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East Africa provides update on Ethiopian Development

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 resou ....

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East Africa receives formal consent from the government of Tanzanian, concludes Magambazi Mine gold stream transaction

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 ....

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