2merkato

Three international companies have expressed interest in investing in gold exploration and extraction with Ambo Nyemer in Ethiopia. Ambo Neyer is launching its first project to explore and extract gold deposits in Oromia Regional State.

The potential investment from foreign firms was confirmed by Niguse Gedeffa, Marketing Head for Ambo Nyemer. Discussions are still in early states according to Niguse who declined to identify the parties interested in investing in the project.

Nyota Minerals Limited is set produce an estimated 3000 kilograms of gold annually from its project in Tulu Kapi, Ethiopia. The company has finalized its exploration phase and preliminary studies to commence production said Dr. Kebede Belete, Country Manager.

The preliminary study has shown gold deposits of 1.5 million ounces (45,500 kilograms) in the area according to Dr. Kebede. The company has applied for a mining license to extract 3000kgs of gold annually for a period of ten years. 

Tigray Resources announced results from initial diamond drill from the first phase drill program at the Terakimti copper-gold-silver-zinc prospect in northern Ethiopia.

Drilling in the southern part of the Terakimti target area has discovered thick zones of steeply south-dipping massive sulfide mineralization over a 250-metre strike length, with an interpreted plunge to the mineralized system of 35 to 40 degrees to the ENE.

Ethiopian Potash announced results for the first six holes assayed in the Southwest Corner of its Danakil Potash Project, Ethiopia.

The high grade sylvite assays obtained from holes located on the basis of ready access preceding the construction of drill roads is encouraging said Mr Wahl, President and CEO of Ethiopian Potash.

Ethiopian Potash has completed 19 holes which have all been logged, sampled and shipped to Saskatchewan Research Council for analysis explained Wahl.