East Africa Metals Announces A.G.M. Results; Adds new Director; Amendment to Stock Option Plan
East Africa Metals Announces A.G.M. Results;
Adds new Director; Amendment to Stock
Option Plan
VANCOUVER, BC
,
Dec. 16, 2022
/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
.
As of cut off,
December 15, 2022
, a total of 52,041,422 million common shares, representing
approximately 25.48% of the Company's issued and outstanding common shares were voted in
connection with the meeting.
East Africa's
shareholders voted overwhelmingly in favor of all items of
business, including the election of each director nominee, as follows:
Dr. Jingbin Wang
99.92 %
In Favor
Mr. Andrew Lee Smith
99.92 %
In Favor
Dr. Antony Harwood
99.94 %
In Favor
Mr. Sean Waller
99.99 %
In Favor
Mr. David Parsons
99.99 %
In Favor
Mr. Zhen Liao (New Appointee)
99.97 %
In Favor
East Africa's
shareholders voted 100% in favor to reappoint PricewaterhouseCooper LLP as
auditors and disinterested shareholders voted 80.09% in favor of the 2022 Stock Option Plan.
The Company has a fixed stock option plan which was adopted by the Board on
November 7, 2022
(the "2022 Stock Option Plan"), to replace the previous fixed stock option plan, which was approved
by shareholders at the annual meeting held on
December 17
, 2021. The maximum number of
common shares which may be issued under the 2022 Stock Option Plan is 40,856,047. The 2022
Stock Option Plan was amended to align the plan with the revised policies of the TSX Venture
Exchange on security based compensation, effective as of
November 24
, 2021. The 2022 Stock
Option Plan has been conditionally approved by the TSX Venture Exchange. Additional details
regarding the 2022 Stock Option Plan are described in the management information circular mailed
to the Company's shareholders and filed on SEDAR in respect of the meeting.
The Company also wishes to announce the appointment of a new Director to the Company's Board,
Mr.
Zhen Liao
.
Mr. Liao is a senior geologist with over 14 years of experience in geological exploration of mineral
resources, mining operations and project management. Since 2022, he has been the General
Manager of Sinotech Minerals. From
October 2020
to
October 2022
Mr. Liao was Chief Geologist
of Sino-Zijin Resources and from 2015 to
October 2020
he was Chief Geologist of Sinotech
Minerals. Mr. Liao is an expert with the Mineral Resources Reserve Evaluation Center for the
Ministry of Natural Resources of
the People's Republic of China
and a distinguished expert in
investing and environmental research for the International Mining Research Center, China Geological
Survey.
Mr. Liao holds a B.Sc. (Geochemistry) from
China
University of Geosciences
（
Wuhan
）
and a M.Sc.
(Ore Deposit Geochemistry) from the Institute of Geochemistry, Chinese Academy of Science. Mr.
Liao led his team and discovered a number of mineral deposits in
China
and was granted multiple
awards for distinguished prospecting achievements and scientific and technological innovations.
Dr.
Zhijun He
did not stand for re-election to the Board. The Company wishes to thank Dr. He for his
years of service to the Company.
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
.
The current Global Project Resources discovered by EAM include:
Project Resources (Au + Au
eqv
Metal ounces)
Project
Category
Au + Au
eqv
ounces
Adyabo Project, Ethiopia
(
EAM 30% Net Profit
Interest)
Indicated
446,000
Inferred
551,000
Harvest Project, Ethiopia
(EAM = 70% Project Interest)
Indicated
469,000
Inferred
426,000
Handeni Project, Tanzania
(EAM = 30% Streaming
Royalty Interest)
Measured
&
Indicated
1,006,000
Inferred
800
REFERENCES
Tetra Tech (April 30,2018).
National Instrument 43-101 Technical Report and Preliminary Economic Assessment for the Mato Bula Deposit, Adyabo Property, Tigray National
Regional State, Ethiopia
Tetra Tech (April 30,2018).
National Instrument 43-101 Technical Report and Preliminary Economic Assessment for the Da Tambuk Project, Adyabo Property, Tigray National
Regional State, Ethiopia
Tetra Tech (April 30,2018).
National Instrument 43-101 Technical Report and Preliminary Economic Assessment for the Terakimti Oxide Deposit, Harvest Project, Tigray
National Regional State, Ethiopia
Aurum Exploration Services (February 14, 2014).
NI43-101 Technical Report on a Mineral Resource Estimate at the Terakimti Prospect, Harvest Property (centred at
38°21'E, 14°19'N), Tigray National Region, Ethiopia
Aurum Exploration Services (February 14, 2014).
Mineral Resource Estimate and Update to a NI43-101 Technical Report for the Handeni Property centered at 37.97°E,
5.744°S, Tanga Province, Handeni District, Tanzania
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 16:05e 16-DEC-22