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	<lastBuildDate>Thu, 17 May 2012 17:53:58 +0000</lastBuildDate>
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		<title>Eritrea: Eritrean Independence</title>
		<link>http://www.capitaleritrea.com/video/eritrea-eritrean-independence/</link>
		<comments>http://www.capitaleritrea.com/video/eritrea-eritrean-independence/#comments</comments>
		<pubDate>Thu, 17 May 2012 17:40:44 +0000</pubDate>
		<dc:creator>capitaleritrea</dc:creator>
				<category><![CDATA[Video]]></category>
		<category><![CDATA[Eritrea]]></category>
		<category><![CDATA[Eritrean Independence Struggle]]></category>

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		<title>Tasks Accomplished Over the Past Twenty-One Years Assert the Eritrean People’s Bright Future: President Isaias</title>
		<link>http://www.capitaleritrea.com/living/tasks-accomplished-over-the-past-twenty-one-years-assert-the-eritrean-peoples-bright-future-president-isaias/</link>
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		<pubDate>Thu, 17 May 2012 17:24:35 +0000</pubDate>
		<dc:creator>capitaleritrea</dc:creator>
				<category><![CDATA[Living]]></category>
		<category><![CDATA[Eritrea]]></category>
		<category><![CDATA[Future]]></category>
		<category><![CDATA[Independence Day 21]]></category>
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		<category><![CDATA[President Isaias Afwerki]]></category>

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		<description><![CDATA[Asmara, 17 May, 2012, Shabait – In interviews he conducted today with various media outlets in connection with the 21st anniversary of Independence Day, President Isaias Afwerki underscored that the tasks accomplished over the past 21 years assert the Eritrean people’s bright future. In the interviews with Press TV, VOA and the Swedish newspaper Aftonblandet, [...]]]></description>
			<content:encoded><![CDATA[<div id="attachment_33790" class="wp-caption alignleft" style="width: 193px"><img class=" wp-image-33790    " src="http://www.capitaleritrea.com/wp-content/uploads/Eritrean-President-21Independence.jpg" alt="" width="183" height="121" /><p class="wp-caption-text">Eritrean President Indpendence</p></div>
<p style="text-align: justify;">Asmara, 17 May, 2012, Shabait – In interviews he conducted today with various media outlets in connection with the 21st anniversary of Independence Day, President Isaias Afwerki underscored that the tasks accomplished over the past 21 years assert the Eritrean people’s bright future.</p>
<p style="text-align: justify;">In the interviews with Press TV, VOA and the Swedish newspaper Aftonblandet, the President pointed out that the nation’s main objective in the post-independence period focused on creating the groundwork for genuine independence keeping intact its chosen path of development and without being perturbed by external acts of hostility and pressure.</p>
<p style="text-align: justify;">He further elucidated that the country has succeeded in creating firm ground for the achievement of still higher progress, and that it would continue to exert unremitting endeavors for lasting victory through mobilizing resources and capacity, particularly achieving food security.</p>
<p style="text-align: justify;">As regards humanitarian aid, President Isaias noted that in today’s world the so-called “humanitarian assistance” is characterized with disguised external political agendas. Taking this into account, societies need to guard against falling into such a trap, and thus rely on self-reliance, he elaborated.</p>
<p style="text-align: justify;">Replying to a question whether the non-implementation of the EEBC’s ruling on border delimitation for a decade is a cause of worry for Eritrea, President Isaias underlined that “a disturbed party does not wait for 10 years.”</p>
<p style="text-align: justify;">Although the issue has not so far been resolved on the ground due to the obstructionist role of the US administration, Eritrea is not at all disturbed for the issue has reached solid legal conclusion. However, the fact that a lot of opportunity for both the people of Eritrea and Ethiopia has been wasted as a result of Washington’s direct or indirect acts of interference is a cause for worry to Eritrea, he asserted. The President further voiced conviction that provided the US administration puts an end to its acts of interference, not only Eritrea and Ethiopia but also the entire Horn region stand to benefit from peace, stability and prosperity.</p>
<p style="text-align: justify;">Regarding the uprising in the Arab world, President Isaias explained that such a development is part and parcel of the global crisis witnessed around the world, including the US and a number of European countries, the main cause of which is the monopolistic stance of the special-interest forces.</p>
<p style="text-align: justify;">On assertions by major international institutions saying that Eritrea is registering noticeable economic growth, he underscored: “As far as our side is concerned, we measure economic growth on the basis of social service facilities and infrastructure put in place on the ground, as well as the upgrading of our people’s standard of living.”</p>


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		<title>Gippsland Limited: Eritrean Exploration Update</title>
		<link>http://www.capitaleritrea.com/business/gippsland-limited-eritrean-exploration-update/</link>
		<comments>http://www.capitaleritrea.com/business/gippsland-limited-eritrean-exploration-update/#comments</comments>
		<pubDate>Mon, 14 May 2012 19:42:45 +0000</pubDate>
		<dc:creator>capitaleritrea</dc:creator>
				<category><![CDATA[Business]]></category>
		<category><![CDATA[Adobha Project]]></category>
		<category><![CDATA[Eritrea]]></category>
		<category><![CDATA[Gippsland Limited]]></category>
		<category><![CDATA[mining]]></category>

		<guid isPermaLink="false">http://www.capitaleritrea.com/?p=33770</guid>
		<description><![CDATA[Gippsland Limited (&#8216;Gippsland&#8217; or &#8216;the Company&#8217;) [ASX: GIP, FRA: GIX] is pleased to announce the imminent commencement of a 5,000 metre reconnaissance reverse circulation (&#8216;RC&#8217;) drilling to test high-priority targets following the completion of a gravity survey within the Adobha Project. The gravity survey was conducted over twelve electromagnetic anomalies including six high and medium [...]]]></description>
			<content:encoded><![CDATA[<div id="attachment_14980" class="wp-caption alignleft" style="width: 108px"><img class=" wp-image-14980     " src="http://www.capitaleritrea.com/wp-content/uploads/Gippsland-Eritrea.jpg" alt="" width="98" height="84" /><p class="wp-caption-text">Gippsland</p></div>
<p style="text-align: justify;">Gippsland Limited (&#8216;Gippsland&#8217; or &#8216;the Company&#8217;) [ASX: GIP, FRA: GIX] is pleased to announce the imminent commencement of a 5,000 metre reconnaissance reverse circulation (&#8216;RC&#8217;) drilling to test high-priority targets following the completion of a gravity survey within the Adobha Project.</p>
<p style="text-align: justify;">The gravity survey was conducted over twelve electromagnetic anomalies including six high and medium to high ranked electromagnetic anomalies (Figure 1) previously identified from an airborne survey flown by Geotech Airborne Limited using a Versatile Time Domain Electro Magnetic system (VTEM) during 2011.</p>
<div style="text-align: justify;"></div>
<div style="text-align: justify;"><strong><span style="color: #ff6600;"><span style="color: #ff6600;">http://www.gippslandltd.com/upload/docs/120514_Eritrean_Exploration_Update.pdf</span></span></strong></div>


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		<title>South Boulder Mines: Metallurgical Drilling Commences at Colluli Potash Project in Eritrea</title>
		<link>http://www.capitaleritrea.com/business/south-boulder-mines-metallurgical-drilling-commences-at-colluli-potash-project-in-eritrea/</link>
		<comments>http://www.capitaleritrea.com/business/south-boulder-mines-metallurgical-drilling-commences-at-colluli-potash-project-in-eritrea/#comments</comments>
		<pubDate>Mon, 14 May 2012 19:19:46 +0000</pubDate>
		<dc:creator>capitaleritrea</dc:creator>
				<category><![CDATA[Business]]></category>
		<category><![CDATA[Eritrea]]></category>
		<category><![CDATA[mining]]></category>
		<category><![CDATA[Potash]]></category>
		<category><![CDATA[Production]]></category>
		<category><![CDATA[South Boulder Mines]]></category>

		<guid isPermaLink="false">http://www.capitaleritrea.com/?p=33761</guid>
		<description><![CDATA[South Boulder Mines Ltd (ASX: STB) is pleased to advise that it has commenced a new program of metallurgical drilling at its flagship Colluli Potash Project in Eritrea in another key step towards completion of the Definitive Feasibility Study. The Feasibility Study is scheduled to be finished next year, ensuring South Boulder is on track for production at [...]]]></description>
			<content:encoded><![CDATA[<div id="attachment_33614" class="wp-caption alignleft" style="width: 220px"><img class=" wp-image-33614  " src="http://www.capitaleritrea.com/wp-content/uploads/South-Boulder-Eritrea1-300x211.jpg" alt="" width="210" height="148" /><p class="wp-caption-text">South Boulder Mines Eritrea</p></div>
<p style="text-align: justify;">South Boulder Mines Ltd (ASX: STB) is pleased to advise that it has commenced a new program of metallurgical drilling at its flagship Colluli Potash Project in Eritrea in another key step towards completion of the Definitive Feasibility Study.</p>
<p style="text-align: justify;">The Feasibility Study is scheduled to be finished next year, ensuring South Boulder is on track for production at Colluli no later than 2016. South Boulder will also maintain resource extension drilling as part of its plan to continue growing the already-extensive inventory at Colluli.</p>
<p style="text-align: justify;">The drilling plan involves up to 34 shallow, large-diameter PQ-diamond holes from areas adjacent to and within the existing JORC/NI43-101 Compliant Mineral Resource Estimate (Figure 1) to provide sufficient potash samples in order to complete the processing testwork component of the DFS.</p>
<p style="text-align: justify;">The program is being conducted concurrently with the ongoing HQ-diamond drilling resource extension program (see ASX Announcements – 16 th &amp; 23 rd of April 2012). In addition to meeting the processing requirements of the DFS, the program aims to provide:</p>
<div style="float: right; text-align: justify;"></div>
<ul style="text-align: justify;">
<li>close-spaced assay data to update resource confidence categories from Inferred to Indicated and from Indicated to Measured. (The program is designed to convert all of the resource which will underpin the first 10 years of mining to the Measured and Indicated categories).</li>
<li>additional technical data to be used in the DFS geological, geotechnical and ground water models as part of the overall mine plan;</li>
<li>a better understanding of the geometry of the high-grade sylvinite zones to allow optimisation of the Stage 1 mine plan involving continuous mining machinery; and</li>
<li>confirm the strong potential to define additional resources outside the current resource areas.</li>
</ul>
<p style="text-align: justify;">The metallurgical processing testwork will be conducted in Germany and managed by Lead Consultants Ercosplan.</p>
<p style="text-align: justify;">South Boulder Managing Director Lorry Hughes said that, as a result of the intensive drilling programs being undertaken, the level of confidence in the Colluli potash resource would be higher than most other potash projects.</p>
<p style="text-align: justify;"><em>“The comprehensive drilling program will allow us to significantly de-risk the project in terms of our mining plans. Due to the extremely shallow nature of the Colluli deposit, we are able to establish an exceptionally high degree of confidence in the resource through relatively cost effective drilling. All other potash developments are significantly deeper than Collui and therefore cost prohibitive to complete this type of work,”</em> Mr Hughes said.</p>
<p style="text-align: justify;"><strong><span style="color: #ff6600;"><span style="color: #ff6600;">http://www.southbouldermines.com.au/files/Metallurgical-Drilling-Commences-At-Colluli-Potash-Projects.pdf</span></span></strong></p>


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		<title>Eritrea &#8211; die erfolgreiche Berlin Demonstration der tausenden Deutsch- Eritreer gegen Sanktionen</title>
		<link>http://www.capitaleritrea.com/living/eritrea-die-erfolgreiche-berlin-demonstration-der-tausenden-deutsch-eritreer-gegen-sanktionen/</link>
		<comments>http://www.capitaleritrea.com/living/eritrea-die-erfolgreiche-berlin-demonstration-der-tausenden-deutsch-eritreer-gegen-sanktionen/#comments</comments>
		<pubDate>Sat, 12 May 2012 12:32:55 +0000</pubDate>
		<dc:creator>capitaleritrea</dc:creator>
				<category><![CDATA[Living]]></category>
		<category><![CDATA[Berlin]]></category>
		<category><![CDATA[Demonstration]]></category>
		<category><![CDATA[Deutschland]]></category>
		<category><![CDATA[Eritrea]]></category>
		<category><![CDATA[Sanktionen]]></category>

		<guid isPermaLink="false">http://www.capitaleritrea.com/?p=33738</guid>
		<description><![CDATA[Eritreer aus ganz Deutschland – darunter Kinder, Jugendliche, Frauen und Männer- trafen am 27.04.2012 in der Hauptstadt zusammen, um auf die ungerechten Sanktionen gegen Eritrea sowohl aufmerksam zu machen als auch diese zu verurteilen. Auf unterschiedlichste Art und Weise brachten tausende von Deutsch-Eritreer ihre Überzeugung gegen die Sanktionen zum Ausdruck. Sie riefen lautstark in Sprechkranen: [...]]]></description>
			<content:encoded><![CDATA[<p style="text-align: justify;"><a href="http://www.capitaleritrea.com/wp-content/uploads/Eritreans-Berlin.jpg"><img class="alignleft  wp-image-33754" src="http://www.capitaleritrea.com/wp-content/uploads/Eritreans-Berlin.jpg" alt="" width="276" height="170" /></a>Eritreer aus ganz Deutschland – darunter Kinder, Jugendliche, Frauen und Männer- trafen am 27.04.2012 in der Hauptstadt zusammen, um auf die ungerechten Sanktionen gegen Eritrea sowohl aufmerksam zu machen als auch diese zu verurteilen.</p>
<p style="text-align: justify;">Auf unterschiedlichste Art und Weise brachten tausende von Deutsch-Eritreer ihre Überzeugung gegen die Sanktionen zum Ausdruck.</p>
<p style="text-align: justify;">Sie riefen lautstark in Sprechkranen: „Frieden Ja, Krieg Nein.“ Mit Stolz trugen viele der Demonstranten ein T-Shirt mit der Aufschrift „I am a Volunteer! 2% is my right“. Außerdem kam Berlin in den Geschmack der traditionellen eritreischen Musik, mit dem der Protest begleitet wurde.</p>
<p style="text-align: justify;">Die Befürchtungen, dass es zu einem Zusammenstoß zwischen Protestlern und Regierungsgegnern kommen könnte, lösten sich in Luft auf, als die 2000 Demonstranten den ca. zehn Gegnern gegenüberstanden.</p>
<p style="text-align: justify;">Die Berliner staunten bei dem Anblick der unzähligen Demonstranten, aber aufgeschlossen wie die Berliner sind entwickelte sich schnell angeregte Gespräche über die ungerechte Sanktionen. Ganze vier Stunden marschierten die Demonstranten unermüdlich quer durch Berlin.</p>
<p style="text-align: justify;">Stationen waren unter Anderem die Russische Botschaft und das Auswärtige Amt. Beide Institutionen wurden friedlich dazu aufgerufen, Stellung zu der Ungerechtigkeit zu beziehen. Wie sehr die Deutsch- Eritreer unter den Sanktionen leiden wurde deutlich, als eine junge Vertreterin der deutsch-eritreischen Jugendliche in der Diaspora das Wort ergriff und die Verantwortlichen im emotionalen Appell aufforderte:</p>
<p style="text-align: justify;"><em>„WIR, </em></p>
<p style="text-align: justify;"><em>WIR fordern die Aufhebung der ungerechten und illegalen Sanktionen gegen Eritrea. </em></p>
<p style="text-align: justify;"><em>WIR fordern für die sofortige Anstrebung der Beendigung der äthiopischen Besatzung auf eritreischem Territorium. </em></p>
<p style="text-align: justify;"><em>WIR fordern für eine internationale Gemeinschaft, welche die Behebung der Probleme in Somalien anstrebt. </em></p>
<p style="text-align: justify;"><em>WIR fordern (auf) die Äthiopischen Angriffe des 15.03.2012 zu verurteilen. Hören sie nicht weg, Schauen sie nicht über die Ungerechtigkeit hinüber und sprechen sie für Frieden und Gerechtigkeit!“</em></p>
<p style="text-align: justify;">Mit diesen Worten endete die erfolgreiche Demonstration der tausenden Deutsch- Eritreer in Berlin.</p>
<p style="text-align: justify;">Part 1:</p>
<p style="text-align: justify;"><a href="https://plus.google.com/photos/101085947039554200651/albums/5738661521204854321?banner=pwa">https://plus.google.com/photos/101085947039554200651/albums/5738661521204854321?banner=pwa</a></p>
<p style="text-align: justify;">Part2:</p>
<p style="text-align: justify;"><a href="https://plus.google.com/photos/101085947039554200651/albums/5738538196678879617?banner=pwa" target="_blank">https://plus.google.com/<wbr>photos/101085947039554200651/<wbr>albums/5738538196678879617?<wbr>banner=pwa</wbr></wbr></wbr></a></p>


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		<title>Frankfurt Airport Congratulates Eritrean Airlines</title>
		<link>http://www.capitaleritrea.com/business/frankfurt-airport-congratulates-eritrean-airlines/</link>
		<comments>http://www.capitaleritrea.com/business/frankfurt-airport-congratulates-eritrean-airlines/#comments</comments>
		<pubDate>Wed, 09 May 2012 17:33:07 +0000</pubDate>
		<dc:creator>capitaleritrea</dc:creator>
				<category><![CDATA[Business]]></category>
		<category><![CDATA[asmara]]></category>
		<category><![CDATA[Eritrea]]></category>
		<category><![CDATA[eritrean airlines]]></category>
		<category><![CDATA[Fiumicino]]></category>
		<category><![CDATA[frankfurt]]></category>
		<category><![CDATA[germany]]></category>
		<category><![CDATA[Rom]]></category>

		<guid isPermaLink="false">http://www.capitaleritrea.com/?p=33725</guid>
		<description><![CDATA[Eritrean Airlines resumed flights to and from Frankfurt Airport on April 17, 2012 via routing Asmara- Rome-Frankfurt-Asmara. Flights are operating three times a week with an Airbus A319. Flights with origin Frankfurt and destination Asmara are non-stop, returning flights with the origin Asmara and destination Frankfurt make a short stopover at Fiumicino Airport in Rome. [...]]]></description>
			<content:encoded><![CDATA[<p style="text-align: center;"><a href="http://www.capitaleritrea.com/wp-content/uploads/Eritrean-Airlines-Frankfurt.jpg"><img class="size-medium wp-image-33726  aligncenter" src="http://www.capitaleritrea.com/wp-content/uploads/Eritrean-Airlines-Frankfurt-300x200.jpg" alt="" width="300" height="200" /></a></p>
<p style="text-align: justify;">Eritrean Airlines resumed flights to and from Frankfurt Airport on April 17, 2012 via routing Asmara- Rome-Frankfurt-Asmara. Flights are operating three times a week with an Airbus A319.</p>
<p style="text-align: justify;">Flights with origin Frankfurt and destination Asmara are non-stop, returning flights with the origin Asmara and destination Frankfurt make a short stopover at Fiumicino Airport in Rome.</p>
<p style="text-align: justify;">We wish Eritrean Airlines much success and  &#8221;always happy landings!&#8221;</p>
<p style="text-align: justify;">Frankfurt Airport</p>


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		<title>The South African Government welcomes the Launch of Eritrean Airlines’ Flights into South Africa</title>
		<link>http://www.capitaleritrea.com/press-release/eritreans-direct-flights-to-south-africa-crucial-to-african-agenda/</link>
		<comments>http://www.capitaleritrea.com/press-release/eritreans-direct-flights-to-south-africa-crucial-to-african-agenda/#comments</comments>
		<pubDate>Tue, 08 May 2012 19:27:55 +0000</pubDate>
		<dc:creator>capitaleritrea</dc:creator>
				<category><![CDATA[Press Release]]></category>
		<category><![CDATA[asmara]]></category>
		<category><![CDATA[eritrean airlines]]></category>
		<category><![CDATA[South Africa]]></category>
		<category><![CDATA[Tambo Airport South Africa]]></category>

		<guid isPermaLink="false">http://www.capitaleritrea.com/?p=33714</guid>
		<description><![CDATA[The Embassy of South Africa in Asmara, Eritrea has on 02 May 2012, welcomed the introduction of regular air flights from Asmara to South Africa by Eritrean Airlines. This first historic flight from Asmara to Cape Town is scheduled for today, Monday, 07 May 2012. Eritrean Airlines will fly into Cape Town International Airport and [...]]]></description>
			<content:encoded><![CDATA[<div id="attachment_33715" class="wp-caption alignleft" style="width: 178px"><img class=" wp-image-33715  " src="http://www.capitaleritrea.com/wp-content/uploads/Eritrean-Airlines-Inauguration-Flight.jpeg" alt="" width="168" height="111" /><p class="wp-caption-text">Eritrean Airlines</p></div>
<p style="text-align: justify;">The Embassy of South Africa in Asmara, Eritrea has on 02 May 2012, welcomed the introduction of regular air flights from Asmara to South Africa by Eritrean Airlines.</p>
<p style="text-align: justify;">This first historic flight from Asmara to Cape Town is scheduled for today, Monday, 07 May 2012.</p>
<p style="text-align: justify;">Eritrean Airlines will fly into Cape Town International Airport and OR Tambo Airport, four times a week.</p>
<p style="text-align: justify;">The South African Government views this as part of advancing the African Agenda and sustainable development, which is a strategic objective of South Africa´s foreign policy for a progressive Africa and a better world.</p>
<p style="text-align: justify;">South Africa´s Ambassador to the State of Eritrea, Prof Iqbal Jhazbhay, has been invited by the CEO of Eritrean Airlines to be part of this first inaugural flight.</p>
<p style="text-align: justify;">Ambassador Prof Iqbal Jhazbhay will join this first flight from Asmara to Cape Town, as part of the South African momentum to enhance relations amongst African states and its peoples.</p>
<div style="float: right; text-align: justify;"></div>
<p style="text-align: justify;">This new airline route is a historic milestone in Eritrean-South Africa relations, which will help strengthen South African-Eritrean economic, political, and social relations.</p>
<p style="text-align: justify;">Furthermore, this new development is in line with the Presidential Infrastructure Championship Initiative of H.E. President Jacob Zuma, which aims to advance greater development, stability and integration in Africa.</p>
<p style="text-align: justify;">Currently, the South African mining infrastructure company, SENET, has established an office in Asmara and is involved with the Government of the State of Eritrea in the development of Eritrea´s mining infrastructure, notably in the production of gold and copper.</p>
<p style="text-align: justify;">Eritrea GDP’s growth soared to an estimated 17% in 2011 and, is one of the few African states that are on track towards meeting the UN Millennium Development Goals in child mortality and water conservation (MDG 4 &amp; 7).</p>
<address>Enquiries: Mr Clayson Monyela, Spokesperson for the Department of International Relations and Cooperation, 082 884 5974 .</address>
<address>Issued by the Department of International Relations and Cooperation</address>
<address>OR Tambo Building</address>
<address>460 Soutpansberg Road</address>
<address>Rietondale</address>
<address>Pretoria</address>


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		<title>Eritrea&#8217;s Great Gold Potential &#8211; and Copper and Silver and Zinc!</title>
		<link>http://www.capitaleritrea.com/business/eritreas-great-gold-potential-and-copper-and-silver-and-zinc/</link>
		<comments>http://www.capitaleritrea.com/business/eritreas-great-gold-potential-and-copper-and-silver-and-zinc/#comments</comments>
		<pubDate>Fri, 04 May 2012 15:17:21 +0000</pubDate>
		<dc:creator>capitaleritrea</dc:creator>
				<category><![CDATA[Business]]></category>
		<category><![CDATA[asmara]]></category>
		<category><![CDATA[Eritrea]]></category>
		<category><![CDATA[massawa]]></category>
		<category><![CDATA[mining]]></category>
		<category><![CDATA[Resources]]></category>

		<guid isPermaLink="false">http://www.capitaleritrea.com/?p=33698</guid>
		<description><![CDATA[The tale of Eritrea&#8217;s first major miner, Nevsun, which has had mixed fortunes this year and gold explorer, Andiamo Exploration, whose chairman has been a long time believer in the country&#8217;s mineral potential.  Mineweb, Author: Lawrence Williams, London &#8211; Two interesting presentations today at a Mining Journal Investor Seminar in London &#8211; one from an already [...]]]></description>
			<content:encoded><![CDATA[<div id="attachment_16787" class="wp-caption alignleft" style="width: 183px"><a href="http://www.capitaleritrea.com/wp-content/uploads/Eritrea-Nevsun.jpg"><img class=" wp-image-16787   " src="http://www.capitaleritrea.com/wp-content/uploads/Eritrea-Nevsun-300x223.jpg" alt="" width="173" height="128" /></a><p class="wp-caption-text">Eritrea</p></div>
<p style="text-align: justify;"><em>The tale of Eritrea&#8217;s first major miner, Nevsun, which has had mixed fortunes this year and gold explorer, Andiamo Exploration, whose chairman has been a long time believer in the country&#8217;s mineral potential. </em></p>
<p style="text-align: justify;"><strong><em>Mineweb, Author: Lawrence Williams, London</em></strong> &#8211; Two interesting presentations today at a Mining Journal Investor Seminar in London &#8211; one from an already operating, dividend-paying, miner in Eritrea with a remarkably good earnings profile and the other from a very early stage explorer looking for gold and VMS (Volcanic Massive Sulphide) copper-gold orebodies along the same trend.</p>
<p style="text-align: justify;">The first of these will be obvious to anyone who follows activity in this remarkably prospective part of north-eastern Africa as it operates the only significant mine in the country &#8211; Nevsun Resources with its VMS-hosted Bisha open pit gold and base metals operation &#8211; which in a year&#8217;s time is due to transition into a high grade copper mine with gold and silver credits, and then will later on become a major zinc producer with copper, gold and silver as byproducts. The other is unknown to most as it is still a private UK company, without even a website as yet &#8211; Andiamo Exploration &#8211; the love child of Tim Williams who has been an Eritrea mineral-potential enthusiast ever since he was an exploration geologist there a couple of decades ago.</p>
<p style="text-align: justify;">But let&#8217;s start with Nevsun &#8211; which had been a great money earner for its shareholders up until early February this year when its stock price was decimated &#8211; or rather ‘fell off a cliff&#8217; as VP Business Development Scott Trebilcock put it in his presentation today. The reason &#8211; operating results were showing that the ore tonnages in the gold-rich open pit oxide section, as initially modelled, were not consistent with operating results &#8211; put simply that some of the anticipated ore proved to be waste &#8211; and the company was forced to cut its gold output target for the year in half &#8211; to a still respectable 190,000 to 212,000 ounces from a reserve amounting to 1.5 million tonnes grading 5.1 g/tonne. (see Mineweb article Missing oxide ore sees Nevsun cut 2012 gold output guidance in half). Nevsun&#8217;s stock almost halved on the announcement and has drifted back further since along with the froth falling off the gold and base metals markets.</p>
<div style="float: right; text-align: justify;"></div>
<p style="text-align: justify;">In chopping Nevsun&#8217;s share price though, what the investors do not seem to have taken into account is that Bisha&#8217;s gold production is, in fact, only a small part of the overall financial equation for the project.</p>
<p style="text-align: justify;">It is actually a base metals project with a gold kick-starter. Its peak earnings will be reached when it becomes primarily a high grade copper miner and will be achieved in 2014 and 2015.</p>
<p style="text-align: justify;">It then falls back, on the current plan, as it becomes mainly a zinc producer (with byproduct copper, gold and silver), for much of the rest of its mine life up until 2023 &#8211; assuming it doesn&#8217;t extend its resource base in the meantime.</p>
<p style="text-align: justify;">The gold in the leached out oxide cap has already enabled it to pay back capital costs and the company is an enormous rarity in the junior producer sector in paying an annual 10 cent dividend &#8211; almost a 3% yield at the current share price. Even the gold majors can&#8217;t match that kind of return these days.</p>
<p style="text-align: justify;">Indeed Nevsun&#8217;s cash accumulation profile over the next decade is substantial &#8211; no small wonder that recently a leading Toronto analyst recommended Nevsun stock as a bottom-fishing opportunity. The market invariably over-reacts on what it perceives as bad news &#8211; particularly with regard to missing, or non-existent, gold (Bre-X remains firmly fixed in investor memories!). But Nevsun is no Bre-X. There is no suspicion of fraud here &#8211; just an admittedly significant misinterpretation in the assessment, by third party consultants, of overall ore tonnages from drilling results where core recoveries were poor in areas of highly fractured and broken up oxide rocks. But in the overall profit pattern for the mine the gold is a relatively small component in mine-life profit and revenue projections.</p>
<p style="text-align: justify;">The company remains completely confident that the same assessment problems will not apply in the far more competent sulphide zones where core recoveries were much higher.</p>
<p style="text-align: justify;">Meanwhile Nevsun, which owns 60% of the local operating company with the balance being owned by the Eritrean state mining company, ENAMCO, is also looking at other opportunities within its mining area to extend its resource &#8211; and in a smaller version of Bisha, a little to the south at Harema, there does seem to be the potential for the mining of another gold-rich cap over a VMS gold/copper prospect, which could be mined at low cost and trucked across and run through the Bisha plant. There is also a highly prospective zone to the northwest of the mine where a resource estimate is expected by the end of the year.</p>
<p style="text-align: justify;">Nevsun announces its Q1 results on May 9th, and these will be followed with particular interest, particularly inasmuch as they will give the next official guidance on whether this year&#8217;s downwardly revised gold output target will be achieved &#8211; or perhaps exceeded.</p>
<p style="text-align: justify;">The other presentation on an Eritrean project came from Tim Williams, who left what might be considered a secure, and remunerative job in Ernst &amp; Young&#8217;s mining department to set up junior explorer Andiamo Exploration, which is wholly concentrated on ground to the southwest of Bisha along the same general geological trend. Andiamo (lets go in Italian) is concentrating on looking for VMS gold-copper orebodies with gold-rich oxide caps which can be easily and cheaply mined (like Bisha&#8217;s gold-rich cap) and also for shear zone hosted gold deposits. The area over which it has its exploration licence has a strong history of artisanal mining and parts of it are dotted with these local miners&#8217; small pits &#8211; a pretty good indication of a strong gold prospect.</p>
<p style="text-align: justify;">Williams has, ever since he was an exploration geologist working in the region, wanted to go back there and exploit what he sees as areas of huge mineral potential. Initially the political environment in Eritrea was not conducive to foreign investment, but now it is considered one of the best mining jurisdictions in Africa and is virtually corruption-free, although Williams reckons the state take from a mining operation may rule out the development by a junior of all but the best projects &#8211; marginal ones wouldn&#8217;t be worth their while. The writer has known Williams (no relation) for many years and he has never wavered in his enthusiasm for Eritrea as a great mining destination and a desire to get back there once he had achieved the financial wherewithal to set up a project like Andiamo.</p>
<p style="text-align: justify;">Andiamo is still a private company, and if Williams, who is chairman, has his way, as he told Mineweb, will remain so, but some of the institutional shareholders he has brought on board may force his hand as they can only value a private company at zero in their books. They need a stock price quote more than the company itself does as Williams reckons the costs and management time involved in first organising an IPO, and then the paperwork and management time involved in meeting compliance regulations would mean management has to take its eye off in-field operational matters. Very significant for a small explorer with limited management personnel.</p>
<p style="text-align: justify;">Principal Andiamo shareholders are Williams and Seife Berhe, the Eritrea country manager and Eritrean national, while the remainder is held by institutional and high-worth private investors. It has raised $7.5 million to date, but the burn rate and costs incurred so far have left it with only around $1 million in the kitty, so exploration is currently proceeding cautiously and more money will need to be raised before sufficient drilling can be undertaken to come up with some kind of compliant mineral resource estimate. The company has a small, but impressive, board of directors encompassing great experience in African exploration and in finding significant VMS projects.</p>
<p style="text-align: justify;">Anyway, Andiamo, has a suite of highly prospective targets, some of which have already provided some excellent indications for meeting the company&#8217;s exploration criteria &#8211; both VMS and shear hosted &#8211; most of these being near surface exposures with soil sampling, trenching and initial shallow exploration drilling coming up with some impressive gold values &#8211; as well as some significant base metals showings. The next stage will be the raising of more capital so that the company can continue investigating the key targets &#8211; not necessarily an easy task in the current gold price environment.</p>
<p style="text-align: justify;">Meanwhile today, but not presenting at the seminar, Australian explorer Chalice Gold, which is also exploring in the same areas &#8211; its Mogoraib prospect is some 10 km to the north of Bisha &#8211; has announced it has entered into a jv with ENAMCO (itself largely financed by its revenues from Bisha). The JV, which incorporates the company&#8217;s Mogoraib North and Hurum exploration areas will be owned 60 per cent by Chalice and 40 per cent by ENAMCO (including a 10 per cent free carried interest) &#8211; similar terms to that negotiated between Nevsun and the Eritrean Government and for Chalice&#8217;s flagship Koka gold operation &#8211; and will be funded in accordance with each party&#8217;s paid participating interest, being two thirds Chalice and one third ENAMCO.</p>
<p style="text-align: justify;">In consideration for ENAMCO acquiring its 30 per cent paid participating interest in the JV, subject to audit, ENAMCO will sole fund an estimated ca US$750,000 of exploration expenditures from 1 March 2012. This represents one third of historical project-to-date expenditures incurred at Chalice&#8217;s Mogoraib North and Hurum prospects.</p>
<p style="text-align: justify;">Chalice is currently developing, with ENAMCO, the high grade, open pit Koka Gold Deposit. This is estimated to host a JORC and NI 43-101 compliant Probable Mineral Reserve of 4.6 million tonnes with a grade of 5.1 g/t gold, containing 760,000 ounces.</p>
<p style="text-align: justify;">The low cash operating cost of US $338/oz gold is expected to be in the lowest quartile of global gold mine production costs. Planned mine production will average 104,000 gold ounces per year over a seven year mine life.</p>
<p style="text-align: justify;">The Koka Gold Deposit lies within the 547 square kilometre Zara block of Exploration Licences. Chalice&#8217;s Hurum license lies along strike from the Zara licences, and the Mogoraib North Licence is, as noted above, proximal to Nevsun&#8217;s Bisha mine.</p>
<p style="text-align: justify;">Much of these highly prospective Eritrean gold and base metals-bearing trends are still very underexplored and the prospect for Eritrea, with a population of around 5.2 million people, becoming a significant precious and base metals producer remains largely untapped, but is extremely promising given the seemingly excellent relations between the government and foreign mining and exploration companies to date despite some slightly onerous participation terms.</p>


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		<title>Chalice Gold Enters Joint Venture With Enamco for Mogoraib North and Hurum Projects in Eritrea</title>
		<link>http://www.capitaleritrea.com/business/chalice-gold-enters-joint-venture-with-enamco-for-mogoraib-north-and-hurum-projects-in-eritrea/</link>
		<comments>http://www.capitaleritrea.com/business/chalice-gold-enters-joint-venture-with-enamco-for-mogoraib-north-and-hurum-projects-in-eritrea/#comments</comments>
		<pubDate>Fri, 04 May 2012 07:17:39 +0000</pubDate>
		<dc:creator>capitaleritrea</dc:creator>
				<category><![CDATA[Business]]></category>
		<category><![CDATA[Chalice Gold Mining]]></category>
		<category><![CDATA[Enamco]]></category>
		<category><![CDATA[Eritrea]]></category>
		<category><![CDATA[Hurum]]></category>
		<category><![CDATA[mining]]></category>
		<category><![CDATA[Mogoraib North]]></category>

		<guid isPermaLink="false">http://www.capitaleritrea.com/?p=33674</guid>
		<description><![CDATA[Chalice Gold Mines Limited (ASX:CHN) (TSX:CXN) advises that it has agreed to enter into a joint venture with the Eritrean National Mining Corporation (“ENAMCO”) in relation to its Mogoraib North and Hurum Projects in Eritrea (“the MHJV”). The MHJV will be owned 60 per cent by Chalice and 40 per cent by ENAMCO (including a [...]]]></description>
			<content:encoded><![CDATA[<p style="text-align: justify;">Chalice Gold Mines Limited (ASX:CHN) (TSX:CXN) advises that it has agreed to enter into a joint venture with the Eritrean National Mining Corporation (“ENAMCO”) in relation to its Mogoraib North and Hurum Projects in Eritrea (“the MHJV”).</p>
<p style="text-align: justify;">The MHJV will be owned 60 per cent by Chalice and 40 per cent by ENAMCO (including a 10 per cent free carried interest) and will be funded in accordance with each party’s paid participating interest, being two thirds Chalice and one third ENAMCO.</p>
<div style="float: right; text-align: justify;"></div>
<p style="text-align: justify;">In consideration for ENAMCO acquiring its 30 per cent paid participating interest in the MHJV, subject to audit, ENAMCO will sole fund an estimated ~US$750,000 of exploration expenditures from 1 March 2012.</p>
<p style="text-align: justify;">This represents one third of historical project-to-date expenditures incurred at Mogoraib North and Hurum.</p>
<p style="text-align: justify;">A Versatile Time-domain Electro-Magnetic (VTEM) survey was completed in mid-2011 at Mogoraib North that identified over 60 bedrock conductors potentially indicative of Volcanic Hosted Massive Sulphide (VHMS) bodies.</p>
<p style="text-align: justify;">Modelling of the VTEM conductor geometries has been completed and the numerous targets identified have been prioritised for drilling.</p>


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		<title>Eritrean Music and Me</title>
		<link>http://www.capitaleritrea.com/living/eritrean-music-and-me/</link>
		<comments>http://www.capitaleritrea.com/living/eritrean-music-and-me/#comments</comments>
		<pubDate>Wed, 02 May 2012 19:04:12 +0000</pubDate>
		<dc:creator>capitaleritrea</dc:creator>
				<category><![CDATA[Living]]></category>
		<category><![CDATA[Bologna]]></category>
		<category><![CDATA[Eritrea]]></category>
		<category><![CDATA[Eritrean Music]]></category>
		<category><![CDATA[frankfurt]]></category>
		<category><![CDATA[Independence Struggle]]></category>
		<category><![CDATA[people]]></category>

		<guid isPermaLink="false">http://www.capitaleritrea.com/?p=33656</guid>
		<description><![CDATA[By Amanuel Biedemariam Due to the daunting challenges Eritrea faces, Eritrean music is not getting the attention it deserves. Eritrea’s achievements are extensive in many fields. But most of these achievements did not or, could not receive international exposure because not much is publicized since Eritreans are busy focusing on the daily challenges and threats that they [...]]]></description>
			<content:encoded><![CDATA[<div>
<div id="attachment_33657" class="wp-caption alignleft" style="width: 235px"><img class="wp-image-33657 " src="http://www.capitaleritrea.com/wp-content/uploads/Eritrean-Music-300x165.jpg" alt="" width="225" height="124" /><p class="wp-caption-text">Eritrean Music</p></div>
<p>By Amanuel Biedemariam</p>
</div>
<p style="text-align: justify;">Due to the daunting challenges Eritrea faces, Eritrean music is not getting the attention it deserves. Eritrea’s achievements are extensive in many fields. But most of these achievements did not or, could not receive international exposure because not much is publicized since Eritreans are busy focusing on the daily challenges and threats that they face regularly.</p>
<p style="text-align: justify;">As a result, not much attention has been devoted to expose the international community to Eritrea&#8217;s cultural riches.</p>
<p style="text-align: justify;">These challenges, to an extent, hindered writers from writing, artists and others from promoting their crafts. As the result, magnificent talents of Eritrean youth remain, simply Eritrean treasures. It limited international exposure to Eritrean arts, cultural diversities and miraculous achievements. Therefore, the world does not have understanding of the rich musical history and cultural heritages of Eritrea. Fortunately, that didn’t change the level of production, quality, quantity and commitment to the arts and humanities.</p>
<p style="text-align: justify;">The enemies of Eritrea tried to suppress Eritrea’s achievements when they can and downplay it when they could not, by design. They targeted the youth and made every possible effort to divert their attention. They tried to dislodge them from their life and attempted to minimize their achievements by belittling everything Eritrean. Most importantly however, the negative PR campaigns directed at Eritrea are designed to drown any positive developments of the nation.</p>
<p style="text-align: justify;">There are many examples of this. The sanction measures and, the current misinformation and demonization campaign about the health and life of His Excellency, President Isaias Afwerki stands as a stark example. During these demonization campaigns, there exists no opportunity for Eritreans to get their messages out. That is by design. This demonstrates the extent of the challenge that Eritreans face continuously.</p>
<p style="text-align: justify;">Universally, music is the preeminent expression of love and romance. That too was a target because for a long time, Eritreans were told that they are incapable to express love and romance through music.</p>
<p style="text-align: justify;">It all failed. The people of Eritrea remain seized on the task and contrary to the distractive efforts of the enemies, the brilliant creative-mind and the humble Eritrean nature keeps innovating without fanfare, successfully.</p>
<p style="text-align: justify;">Music is a staple in Eritrea. It has served as glue that binds the spirit of Eritrea every step of the way. Eritrean music has also served as journal that chronicled the life of the nation to date. It is understatement to claim that music was significant to Eritrea because, Eritrean music has meant more. It helped Eritrea sail to become a nation, more than the guns that liberate her. In short, Eritrean music has served as evidence that, a nation is not defined solely based on its boundaries since Eritrean music served to unite Eritreans and, expressed their national ideals no matter where Eritreans lived and what the status of the nation was for decades! It allowed Eritreans to unite in purpose. It reinforced their nationalism. It allowed them to express their love for Eritrea. It motivated them. It has also served as the pulse of the nation in different stages expressing the state of the State. All one has to do is look back at the musical events that led Eritrean unions in Bologna, Italy in the eighties.</p>
<p style="text-align: justify;">Early-on, Eritrean musicians understood the importance of music and deliberately used it to educate Eritreans about the struggle ahead. They knew what was required for success. Atewebrhan Seghid’s song “Aslamai Kistanai” is one song that comes to mind. It reinforced a foundation for a vision of peaceful co-existence amongst the various nationalities of Eritrea. Regardless of where they come from, or their religious beliefs, the message resonated. Memhir Alamin Abdeletif expressed it best when he sung his famous song, “Seb…N Kebdu T-Rai Aykonen zinebir,” teaching selflessness at a greater risk to his life. Musicians singing their hearts-out laid the vision for the future Eritrea like Yemane’s “Wedebat Adey.” Eritrean musicians were, and remain the heart and soul of Eritrea. They exemplify bravery, as they have been the faces and voices of courage and defiance at critical moments in the history of this young nation.</p>
<p style="text-align: justify;">I grew up in a family that appreciates music. From the moment that I can remember my life, all kinds of music captivated my imagination. As a kid, my father used to take us to the villages often. In the villages, I witnessed and experienced the traditional Guayla. I saw what music meant to the families and the villages. I remember all the villagers young and old, enjoy Guayla without exception. As long as one can hang until dawn, you enjoyed Guayla to your heart’s content. During the day time, the singers were invited to people’s homes and I sat and enjoyed watching my father, our relatives and, his friends on their traditional outfits dancing on top of Seti (Grass) laughing, and joking.</p>
<p style="text-align: justify;">In Asmara, I was lucky that my brothers used to take me to the theater for concerts. I went to Cinema Odeon regularly to see Eritrean artists display their artistic and musical talents in advanced and organized setting. What I witnessed then was almost at par with some of the global theatrical performances of the time. The performances included comedy skits between songs. The variety of the musicians that played then, represent the legends of today. I saw many of Eritrea’s musical legends perform memorable songs.</p>
<p style="text-align: justify;">In those days, Asmara was abuzz with music from every direction. There was the Kagnew Station music that was distributed by Americans from within the base/station. They played American music of all genres exposing Asmarino’s to American music early on. In addition, Eritrea’s central geographic location provided clear radio signals from many directions in the region including Somali and, Monte Carlo amongst other outlets. Hence, Eritrea has a rich musical tradition and influences.</p>
<p style="text-align: justify;">Eritrean music, has served the people of Eritrea very well. It has been everything we needed it to be. When Eritrea needs consoling, it is Merhawi. During weddings, it is Eselie. Music is always there. It has served the nation in war, peace and no-war-no-peace very well. Eritrean musicians are the pillars of the nation.</p>
<p style="text-align: justify;">One of the most interesting aspects of music in Eritrea is the fact that it is an industry that flourished seamlessly. It is a viable industry that has worked independently. Like the agricultural, medical, education and other sectors, music has grown in organized fashion faster and with unparalleled diversity after independence unnoticed.</p>
<p style="text-align: justify;">When considering Eritrean musical histories, there are numerous stages and factors to consider:</p>
<p style="text-align: justify;">Firstly, the pre independence and colonial era: at this stage, musicians shaped the standard for performance, the musical tone, the level of emotional intensity that defined love for life and nation. They set the tone that defined the struggle in defiance. Shortly after Ethiopia’s illegal subjugation of Eritrea, singers were refusing to sing as Ethiopians. Haile Sellasie’s regime made every effort to ban the Police Orchestra of Asmara from singing Tigrigna songs which was a source of nationalistic fervor at the time.</p>
<p style="text-align: justify;">Secondly, the days of the struggle for independence: in this period, Eritrean music was scattered. Few popular musicians remained in Ethiopia but the majority either joined the revolution or went to exile in different parts of the world. This period truly showed the grit of Eritrean musicians because they were out of their element, underfunded, ill equipped and without support mechanism. Those that joined the rebellion were in effect fighters that performed for their causes. It is in this period that a new approach to music was defined. In Eritrea, there was not a stage to perform on, there-existed very limited musical instrument and expertise. In addition, the security environment was not conducive for the growth of music industry. Through it all, the struggle was able to organize a musical department that aimed to reflect the diversities of the nationalities and, represented it by recruiting new breed of musicians irrespective of gender or background. This structure, largely, accorded the foundation that generated the abundant talent that Eritreans are enjoying to date.</p>
<p style="text-align: justify;">The third stage represented the meshing of music of the struggle with musicians from all over. After independence, there was hunger to reignite the old glory-days of Eritrean music. And majority of the musicians have done so in the new Eritrea. It is also fascinating to witness how the old guard was able to merge with the organized structure that liberated Eritrea seamlessly. While some were a part of the armed struggle, others were in exile.</p>
<p style="text-align: justify;">Many fit this example; however, Bereket Mengisteab exemplifies this dynamic better. He is amongst those that instilled nationalism with his popular songs like Meley during the colonial era, then joined the armed struggle, sung in exile and, he is amongst the first to return to independent Eritrea to mesh with what was the beginning of a new musical era in Eritrea. As a product of the struggle Bereket rejoined the new era seamlessly and provided the leadership and stability the industry needed. He added dignity to a proud industry that proved to be a pillar of a nation. It is indeed a major accomplishment for Eritrea to witness Jemal Romodan singing on the same stage as Bereket during Independence Day celebrations. Asgedom Woldemichael is another example amongst many.</p>
<p style="text-align: justify;">My motivation in writing this piece is twofold. First, I would like to pass on my gratitude to all those that contributed to the musical industry tirelessly. When Eritrea was scattered all over, they distributed music that accorded all Eritreans dignity and a sense of identity. They encouraged Eritreans all over and, helped unite them at a moment of darkness and helplessness lifting us all. They gave us joy with songs that reflected the realities of the day.</p>
<p style="text-align: justify;">Secondly, to remind people that the rich history described above is a history that needs to be written about, talked about and told to the next generation and to the world. There is a deliberate pressure applied to undermine Eritrea’s achievements. They are trying to stifle the proud history of Eritreans by keeping Eritreans under a constant state of conflict. That is why, it is doubly important for those that love, understand, appreciate and, those that want music to see music flourish in Eritrea to start telling their stories today when it is fresh and, while most of the participants are alive. It is nice to see YouTube videos but that is not enough.</p>
<p style="text-align: justify;"><strong>Conclusion</strong></p>
<p style="text-align: justify;">What we are witnessing today is a direct assault on the very fabric of the people, the cultures and the history Eritrea. These enemies are aiming to weaken the foundations that unite Eritreans like music and the cultural events we love. By choosing to engage their lies and deceitful messages we, in effect, are giving them a platform they are desperate to get. By engaging their lies, we are propping their message while killing ours and thus, allow them to win. That is sheer stupidity, un-Eritrean and, disservice to those that gave their lives and limbs.</p>
<p style="text-align: justify;">Yesterday, we were told Eritrean struggle for freedom was quashed for good. In retrospect, that was a better lie, than the lies of today that are pure fabrications. However, Eritreans didn’t believe it then because the only way that could be true was if every one of us was wiped-out of the earth. We have to keep that in perspective and focus, always. No matter who dies or lives, Eritrea is always stable country because the stability of Eritrea is a product of Eritrean unity.</p>
<p style="text-align: justify;">Hence, it up to all of us to ensure voices of our martyrs is heard loud around the world everyday not only in Martyrs Day. It is up to us to nurture their aim and purpose as they lived and died for everything Eritrean.</p>
<p style="text-align: justify;">Wetru Awet N Hafash</p>
<p style="text-align: justify;">Aweynayu@hotmail.com</p>


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		<title>President of Eritrea to hold Interview</title>
		<link>http://www.capitaleritrea.com/insight/president-of-eritrea-to-hold-interview/</link>
		<comments>http://www.capitaleritrea.com/insight/president-of-eritrea-to-hold-interview/#comments</comments>
		<pubDate>Sat, 28 Apr 2012 11:10:19 +0000</pubDate>
		<dc:creator>capitaleritrea</dc:creator>
				<category><![CDATA[Insight]]></category>
		<category><![CDATA[Eritrea]]></category>
		<category><![CDATA[Inverview]]></category>
		<category><![CDATA[Isaias Afwerki]]></category>

		<guid isPermaLink="false">http://www.capitaleritrea.com/?p=33644</guid>
		<description><![CDATA[Asmara,  April 28, 2012- The Eritrean Ministry of Information announced that President of Eritrea Isaias Afwerki would hold a brief interview with the national media outlets tonight, 28 April 2012, at 8 PM local time that would be broadcast live via the local media and Eastafro.com. Share this on del.icio.us Digg this! Share this on [...]]]></description>
			<content:encoded><![CDATA[<p>Asmara,  April 28, 2012- The Eritrean Ministry of Information announced that President of Eritrea Isaias Afwerki would hold a brief interview with the national media outlets tonight, 28 April 2012, at 8 PM local time that would be broadcast live via the local media and <strong><span style="color: #ff6600;"><a href="http://www.eastafro.com/" target="_blank"><span style="color: #ff6600;">Eastafro.com</span></a></span></strong>.</p>
<p><iframe src="http://blip.tv/play/22KC9aQHAg.html?p=1" width="480" height="414" frameborder="0" allowfullscreen></iframe><embed type="application/x-shockwave-flash" src="http://a.blip.tv/api.swf#22KC9aQHAg" style="display:none"></embed></p>


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		<title>Chalice Gold Sees Sale of Eritrea Stake to China SFECO by August</title>
		<link>http://www.capitaleritrea.com/business/chalice-gold-sees-sale-of-eritrea-stake-to-china-sfeco-by-august/</link>
		<comments>http://www.capitaleritrea.com/business/chalice-gold-sees-sale-of-eritrea-stake-to-china-sfeco-by-august/#comments</comments>
		<pubDate>Sat, 28 Apr 2012 08:54:30 +0000</pubDate>
		<dc:creator>capitaleritrea</dc:creator>
				<category><![CDATA[Business]]></category>
		<category><![CDATA[Chalice Gold]]></category>
		<category><![CDATA[china]]></category>
		<category><![CDATA[Eritrea]]></category>
		<category><![CDATA[gold]]></category>
		<category><![CDATA[mining]]></category>

		<guid isPermaLink="false">http://www.capitaleritrea.com/?p=33634</guid>
		<description><![CDATA[Chalice Gold Mines Ltd. (CHN), an Australian explorer for the metal, expects China SFECO Group to complete an $80 million purchase of its stake in Eritrea’s Zara mine by August, Chief Executive Officer Doug Jones said. China SFECO, a unit of Shanghai Construction Co. (600170), agreed to buy the 60 percent stake after Chalice faced [...]]]></description>
			<content:encoded><![CDATA[<div id="attachment_16268" class="wp-caption alignleft" style="width: 125px"><img class=" wp-image-16268   " src="http://www.capitaleritrea.com/wp-content/uploads/Eritrea-Chalice-Map-300x266.jpg" alt="" width="115" height="102" /><p class="wp-caption-text">Eritrea</p></div>
<p style="text-align: justify;">Chalice Gold Mines Ltd. (CHN), an Australian explorer for the metal, expects China SFECO Group to complete an $80 million purchase of its stake in Eritrea’s Zara mine by August, Chief Executive Officer Doug Jones said.</p>
<p style="text-align: justify;">China SFECO, a unit of Shanghai Construction Co. (600170), agreed to buy the 60 percent stake after Chalice faced difficulties raising finance for the project because of United Nations sanctions against the Horn of Africa country, Jones said in an e-mailed response to questions on April 23.</p>
<p style="text-align: justify;">“The main reason for the sale is the difficulty in raising development funds in the current market,” he said. It’s “a problem exacerbated by the UN sanctions against Eritrea.”</p>
<p style="text-align: justify;">Eritrea, which has been ruled by President Isaias Afwerki since winning independence from Ethiopia in 1993, is under sanctions for its alleged support of al-Qaeda- linked militants seeking to topple the UN-backed government of Somalia. The government denies the accusations. In December, the UN Security Council asked mining companies to “undertake appropriate measures to promote the exercise of vigilance” in dealings with Eritrea’s mining industry.</p>
<p style="text-align: justify;">The state-owned Eritrean National Mining Corp. bought a 30 percent interest in Zara, which includes the 840,000-ounce Koka gold deposit, for $32 million in July, taking its holdings to 40 percent, according to Chalice’s website. China SFECO plans to begin production from the mine in 2014, said Jones.</p>
<p style="text-align: justify;">“The transaction will help the group further expand the business scope in Eritrea,” Shanghai-based SFECO said in a March 22 statement on its website.</p>
<p style="text-align: justify;">UN Sanctions</p>
<p style="text-align: justify;">In 2009, the Security Council voted 13-1 to impose an arms embargo on Eritrea and asked a sanctions committee to ban the travel and freeze the foreign assets of designated individuals. Libya voted against the resolution, while China abstained. No Eritrean officials have been identified by the committee, according to a Feb. 17 statement on the Security Council’s website.</p>
<p style="text-align: justify;">The UN expanded sanctions in December because of the “potential use of the Eritrean mining sector as a financial source to destabilize the Horn of Africa region,” according to the resolution. Investment in Eritrea’s mining industry would have been banned if an initial draft of the resolution had been adopted.</p>
<p style="text-align: justify;">Other companies with operations in Eritrea include South Boulder Mines Ltd. (STB), a West Perth, Australia-based company developing a potash mine, and Canada’s Nevsun Resources Ltd. (NSU)</p>
<p style="text-align: justify;">Chalice plans to continue exploring for precious metals in Eritrea at the Mogoraib North VMS Project, it said in a statement on its website.</p>
<p style="text-align: justify;">Bloomberg</p>


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