09/11/2007
Ethiopia-focused Minerva Resources is stepping up drilling at its Tulu Kapi project after encouraging extensions of mineralised zones.
The AIM-quoted company, which is a partner in gold, platinum and diamond projects in Sierra Leone and carries out contract geology and drilling in Kyrgyzstan, expresses particular enthusiasm about its Ethiopian operation. Minerva says drilling to date confirms three 'broadly continuous' zones of mineralisation at Tulu Kapi, with potentially interesting extensions, and is now negotiating with private drilling companies to drill another 3,000 metres.
The company says it is also encouraged to have picked up gold nuggets of up to ten millimetres in diameter from the soil at Tulu Kapi after recent rains. Minerva managing director Terry Ward asserts all these factors 'add to confidence that Tulu Kapi is shaping up to be an asset of merit'.
Shares in Minerva collapsed from 21p three years ago to 2.75p last year, but the company has changed its focus and direction. At 7.13p, up 3.13p today, they value the company at £4.4 million and could well appeal to gamblers.
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