VANCOUVER, British Columbia, Jan. 12, 2018 (GLOBE NEWSWIRE) -- East Africa Metals Inc. (TSX VENTURE:EAM) ("East Africa" or the "Company") is pleased to provide an update regarding the recent Mining Licence applications in the Federal Democratic Republic of Ethiopia.
Permitting for Mining Licences on Da Tambuk and Mato Bula
East Africa has submitted the Mato Bula and Da Tambuk Mining License applications to Ministry of Mines, Petroleum, and Natural Gas (the “Ministry of Mines”) (See Press Release dated December 13, 2017). The Ministry of Mines has begun evaluating the applications and will provide comments on both applications when ready. Informal communications with East Africa indicate that comments so far are similar to those given for East Africa’s initial Harvest application. The Company will endeavour to expedite the process through ongoing discussions and meetings with the Ministry of Mines during Q1 2018.
Andrew Lee Smith, the Company’s President and CEO stated: “Once approved, the Mato Bula and Da Tambuk licenses, together with the Harvest Mining License granted December 7, 2017, will allow East Africa and our partners to consider a District Scale project development scenario. The three mining licenses, and many of the prospects targeted for additional exploration and economic assessment in 2018, are all located within a fifteen kilometer area of interest proximal to existing infrastructure.”
A Map attached outlines both previously awarded Mining licenses and the areas under application.
Additional 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
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", “indicate” 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: timing of receipt of mining permit; timing of mining development; projected heap leach recoveries ; early exploration; the closing of the agreement with the exploration and development company to advance the Magambazi Project or identify any other corporate opportunities for the Company; mineral exploration and development; metal and mineral prices; availability of capital; accuracy of East Africa's projections and estimates, including the initial mineral resource for the Adyabo, Harvest and Magambazi Projects; 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; personnel relations; 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 in East Africa’s management’s discussion and analysis for the three months and nine months ended September 30, 2017 and for the year ended December 31, 2016, and East Africa’s listing application dated July 8, 2013 Mineral Resources which are not Mineral Reserves do not have demonstrated economic viability. The contained gold, copper and silver figures shown are in situ. No assurance can be given that the estimated quantities will be produced. Forward-looking statements are based on assumptions management believes to be reasonable, including but not limited to the timely closing of the financing; the timely closing of the Handeni Property definitive agreement; the price of gold, silver, copper and zinc; 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; the renewal or extension of exploration Licences; the regulatory framework regarding environmental matters, 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.
A photo accompanying this release is available at: http://www.globenewswire.com/NewsRoom/AttachmentNg/8a87d977-bd11-43f8-b003-10e20ee42e8a