East Africa re­ceives gov’t OK for Ter­akimti per­mit

Stockwatch Daily - - MINES & METALS - Mr. An­drew Smith re­ports

EAST AFRICA Met­als Inc. has re­ceived gov­ern­ment ap­proval of East Africa’s min­ing li­cence agree­ment for the Ter­akimti ox­ide gold project at the com­pany’s 70-per-cent -owned Har­vest project lo­cated in the Tigray na­tional re­gional state of the Fed­eral Demo­cratic Repub­lic of Ethiopia.

The min­ing li­cence agree­ment has been for­mally ap­proved by the Min­istry of Mines, Pe­tro­leum and Nat­u­ral Gas, the Prime Min­is­ter, and the Coun­cil of Min­is­ters. The com­pany will now fo­cus on fi­nal­iz­ing its pre­vi­ously an­nounced project fi­nanc­ing, and pro­ceed with en­gi­neer­ing and de­vel­op­ment of the Ter­akimti Project.

An­drew Lee Smith, East Africa’s chief ex­ec­u­tive of­fi­cer, stated: “This is an ex­tremely im­por­tant achieve­ment for East Africa, and we ap­pre­ci­ate the ef­forts of the gov­ern­ment and Min­istry of Mines in the de­vel­op­ment of the min­ing li­cence agree­ment for Ter­akimti. We plan to move for­ward as soon as pos­si­ble with en­gi­neer­ing and de­vel­op­ment of the project.” The Ter­akimti project will pro­vide East Africa the op­por­tu­nity to ben­e­fit from estab­lish­ing the first com­mer­cial heap leach op­er­a­tion in the coun­try, and pro­vide the ba­sis for ad­di­tional ex­plo­ration and de­vel­op­ment to grow the com­pany’s min­eral re­sources in Ethiopia.

Ter­akimti ox­ide gold project pro­file:

• Min­eral re­source: in­di­cated re­source of 1.11 mil­lion tonnes grad­ing 3.20 grams gold and 23.6 grams sil­ver per tonne con­tain­ing 114,000 ounces of gold and 841,000 ounces of sil­ver;

• Heap leach re­cov­er­ies from col­umn test­work: up to 74.8 per cent gold and 39.4 per cent sil­ver;

• Pro­posed min­ing method: con­ven­tional open pit;

• Pro­posed pro­cess­ing tech­nol­ogy: heap leach­ing to pro­duce gold-sil­ver dore. En­vi­ron­men­tal im­pact and so­cio-eco­nomic as­sess­ment

An in­de­pen­dent en­vi­ron­men­tal im­pact and so­cio-eco­nomic as­sess­ment (EISA) study has been com­pleted by Be­les En­gi­neer­ing Pvt. Ltd. Co. of Ethiopia, and forms an in­te­gral part of the min­ing li­cence agree­ment. This EISA ex­am­ined the ben­e­fi­cial and ad­verse as­pects of the pro­posed min­ing op­er­a­tion and con­cluded that the lo­cal pop­u­la­tion is in favour of the project, and the an­tic­i­pated ben­e­fits would be pos­i­tive and very im­por­tant to the lo­cal com­mu­nity and to the lo­cal and re­gional gov­ern­ments. The EISA fur­ther con­cluded that the ad­verse im­pacts iden­ti­fied can be mit­i­gated through im­ple­men­ta­tion of the pro­posed man­age­ment and mon­i­tor­ing plans, and there­fore rec­om­mended project im­ple­men­ta­tion.

We seek Safe Har­bor.

Erika Flores con­densed this news re­lease (erikaf@stock­watch.com).

Antony Harwood, Zhi­jun He, David Stan­ley Par­sons, An­drew Lee Smith, Sean Ivor Waller, Jing­bin Wang, Yong­wen Wang

(EAM) Shares: 148,047,161

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