31 Oct 2012 07:00
31 October 2012
Sovereign Mines of Africa Plc ("The Company")
Operational Update and New Company Presentation
Sovereign Mines of Africa Plc (AIM: SMA), the gold mining exploration company with properties in the Republic of Guinea in West Africa, is pleased to provide a brief update on its operation in Guinea and inform shareholders that a new company presentation is available on the Company's web site www.sovmines.com.
The soil sampling programs at Dalagna and Marela have now been completed and the Company has received assay results from the laboratory in Bamako. Initial analysis of the samples from Dalagna has led the Company to identify a coherent gold in soil anomaly over three kilometres in length that will now be sampled at a higher density in order to reduce the size of the target for initial drill testing. Assay results from Marela have been received and processing and analysis should be completed within the next two weeks.
Results from the first two phases of drilling at the Mandiana-Magana ("M-M") gold property have provided the board with considerable encouragement and the view that the project certainly has the technical merit to warrant a third-phase of drilling. The Board is currently planning this next major stage of drilling at M-M with a view to achieving its aim of delineating a maiden gold resource for the project at a tonnage and grade to support a bulk-mineable open-pit operation.
Enquiries:
SOVEREIGN MINES OF AFRICA PLC
David Pearl, F.C.A. - Chairman +353 696 8961
david.pearl@pearlcp.com
SHORE CAPITAL - NOMINATED ADVISER & BROKER
Toby Gibbs/Bidhi Bhoma - Corporate Finance
Jerry Keen - Corporate Broking +44 207 408 4090
Peterhouse Corporate Finance - JOINT BROKER
Jon Levinson/Tom Stockton +44 207 469 0935
SQUARE1 CONSULTING LIMITED
David Bick/Mark Longson +44 207 929 5599