East Africa Metals Inc.
East Africa Metals Inc. is a mineral exploration company focused on advanced exploration projects in Africa. The Company owns two projects in Ethiopia, the 70% owned Harvest Project, and the 100% owned (subject to completion of 2% NSR Agreement) Adyabo Project. The Company also owns a 30% gold stream in the Magambazi gold deposit in Tanzania.
Ethiopia is the oldest independent country in Africa, with an economy mostly based in agriculture. Ethiopia is a mining-friendly jurisdiction, working under the Mining Operations Proclamation since 2010, with several gold, copper, and potash projects in operation and under development.
Ethiopian Mining Key Facts
Harvest and Adyabo VMS Projects, Ethiopia
The Harvest and Adyabo VMS projects are located in the Tigray region of northern Ethiopia, 600 kilometres north of the capital city of Addis Ababa. The projects are located in the highly prospective Asmara mineral belt in the southern part of the Arabian Nubian Shield (ANS). A number of significant VMS mineralized systems have recently been discovered along strike and northwest of the projects in the same geological terrain, including Bisha, Debarwa, and Emba Derho. Orogenic gold deposits are also typical of the ANS, including the giant 13 million ounce Sukari deposit in Egypt and the recent discovery of more than one million ounces at Koka-Zara in central Eritrea
With the metallogenic endowment of the ANS, EAM's Harvest and Adyabo projects constitute a highly prospective land package for the discovery of both VMS and gold deposits. EAM's land package in Ethiopia covers approximately 281.5 sq km. Included is the 70% owned, 86 sq km Harvest project, host to the Terakimti VMS deposit. The 100% owned (subject to completion of 2% NSR Agreement), 195.5 sq km Adyabo project, immediately west of Harvest, hosts the highly prospective 8km long Mato Bula trend, host to the Mato Bula, Mato Bula North, and Da Tambuk high sulphidation gold rich VMS-submarine porphyry-related deposits. Four precious metal properties covering 235,000 acres in BC focused on gold, copper and silver
The Mineral Resources are defined to a vertical extent of 450, 200, and 170 metres for Mato Bula, Da Tambuk, and Mato Bula North respectively, with potential for lateral and depth extension within this large altered system.
Handeni Project, Tanzania
EAM's 93 sq. km Handeni project is located north-eastern Tanzania, 173 km northwest of Dar es Salaam. Handeni includes the Magambazi gold deposit discovered in 2009. In June 2015, a development agreement, including a gold stream transaction, for Magambazi was announced. See EAM's press release dated June 15, 2015 for details.
Management and Directors
Andrew Lee Smith, P.Geo, ICD.D, President, CEO, and Director
Professional geologist with over 25 years of mineral exploration and mine development experience
Jeff Heidema, P.Geo., Vice President Exploration
Professional geologist with over 25 years of domestic and international exploration experience specializing in VMS and archean gold projects
Experience in management positions with established mining companies including Cominco, Teck Cominco and Teck exploration groups
Peter Granata, CA, Chief Financial Officer
Chartered Accountant with more than 10 years of accounting and financial reporting experience in Canada and Australia
Nick Watter, Business Development
Independent businessman with over 15 years of experience working with public companies in the mining, high-tech, and biotech industries
Raised ~$250 million throughout career
Dr. Jingbin Wang, P.Geo., Chairman
President and Chairman of Sinotech Minerals Exploration Co., Ltd.
24 years of experience as a leader in the non-ferrous metals industry in China
Director of Orca Gold Inc.
Dr. Antony Harwood, P.Geo., Director
Sean I. Waller, P.Eng., Director
David Parsons, CGA, Director
Dr. Zhijun He, MAusIMM, Director
YongwenWang, M.Sc., Director
On October 2, 2017, East Africa Metals Inc. announced that it has signed a binding memorandum of understanding (MOU) with Luck Winner Investment Ltd. (LW) providing for project development financing of up to $250-million (U.S.) and a private placement of 52.1 million units at a price of 26 cents per unit for aggregate gross proceeds of approximately $13.55-million (U.S). LW has also agreed to provide an unsecured loan to the Company in the amount of $2-million.
The MOU with LW contemplates that a joint venture company (JVCo) will be formed, with 70 per cent owned by LW and 30 per cent owned by East Africa.
On June 23, 2017, East Africa Metals Inc. released the voting results from its annual meeting of shareholders held on June 23, 2017 in Vancouver, B.C. East Africa shareholders voted overwhelmingly in favour of all items of business, including the election of each director nominee as follows:
Dr. Jingbin Wang 97.71%
Mr. Andrew Lee Smith 99.73%
On May 29, 2017, East Africa Metals Inc. announced results from recently completed infill diamond drilling at the Adyabo project, Mato Bula deposit, in Ethiopia. A total of 7,025 metres in 49 holes were completed. Geophysical induced polarization survey work continues on-site and is expected to be completed in early June, 2017.
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