Sidon International Starts Tanzania Drill Program

Canadian company Sidon International Resources Corp has begun drilling for gold at its Tanzanian mine. The Morogoro East Gold property is located in east central Tanzania. With the commencment of drilling activity at the project the shares of the company have risen to a four year high.

The continuation of the mineral vein will be tested by the first six drill holes. The company statement said that at the first hole the contact from the first 27 meters had a significant envelop of mineralization. The approval for the mine exploration was granted to Sidon International Resources Corp in July this year by the Tanzanian government.

The shares of Sidon International Resources Corp went up by 7% after the drilling commenced. The initial observations have suggested that an enhanced recovery of gold is apparent. The results will be confirmed by further tests.

Tanzania is a resource rich nation and is the fourth largest producer of gold in Africa. It earned $1.076 billion in 2009 from its gold exports. It has substantial nickel, coal and uranium reserves as well.