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Energy and Mining

Midroc Discovers 33,000kg Gold Deposit

Midroc Gold Mine Plc said that it had discovered a new gold deposit estimated 33,000kg in the Jilaye area of Metekel Zone, in Benishangul Gumuz Regional State.

The gold deposit was discovered seven years after the launching of the exploration activity on a 2,292 sq km area, Dr Arega Yirdaw, the CEO said yesterday.

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Canaco to Transfers 70% of Interest to Tigray Resources

Canaco Resources said this week that its shareholders had approved of the spin-out of Tigray Resources Inc. Part of the transaction will be the transfer of 4 million dollars and Canaco's 70 percent interest in the Harvest Mining PLC, which owns the Harvest VMS Project in Ethiopia, to Tigray. Sufficient funds will also be transfered for the recommended first phase drill program.

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AngloGold Ashanti to Speed up Gold Exploration in Ethiopia

Stratex announced today that AngloGold Ashanti, the world's third-largest gold producer, was taking an 11.5 percent share in Stratex Internationl Plc. The funds will be used for speeding up gold exploration in the Afar Epithermal gold province in Ethiopia and Djibouti.

AngloGold will make a 3 million pound private placement into Stratex.

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Syrah Resources to Explore 2,000 sq km of Prime Ground for Gold

Syrah Resources concluded a deal with Aramis Resources Limited for the acquisition of an 80 percent interest in three large projects of gold exploration in Ethiopian.

Syrah will acquire the stake through paying 1.5 million dollars in three instalments spread over two years, issuing 25 million shares and up to 5 million options, and the expenditure of 2.5 million dollars on the projects within 3 years.

Syrah will explore 2,000 sq km of prime ground and get access to various assets with mineral exposure.
The ground consists of three project areas at Moyale, Nejo and Dawa which are all found close to areas of significant gold mineralisation in southern and western Ethiopia.

Moyale contains one granted tenement covering 440 sq km. 

The Dawa Project contains two granted tenements covering 1,000 sq km south of Lega Dembi Mine in southern Ethiopia. Gold production at Lega Dembi is reported to have hit 3 million ounces over the last two decades and it is still producing more than 100,000 ounces annually.

The Nejo project contains four granted tenements covering 771 square kilometres in the western part of the country, north of Nyota Minerals Limited's Tulu Kapi Project (currently 1.2 million ounces in resources).

Small areas of high grade mineralisation associated with quartz veins in intrusives have been mined at a small scale on the licence at the Chamuk Prospect. Drilling has proven that there is good potential for resources to be outlined.

Syrah Resources shares climbed 31.25 percent to 0.105 dollars in intraday trading today.

Source: Proactive Investors  

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Over 1,600 kg Gold Supplied to Central Market

Over 1,600 kg of gold was supplied to the central market from Guji Zone of the Oromia Regional State over the last nine months, Mines Office of the zone said.

The amount exceeds the set target by 100 kg and that of the same period last year by 549 kg, Mekonnen Lema, head of Mines Development Administration Office, said.

The cooperatives in Guji, which supplied the 1,600 kg of gold to central market this year, are preparing to supply more than 2,000 kg of gold to the market for the coming fiscal year.

Source: Ethiopian News Agency

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