Bisha Logo

February 15, 2012

                Bisha Mining Drills 45m of 3.9% Copper Adjacent to Bisha Mine
 

Bisha Mining Share Company (BMSC) is pleased to report the assays from the final thirty-five infill diamond drill holes at the hanging wall copper zone within its mining license.  The hanging wall copper zone is immediately west of the Bisha Main deposit and partially within the current open pit design but it is not included in the Company’s current resource or reserve estimate.  A new resource and reserve statement will be published in late Q2 or early Q3, integrating 29,000 meters of 2011 expansion drilling including the hanging wall copper zone.

 

Highlights

  • Near surface extension of Bisha supergene copper sulphide lens
  • Additional feed for Bisha supergene and primary phases
  • Resource and reserve statement expected in late Q2 or early Q3 2012

Select High Grade Results Include:

  • Hole B-502 – 45.0m at 3.88% Cu, from 15.0 meters to 60.0 meters
  • Hole B-498 – 15.1m at 3.08% Cu, from 25.0 meters to 40.1 meters
  • Hole B-467 – 22.7m at 2.83% Cu, from 55.3 meters to 78.0 meters

A two phase drill program for the hanging wall copper zone was designed to define the extents and continuity of a previously identified copper mineralization located adjacent to the Bisha Mine.  The program consisted of 82 holes and 9,400 meters of diamond drilling, all completed in 2011.  BMSC views the hanging wall copper zone’s mineralization as a source of additional feed for the processing plant at Bisha.

 Phase 1 drilling discovered a new lens of supergene copper mineralization with select high grade intervals of 37.5m of 8.3% copper and 30 meters of 8.6% copper, as well as defining the extent of the target hanging wall copper mineralization.  Phase 1 results were announced on October 27 and August 31, 2011.  Phase 2, reported herein, was designed to infill the zone defined from Phase 1 to collect additional data for resource estimation. 

 The new resource and reserve estimate is being carried out by an independent engineering firm, and is expected in late Q2 or early Q3 2012.  It will include Harena, the Bisha primary infill drilling and the hanging wall copper zone.

 Drill holes B-502, B-500, B-498 and B-467 intersected the supergene sulphide lens that was also intersected by Phase 1 drill holes B-464, B-465, B-395 and B-396.  Drill hole spacing is approximately 25m x 25m.  The sulphide lens appears to be an extension of the northwest lens of Bisha that was faulted off and is not included in the currently disclosed resources or reserves.  Hole B-480 and B-497 were abandoned for normal operational reasons and re-drilled as holes B-489 and B-502 respectively. 

 Detailed results are in the following table together with a map of the hole locations.  True thickness is estimated at approximately 90% of the drill intervals reported in the table.

 

Hole ID

From (m)

To
(m)

Interval
(m)

Au (g/t)

Ag (ppm)

Cu
(%)

Azimuth

Dip

Zone

B-467

55.30

78.00

22.70

0.72

24.68

2.83

270

-45

SUPG

incl.

72.00

77.00

5.00

0.66

30.70

5.53

 

 

 

B-468

3.00

7.50

4.50

0.01

1.00

1.66

90

-45

HW Cu

And

61.50

111.00

49.50

0.01

1.00

1.13

 

 

 

B-469

1.50

4.50

3.00

0.01

1.00

0.92

90

-65

HW Cu

And

34.50

55.50

21.00

0.01

1.00

0.84

   

 

And

57.00

66.00

9.00

0.01

1.00

0.71

   

 

And

88.50

109.50

21.00

0.01

1.00

1.01

 

 

 

B-470

55.50

96.00

40.50

0.01

1.04

1.26

90

-45

HW Cu

incl.

73.50

75.00

1.50

0.01

1.00

3.05

 

 

 

B-471

62.50

105.00

42.50

0.01

1.00

1.28

90

-45

HW Cu

incl.

80.93

91.50

10.57

0.01

1.00

2.05

 

 

 

B-472

40.50

87.00

46.50

0.01

1.00

1.27

90

-45

HW Cu

incl.

51.00

60.00

9.00

0.01

1.00

2.12

 

 

 

B-473

39.00

88.50

49.50

0.00

0.88

1.11

90

-45

HW Cu

incl.

48.00

63.00

15.00

0.00

0.90

1.85

 

 

 

B-474

34.50

50.50

16.00

0.01

1.09

1.38

90

-45

HW Cu

incl.

36.00

42.00

6.00

0.02

1.00

2.29

   

 

And

69.50

81.00

11.50

0.01

1.00

1.06

 

 

 

B-475

88.50

112.50

24.00

0.01

1.00

1.08

90

-45

HW Cu

B-476

76.50

84.00

7.50

0.01

1.00

0.95

90

-45

HW Cu

B-477

90.00

103.50

13.50

0.01

1.00

2.09

90

-45

HW Cu

incl.

100.50

102.00

1.50

0.01

1.00

3.73

 

 

 

B-478

76.50

81.38

4.88

0.01

1.00

0.95

90

-45

HW Cu

B-479

69.00

72.00

3.00

0.01

1.00

0.61

90

-45

HW Cu

B-481

70.50

72.00

1.50

0.01

1.00

0.56

0

-90

HW Cu

B-482

54.00

66.00

12.00

0.01

1.00

1.09

270

-55

HW Cu

B-483

90.00

94.50

4.50

0.01

1.00

1.09

90

-45

HW Cu

B-484

33.00

64.50

31.50

0.01

1.00

0.91

0

-90

HW Cu

incl.

43.50

49.50

6.00

0.01

1.00

1.77

   

 

And

61.50

64.50

3.00

0.01

1.00

1.91

 

 

 

B-485

63.00

71.57

8.57

0.01

1.00

1.04

90

-45

HW Cu

B-486

3.00

4.50

1.50

0.01

1.00

1.41

270

-45

HW Cu

And

57.00

87.00

30.00

0.01

1.00

1.04

   

 

incl.

57.00

63.00

6.00

0.01

1.00

2.70

   

 

And

111.00

117.80

6.80

0.70

17.07

0.75

 

 

 

B-487

84.00

91.25

7.25

0.01

1.00

1.21

90

-45

HW Cu

B-488

3.00

4.50

1.50

0.01

1.00

1.54

90

-45

HW Cu

And

28.50

30.00

1.50

0.01

2.00

1.03

   

 

And

73.50

84.00

10.50

0.01

1.00

1.00

 

 

 

B-489

84.00

88.50

4.50

0.01

1.00

0.85

90

-45

HW Cu

B-490

3.00

6.00

3.00

0.01

1.00

1.12

90

-45

HW Cu

And

49.50

64.50

15.00

0.01

1.00

0.82

 

 

 

B-491

55.50

70.50

15.00

0.01

1.00

0.76

90

-45

HW Cu

B-492

75.00

78.00

3.00

0.01

1.00

0.98

90

-45

HW Cu

B-493

4.50

6.00

1.50

0.01

1.00

0.95

90

-45

HW Cu

And

45.00

48.00

3.00

0.01

1.00

0.82

 

 

 

B-494

48.00

51.00

3.00

0.01

1.00

0.56

90

-45

HW Cu

B-495

0.00

3.00

3.00

0.01

1.00

1.31

90

-45

HW Cu

And

67.50

78.00

10.50

0.01

1.29

0.97

 

 

 

B-496

30.00

34.50

4.50

0.01

2.33

1.41

90

-45

HW Cu

And

57.00

78.00

21.00

0.01

1.21

0.64

 

 

 

B-498

25.00

40.13

15.13

0.48

17.32

3.08

270

-65

SUPG

B-499

37.50

69.00

31.50

0.01

1.00

0.62

90

-45

HW Cu

incl.

61.50

67.50

6.00

0.01

1.00

1.27

 

 

 

B-500

43.50

54.38

10.88

0.51

13.03

0.91

270

-45

SUPG

B-502

15.00

60.00

45.00

0.51

20.80

3.88

270

-45

SUPG

incl.

19.50

21.00

1.50

0.48

58.00

24.00

   

 

and

42.00

45.00

3.00

0.99

74.00

17.08

 

 

 

SUPG = Supergene   HW Cu = Hanging Wall Copper

 

Forward Looking Statements:  The above contains statements regarding positive drill results and anticipated resource and reserve statement.  Forward-looking statements are frequently, but not always, identified by words such as “expects,” “anticipates,” “believes,” “intends,” “estimated,” “potential,” “likely” 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



Map: Location of Drill Holes

Map