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East Africa Metals Prepares for Transfer of Magambazi Mining Licence
East Africa Metals Prepares for Transfer of Magambazi Mining Licence Canada New...
About this update from East Africa Metals, Inc.
[{"type":"text","content":"\n \n \n \n East Africa Metals Prepares for Transfer of Magambazi Mining Licence\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prngen3{\nBORDER-TOP:1pt; BORDER-RIGHT:black 1pt solid; VERTICAL-ALIGN: BOTTOM; BORDER-BOTTOM:black 1pt solid; TEXT-ALIGN: CENTER; PADDING-LEFT:0.50em; BORDER-LEFT:black 1pt solid; PADDING-RIGHT:0.50em\n}\n.prngen4{\nBORDER-TOP:1pt; BORDER-RIGHT:black 1pt solid; VERTICAL-ALIGN: BOTTOM; BORDER-BOTTOM:black 1pt solid; TEXT-ALIGN: CENTER; PADDING-LEFT:0.50em; BORDER-LEFT:1pt; PADDING-RIGHT:0.50em\n}\n.prnsbls{\nBORDER-LEFT:black 1pt solid\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n.prnsbbs{\nBORDER-BOTTOM:black 1pt solid\n}\n.prnvab{\nVERTICAL-ALIGN: BOTTOM\n}\n.prnrbrs{\nBORDER-RIGHT:black 1pt solid\n}\n.prnpl6{\nPADDING-LEFT:0.50em\n}\n.prnsbts{\nBORDER-TOP:black 1pt solid\n}\n.prnbcc{\nBORDER-TOP-COLOR:; BORDER-COLLAPSE: COLLAPSE; BORDER-LEFT-COLOR:; BORDER-BOTTOM-COLOR:; BORDER-RIGHT-COLOR:\n}\n.prnpr6{\nPADDING-RIGHT:0.50em\n}\n.prnmr10{\nMARGIN-RIGHT:0.83em\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n VANCOUVER, BC\n \n ,\n \n Sept. 7, 2021\n \n /CNW/ -\n \n East Africa Metals Inc.\n \n (TSX-V: EAM ) (\"East Africa\" or the \"Company\") is pleased to announce that it has received, in full, the US\n \n $2,000,000\n \n payment from PMM Mining Company Limited (\"PMM\" or the \"Developer\") in accordance with the terms of the sale of Canaco Tanzania Limited (\"CTL\"),\n \n East Africa's\n \n wholly owned subsidiary and is preparing to transfer the Magambazi mining licence into PMM's control.\n \n \n \n \n \n \n \n \n \n \n \n The Magambazi Transaction:\n \n \n \n \n The transaction includes:\n \n \n \n During the lifetime of the mine respecting the Mining Assets, PMM will sell 30% of the Gold produced to EAM at the price of production cost plus 15% of production cost pursuant to a Gold Purchase Agreement. Gold production costs means actual mining and milling costs as well as those associated with third party smelting, refining, transportation and royalties minus byproduct credits.\n \n \n PMM undertakes to produce at least 10,000 ounces...