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From: B-Haile (eritrea.lave@comhem.se)
Date: Wed Mar 02 2011 - 10:34:48 EST
Bisha Mining Share Company (BMSC)
March 2, 2011
Bisha Drills 51M of 3.34 g/t Au at Harena Satellite Deposit
Bisha Mining Share Company (BMSC) is pleased to report the gold assays from the thirty-four infill diamond drill holes at the Harena deposit within its Bisha exploration license in Eritrea. BMSC plans to use the infill drilling results to complete a resource estimate, mine plan and mining license application to process the material at its BMSC processing plant. Harena lies 9.5 km southwest of the Bisha Main deposit on an exploration license contiguous to the Bisha mining license.
Highlights
High grade, near surface oxide gold cap
Copper and zinc primary sulphide underneath
Potential additional feed for Bisha both in CIL and flotation phases
Select High Grade Results Include:
Hole #H-078 - 18m at 11.78g/t Au, from 51.0 metres to 69.0 metres Hole #H-062 - 31.9m at 4.09g/t Au, from 5.6 metres to 37.5 metresHole #H-063 - 51m at 3.34g/t Au, from 19.5 metres to 70.5 metresHole #H-059 - 60m at 2.73g/t Au, from 13.5 metres to 70.3 metresHole #H-081 - 18m at 3.89g/t Au, from 45.0 metres to 63.0 metresHole #H-075 - 24m at 3.19g/t Au, from 46.5 metres to 70.5 metres
The drilling took place in the fall, 2010. Drill hole locations were selected to infill drill the gossanous oxide cap on 25m x 25m and 12.5m x 25m fences which is the same spacing used to define measured and indicated resource categories at the Bisha Main deposit. The results were positive, and have provided increased confidence to the widths and grades of the gold bearing oxide cap at Harena. A resource estimate on the deposit has been initiated with results expected in late April. If the results are positive a reserve estimate and mine study will be done to support a mining license application.
Detailed results of gold in the oxide are in the attached schedule together with a map of hole locations. The results of assays on the sulphides are still in progress and will be disclosed at a later date.
BMSC views the Harena deposit as a potential source of supplemental feed for the processing plant at Bisha. Supplemental feed can provide valuable cash flow as an extension to mine life without having to absorb any start-up capital costs.
Darin Wasylik, Senior Geologist for Nevsun, a qualified person under National Instrument 43-101, supervised and directed all work associated with the drilling program.
Sample preparation and analysis were conducted at ALS Chemex of Romania and Vancouver, Canada.
Forward Looking Statements: The above contains statements regarding positive drill results, indications that the Bisha concession may host multiple deposits, the Harena deposit as a potential source of supplemental feed and valuable cash flow, the close relationship between the interpreted graphitic horizon and the Harena massive sulphide, and additional prospects at the Harena area. Although we believe the expectations reflected in our forward looking statements are reasonable, results may vary, and we cannot guarantee future results, levels of activity, performance or achievements. Forward-looking statements are statements about the future and are inherently uncertain, and actual achievements of the Company or other future events or conditions may differ materially from those reflected in the forward-looking statements due to a variety of risks, uncertainties and other factors. The Company's forward-looking statements are based on the beliefs, expectations and opinions of management on the date the statements are made and the Company assumes no obligation to update such forward-looking statements in the future. For the reasons set forth above, investors should not place undue reliance on forward-looking statements.
Bisha Mining Share Company
"Cliff T. Davis"
Cliff T. Davis
Chairman
Read more http://www.bishamining.com/index.php/news/newsmar211
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