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.
