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East Africa Metals Awarded Mining Licenses for Mato Bula and Da Tambuk Projects, Ethiopia
VANCOUVER, British Columbia, May 21, 2019 (GLOBE NEWSWIRE) -- East Africa Metals Inc. (TSX-V: EAM) (“East Africa” or the “Company”) is pleased to announce the r
About this update from East Africa Metals, Inc.
[{"type":"text","content":" VANCOUVER, British Columbia, May 21, 2019 (GLOBE NEWSWIRE) -- East Africa Metals Inc. (TSX-V: EAM) (“East Africa” or the “Company”) is pleased to announce the receipt of government approval of mining licenses for the Mato Bula Gold Copper and Da Tambuk Gold Deposits (the “Adyabo Project”) at the Company’s 100% owned Adyabo Project located in the Tigray National Regional State of the Federal Democratic Republic of Ethiopia (“Ethiopia”). With the acquisition of the Mato Bula and Da Tambuk mining licenses, East Africa’s assets now include four, fully permitted gold and base metal mining projects in Africa with total indicated and inferred resources of 2.8 million gold and gold-equivalent ounces and exploration upside (see news releases May 15, 2012, April 30, 2018). The mining license agreements for Mato Bula and Da Tambuk have been formally approved by the Ministry of Mines Petroleum and Natural Gas (the “MoMPNG”), the Prime Minister’s Office and the Council of Ministers. The Company will now focus on closing its previously announced Project Financing (refer to the Company’s news release dated February 8, 2019) and proceed with the development of the Ethiopian Projects. Andrew Lee Smith, East Africa’s C.E.O. stated, “The awarding of the Mato Bula and Da Tambuk mining licenses marks an important milestone for East Africa, the Government of Ethiopia and the MoMPNG. East Africa’s management will now focus on negotiations with development partners to advance all of the Company’s assets in Ethiopia and Tanzania and engage further exploration programs to continue the growth the Company’s mineral resources and shareholder value.” PROJECT HIGHLIGHTS – Preliminary Economic Assessments (See East Africa news release: April 30, 2018) Mato Bula Gold Copper Project: Post-tax NPV of US$56.6M for base case using US$1,325 /oz Au, US$3.00/lb copper and US$17.00/oz silver, at an 8% discount rate. Payback of pre-production capital in 3 years from start of production. C1 cash operating cost of US$412/oz Au including all on-site costs and AISC cost of US$620/oz Au calculated with all on-site and off-site costs, TCRC charges, sustaining costs and net of by-product credits. Average annual metal production of 34,750 ozs. gold, 1.67 million pounds copper and 4,780 ozs. silver. Pre-production capital cost of US$...