Tuesday, 5th September 2006 ASX Companies Announcements Release via ASX Online Nyanzaga Gold Project - Resource Estimate 123.27 million tonnes at 1.15g/t Au for 4.54 million ounces of gold Sub-Sahara has completed its resource estimate of the Tusker Gold deposit in Tanzania. The Tusker Gold deposit forms part of the Nyanzaga Joint Venture with Barrick East Africa Limited (BEAL) - a subsidiary of Barrick Gold Corp.. The independent JORC compliant report has been prepared by Cube Consulting Pty Ltd (Cube). It is a geologically constrained resource estimate using Ordinary Kriging. The total estimated resources of 123.27 million tonnes at 1.15g/t Au for 4.54 million ounces of gold consists of: • Indicated resources – 89.56 million tonnes at 1.20g/t Au for 3.46 million ounces of gold; and • Inferred resources – 33.71 million tonnes at 1.00g/t Au for 1.08 million ounces of gold. Sub-Sahara currently holds a 44.59% interest in the entire project and will hold a 27% contributing interest on completion of a bankable feasibility study. BEAL, the project operators currently hold a 46.41% interest in the project. Under the terms of the joint venture, BEAL have the right to earn 63% of the project by funding and completing a bankable feasibility study (BFS). The balance of the project (9%) is held by a private Tanzanian company. The resource estimate of the Tusker gold deposit is based on drilling completed by BEAL up to July 31, 2006. BEAL has completed additional drilling on of the deposit since that time, but this drilling is not expected to significantly increase the resource. ACN: 061 104 158 288 Stirling Street, Perth Western Australia 6000 PO Box 8260 Perth Business Centre Western Australia 6849 Telephone (+61 8) 9227 3260 Facsimile (+61 8) 9227 3271 Email: [email protected] Web: ww.subsahara.com.au Sub-Sahara Resources NL 2 Cube Consulting Pty Ltd is a Perth based, independent consulting company specialising in geological consulting services including geological modelling, resources estimation, mine planning and IT services. Cube was commissioned exclusively by Sub-Sahara to prepare the independent resource estimate so it could make its own assessment of the future value of the project and to be able to inform shareholders of the potential of Tusker gold project. BEAL in any internal estimate of the Tusker Gold project resources may use different methodologies/criteria and economics specific to its own requirements and policies. Accordingly any assessment of the Tusker Gold project conducted by BEAL may not necessarily arrive at the same conclusions determined by Cube. The Cube estimate is based on a geological interpretation with approximately 15,000 density measurements from over 17,000 drill samples. Statistical analysis has applied an upper cut of 10g/t gold and Cube has determined that, a lower cut of 0.4 g/t gold should apply. Cube has used a US$1,000 per ounce gold price as a guide to determining the maximum depth of classified resources. Table 1: Tusker Global Resource above 0.4 g/t Gold. Category Volume Tonnes Gold g/t Metal (oz) Indicated 30,920,000 89,560,000 1.20 3,455,000 Inferred 11,640,000 33,710,000 1.00 1,080,000 TOTAL 42,560,000 123,270,000 1.15 4,540,000 # From Cube Report dated July 2006 Michael Griffiths, Sub-Sahara CEO said “This is a very significant event for Sub- Sahara. The Company has been actively exploring in Tanzania for over 10 years and this result has certainly reaffirmed our belief that Tanzania has enormous potential to yield significant mineral resources. Nyanzaga has proven to be a big mineralised system and we believe that further resources will be discovered to add to the current Tusker resource.” For and on behalf of Sub-Sahara Resources NL M.R. Griffiths CEO - Director For further information please e-mail Michael Griffiths ([email protected] ) or contact by phone on 61-8-9227 3260 3 The information in this report that relates to Mineral Resources is based on a resource estimate compiled by Ms Jillian Irvin, who is a Member of Australian Institute Geoscientists. The work was completed under the supervision of Mr Patrick (Rick) Adams who is a Member of the Australian Institute of Mining and Metallurgy and a Member of the Australian Institute of Geoscientists. Mr Adams is a Director of Cube Consulting. Ms Irvin is a full-time employee of Cube Consulting Pty Ltd. Ms Irvin has sufficient experience which is relevant to gold mineralisation and resource estimation to qualify as a Competent Person as defined in the 2004 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Ms Irvin consents to the inclusion in this report of the information, in the form and context in which it appears.
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