From: Berhane Habtemariam (Berhane.Habtemariam@gmx.de)
Date: Tue Sep 23 2008 - 07:23:49 EDT
ERITREAN COPPER-GOLD TENEMENT APPLICATIONS
23.9.2008
The Company's 100% owned subsidiary Nubian Resources PLC ("Nubian Resources") has made application for three highly prospective Prospecting Licences in the northern part of Eritrea. The Company would not normally announce the lodgement of tenement applications, however as the Eritrean Ministry of Energy and Mines has released details of the Nubian Resources applications in various internationally distributed publications, the Directors believe that disclosure of these tenement applications to the general market is warranted.
These licences each of 100km2 cover alteration targets identified from satellite interpretation and are prospective for base metal mineralisation similar to the world class Bisha volcanic massive sulphide (VMS) deposit located in south-western Eritrea. They are also similar in structure to the Sub-Sahara Resources NL Zara gold project located immediately to the south of the three Nubian Resources application areas.
The Company has been actively evaluating the regional mineral potential of the Arabian-Nubian Shield which is the host of Gippsland's 44.5 million tonne Abu Dabbab and 98 million tonne Nuweibi tantalum projects plus the Company's Wadi Allaqi gold copper-nickel prospects in Egypt.
The Arabian-Nubian shield extends over large parts of Egypt, Sudan, Ethiopia and Eritrea, Saudi Arabia and Jordan. In Eritrea a number of large base metal and gold deposits have recently been discovered. The Nevsun Resources Ltd Bisha base metal-gold deposit is due to commence production in 2009 and expected to produce around 1Moz of gold, 340kt of copper and 499kt of zinc over a ten year life. The Emba Derho project managed by Sunridge Gold Corporation near the capital Asmara is emerging as a 51 million tonne base metal-gold deposit containing 0.87Moz of gold, 453kt of copper and 1.043kt of zinc. Further north, to the immediate south of the Nubian Resources applications, the Sub-Sahara Resources NL Zara project contains slightly in excess of 1Moz of gold at a grade of 6.31g/t.
The Nubian Resources applications are in the same structural corridor as the 1Moz Zara project and a similar volcanic setting as that hosting the Bisha deposit. The Directors anticipate that the tenements will be granted during October 2008.
RJ (Jack) Telford
Executive Chairman
Gippsland Limited
www.gippslandltd.com
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