Business
East Africa Metals Provides Corporate Update
VANCOUVER, British Columbia, May 27, 2019 (GLOBE NEWSWIRE) -- East Africa Metals Inc. (TSX-V: EAM) (“East Africa” or the “Company”). In advance of the upcoming
About this update from East Africa Metals, Inc.
[{"type":"text","content":" VANCOUVER, British Columbia, May 27, 2019 (GLOBE NEWSWIRE) -- East Africa Metals Inc. (TSX-V: EAM) (“East Africa” or the “Company”). In advance of the upcoming Annual General Meeting (to be held at Suite 1100 – 595 Howe Street, Vancouver, British Columbia, on May 31, 2019 at 10:00 a.m. Pacific Time), the Company is pleased to provide the following update to shareholders. Highlights: The Mato Bula and Da Tambuk Mining Licenses formally granted to East Africa; and Negotiations with Tibet Huayu Mining Co. Ltd. (“Tibet Huayu”) regarding the sale of up to 70% interest on the granting of licenses (see News Release dated May, 21, 2019) and the Tibet Huayu Project Financing (see News Release dated February 11, 2019). Ethiopian Licences Following the announcement of the approval of the Mining Licences (see News Release dated May 21, 2019), Andrew Lee Smith, the Company’s CEO, attended a signing ceremony on Thursday, May 23, 2019 in Addis Ababa, at which the licences were formally granted to EAM by the Minister of Mines. The ceremony marks the final step in the process of the licence grants. Andrew Lee Smith, the Company’s CEO stated, “With the formal approval 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. Over the past seven years East Africa has been able to advance our projects from discovery through to advanced development phase at a pace that is seldom seen in emerging resource sectors. The performance of the exploration programs designed and implemented by East Africa are notable, not only due to short time-frame it has taken to achieve the milestone of this past week, but also by the extremely low discovery cost of US$11/ounce. This metric speaks not only to the tremendous mineral endowment of Ethiopia, but also to skill and experience East Africa’s technical staff has applied to the highly prospective geological environment of the Tigray region. As we look back to the achievements of the last seven years in Ethiopia, we are confident of continued success going forward.” Tibet Huayu Sale and Project Development Financing Following meetings in Beijing, May 14-16, the Company and Tibet Huayu are now in the process of completing the draft Sale Purchase Agreements and Joint Venture Contracts and finalizing the terms of the proposed t...