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East Africa Metals Commences Binding Arbitration Proceedings with Tanzanian Goldfields Company
VANCOUVER, British Columbia, April 06, 2018 (GLOBE NEWSWIRE) -- East Africa Metals Inc. (TSX Venture:EAM) (“East Africa” or the “Company”) announces the Company
About this update from East Africa Metals, Inc.
[{"type":"text","content":" VANCOUVER, British Columbia, April 06, 2018 (GLOBE NEWSWIRE) -- East Africa Metals Inc. (TSX Venture:EAM) (“East Africa” or the “Company”) announces the Company has commenced binding arbitration proceedings with respect to certain disputes that East Africa has with Tanzanian Goldfields Company Limited (“TzGF”) under the Contractor and Option to Purchase Agreement dated March 5, 2016 (the “Definitive Agreement”) and the Addendum to the Definitive Agreement dated January 16, 2018 (the “Addendum”). In accordance with the Definitive Agreement and the Addendum, the binding arbitration will be heard by a single arbitrator in Vancouver, British Columbia pursuant to the rules of the British Columbia International Commercial Arbitration Centre. The arbitration proceedings have been initiated by the Company as a result of the failure of TzGF to adhere to the terms of the Definitive Agreement and Addendum. East Africa will provide updates on the arbitration as developments warrant. More information on the Company can be viewed at the Company’s website: www.eastafricametals.com On behalf of the Board of Directors:Andrew Lee Smith, P.Geo., CEO For further information contact: Nick Watters, Business Development Telephone +1 (604) 488-0822 Email [email protected] Website www.eastafricametals.com Cautionary Statement Regarding Forward-Looking InformationThis news release contains \"forward-looking information\" within the meaning of applicable Canadian securities legislation. Generally, forward-looking information can be identified by the use of forward-looking terminology such as \"anticipate\", \"believe\", \"plan\", \"expect\", \"intend\", \"estimate\", \"forecast\", \"project\", \"budget\", \"schedule\", \"may\", \"will\", \"could\", \"might\", \"should\" or variations of such words or similar words or expressions. Forward-looking information is based on reasonable assumptions that have been made by East Africa as at the date of such information and is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of East Africa to be materially different from those expressed or implied by such forward-looking information, including but not limited to: early exploration; successful completion of the arbitration process, ...