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East Africa Metals awarded mining licenses for Mato Bula, Da Tambuk Projects in Ethiopia

Mining News - Published on Thu, 23 May 2019

Image Source: East Africa Metals Inc.
East Africa Metals Inc announced the receipt of government approval of mining licenses for the Mato Bula Gold Copper and Da Tambuk Gold Deposits at the Company’s 100% owned Adyabo Project located in the Tigray National Regional State of the Federal Democratic Republic of 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. The mining license agreements for Mato Bula and Da Tambuk have been formally approved by the Ministry of Mines Petroleum and Natural Gas, the Prime Minister’s Office and the Council of Ministers. The Company will now focus on closing its previously announced Project Financing and proceed with the development of the Ethiopian Projects.

Mr Andrew Lee Smith, East Africa’s CEO 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 Tanzania and engage further exploration programs to continue the growth the Company’s mineral resources and shareholder value.”

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Posted By : Rabi Wangkhem on Thu, 23 May 2019
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