Stratex International PLC, the exploration and development company focusing on gold and high-value base metals, today announced the take over of a 5.6 percent stake of Sheba Exploration (UK) plc. The move seeks to secure Stratex a foothold in Ethiopia and its local mining industry.

Sheba’s subsidiary unit has been exploring for the past ten years in Ethiopia and developed a wide portfolio of gold and copper prospects on its Mereto, Shehgane, Una Deriam, Winibo, Finarwa and Dongwar concession areas.

Stratex Executive Chairman David Hall points out the big mining potential of the Arabian-Nubian shield, which encompasses according to the Chairman Egypt, Sudan, Eritrea, Saudi Arabia, Yemen as well as Ethiopia.

As an example, he cites recent high potential discoveries such as Nevsun’s Bisha gold rich volcanogenic massive sulphide deposit in Eritrea and the Centamin’s Sukari gold mine in Egypt. Mr. David Hall states, “We believe that Ethiopia offers similar exciting opportunities for rapid low cost discovery“.

This is not the first time that industry experts highlight the exploration potential of the Arabian-Nubian shield. Tim Goyder and Douglas Jones, the two directors of Chalice Gold Mines, recently in an interview referred to history, mentioning that the region is awaking from a long sleep after the Arabian-Nubian shield used to host mines producing gold for King Solomon, the Pharaohs and the Queen of Sheba in neoproterozoic times.

The Horn of Africa enjoys high prospectivity and great marketing potential and yet exploration on this particular patch of the Arabian-Nubian shield has been minimal.

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