Africo Resources signs MOU with DRC Ministry of Social Affairs

    TORONTO, Oct. 15 /CNW/ - Africo Resources Ltd. is pleased to announce
that Swanmines S.p.r.l. has signed a Memorandum of Understanding (MOU) with
the DRC's Ministry for Social Affairs. The memorandum is designed to ensure
that Swanmines' social development programs will be aligned with local areas
of need as identified by the Ministry. This is the first agreement of this
kind to be signed with a mining company in the Katanga Province and only the
second in the DRC.
    Africo Resources is committed to being a responsible resource company
that has a positive sustainable impact on the communities surrounding its
operations. This vision is reflected not only in the work already done at
Kalukundi and in the surrounding communities, but also through the agreement
signed with the International Finance Corporation in July 2007 (see press
release dated 24 July 2007).
    Swanmines' social development initiatives will be led by Africo's country
manager, Grant Pierce. Grant was awarded the Medal of the Order of Australia
(OAM) for his personal contribution to social development in rural Tanzania in
2003 and is keen to replicate that success in the DRC. "We are pleased with
the development initiatives we have implemented to date and working with the
Ministry of Social Affairs will ensure that Africo and Swanmines have a
significant and positive impact on the development of the DRC."
    The Minister for Social Affairs, Professor Martin Bitijula Mahimba, has
pledged the Ministry's support to Swanmines. "We are delighted to sign this
agreement," said Minister Mahimba, "it is one normally signed with NGOs, we
are no longer content with mining companies short-changing this country,
simply taking what they need and putting nothing back into development
activities, we need programs that remain sustainable when the companies
depart."
    Through H&J Swanepoel Famille Trust Sprl, Swanmines is Africo's operating
entity within the DRC, in partnership with Gecamines and is in the process of
developing its Kalukundi asset in partnership with Gecamines. We refer you to
our earlier press releases with respect to Africo Resources' interest in
Swanmines.
    Note for editors:
    Africo Resources Limited is a Canadian mineral company, committed to
developing, acquiring and exploring for base metal and gold assets in Africa.
The company's main project is Kalukundi, a development stage copper-cobalt
deposit located on the Katangan Copperbelt in the Democratic Republic of Congo
(DRC). The development team has an operational base in the DRC, with the
company corporate offices located in Vancouver, Canada. The company listed on
the Toronto Stock Exchange in December 2006.
    Forward-looking statements:
    This news release contains certain statements that may be deemed
"forward-looking statements". All statements in this release, other than
statements of historical fact, that address events or developments that Africo
expects to occur, are forward looking statements.
    Forward looking statements are statements that are not historical facts
and are generally, but not always, identified by the words "expects", "plans",
"anticipates", "believes", "intends", "estimates", "projects", "potential" and
similar expressions, or that events or conditions "will", "would", "may",
"could" or "should" occur. Although Africo believes the expectations expressed
in such forward-looking statements are based on reasonable assumptions, such
statements are not guarantees of future performance and actual results may
differ materially from those in forward looking statements. Factors that could
cause the actual results to differ materially from those in forward-looking
statements include market prices, exploitation and exploration success,
continued availability of capital and financing and general economic, market
or business conditions. Investors are cautioned that any such statements are
not guarantees of future performance and actual results or developments may
differ materially from those projected in the forward-looking statements.
Forward looking statements are based on the beliefs, estimates and opinions of
Africo's management on the date the statements are made. Africo undertakes no
obligation to update these forward-looking statements in the event that
management's beliefs, estimates or opinions, or other factors, should change.
    The Toronto Stock Exchange has not reviewed and does not accept
    responsibility for the adequacy or accuracy of this release.
    %SEDAR: 00024685E

For further information: please visit our website at
www.africoresources.com, or contact: Dr Tony Harwood, President and CEO, on
tel: +27(11) 463-0081; Chris Theodoropoulos, Chairman, on tel: (604) 646-3225;
Bill Cavalluzzo (Investor Relations) on tel: (416) 265-8049; Charmane Russell
(Investor Relations) on tel +27(11) 880-3924