TSX-listed East Africa Metals has received government approval of mining licenses for the Mato Bula Gold Copper and Da Tambuk Gold Deposits at its Adyabo project in Ethiopia.
With the acquisition of the Mato Bula and Da Tambuk mining licenses, East Africa’s assets now include four, fully permitted gold and base metal mining projects in Africa with total indicated and inferred resources of 2.8 million gold and gold-equivalent ounces and exploration upside (see news releases May 15, 2012, April 30, 2018).
The mining license agreements for Mato Bula and Da Tambuk have been formally approved by the Ministry of Mines Petroleum and Natural Gas (the “MoMPNG”), the Prime Minister’s Office and the Council of Ministers. The Company will now focus on closing its previously announced Project Financing (refer to the Company’s news release dated February 8, 2019) and proceed with the development of the Ethiopian Projects.
Andrew Lee Smith, East Africa’s C.E.O. stated, “The awarding of the Mato Bula and Da Tambuk mining licenses marks an important milestone for East Africa, the Government of Ethiopia and the MoMPNG. East Africa’s management will now focus on negotiations with development partners to advance all of the Company’s assets in Ethiopia and Tanzaniaand engage further exploration programs to continue the growth the Company’s mineral resources and shareholder value.”