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April 6, 2011

Bisha Q1 2011 Operating Highlights

Bisha Mining Share Company (BMSC) is pleased to announce the Bisha mine in Eritrea processed 461,000 tonnes of ore yielding 75,000 ounces of gold in doré in Q1 2011, during the same period it was ramping up to commercial production.  

 

The Bisha mine continues to perform very well and is now producing over 1,000 oz gold per day. The table below demonstrates the successful ramp up to commercial production in January and February and the first month of full operations in March.

 

 

Jan 2011

Feb 2011

Mar 2011

Total Q1 2011

 

Pre-Production(1)

Production

 

Tonnes milled

126,000

160,000

175,000

461,000

Recovery, % of gold

86%

88%

89%

88%

Gold in doré, ounces

16,000

25,000

34,000

75,000

Gold price realized, per oz

n/a(2)

$1,390

$1,430

$1,405

(1) for accounting purposes, sales from ounces produced prior to March 1, 2011 are considered pre-production and capitalized
(2) no gold sales in January

 

 

Full Q1 results including costs and profitability are expected on or before May 11, 2011.

 

Forward Looking Statements: The above contains forward-looking statements regarding the timing of Q1 results. Forward-looking statements are frequently, but not always, identified by words such as “expects,” “anticipates,” “believes,” “intends,” “estimated,” “potential,” “possible” and similar expressions, or statements that events, conditions or results “will,” “may,” “could” or “should” occur or be achieved.  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. 

 

 

Bisha Mining Share Company

“Cliff T. Davis”

Cliff T. Davis
Chairman