SBS sub-sahara resources nl

Tuesday, 30 January 2007ASX AnnouncementKoka returns high grade...

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    Tuesday, 30 January 2007
    ASX Announcement
    Koka returns high grade gold results
    Perth-based Africa-focused miner Sub-Sahara Resources (ASX:SBS) has received high-grade
    gold results during diamond drilling at the Koka Prospect, located at the company's Zara Project
    in Eritrea.
    The high-grade results were returned to 200 metres vertical depth over a distance of 450
    metres.
    Drilling highlights included:
    • ZARD015 - 13 metres grading 24.75 g/t gold from 88 metres
    • ZARD017 - 11 metres grading 14.72 g/t gold from 133 metres
    • ZARD017 - 6 metres grading 42.36 g/t gold from 147 metres
    Sub-Sahara chief executive officer Michael Griffiths said the drilling results conformed to
    management's expectations, with the newly discovered southern extension intersected
    in ZARD017 further enhancing the overall prospectivity of the Koka Prospect.
    Mr Griffiths said two off-set parallel zones striking north-south had been intersected and
    mineralisation was open in both directions and at depth.
    "On-going drilling will test this model of mineralisation during coming weeks," he said.
    The most significant diamond drill results returned from the recent drilling continue to
    display the high-grade nature of the mineralisation (See Table 1).
    Drilling at the Koka Prospect will continue to define the extent of mineralisation. Further
    drill results will be released to the market as they come to hand.
    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

    2
    Table 1: Significant Koka Prospect Diamond Drill Assay Intercepts:
    Hole Depth
    (m) Prospect From
    (m)
    To
    (m)
    Interval
    (m)
    Au
    (g/t)
    ZARD012 226.40 Koka 74 76 2.00 4.69
    79 81 2.00 1.48
    88 91 3.00 3.63
    100 101 1.00 1.33
    106 111 5.00 3.53
    115 116 1.00 2.51
    128 129 1.00 4.21
    137 138 1.00 1.98
    152 153 1.00 6.12
    162 163 1.00 1.12
    167 170 3.00 4.49
    ZARD014 231.00 Koka 134 135 1.00 4.43
    195 196 1.00 13.01
    ZARD015 171.15 Koka 88 101 13.00 24.75
    ZARD016 200.00 Koka 89 91 2.00 1.57
    ZARD017 190.75 Koka 117 118 1.00 2.39
    133 144 11.00 14.72
    147 153 6.00 42.36
    160 167 7.00 9.20
    ZARD018 210.10 Koka 108 114 6.00 3.19
    121 123 2.00 2.71
    127 128 1.00 1.34
    143 144 1.00 1.48
    156 160 4.00 3.75
    169 170 1.00 1.97
    188 190 2.00 1.35
    200 201 1.00 6.86
    ZARD019 181.00 Koka 106 107 1 1.10
    121 123 2 1.94
    137 138 1 1.55
    141 144 3 2.78
    167 169 2 15.10
    ZARD020 225.70 Koka 182 183 1 12.57
    206 207 1 1.95
    ZARD021 183.30 Koka 96 98 2 1.37
    ZARD022 191.6 Koka 98 99 1 1.09
    105 109 4 4.37
    134 136 2 1.19
    160 161 1 2.17
    163 164 1 1.31
    169 171 2 2.62
    176 178 2 1.06
    Note: The metres quoted are down-hole metres and the gold grades are uncut.

    3
    For and on behalf of
    Sub-Sahara Resources NL
    M.R. Griffiths
    CEO - Director
    Website: www.subsahara.com.au
    ENDS
    FOR FURTHER INFORMATION:
    Michael Griffiths
    Chief Executive Officer, Sub-Sahara Resources
    [email protected]
    Ph: +6 18 9227 3260
    # Reported in accordance with the Aus. IMM “Australasian Code for Reporting of Identified Mineral Resources and
    Ore Reserves” and is based on information complied by Mr M.R. Griffiths, a competent person as defined by the Code
    and a Member of Australasian Institute of Mining & Metallurgy. Mr Griffiths is employed by Sub-Sahara Resources
    NL and has consented to the information in the form and context in which it appears.
    About Sub-Sahara Resources:
    Sub-Sahara Resources is an ASX listed company (ASX: SBS) with interests in a number of highly
    prospective and rapidly expanding African projects, including:.
    Tanzania
    • Nyanzaga Joint Venture (Gold) – JV partner Barrick East Africa Limited (Barrick Gold) has earned
    51% and currently earning a further 19%. The JV is fully financed to completion of a Bankable Feasibility
    Study (BFS). Resource currently 4.5 million ounces gold (indicated and inferred).
    • Lake Victoria Joint Venture (Gold) - JV partner Currie Rose Resources (TSX.V) earning 70% by
    completing BFS, currently holds 40%. Covers the Mwamazengo gold discovery
    • Nyakufuru Joint Venture (Gold) – JV partner Resolute Mining Limited earning 70% - drilling planned.
    Eritrea
    • Zara Joint Venture (Gold) – Eritrea –Drilling is on-going at the Koka prospect and Sub-Sahara is the
    manager with a right to earn 69% of the total project.
    (Note: Sub-Sahara is fully financed in the Tanzanian projects)
    The company also has substantial equity interests, including:
    • Sunridge Gold Corp. - Asmara Project: on completion of the transaction, Sub-Sahara will hold 7.6
    million shares currently valued ~ A$26.8 million.
    • Currie Rose Resources – Sub-Sahara hold 6 million shares currently valued at ~ A$1.8million.
 
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