to $2.17 on the TSX, up from a low of 80 cents in August but down from $9 in late 2003 before Eritrea blocked work by Nevsun and other international companies while the government conducted a broad review of resource extraction policy.

Nevsun Resources

wird nix mehr dieses Jahr mit dem Koka-Resourcenupdate, tut mir leid wegen des Editors:

Sub-Sahara Resources (ASX: SBS) provides the market with an end of year update on
the exploration activities in Eritrea and Tanzania, east Africa.

Eritrea
Sub Sahara has earned a 69% equity in the Zara gold Joint Venture which covers an area of 196km2 and
is situated in northern Eritrea, approximately 160km northwest of the capital city of Asmara. As operator
of the project, Sub Sahara has completed over 11,000metres of diamond drilling at the Koka target, with
very encouraging results the most recent being reported to market on 28 November 2007.
In May 2007, the Company announced an Inferred resource at the Koka Gold deposit of 760,000 ozs gold
from 7million tonnes of ore, grading 3.4g/t gold, and the recently completed drilling has extended the
known mineralization to the south by a further 75 metres
In addition, the initial metallurgical test work indicated a +95% recovery of gold after 24 hours
gravity/cyanidation with manageable minor acid mine drainage. Petrographic studies also confirmed the
uncomplicated nature of the ore.
Drilling activity has been put on hold until the end of January so as to allow a timely review of the work
completed to date. Efforts to complete the updated Koka resource estimate up-grade have also been
delayed and the Company now expects to complete the process by the end of February 2008.
The recently announced granting of the first Mining Lease in Eritrea to Canadian listed Nevsun Resources
is considered a very strong endorsement of the industry and this should lead to a streamlined approach