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From: Biniam Haile \(SWE\) (eritrea.lave@comhem.se)
Date: Thu Oct 30 2008 - 16:11:58 EST

Sydney Morning Herald, Australia
ASX ANNOUNCEMENT 31 October 2008
Zara Joint Venture (Gold)
The Zara Joint Venture consists of four contiguous licenses covering an
area totalling 196km2situated in northern Eritrea, approximately 160km
northwest of Asmara city(Figure 1). Work for the quarter included
metallurgical, geophysical, hydro-geological and structural programmes.
Assay results from a regional drainage sampling programme comprising 207
samples, were received and have confirmed known areas of gold
mineralisation (Koka and
Konate Prospects) and identified new areas of interest.
Koka Gold Deposit A programme of seven diamond drill holes (ZARD120-127)
totalling 1,683.90m was completed during the quarter (ZARD125 was
abandoned and re-drilled as ZARD126). The holes were designed to test an
interpretation made by Vearncombe & Associates' (Perth) regarding the
structural controls on the gold mineralisation at Koka Prospect. Assay
results for the drilling were received by the end of the quarter and
although encouraging intersections were achieved in each drill hole, an
initial appraisal indicates that these intersections do not appear to
have extended the mineralisation to depth. A
detailed interpretation of the results is in progress. Significant
intersections for gold from the drilling are given in Table 1 below.
A metallurgical sampling programme comprising seven (7) HQ diamond drill
holes was completed according to guidelines established by independent
consultants, Coffey Mining (Perth). Visually identified gold mineralised
zones in each drill hole (plus 10 metre of footwall and hanging-wall)
were sampled as whole-core and bagged in 1m lots. Approximately 5 tonnes
of sample has been shipped to Perth for metallurgical test work.
Test-work is expected to commence during the coming quarter.
Follow up work with ground-based geophysics, (IP and resistivity) was
completed over 500 metres of strike at Koka South Prospect during the
quarter. A total of 7 line km were completed and the results show that
the high resistivity anomaly associated with the Koka Main Zone extends
southwards for at least 200 metres, beyond the current southern limit of
drilling. Further drilling will be required to test this anomaly.
The Environmental Baseline Study, utilizing the services of Global
Resources, which commenced in July 2007, continues.
Please click the link below for more information:

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