East Africa Unaware of Any Material Change
777 Dunsmuir Street, 17th Floor
PO Box 11108, Vancouver, BC, Canada V6E 3P3
Tel: 604.488.0822
Web: www.eastafricametals.com
NEWS RELEASE
East Africa Unaware of Any Material Change
Vancouver, British Columbia – January 6, 2021 – East Africa Metals Inc. (TSX-V: EAM - “East Africa” or
the “Company”) wishes to confirm that the Company’s management is unaware of any material change
in the Company’s operations that would account for the recent increase in market activity.
About East Africa Metals
The Company’s principal assets include both the 70% owned Harvest polymetallic VMS exploration
Project and the 100% owned Magambazi Mine in the Tanga region of Tanzania. In addition, the
Company owns 30% Net Profits Interest in the Adyabo and Da Tambuk mines in the Tigray region of
Ethiopia. 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 fourth
quarter of 2020.
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 first quarter of calendar 2021.
EAM has invested USD$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 Indicated 446,000
Inferred 551,000
Harvest Project Indicated 469,000
Inferred 426,000
Handeni Project Indicated 721,000
Inferred 292,000
*See East Africa Metals Project Resource Table attached for additional
detail
Andrew Lee Smith, P.Geo., C.E.O., a Qualified Person under the definitions of National Instrument 43-
101, has reviewed and approved the technical contents of this news release.
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 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”, “confident” 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: the negotiation of a definitive
agreement reflecting the anticipated structure and timing outlined herein; delays with respect to required payments and regulatory approvals; results of the
due diligence review; the ability of Tibet Huayu to develop and operate the Ethiopia Adyabo Project within the required laws and agreements recoverability
of the Ethiopian and Tanzanian VAT receivable; early exploration; the ability of East Africa to identify any other corporate opportunities for the Company;
the possibility that the Company may not be able to generate sufficient cash to service its planned operations and may be force to take other options; the
risk the Company may not be able to continue as a going concern; the possibility the Company will require additional financing to develop the Ethiopian
Projects into a mining operation; the risks associated with obtaining necessary licenses or permits including and not limited to Ethiopian Government approval
of EAM Mineral Resources extensions for the Company’s Ethiopian Properties and Projects; risks associated with mineral exploration and development; metal
and mineral prices; the demand for precious and base metals; availability of capital; accuracy of the Company’s Projections and estimates, including the
initial and any updates to the mineral resource for the Adyabo, Harvest and Handeni Projects; realization of mineral resource estimates; interest and
exchange rates; competition; stock price fluctuations; the ability to carry on exploration and development activities; actual results of exploration activities;
availability of drilling equipment and access; the ability to obtain qualified personnel, equipment and services in a timely and cost-efficient manner; the
regulatory framework including and not limited to license approvals, social and environmental matters; the ability to operate in a safe, efficient and effective
manner 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 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 the Company’s filings with securities regulators. Mineral Resources, which are not Mineral Reserves, do not have demonstrated economic
viability. The estimate of mineral resources may be materially affected by environmental, permitting, legal, title, taxation, sociopolitical, marketing, or other
relevant issues. The quantity and grade of reported inferred mineral resources as the estimation is uncertain in nature and there has been insufficient
exploration to define any inferred mineral resources as an indicated or measured mineral resource and it is uncertain if further exploration will result in
upgrading inferred mineral resources to an indicated or measured mineral resource category. The contained gold, copper and silver figures shown are in situ.
No assurance can be given that the estimated quantities will be produced. 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. The Company does not update or revise forward looking information even if new information
becomes available unless legislation requires the Company to 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.