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East Africa Metals Provides Corporate Update on Ethiopian Project Development and Tanzanian Arbitration
VANCOUVER, British Columbia, Aug. 21, 2018 (GLOBE NEWSWIRE) -- East Africa Metals Inc. (TSX Venture: EAM) (“East Africa” or the “Company”) would like to provide
About this update from East Africa Metals, Inc.
[{"type":"text","content":" VANCOUVER, British Columbia, Aug. 21, 2018 (GLOBE NEWSWIRE) -- East Africa Metals Inc. (TSX Venture: EAM) (“East Africa” or the “Company”) would like to provide an update on the development of its Ethiopian Projects in the Federal Democratic Republic of Ethiopia (“Ethiopia”) and the arbitration hearing related to its Tanzanian assets. Financing With the completion of the Preliminary Economic Assessments for the Terakimti Gold Heap Leach project (“Terakimti HL”), Mato Bula Gold Copper and Da Tambuk Gold projects, East Africa is now focused on arranging the pre-production capital financing required to develop the Terakimti HL project and commence production. East Africa is in discussions with several groups located in North America, Europe, China and Hong Kong in providing project financing. Currently the discussions with the groups have identified a number of financing alternatives including debt (from private lenders and merchant banks), metal streams, joint venture arrangement and/or a strategic investment either at the Company or the project level. The Company will continue to engage in discussions with the objective to secure a binding letter of intent or a binding financing offer. Harvest Development Access Roads: East Africa has commenced discussions with Ethiopian Road Authority (“ERA”) for survey and design of the seven (7) kilometre access road from the paved highway to the Terakimti HL project area. The ERA is preparing a term of reference for the upgrade of the access road to the proposed Terakimti HL mine site. Power: East Africa has commenced discussions with a district branch of the Power Authority to provide a formal proposal for construction and connection of a power line to the high-tension power corridor seven (7) kilometres west of the Terakimti Heap Leach project area. Relocation Action Program (“RAP”): As previously disclosed (see news release dated June 29, 2016) an independent Environmental and Social Impact Assessment (“ESIA”) study was approved by the Ethiopian Ministry of Mines, Petroleum and Natural Gas (“MoMPNG”) as part of the Terakimti HL mining application process. The ESIA concluded that the local population is in favour of the project, and the anticipated benefits would be important to the local community and to the local and regional governments. The study identified a small nu...