East Africa Metals Announces A.G.M. Results
East Africa Metals Announces A.G.M. Results
VANCOUVER, BC
,
Dec. 17, 2021
/CNW/ - East Africa Metals Inc. (TSXV: EAM) ("East Africa" or
the "Company") announces voting results from its Annual Meeting of Shareholders held today in
Vancouver, BC
.
A total of 43,893,735 million common shares, representing approximately 21.49% of the Company's
issued and outstanding common shares were voted in connection with the meeting. East Africa
shareholders voted overwhelmingly in favor of all items of business, including the election of each
director nominee as follows:
Dr.
Jingbin Wang
99.98%
Mr.
Andrew Lee Smith
99.47%
Dr.
Antony Harwood
99.98%
Dr.
Zhijun He
99.98%
Mr.
Sean Waller
99.98%
Mr.
David Parsons
99.98%
East Africa
shareholders voted 100% in favor to reappoint PricewaterhouseCooper LLP as auditors,
99.54% in favor of the Stock Option Plan.
Additional information about
East Africa
can be viewed at the Company's website at
www.eastafricametals.com
or at
www.sedar.com
.
About East Africa Metals
The Company's principal assets include a 30% Net Profits Interest in the Mato Bula and Da Tambuk
mines (collectively "Adyabo Property") and a 70% project interest in the Harvest polymetallic VMS
Exploration Project in the Tigray Region of
Ethiopia
. In addition, the Company has a 30% Net
Streaming Interest in the Magambazi Mine in the Tanga Region of Tanzania.
The Mato Bula and Da Tambuk mines are four kilometres apart and will be developed
simultaneously. The development of the mining operations is scheduled to begin during the second
half of 2021.
East Africa
retains exploration rights on areas of the properties outside the Mato Bula, Da Tambuk
and Terakimti mining licenses in all Ethiopian projects and anticipates the commencement of
exploration drilling to test priority targets during the second half of 2021.
EAM has invested
US$66.8M
in African exploration since 2005 and identified a total of 2.8 million
ounces of gold and gold-equivalent resources representing an average discovery cost per ounce of
US$24
.
More information on the Company can be viewed at the Company's website:
www.eastafricametals.com
On behalf of the Board of Directors:
Andrew Lee Smith
, CEO,
P.Geo
., ICD.D
Cautionary Statement Regarding Forward-Looking Information
This news release contains "forward-looking information" within the meaning of applicable
Canadian securities legislation. Generally, forward-looking information can be identified by the use
of forward-looking terminology such as "anticipate", "believe", "plan", "expect", "intend", "estimate",
"forecast", "project", "budget", "schedule", "may", "will", "could", "might", "should", "indicate" or
variations of such words or similar words or expressions. Forward-looking information is based on
reasonable assumptions that have been made by
East Africa
as at the date of such information
and is subject to known and unknown risks, uncertainties and other factors that may cause the
actual results, level of activity, performance or achievements of
East Africa
to be materially
different from those expressed or implied by such forward-looking information, including but not
limited to: timing of receipt of mining permit; timing of mining development; projected heap leach
recoveries ; early exploration; the closing of the agreement with the exploration and development
company to advance the Magambazi Project or identify any other corporate opportunities for the
Company; mineral exploration and development; metal and mineral prices; availability of capital;
accuracy of
East Africa's
projections and estimates, including the initial mineral resource for the
Adyabo, Harvest and Magambazi Properties; interest and exchange rates; competition; stock price
fluctuations; availability of drilling equipment and access; actual results of current exploration
activities; government regulation; political or economic developments; foreign taxation risks;
environmental risks; insurance risks; capital expenditures; operating or technical difficulties in
connection with development activities; personnel relations; the speculative nature of strategic
metal exploration and development including the risks of diminishing quantities of grades of
reserves; contests over title to properties; and changes in project parameters as plans continue to
be refined, as well as those risk factors set out in in
East Africa's
management's discussion and
analysis for the three months and nine months ended
September 30, 2018
and for the year ended
December 31, 2017
, and
East Africa's
listing application dated
July 8, 2013
Mineral Resources
which are not Mineral Reserves do not have demonstrated economic viability. The contained gold,
copper and silver figures shown are in situ. No assurance can be given that the estimated
quantities will be produced. Forward-looking statements are based on assumptions management
believes to be reasonable, including but not limited to the timely closing of the financing; the timely
closing of the Handeni Property definitive agreement; the price of gold, silver, copper and zinc; the
demand for gold, silver, copper and zinc; the ability to carry on exploration and development
activities; the timely receipt of any required approvals; the ability to obtain qualified personnel,
equipment and services in a timely and cost-efficient manner; the ability to operate in a safe,
efficient and effective manner; the renewal or extension of exploration Licenses; the regulatory
framework regarding environmental matters, and such other assumptions and factors as set out
herein. Although
East Africa
has attempted to identify important factors that could cause actual
results to differ materially from those contained in forward-looking information, there may be other
factors that cause results not to be as anticipated, estimated or intended. There can be no
assurance that such information will prove to be accurate, as actual results and future events could
differ materially from those anticipated in such information. The Company does not update or
revise forward looking information even if new information becomes available unless legislation
requires the Company do so. Accordingly, readers should not place undue reliance on forward-
looking information contained herein, except in accordance with applicable securities laws. Neither
TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies
of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE
East Africa Metals Inc.
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For further information:
Nick Watters, Business Development, Telephone +1 (604) 488-0822,
Website www.eastafricametals.com
CO: East Africa Metals Inc.
CNW 13:34e 17-DEC-21