Sheba Exploration (UK) plc - (PLUS ticker: SHE)
website: www.shebagold.com



2009
Sheba is a mineral exploration company operating and fully owns in Northern Ethiopia five exclusive mineral licences covering 203 sq km: at Mereto Sheba is exploring a 3km long gold soil anomaly in detail; at Shehagne the Company has discovered and traced a 2.3km long gold soil anomaly and has started detailed exploration; at Una Deriam search is underway for an extension to the Mereto gold anomaly; Finarwa and Winibo are both being explored for gold and base metals. Joint venturing of mature properties, to raise capital for resource estimation and new property acquisitions, and the initiation of feasibility studies of small-scale opportunities for mining gold, remain the strategic objectives for its operations. Sheba has newly signed a joint venture letter of intent with Stratex International, granting the latter an option to earn a 60% share in Shehagne for £350,000 of exploration expenditures, and an option for the former to earn a 50% share in a further joint exploration project with Stratex in Northern Ethiopia. Stratex will take a 5.6% equity interest in Sheba for a £40,000 cash injection.

2008
Sheba is a mineral exploration company operating in the Tigray State of Ethiopia within the Northern Ethiopia gold fields area, which it specifically chose for its numerous gold occurrences, most of which have not been explored. Sheba’s 100% interest in the two exclusive exploration licences for Mereto and Shehagne, has been awarded new concession licences for Una Deriam, Finarwa, and Winibo, all situated south or west of Moreto, and having specific exploration targets including gold, and for the first time base metals copper and zinc. As most of these new areas have not been explored previously, initial results will be of special interest. Joint venturing of mature properties, to raise capital for resource estimation and new property acquisitions, and the initiation of feasibility studies of small-scale opportunities for mining gold, remain the strategic objectives for this operation.

2007
Sheba is a mineral exploration company operating in the Tigray State of Ethiopia within the Northern Ethiopia gold fields area, which it chose for its numerous gold occurrences, most of which have not been explored. Sheba holds a 100% interest in the two exclusive exploration licences for Mereto and Shehagne, and has new projects under current licence application. At Mereto, trenches at the Adi Gefa prospect have returned gold intersections of 8m at 2.3g/t and 6m at 3.7 g/t, directly beneath the soil anomaly, while soil sampling on the flanks of the licence area located a further extension of the soil anomaly up to 690 ppb gold. The trenching here has indicated at least five drill-ready targets, with more in the pipeline, and the style of gold mineralisation is seen to enforce the potential for low cost bulk mining. Joint venturing of mature properties, to raise capital for resource estimation and new property acquisitions, and the initiation of feasibility studies of small-scale opportunities for mining gold, remain the strategic objectives for this operation.