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October 6, 2011

Bisha Q3 Operating Highlights

HIGHLIGHTS

  • 110,000 ounces produced in Q3
  • 278,000 ounces produced year-to-date

Bisha Mining Share Company (Bisha) is pleased to announce strong production results of 110,000 ounces of gold for the quarter ending September 30, 2011.  Year-to-date the Bisha Mine in Eritrea has produced 278,000 ounces of gold, including 41,000 ounces during the commissioning phase early this year.

 

Q1 2011

Q2 2011

Q3 2011

YTD 2011

Tonnes milled

461,000

444,000

446,000

1,351,000

Recovery, % of gold

88%

89%

88%

88%

Gold ounces produced

75,000

93,000

110,000

278,000

 

The Bisha Mine continues to operate in excess of plan for mill gold recovery and increased the rate of gold production during Q3 to approximately 1,200 ounces per day.  The rainy season in Eritrea at the Bisha Site has had no material impact on operations.

 

Cliff Davis, Bisha’s Chairman commented, “Bisha’s smooth startup earlier this year and the continuing impeccable production track record is a testament to the team at Bisha and our partnership with the Eritrean State mining company, ENAMCO.”

 

Bisha started civil works in preparation for construction of the second phase copper plant in June.  The development drill programs that are expected to significantly increase Bisha mineral reserves continue with Phase 2 of the hanging wall copper zone currently underway.  Assay results from the Bisha Main infill drilling are expected later this month.

 

Forward Looking Statements: The above contains forward-looking statements concerning Q3 operating highlights and drill program results. 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