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July 7, 2011

Bisha Q2 Operating Highlights

Highlights


  • 93,000 ounces produced in Q2
  • 168,000 ounces produced year to date

Bisha Mining Share Company is pleased to announce strong production results of 93,000 ounces of gold for the quarter ending June 30, 2011.  Year-to-date the Bisha project in Eritrea has produced 168,000 ounces of gold, including 41,000 ounces during the commissioning phase early this year.

 

Q1 2011

Q2 2011

YTD 2011

Tonnes milled

461,000

444,000

905,000

 

 

Recovery, % of gold

88%

89%

89%

 

 

Gold ounces produced

75,000

93,000

168,000

 

 

Gold price realized per ounce sold

US$1,405

US$1,510

US$1,485

 

 

 

The Bisha mine continues to operate in excess of plan for mill gold recovery and the rate of gold production during Q2 was approximately 1,000 ounces per day. The rainy season at the Bisha site, which began in June and should end in September, has had no material impact on operations to date.  The Company started civil works in June in preparation for construction of the second phase copper plant.

 

Forward Looking Statements: The above contains forward-looking statements concerning Q2 operating highlights. Forward-looking statements are frequently, but not always, identified by words such as “expects,” “anticipates,” “believes,” “intends,” “estimates,” “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