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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 metres
  • Hole #H-063 - 51m at 3.34g/t Au, from 19.5 metres to 70.5 metres
  • Hole #H-059 - 60m at 2.73g/t Au, from 13.5 metres to 70.3 metres
  • Hole #H-081 - 18m at 3.89g/t Au, from 45.0 metres to 63.0 metres
  • Hole #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


SCHEDULE TO NEWS RELEASE OF BISHA MINING SHARE COMPANY, dated March 2, 2011

 

The following are the details of the drill results of the oxide zone at Harena:

Hole #

From (m)

To (m)

Length (m)

Au (g/t)

Hole #

From (m)

To (m)

Length (m)

Au (g/t)

H-048

25.5

28.5

3.0

1.09

H-066

30.0

61.5

31.5

0.94

H-049

46.5

55.5

9.0

3.18

incl.

43.5

48.0

4.5

2.59

incl.

49.5

52.5

3.0

8.55

and

57.0

60.0

3.0

2.57

H-050

16.5

28.5

12.0

1.15

H-067

19.5

28.5

9.0

1.68

incl.

16.5

21.0

4.5

1.45

 

19.5

22.5

3.0

2.61

and

25.5

28.5

3.0

1.89

H-068

7.5

40.5

33.0

1.53

H-051

67.5

77.0

9.5

0.90

incl.

9.3

12.4

3.1

1.35

incl.

69.0

72.0

3.0

1.31

and

24.0

25.5

1.5

1.02

H-052

3.0

12.0

9.0

2.42

and

31.5

39.0

7.5

5.09

incl.

6.0

11.0

5.0

4.23

H-069

18.0

21.0

3.0

1.02

H-053

25.5

46.5

21.0

1.37

incl.

19.5

21.0

1.5

1.60

incl.

25.5

33.0

7.5

3.40

H-070

6.0

24.0

18.0

1.14

and

45.0

46.5

1.5

1.75

 

13.5

16.5

3.0

4.34

H-055

37.5

67.5

30.0

1.23

H-071

16.5

60.0

43.5

1.68

incl.

55.5

67.5

12.0

2.56

incl.

28.5

28.5

10.5

4.54

H-056

33.0

61.5

28.5

1.44

and

36.0

52.5

16.5

1.27

incl.

33.0

34.5

1.5

2.78

H-072

18.0

24.0

6.0

1.06

and

40.5

46.5

6.0

3.53

incl.

21.0

22.5

1.5

2.21

and

55.5

58.5

3.0

2.94

and

36.0

40.5

4.5

1.33

H-058

6.0

34.5

28.5

0.80

and

45.0

57.0

7.5

1.31

incl.

6.0

18.0

12.0

1.25

incl.

45.0

48.0

3.0

2.78

and

31.5

34.5

3.0

1.47

H-073

21.0

25.5

4.5

1.21

H-059

13.5

73.5

60.0

2.73

H-074

30.0

45.0

15.0

1.01

incl.

13.5

19.5

6.0

12.84

incl.

36.0

40.5

4.5

2.81

and

60.0

64.5

4.5

14.26

H-075

36.0

39.0

3.0

1.80

H-060

34.5

51.0

16.5

0.75

and

46.5

70.5

24.0

3.19

incl.

34.5

37.5

3.0

2.65

incl.

46.5

57.0

10.5

3.51

H-061

55.5

58.5

3.0

1.31

and

60.0

70.5

10.5

3.77

H-062

5.6

37.5

31.9

4.09

H-078

51.0

69.0

18.0

11.78

incl.

18.0

24.0

6.0

3.22

incl.

51.0

54.0

3.0

1.61

and

30.0

36.0

6.0

16.17

and

58.5

69.0

10.5

19.64

H-063

19.5

70.5

51.0

3.34

and

73.5

81.0

7.5

1.03

incl.

27.0

30.0

3.0

4.02

incl.

76.5

79.5

3.0

1.84

and

48.0

70.5

22.5

6.57

H-079

16.5

27.0

10.5

0.93

H-064

52.5

63.2

10.7

1.19

incl.

25.5

27.0

1.5

5.54

incl.

58.5

63.2

4.7

2.20

H-080

10.5

15.0

4.5

0.60

H-065

43.5

69.0

25.5

1.44

incl.

13.5

15.0

1.5

0.97

incl.

43.5

46.5

3.0

1.77

H-081

45.0

63.0

18.0

3.89

and

61.5

69.0

7.5

3.01

incl.

46.5

54.0

7.5

9.19

Note: True thickness is estimated at approximately 90% of the drill intervals reported in the table.  All holes were done at 45 degrees from horizontal.

 

Hole H-057 showed no significant mineralization.


Historic holes 1 through 27 were carried out and published in 2005 and holes 28 through 44 were carried out in the fall of 2009 and the results were published in February 2010. 

 

Oxide gold results from those programs are restated below:

Hole #

From (m)

To (m)

Length (m)

Au (g/t)

H-029

61.5

68.5

7.0

2.71

Incl.

67.5

68.5

1.0

16.60

H-031

20.5

44.9

24.4

1.63

Incl.

30.0

35.7

5.7

3.31

Incl.

38.0

43.9

5.9

2.26

H-035

36.0

38.0

2.0

1.24

and

42.0

73.0

31.0

2.41

Incl.

49.5

57.0

7.5

3.71

Incl.

58.5

64.0

5.5

4.93

Incl.

67.0

71.5

4.5

3.47

H-001

30.8

39.0

8.2

0.80

and

45.0

57.0

12.0

3.16

Incl.

51.0

57.0

6.0

5.97

H-005

51.0

55.3

4.3

1.33

H-009

42.0

51.0

9.0

0.68


MAP:  LOCATIONS OF DRILL HOLES

Map