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.

01/02/2011
http://www.shebaexploration.com/files/Appointment_PR_Representative_1Feb11.pdf

Sheba Exploration
Operational Report EXTENSIVE GOLD TRENDS DEFINED



7 February 2011
GB00B02WHQ80/GBP/PLUS-exn

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

Soil Sampling Results From Una Deriam, Northern Ethiopia

Operational Report 39

EXTENSIVE GOLD TRENDS DEFINED

Sheba Exploration (UK) Plc, the Ethiopian focused gold exploration company, is pleased to announce further
soil sampling results from its Una Deriam licence.

Summary:

- 400 new gold soil samples have been analysed from the Una Deriam licence.

- Two arc-shaped gold trends have been defined, one of 7 km and another of 3 km.

- A strong gold anomaly of dimensions 1000m x 400m was defined at Datalian.

Currently, soil samples are being collected along the Una Deriam gold trend in search of additional
extensions to the gold mineralised system. A further 400 soil samples have been already analysed for gold
and more are being tested. The analytical results reveal two main gold trends with a combined strike of 10
kilometres, while infill soil sampling has defined a prominent gold target of dimensions 1000m x 400m at
Datalian.

Regional soil sampling

Soil sampling is being carried out at 200m x 100m spacing along the strike of the main north-south gold belt
in the licence area. The 400 new soil results, taken together with 1610 samples previously analysed, have
revealed two continuous arc-shaped anomalous trends. The northern gold arc is about 7 kilometres in length
and 1.5 kilometres wide and is defined by a number of high gold values (over 1000ppb) in a mass of elevated
gold values (over 100ppb). The arc contains a number of gold prospects which have been trenched or drilled to
a limited extent (e.g. Ndaba Shekena, 40m at 1.3 g/t trenched, 27m at 1.3 g/t drilled). The southern arc is
continuous for about 3 kilometres and is about 0.5 kilometres wide and has discontinuous extensions for a
further 3 kilometres to the south. This arc contains a well defined gold soil anomaly at the old Datalian
gold camp.

Datalian infill soil sampling

Soil sampling density over the Datalian prospect was increased with staggered sampling lines at 100m x 50m
spacing. A continuous gold target has been defined in soil with a number of peak values ranging 500-5000ppb
gold and margins defined by the 100ppb contour. The target is lenticular to oval in plan, about 1000 metres
long and up to 400 metres wide. Gold workings are scattered throughout and are usually small surface soil
scrapings or shallow pits. The main host units for the gold mineralisation are dacite and rhyolite
metavolcanics. Quartz veins carry gold and follow the bedding trend but cut across the dip. A shear zone
locally re-directs gold along its foliation. Three trenches were recently dug across the shear zone and
channel samples are currently being analysed. Rock grab samples from the area range up to 6.1 g/t gold.

Datalian is the fifth gold target of respectable size to be defined on the licence area. It is located only a
few hundred metres south of a regional trunk road and access to mainline power and perennial water is
assured. Early Italian prospectors identified the prospect in 1903 and made several box-cuts and adits into
the shear zone. The current work has shown an extension along strike in both directions with continued high
gold values persisting for three kilometres.

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

ald looks quite good will do a bit of work on them

Moving up today , soon be up to their all time high.

Big increase in volume today one trade at 700,000 , Now at all time high.

Posted on another bb

Omnitrix - 21 Feb'11 - 16:53 - 152 of 153

Stratex news today highlighted prospectivity of Ethiopia and they drew geological comparison with some small inconsequential field

Sheba have fields with geological similarity to multi-million oz potential fields

This is only going one way in my opinion and the recent move to improve PR is a strong leading indicator. I am buying more as and when funds are available and believe this has serious 5-10 bagger potential.

I would not be surprised if STI or some other company interested in Sheba's acreage has made an early expression of interest if not a friendly proposal.

Good to see Sheba Exploration getting a mention in Stratex releases.

Sheba is by far and away the cheapest play on the gold prospects of the Arabian-Nubian shield...



Sheba

At 3p/share the Market Capitalisation of Sheba Exploration is only 3m. Which makes it look very cheap next to other gold explorers in the Arabian-Nubian Shield.

Sheba Mkt Cap 3m (PLUS:SHE)
Kefi Mkt Cap 20m
Stratex Mkt Cap 24m
Nyota Mkt Cap 108m


Exploration stage company in the Arabian-Nubian Shield where recent big finds/projects include :-

Centamin Egypt in Egypt
Nyota Minerals in Ethiopia

Other explorers active in the area include :-

Stratex International (along with Sheba and Thani Ashanti) in Ethiopia
Kefi Minerals in Saudi Arabia

Sheba has 3-4 main project/licence areas in Ethiopia

1. Una Deriam - Management have suggested geological similarities with the Centamin Sukari project and Nyota's Tulu Kapi which are potential multi-million oz resources

12km strike length with Initial drilling/sampling/trenching results
"discovery trench, ML3, gave an assay of 40 metres grading 1.3 grams of gold per tonne at surface"
"strong gold anomaly trending for over 1 kilometre.... The peak soil value of over 7300ppb and several others over 1000ppb point to significant bedrock gold mineralization..."
.

2. Finarwa - Management have suggested geological similarities with the Navichab gold mine in Namibia which is a 100k oz p.a. producing mine
"an excellent gold exploration target, given (a) the intensive and widespread gold panning being carried out by local people on the licence area (b) the high incidence of gold anomalies discovered in soil and rock samples (c) the large area (at
least 10 square kilometres) from which anomalies are currently being reported and which could extend further"

3. Winibo - Copper project

4. Shehagne - JV with Stratex Int (STI)

Management outlook comment from last results statement :-

"Una Deriam is set to become an important gold project that may soon feature among
the leading gold projects in the country and within the Arabian-Nubian Shield. New gold mines are
currently being developed in Eritrea and Egypt in analogous terrains to northern Ethiopia and the
exploration industry has at last woken up to the fact.

The Directors are currently talking to various parties interested in the long term potential of our
licences and are confident of acquiring the funding necessary to bring these to fruition"

Bruce Rowan who has interests in a number of mining companies has a stake in SHE and said this recently :-

Bruce Rowan 28 Oct 2010:

"Meanwhile, the Ethiopian mineral, gas and oil sector has been attracting strong foreign interest, with new licences being granted to Chinese State-owned entities and to various other smaller exploration companies, so Sheba appears well placed to
benefit."



Sheba had an RNS recently where they detailed some 1000 ppb gold soil sample findings

just to provide some perspective on the 1000 ppb soil sampling finds

by my reckoning 1000 ppb is equivalent to 1g/tonne ? which is excellent for simple soil sampling as presumably grades will improve significantly with depth

note for example GGP were recently getting excited about 7ppb !

"The pre-mining
inferred resource at Chalice was 3.5 million tonnes at 8.19g/t gold for 922,000
oz gold. Chalice was discovered in 1993 by drill testing below a surface gold
anomaly of only 7ppb gold.

Previous exploration activities at Bromus have been carried out by Resolute Ltd
and Goldfields Exploration between 1994 to 2000. Their surface sampling outlined numerous scattered gold anomalies from 10ppb gold to 97ppb gold near and parallel to the eastern edge of the greenstone belt in the central parts of the current licence. Strike length of this zone is some 8km. Greatland has concluded that in-fill surface sampling and drill testing of these gold anomalies is a high priority."

pete_bain - 28 Feb'11 - 09:57 - 8198 of 8208

excellent buying opportunity

3 March 2011

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

Directors' Shareholding Notification and Award of Performance Options

Sheba Exploration (UK) plc is pleased to announce that on 1 March 2011, a total of 2,185,792 ordinary
shares were issued to the Directors of the Company in lieu of salary for the period 1 March 2010 to 28
February 2011.

The following shares were issued:

- Henry Atkinson (Managing Director) - 1,584,699 shares
- Richard Brooker (Finance Director) - 382,514 shares
- Gavin Conway (Non-Executive Director) - 218,579 shares

The shares were issued at a price of 1.83p, equivalent to the weighted average share price for the
full financial year ending 28 February 2011. This represents a premium of 1.08p to their par value of
0.75p. There are no conditions or warrants attached to the share issue.

Henry Atkinson now holds 28,584,699 ordinary shares in the Company representing 26.95% of the
Company's issued share capital; Richard Brooker's beneficial interest, including the beneficial
holdings of his connected parties, is 5,489,180 ordinary shares representing 5.18% of the Company's
issued share capital; and Gavin Conway is now interested in 2,835,245 ordinary shares representing
2.67% of the Company's issued share capital.

The total number of shares in issue is 106,062,457 ordinary shares of which the Directors hold
36,909,124 ordinary shares, representing 34.80% of the Company's issued share capital.

The Company has also awarded the following performance related share options in accordance with the
Directors Share Option Scheme, approved by Shareholders on 24th August 2006:-

- Henry Atkinson (Managing Director) - Two million share options (2,000,000)
- Richard Brooker (Finance Director) - One million share options (1,000,000)
- Gavin Conway (Non-Executive Director) - One million share options (1,000,000)

The Share Options were granted at an exercise price of 3.00p per share.

The Options are exercisable in accordance with the terms of the Scheme Rules.

Following the award of these options there are a total of 7 million Directors' options outstanding,
equivalent to 5.85% of the fully diluted issued share capital of 119,645,790 shares.

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

For further information please contact:

Company:
Sheba Exploration (UK) Plc
Richard Brooker
Tel: 00 353 87699 8401

Corporate Adviser:
St Helens Capital Partners LLP
Duncan Vasey/Mark Anwyl
Tel: +44 (0) 20 7368 6959

Farm Street Communications Limited
Contact: Simon Robinson
Tel: +44 (0) 7593 340107
Email: simon.robinson@farmstreetmedia.com

. 14 March 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 11 March 2011
it undertook a private placing of 1,500,000 ordinary shares of 0.75 pence each at a price of 2 pence
per share raising 30,000. 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.

Of the 1,500,000 ordinary shares issued, Douglas Chikohora, an existing shareholder purchased
1,250,000 ordinary shares. He now holds 3,750,000 ordinary shares equivalent to 3.49% of the issued
share capital.

Following the placing there are 107,562,457 ordinary shares in issue, of which, the Directors are
interested in 36,909,124 ordinary shares representing 34.31% 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.

For further information please contact:

Company:
Sheba Exploration (UK) Plc
Richard Brooker
Tel: 00 353 87699 8401

Corporate Adviser:
St Helens Capital Partners LLP
Duncan Vasey/Mark Anwyl
Tel: +44 (0) 20 7368 6959

Farm Street Communications Limited
Contact: Simon Robinson
Tel: +44 (0) 7593 340107
Email: simon.robinson@farmstreetmedia.com

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