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Stratex announced uncovering a potential major epithermal vein system within it Blackrock Project in Ethiopia. The company has observed significantly encouraging geology, texture and extent of gold mineralization with the Black Water Zone noted David Hall, Director of Stratex.

The 33-hole program, launched by the international company has uncovered narrow, high grade mineralization which includes 15.97 grams per ton over a quarter of a meter, and 4.93 grams from a 900 millimeter section he added.

There were also noted several thick intersections of low-grade material of up to 13 meters in width according to Hall.

Stratex International, the AIM-listed gold miner, saw shares shoot up today following its announcement of "significant results" from drilling at its Megenta hot spring gold discovery in Ethiopia.

The company said that it had found new high grade samples at the nearby Akehil gold prospect.

Stratex International, along with its partner Thani Ashanti, said the latest drilling data confirmed bonanza grades were present in epithermal veins in the region and in response its shares jumped 12 percent higher.

Stratex International, the AIM-listed gold miner, said yesterday that it would use the fund from the sale of shares to Antofagasta, the FTSE100 copper mining company, to accelerate its gold exploration activities in Ethiopia.

Antofagasta, the FTSE100 copper mining company, is buying a stake of almost three per cent in Stratex International via a private placing.

Shares in Stratex were trading higher by 0.6 per cent at 7.8 pence each in mid-afternoon trading yesterday. The funds raised amounted to £800,000.

STREIT Group, the world’s leading, privately owned armored vehicles manufacturer in the world, is intersted in investing in Ethiopia, Ethiopian Investment Commission disclosed.

The Ethiopian government signed an agreement with the US firm Netherland, Sewell & Associates, Inc. (NSAI) to explore Ethiopia's natural gas deposits and its economic potential.