Eritrean explorers buoyed by invite

Vancouver – The Eritrean Ministry of Energy and Mines has requested the companies doing exploration in the tiny East African nation to attend a meeting in that country as soon as possible. The encouraging news sent shares in three Vancouver-based companies soaring despite recent weakness in the metals sector.

All Canadian companies were ordered to halt their exploration work programs in Eritrea on September 2, 2004 and there has been no explanation for the government’s move until now.Nevsun Resources (NSU-T), Sunridge Gold (SGC-V) and Sanu Resources (SNU-V) and Montreal-based Northern Mining reportedly received a letter from the ministry which also thanked them for their patience and cooperative stance.

The news buoyed the three Vancouver-based companies whose shares have been languishing since their dramatic fall in September.

Sunridge gained 45 cents to close at $1.12 a 67% gain on ten times its average share volume. Nevsun tacked on 76 cents to close at $2.90, a 35% rise. While Sanu added 35 to close at 80 an increase of 78%.

Nevsun’s president and CEO is heading to Eritrea the week of January 10.