Business
East Africa Metals Receives Mine Permit for Terakimti Gold Project in Ethiopia
VANCOUVER, British Columbia, Dec. 07, 2017 (GLOBE NEWSWIRE) -- East Africa Metals Inc. (TSX-V:EAM) (“East Africa” or the “Company”) is pleased to announce the C
About this update from East Africa Metals, Inc.
[{"type":"text","content":"VANCOUVER, British Columbia, Dec. 07, 2017 (GLOBE NEWSWIRE) -- East Africa Metals Inc. (TSX-V:EAM) (“East Africa” or the “Company”) is pleased to announce the Company has received government approval of East Africa’s Mining Licence Agreement for the Terakimti Oxide Gold Project (the “Terakimti Project”) at the Company’s 70% owned Harvest Project located in the Tigray National Regional State of the Federal Democratic Republic of Ethiopia (“Ethiopia”). The Mining Licence Agreement has been formally approved by the Ministry of Mines, Petroleum, and Natural Gas (the “Ministry of Mines”), the Prime Minister and the Council of Ministers. The Company will now focus on finalizing its previously announced Project Financing (refer to the Company’s news release dated November 10, 2017) and proceed with engineering and development of the Terakimti Project. Andrew Lee Smith, East Africa’s C.E.O. stated, “This is an extremely important achievement for East Africa, and we appreciate the efforts of the Government and Ministry of Mines in the development of the Mining Licence Agreement for Terakimti. We plan to move forward as soon as possible with engineering and development of the project”. The Terakimti Project will provide East Africa the opportunity to benefit from establishing the first commercial heap leach operation in the country, and provide the basis for additional exploration and development to grow the Company’s mineral resources in Ethiopia. Terakimti Oxide Gold Project Profile: Mineral Resource: Indicated Resource of 1,110,000 tonnes grading 3.20 grams gold and 23.6 grams silver per tonne containing 114,000 ounces of gold and 841,000 ounces of silver; Heap Leach Recoveries from Column Testwork1: up to 74.8 % gold and 39.4% silver; Proposed Mining Method: Conventional open pit; Proposed Processing Technology: Heap leaching to produce gold–silver dore. (1) see East Africa Metals News Release dated January 23, 2017 for summary of metallurgical test work results. Proposed Mining Operation: The Terakimti Project is proposed as an open pit mining operation followed by heap leaching and on site processing to produce gold-silver dore. The combination of near surface oxide gold and silver mineralization, hosted in soft rock when compared to other deposits, high and rapid extraction of gold at coarse crush sizes in m...