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East Africa receives formal consent from the government of Tanzanian, concludes Magambazi Mine gold stream transaction News provided by Share this article East Africa Metals Inc. (TSXV: EAM - East Africa , EAM or the Company ) is pleased to announce that, further to it s press release dated October 22, 2020, it has received formal consent from the government of Tanzania, approving the Magambazi gold stream transaction with Tanzanian partner PMM Mining Company Limited ( PMM ). The wire transfer of USD2.0M property payment has been made. The Magambazi Transaction: The consideration for the transaction includes: PMM has paid to EAM the sum of US$2,000,000, being consideration for the acquisition of 100% ownership stake in Canaco Tanzania Ltd. ( CTL ), EAM s Tanzanian subsidiary company, which owns the Magambazi and Handeni Mining Licenses (the Mining Assets or Magambazi Mine ) and all other properties owned by East Africa in Tanzania (the Exploration Assets ).

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