Business
East Africa Metals Awarded Mining Licenses for Mato Bula and Da Tambuk Projects, Ethiopia – Revised and Amended
VANCOUVER, British Columbia, May 29, 2019 (GLOBE NEWSWIRE) -- East Africa Metals Inc. (TSX-V: EAM) (“East Africa” or the “Company”) In order to provide clarific
About this update from East Africa Metals, Inc.
[{"type":"text","content":" VANCOUVER, British Columbia, May 29, 2019 (GLOBE NEWSWIRE) -- East Africa Metals Inc. (TSX-V: EAM) (“East Africa” or the “Company”) In order to provide clarification of the Company’s May 21, 2019 press release announcing the receipt of government approval of mining licenses for the Mato Bula Gold Copper and Da Tambuk Gold Projects (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”), this revised and amended version is being filed today. With the acquisition of the Mato Bula and Da Tambuk mining licenses, East Africa now controls three advanced projects in Ethiopia and Tanzania that include four, fully permitted, development-ready gold and copper-gold deposits with identified mineral resources and exploration upside (see East Africa news releases May 15, 2012, April 30, 2018. See Mineral Resource summary below). East Africa Metals Project Resources (Au + Aueqv Metal) Project Category Au + Aueqv Metal(ounces) Adyabo Project Indicated 446,000 Inferred 551,000 Harvest Project Indicated 469,000 Inferred 426,000 Handeni Project Indicated 721,000 Inferred 292,000 See East Africa Metals Project Resource Table below for additional detail 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 of the Company’s mineral resources and shareholder value.” PROJECT HIGHLIGHTS (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$17.0...