East Africa Metals announces approval of Environmental and Social Impact Assessments for the Mato Bula Gold Copper and Da Tambuk Gold Projects
East Africa Metals announces approval of Environmental and Social Impact
Assessments for the Mato Bula Gold Copper and Da Tambuk Gold Projects
VANCOUVER, British Columbia, Aug. 16, 2018 -- East Africa Metals Inc. (TSX Venture: EAM) (“East Africa” or the
“Company”) is pleased to announce it has received approval from the Ethiopian Ministry of Mines, Petroleum and Natural Gas
(“MoMPNG”) for the Environmental and Social Impact Assessments (“ESIA”) for the Mato Bula Gold Copper and Da Tambuk
Gold Projects.
EAM’s President and CEO Andrew Lee Smith said: “The approval of the two project ESIA reports is a major step in the mine
permitting process. The comprehensive ESIAs demonstrate that both the Mato Bula and Da Tambuk projects can be
developed in accordance with the environmental and social responsibility requirements of Ethiopia. Furthermore, the ESIAs
confirmed support from government and local communities for both projects. We appreciate the diligence of the MoMPNG’s
Environment and Climate Change Directorate in completing this important process.”
The Company submitted mining licence applications for the Mato Bula and Da Tambuk projects in December 2017, and in
April 2018 provided formal responses to the MoMPNG’s comments on the applications. The next step in the mining licence
application process is for the MoMPNG to prepare draft model mining licence agreements for the Company’s review.
The Company has previously received a mining licence agreement for the Terakimti Gold Heap Leach project, and upon receipt
of the two additional mining licence agreements, the Company will have approval for development of three mining projects in
Ethiopia.
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, P.Geo., CEO
For further information contact:
Nick Watters, Business Development
Telephone +1 (604) 488-0822
Email [email protected]
Website www.eastafricametals.com
Cautionary Statement Regarding Forward-Looking Information
This press 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”
or variations of such words or similar words or expressions. Forward-looking information is based on reasonable assumptions
that have been made by the Company 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 the
Company to be materially different from those expressed or implied by such forward-looking information, including but not
limited to: risks associated with mineral exploration and development; metal and mineral prices; availability of
capital; accuracy of the Company’s projections and estimates; ability to obtain financing for the Ethiopian projects; 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; 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. Forward-looking
statements are based on assumptions management believes to be reasonable, including but not limited to the price of gold,
copper, and silver; the demand for gold, copper and silver; 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 expected burn rate; ability to obtain
financing for the Ethiopian projects, the regulatory framework regarding environmental matters, and such other assumptions
and factors as set out herein. Although the Company 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. 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.