East Africa Metals Provides Ethiopian Update

About this update from East Africa Metals, Inc.

[{"type":"text","content":"\n \n \n \n East Africa Metals Provides Ethiopian Update\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 \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n VANCOUVER, BC\n \n ,\n \n Nov. 30, 2021\n \n /CNW/ - East Africa Metals Inc. (TSXV: EAM) (\"East Africa\", \"EAM\" or the \"Company\") would like to provide an update on the ongoing exploration of its gold and gold/copper/zinc projects in the Federal Democratic Republic of Ethiopia (\"Ethiopia\").\n \n \n \n \n \n \n \n \n \n \n \n Mining Licences\n \n \n \n EAM currently has three approved Mining Agreements with Ethiopia's Ministry of Mines and Petroleum (the \"Ministry\"); the Terakimti Oxide deposit Mining license has been issued (news release dated December 7, 2017) and Mining Agreements for the Mato Bula and Da Tambuk deposits have been approved and licences issued (news release dated\n \n May 29, 2019\n \n ).\n \n \n All the mining licenses are currently under project development agreements.\n \n \n Mato Bula and Da Tambuk transaction are under a project development agreement with Tibet Huayu Mining Co., Ltd. that purchased a 70% interest in the Company's Mato Bula and Da Tambuk Mining Licenses by making a cash payment of\n \n US$1.2M\n \n and financing 100% of the\n \n US$88M\n \n capital costs and operating the mines. Under the agreement EAM will retain the exploration rights to all prospective mineralization on its concession areas outside of the current resource (news release dated\n \n August 23, 2019\n \n ).\n \n \n EAM's interest in the Harvest Project is the subject of a non-binding Letter of Intent with Zijin Mining Group Company Ltd. (\"Zijin\") to acquire a majority ownership interest in project by making a cash payment of US$900,000, developing and funding 100% of EAM's obligations related to the development and operation of the Harvest Project. Under the agreement EAM will retain the exploration rights to all prospective mineralization on its concession areas outside of the current resource\n \n \n \n \n Exploration and Drilling\n \n \n \n \n East Africa\n \n is prepared to i...

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