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VANCOUVER, BC, Jan. 27, 2021 /CNW/ - East Africa Metals Inc. (TSX-V: EAM) (FSE: EA1) ( East Africa or the Company ) is pleased to announce that further to its press release dated October 22, 2020, it has received the following update from its Tanzanian partner, PMM Mining Company Limited ( PMM ).
PMM Mining has informed EAM it has engaged development of a plan to re-process existing tailings from artisanal mining activities that took place between 2007 and 2016 at the Magambazi site, during which time large, active artisanal mining operations extracted gold from high-grade quartz veins within the Magambazi main zone. To date, PMM has completed the construction of the tailings re-processing plant and initiated start-up of the re-processing operation. The tailing re-processing operation is expected to be in full production prior to the end of the first quarter of 2021.
The Golden year: Construction of gold mines facilities set to begin - capitalethiopia.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from capitalethiopia.com Daily Mail and Mail on Sunday newspapers.
East Africa provides update on Ethiopian Development
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VANCOUVER, BC, Jan. 13, 2021 /CNW/ - East Africa Metals Inc. (TSXV: EAM) (FSE: EA1) ( East Africa or the Company ) is pleased to provide an update on the status of development programs on the Company s Ethiopia projects.
EAM currently has three approved Mining Agreements with Ethiopia s Ministry of Mines and Petroleum (the Ministry ). The Terakimti Oxide deposit Mining License has been issued (news release dated December 7, 2017) and the Mining Agreements for the Mato Bula and Da Tambuk deposits have been approved and licenses issued (See Press Release dated May 21, 2019). For the additional prospective targets of interest that are located on ground outside of the existing mining licenses, the Company has received Extension/Inclusion Agreements from the Ministry to allow additional time to qualify targets, as they may complement existing License resources.
East Africa receives formal consent from the government of Tanzanian, concludes Magambazi Mine gold stream transaction
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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 ).
East Africa Metals erhält von der tansanischen Regierung eine formelle Zustimmung und bringt die Goldförderbeteiligungstransaktion für die Mine Magambazi zum Abschluss finanznachrichten.de - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from finanznachrichten.de Daily Mail and Mail on Sunday newspapers.