Sheba Exploration Limited
Last updated: August 2, 2005
SHEBA EXPLORATION (UK) PLC:
Company website
Ofex Market data
share price quote from ADVFN
Recent Announcements
Accounts to end February, 2005 29/07/05
Operational report 11/07/05
Operational report 04/05/05
Operational report 20/03/05
Operational report 26/01/05
Operational report 20/12/04
Operational report 9/11/04
Accounts to end August 2004 26/11/04
Shares begin trading on OFEX 29/09/04
Public Offer of Securities: list closes 20/09/04
Public Offer of Securities: list opens 31/08/04
Renewal of Bhiza Licence, 02/08/04
Financial audit to end February, 2004 2/7/04
Renewal of Mereto Licence, 30/06/04
Funding secured for OFEX listing 25/4/04
Preparation for OFEX listing 24/3/04
Acquisition of Ashanti Concession 12/02/04
View towards Sheba's gold exploration property in northern Ethiopia
more photographs (page 1)
more photographs (page 2)
more photographs (page 3)
QUICK PROFILE
* England & Wales Limited Company, incorporated 1998
* wholly-owned subsidiary of an Ofex-listed company
* Exploring for gold in Ethiopia since 1999
* Project areas totalling 118 square kilometres
* Primary gold mineralisation under investigation
The following trench intersections occur on the company's Mereto EEL (cut-off 0.4 g/t Au, based on first pass geochemical assays). No drilling has yet taken place.
Trench 1N 5.5 g/t over 4 metres
Trench 6N 1.4 g/t over 8 metres
Trench 9N 1.8 g/t over 22 metres
Trench MT2 1.8 g/t over 7 metres
Trench MK1 2.6 g/t over 8 metres
Trench MK6 20 g/t over 4 metres
MAIN GOLD PROSPECTS
1. Wereii River
2.Amora Hill
3.Block 9
OBJECTIVES
1. To acquire mineral rights to mineralised areas
2. To discover concentrations of minerals by surface mapping
3. To estimate mineral resources by trenching and drilling
5. To sell mineral rights or establish mines
MENU
Project Location
Northern Ethiopia Goldfields
Mereto EEL: Wereii Locality
Mereto EEL: Amora Hill Locality
Mereto EEL: Block 9 Locality
Dongwar EPL
Mai Sheket EPL
Bhiza EPL and other prospects
Dimension stone and water
Infrastructure
Ethiopia: fiscal and legal
Corporate information
FUTURE INTENTIONS
We believe there is a good chance that a viable gold operation will be established on this goldfield in the coming several years owing to geological potential, ongoing regional
infrastructure development and the favourable mining policies of the government. Our development strategy is as follows.
Stage one (completed)Public offering and trading of shares
The company intends to float its shares on the OFEX share market. The money acquired by sale of shares will be used to undertake more trenching, scout drilling and property acquisition.
Stage two Joint venture
In stage two the company may enter a joint venture on one or more of its properties, to be financed by the JV partner in return for a share of the mineral rights, the objective being to establish a gold resource by drilling and proceed towards a feasibility study.
Stage three Small scale gold mine
If resources turn out to be under 300000 ounces gold equivalent, or if sufficient further capital for exploration cannot be raised, our aim will be to obtain a small-scale mining licence without recourse to a feasibility study and establish a small high grade working with an annual mining rate up to 75000 tonnes ore.
Stage four Feasibility study for large scale mining
If resources exceed 300000 ounces a further investment is required to carry out a feasibility study, probably by a joint venture partner or by further share sales. Following a successful feasibility study, the project may be sold or developed into a bigger mine.
All stages
At the same time as the above programme we aim to carry out reconnaissance exploration on a wider front and gradually expand and/or improve our land holdings.
PLEASE NOTE
This website is provided for the information of
our shareholders. Nothing in this website is to be construed as an investment advertisement of any kind. If you wish to find out more about the company's prospects please contact your stockbroker or the company's corporate advisers.
Company reports
Annual Report for the year ending 28 February 2002: accounts
Annual Report for the year ending 28 February 2003: accounts
Annual Report for the year ending 28 February 2004: audited accounts
Summary overview document, February 2004
Competent person's report, May 2004
CPR, Fig 1
CPR, Fig 2
African Mining Magazine article dated November 2002: Mereto Prospect Shows Promise
African Mining Magazine article dated September 2003: New Gold Discovery at Mereto
Accountant's report for prospectus
