Sheba Exploration (UK) plc
LSE : SHE

August 12, 2008 03:25 ET

Operational Report 29 : Results of Copper Survey

                                                                                            12/08/2008
                                                   
                                                                             GB00B02WHQ80/GBP/PLUS-exn



                                      SHEBA EXPLORATION (UK) PLC
                                                   
                                                   
                                 WINIBO EPL: RESULTS OF COPPER SURVEY

The directors are pleased to announce results from prospecting at Winibo EPL in northern Ethiopia
during the past quarter.

Rock sampling and mapping continued along strike to north and south of the discovery outcrop (see
operational report 25, dated 21 December 2007). Visible copper oxides have been traced for at least
2.8 kilometres to date.

The thickness of the mineralized beds are in the range 0.2m to 2m, and between one and three of these
beds have been observed within the 50m thick host formation of chert and shale, much of which is
obscured by scree. The dip varies between 45 degrees and vertical.

The average grade of the copper-bearing beds, based on the average of all twenty grab samples taken
along the strike, is estimated at 0.6% copper and 4 g/t silver (see table of assay results below).

The mineralized rocks are weathered and hence the copper has been partly leached. Mapping will
continue along strike in the expectation of tracing an extension to the copper mineralization.


Sample no.           Easting (m)          Northing             Cu (ppm)             Ag (ppm)
07050201             1362                 1867                   4303                10.3
07050202             1360                 1870                   1259                 1.9
07050802             1330                 1860                    824                 1.4
08011801             1479                 2060                  12650                 8.6
08011802             1510                 2126                   4500                 1.8
08011804             1546                 2150                   1280                 0.4
08011805             1532                 2186                   7300                 0.6
08050801             1153                 1471                   7560                 2.9
08050802             1156                 1462                   5985                 3.8
08050803             1080                 1392                   6930                 4.0
08050804             1034                 1305                   3780                 1.6
08050805             1035                 1301                   1260                 3.2
08050806             1024                 1277                  29715                10.2
08051101             2084                 3106                   4305                 2.3
08051102             2130                 3087                   7245                 2.3
08051103             2132                 3087                   6090                 2.1
08051104             2174                 3145                  12600                17.5
08051105             2285                 3409                   4200                 1.7
08051109             2397                 3572                   5355                 1.8
08051110             2287                 3482                    948                 1.2

The directors accept responsibility for this announcement.

CONTACT DETAILS:
SHEBA EXPLORATION (UK) PLC
RICHARD BROOKER
TEL: 00 353 87699 8401

CORPORATE ADVISOR
ST HELEN'S CAPITAL PLC
DUNCAN VASEY
TEL: 020 7628 5582

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