Africo Signs MOU for Power with SNEL in DRC
VANCOUVER, March 9 /CNW/ - Africo Resources Ltd. ("Africo") is pleased to
report that Swanmines Sprl. has signed a Memorandum of Understanding (MOU)
with the Soci�t� Nationale d'Electricit� (SNEL), a public enterprise
incorporated in the Democratic Republic of Congo ("DRC"), relating to the
supply of electricity to its Kalukundi property.
The Kalukundi property is located in the Katanga Province in the
southeast of the DRC. The mineral rights to Kalukundi are held by Swanmines
Sprl. ("Swanmines") in which Africo holds a 75% interest and Gecamines, the
remaining 25%.
Pursuant to the MOU, Africo will finance studies targeting reinforcement
of the capabilities of SNEL's electrical system in order to guarantee the
availability of power to Swanmines, and the diversion of high voltage power
lines to enable mining of the area that the lines currently overhang.
Swanmines has agreed to pay the cost of the studies and raise the funding
required for the installation of the required infrastructure. SNEL will supply
high voltage as needed at the official rate and will reimburse Swanmines'
funding out of revenue from the sale of power.
"We're delighted to have completed this essential step," said Tony
Harwood, President and CEO of Africo. "With roads, water, rail and electricity
on-site and C$89 million in cash reserves, Africo is well positioned for
future potential development."
Note for editors:
Africo Resources Ltd. is a Canadian mineral company engaged in
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 in 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. Other than as required by law, 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: Dr. Tony Harwood, President and Chief Executive
Officer on Tel: +27(11) 463-0081; Diana Snyder, Investor Relations on Tel:
(305) 669-6873; Michael O'Brien, Chief Financial Officer on Tel: (604)
646-3225; In South Africa: Charmane Russell on Tel +27(11) 880-3924
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Africo Resources
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EXPLORATION STAGE |
CODE : ARL.TO |
ISIN : CA0082911060 |
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ProfileMarket IndicatorsVALUE : Projects & res.Press releasesAnnual reportRISK : Asset profileContact Cpy |
Africo Res. is a copper and cobalt exploration company based in Canada. Africo Res. holds various exploration projects in Congo Rep. of the. Its main exploration properties are MPOROKOSO in Zambia and KALUKUNDI in Congo Rep. of the. Africo Res. is listed in Canada and in United States of America. Its market capitalisation is CA$ 74.9 millions as of today (US$ 57.0 millions, € 51.4 millions). Its stock quote reached its highest recent level on December 31, 2007 at CA$ 4.75, and its lowest recent point on July 31, 2015 at CA$ 0.30. Africo Res. has 71 313 127 shares outstanding. |