VANCOUVER, British Columbia, May 25, 2018 (GLOBE NEWSWIRE) -- East Africa Metals Inc. (TSX Venture:EAM) (“East Africa” or the “Company”) is pleased to update that the Company has filed with the Ethiopian Ministry of Mines, Petroleum, and Natural Gas (the “Ministry”), responses to comments received in relation to the Mato Bula and Da Tambuk Mining Licence Applications submitted to the Ministry in December 2017 (see news release December 13, 2017). The Mato Bula Gold Copper and Da Tambuk Gold Projects are both part of the Company’s 100% owned Adyabo Project, located in the Tigray National Regional State of the Federal Democratic Republic of Ethiopia.
The mining licence applications for the Company’s Mato Bula Gold Copper Project and Da Tambuk Gold Project are advancing through the government approval process and making good progress. The Ministry recently completed its review of the licence applications, and following a meeting between the Company and the Ministry at the end of March 2018, submitted a list of follow-up comments to be addressed by the Company. The comments related primarily to requests for clarification on certain technical aspects of the proposed project development. The Company has now submitted the responses to those comments to the Ministry, signifying a positive step forward in the approval process.
Andrew Lee Smith, East Africa’s C.E.O., stated, “East Africa is very pleased with the progress achieved to advance the Company’s mining licence applications for the Mato Bula and Da Tambuk projects. The opportunity to have three permitted deposits (including the Terakimti Gold Heap Leach Project at the Company’s 70% owned Harvest Project) within a 20 kilometre footprint, in an area of well-developed air, road, and power infrastructure offers exceptional potential for project development."
The Company recently received positive results from Preliminary Economic Assessments for each of the Terakimti Gold Heap Leach Project, the Mato Bula Gold Copper Project, and the Da Tambuk Gold Project. All three projects demonstrate robust economics with significant upside present with additional exploration targets in the project areas (EAM News Release dated April 30 th 2018).
More information on the Company can be viewed at the Company’s website: www.eastafricametals.com
On behalf of the Board of Directors: Andrew Lee Smith, P.Geo., CEO
| For further information contact: | |
| Nick Watters, Business Development | |
| Telephone | +1 (604) 488-0822 |
| investors@eastafricametals.com | |
| Website | www.eastafricametals.com |
Cautionary Statement Regarding Forward-Looking Information This news release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "anticipate", "believe", "plan", "expect", "intend", "estimate", "forecast", "project", "budget", "schedule", "may", "will", "could", "might", "should" or variations of such words or similar words or expressions. Forward-looking information is based on reasonable assumptions that have been made by East Africa as at the date of such information and is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of East Africa to be materially different from those expressed or implied by such forward-looking information, including but not limited to: early exploration; mineral exploration and development; engineering study assessments and results, metal and mineral prices; availability of capital; accuracy of East Africa's projections and estimates, including the mineral resources for the Adyabo and Harvest; estimated timing of receipt of the Adyabo mining licence applications and/or exploration licence extensions, interest and exchange rates; competition; stock price fluctuations; availability of drilling equipment and access; actual results of current exploration activities; government regulation; political or economic developments; foreign taxation risks; environmental risks; insurance risks; capital expenditures; operating or technical difficulties in connection with development activities; the speculative nature of strategic metal exploration and development including the risks of diminishing quantities of grades of reserves; contests over title to properties; and changes in project parameters as plans continue to be refined, as well as those risk factors set out in East Africa’s management’s discussion and analysis for the year end December 31, 2017, and East Africa’s listing application dated July 8, 2013. Forward-looking statements are based on assumptions management believes to be reasonable, including but not limited to; the price of gold, silver, and copper; the demand for gold, silver, copper and zinc; the ability to carry on exploration and development activities; the timely receipt of any required approvals; the ability to obtain qualified personnel, equipment and services in a timely and cost-efficient manner; the ability to operate in a safe, efficient and effective manner; and the regulatory framework regarding environmental matters, the renewal or extension of exploration licences, and such other assumptions and factors as set out herein. Although East Africa has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. The Company does not update or revise forward looking information even if new information becomes available unless legislation requires the Company do so. Accordingly, readers should not place undue reliance on forward-looking information contained herein, except in accordance with applicable securities laws.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
