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East Africa Metals Inc.

Company Data | Introduction | Projects in Hand | Management
News Update
| Chinese

Address :  Suite 700, 1055 West Georgia Street
Vancouver, BC
Canada V6E 3P3
Tel No.: 604-488-0822
Fax No.: 604-899-1240
Toll Free No.: 1-866-488-0822
Web Site: www.eastafricametals.com
E-mail: investors@eastafricametals.com
Contact Person: Nick Watters
Position: Business Development


Company Data

Traded Market: TSX-V
Traded Symbol: EAM
Outstanding Shares: 147.8 million
52 Week High: $ 0.36
52 Week Low: $ 0.165
Present Price: Click Here


Introduction

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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

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

  • East Africa Metals Inc. has been informed that the Ministry of Mines, Petroleum and Natural Gas has completed its review of the Company's mine permit application and has issued a draft model agreement for the Company's Terakimti oxide gold project.
  • 25% corporate tax rate, with breaks and holidays
  • Royalty at discretion of ministry
  • Customs and duties exemptions available on equipment, machinery, vehicles, and spare parts required for mineral operations
  • Carry forward of losses up to 10 years


Projects in Hand

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

Adyabo (Mato Bula, Mato Bula North, And Da Tambuk) Mineral Resource Estimate

Category

Area

Cut Off

($/t)

Grade

Contained Metals

Tonnes

(000's)

Au

(g/t)

Cu

(%)

Ag

(g/t)

AuEq

(g/t)

Au

(000's oz)

Cu

(M lbs)

Ag

(000's oz)

AuEq Metal

(000's oz)

Open Pit

Indicated

Da Tambuk

23.9

775

4.51

0.11

2.4

4.65

112

1.9

59

116

Mato Bula

23.9

2,280

3.74

0.28

1.1

4.18

278

14.0

70

310

Sub-Total Pit Optimized

23.9

3,055

3.94

0.24

1.4

4.30

390

15.9

128

426

Underground

Mato Bula

63.9

160

3.57

0.25

1.0

3.96

18

0.9

3

20

Total Pit Opt + UG

N/A

3,215

3.92

0.24

1.4

4.29

408

16.8

132

446

Open Pit

Inferred

Da Tambuk

23.9

35

4.30

0.08

3.0

4.42

5

0.1

3

5

Mato Bula

23.9

3,010

2.13

0.34

2.4

2.67

207

22.2

237

259

Mato Bula North

23.9

2,470

0.27

0.70

3.2

1.49

22

38.3

252

119

Sub-Total Pit Optimized

23.9

5,515

1.31

0.50

2.8

2.15

233

60.6

493

383

Underground

Da Tambuk

63.9

75

3.92

0.05

2.9

4.00

9

0.1

7

10

Mato Bula

63.9

330

2.77

0.65

5.4

3.82

30

4.7

58

41

Mato Bula North

63.9

15

0.75

0.79

2.6

2.10

0.4

0.3

1

1

Sub-Total UG

63.9

420

2.91

0.55

4.8

3.80

39

5.1

66

51

Total Pit Opt + UG

N/A

5,930

1.43

0.50

2.9

2.27

273

65.7

559

434

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.

Terakimti Deposit Initial Mineral Resource Estimate

Category

Mineralization Type

NSR

Cut-Off

($/t)

Contained Metals

Tonnes

(000's)

Cu

(%)

Au

(g/t)

Ag

(g/t)

Zn

(%)

Cu

(‘000 lb)

Au

(‘000 oz)

Ag

(‘000 oz)

Zn

(‘000 lb)

Indicated

Oxide

25.9

290

0.06

2.55

10.5

0.02

-

24

98

-

Sulphide

23.9

1,841

2.20

1.06

17.5

1.65

89,477

63

1,033

66,871

Sub-Total Indicated

2,131

89,477

86

1,130

66,871

Inferred

Oxide

25.9

398

0.13

4.77

7.2

0.07

-

61

92

-

Sulphide

23.9

2,583

1.09

0.96

20.6

1.42

62,187

80

1,712

77,101

Underground Primary

63.9

939

0.69

0.84

15.2

2.92

14,198

25

459

60,358

Sub-Total Inferred

3,920

76,385

166

2,264

137,459



Updated Terakimti Oxide Mineral Resource Estimate

Oxide Classification

Tonnes

(‘000s)

AuEq

(g/t)

Au

(g/t)

Ag

(g/t)

Cu

(%)

Au Metal

(Ozs)

Ag Metal

(Ozs)

Indicated

1,100

3.41

3.20

23.6

0.08

114,000

841,00

Inferred

15

2.06

1.94

13.5

0.04

1,000

7,000

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.

Magambazi Deposit Mineral Resource Estimate

(Based on a 0.5 g/t Au Cut-Off Grade)

Category

Tonnes

(000’s)

Average Grade

(g/t Au)

Contained Au

(oz)

Indicated

15,186

1.48

721,300

Inferred

6,683

1.36

292,400


Management

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


News Update

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%
Dr. Antony Harwood 99.74%
Dr. Zhijun He 97.71%
Mr. Sean Waller 99.73%
Mr. David Parsons 99.73%
Mr. Yongwen Wang 99.82%

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.

Highlight intersections include:

  • At Mato Bula: 12.60 metres grading 12.59 grams per tonne gold, 0.66 per cent copper and 1.5 grams per tonne silver, from 77.40 m drill depth (WMD085);
  • At Mato Bula: 7.60 metres grading 14.59 grams per tonne gold, 0.62 per cent copper and 1.5 grams per tonne silver, from 150.40 m drill depth (WMD086).


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