2merkato

Centamin Egypt, Egypt's major gold producer offered a 'fair valuation' for Sheba, which owns several concessions in the resource-rich northern Ethiopia.

Centamin Egypt announced that it offered a recommended 12 million dollars for a small gold exploration company operating in Ethiopia, thereby expanding its reach outside of Egypt.

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.

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.

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.