African Metals Corporation: Resignations of Directors and Officers
Vancouver - African Metals Corp. (the “Company”) reports that it has received the resignations of Kenneth B. de Graaf, Gerald Harper and Gavin Cooper as directors and officers of the Company and its subsidiaries. This leaves Simeon Tshisangama as the sole remaining director of the Company. Pursuant to Section 134 of the British Columbia Business Corporations Act, Mr. Tshisangama will appoint such further number of directors as is necessary to constitute a quorum to enable the Company to carry on business and will investigate all necessary steps to protect the interests of the Company and its shareholders and other stakeholders. He intends to put forth a plan to enable the Company to resolve its significant financial difficulties and move forward with its business objectives. Mr. Tshisangama will issue a progress report within the next two weeks.ON BEHALF OF THE BOARD OF DIRECTORS OF AFRICAN METALS CORPORATION
Simeon Tshisangama, Director
Telephone: 1-514-430-1274
About African Metals Corporation.
African Metals Corp. [TSXV “AFR”] is a Canadian listed company focused on the discovery and development of copper and cobalt deposits in the world renowned Africa Copper Belt in the Democratic Republic of Congo (“DRC”). AFR through its 100% owned Canadian subsidiary, Chevalier Resources Inc. (“Chevalier”), holds a 75% interest in the Congolese subsidiary, Luisha Mining Enterprises Sarl (“LME”). LME holds legal title to the 16.2 sq.km. small scale mining licence, PEPM 4881, called the Luisha South Project, located in the Katanga Province of the DRC.
AFR holds an option to increase its equity interest to 90% in LME, upon a Qualified Person defining a certain minimum Indicated Resource tonnage for contained copper and cobalt. AFR must also make certain milestone payments in a mixture of cash and shares to reach the milestone of a 90% interest.
The Luisha South Project is located 75 kilometres northwest of Lubumbashi, the capital of Katanga Province. The Luisha South Project contains an approximately three kilometre strike length of Roan Group sediments which are the hosting environment for Cu-Co mineralization in the DRC and Zambia. The project includes a small historical open pit mine and an associated low grade copper and cobalt mineralized stockpile. The Luisha South ore body was explored between 1923 and 1928 and an oxide deposit extracted in the 1940’s.
The results of reverse circulation and core drilling programs at the Luisha South Project in 2010 and 2011 by AFR allowed estimation of a NI 43-101 compliant Inferred Resource of 14.7 Million tonnes at 1.1% Cu (161,700 tonnes of contained copper) and 0.3% Co (44,100 tonnes of contained cobalt) using a 0.5% Cu cut-off.
This technical content is reprinted from the Company’s press release dated June 15, 2016. The Qualified Person who reviewed and approved the technical content contained in that release is Dr. Gerald Harper, P.Geo.(Ont) as stated in the June 15, 2016 press release.
Neither the TSX Venture Exchange nor its Regulatory Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.
This press release includes certain forward-looking statements concerning the future performance of the Company’s business and operations as well as management’s objectives, strategies, beliefs and intentions. Forward-looking statements are often identifiable by the use of words such as “may”, “will”, “might”, “would”, “plan”, “believe”, “expect”, “anticipate”, “intend”, “estimate”, “scheduled”, “forecasts” and similar expressions or variations (including negative variations) of such words and phrases. Such statements include Mr. Tshisangama’s expectations that he will
Forward-looking statements are based on the current opinions and expectations of management, and are subject to a number of risks and uncertainties that may cause actual results, performance or achievements of the Company to be materially different from those currently anticipated by such statements. Factors that could cause actual results or events to differ materially from current expectations include, among other things, the possibility that future exploration results will not be consistent with the Company’s expectations, fluctuating commodity prices, delays in commencing the Company’s proposed drilling program, exploration costs varying significantly from estimates, the availability of financing, and other risks identified in the Company’s documents filed with the Canadian securities regulatory authorities at www.sedar.com. Any forward-looking statement speaks only of the date on which it is made, and except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement.