http://www.shebaexploration.com/?source=plusquoted

The company is registered in England and operates through its sole subsidiary, Sheba
Exploration Limited, in northern Ethiopia. At Una Deriam EEL a 10 kilometre long trend of
gold anomalies is under investigation, of which about 5km has been defined in relative
detail, including trenching and some drilling. At Shehagne EEL the company has
discovered and traced a 2.8 kilometre long gold soil anomaly and completed preliminary
trenching and drilling this licence is now under option to Stratex International Plc. At
Finarwa EPL a third gold project is underway, following positive results from early stage
geochemical exploration. At Winibo EPL a 4.5km copper zone has been traced in outcrop and further exploration is planed.

Sheba now at a all time high

31 May 2011
GB00B02WHQ80/GBP/PLUS-exn

SHEBA EXPLORATION (UK) PLC
("Sheba" or the "Company")

Private Placing

Sheba, the Ethiopian focussed gold exploration company, is pleased to announce that on 23 May 2011 it
undertook a private placing of 400,000 ordinary shares of 0.75 pence each at a price of 3 pence per
share raising 12,000. There are no warrants associated with the private placement.

The proceeds will be used by Sheba for administrative expenses and the ongoing development of their
exploration licences in Ethiopia.

Following the placing there are 107,962,457 ordinary shares in issue, of which, the Directors are
interested in 36,909,124 ordinary shares representing 34.19% of the Company's issued share capital.

The new ordinary shares rank pari passu with the existing ordinary shares.

The Directors of Sheba Exploration (UK) Plc are responsible for the contents of this announcement.

Sheba has reached agreement with Centamin on the terms of a recommended offer.

Centamin will purchase the entire issued and to be issued share capital of Sheba.

The Offer values Sheba at approximately 7.48m. (on a fully diluted basis), or 6.15p per Sheba Share, which represents a premium of approximately 124% to the closing price of Sheba Shares on 8 July 2011, being 2.75p.

As I said , i bought these as a pure punt and had been worried that i was very overweight with these , so news this news was very welcomed and CEY is also my top core holding.

The Offer
The Offer, which is subject to the further terms and conditions set out in the Offer Document and Form of Acceptance, is being made on
the basis of:
a cash payment of 3.0 pence per Sheba Share; and
the number of ordinary shares in the capital of Centamin equal to the number of Sheba Shares held by the Sheba shareholder
divided by 40.
Based on the closing price of Centamins ordinary shares on the London Stock Exchange on 8 July 2011, the Offer values Sheba at
approximately 7.48 million on a fully diluted basis, or 6.15 pence per Sheba Share, which represents a premium of approximately 124
per cent. to the closing price of the Sheba Shares on 8 July 2011, being 2.75 pence.

Sheba Exploration draws down Centamin Egypt loan
By BFN News | 02:18 PM | Friday 22 July, 2011


Sheba Exploration has drawn down the 100,000 loan facility from Centamin Egypt. Centamin Egypt has agreed a 7.48m deal to takeover Sheba. Story provided by StockMarketWire.com

http://moneyam.uk-wire.com/cgi-bin/articles/20110727145710M9710.html