Africo completes C$343,000 equity financing



    /THIS PRESS RELEASE IS NOT FOR DISTRIBUTION IN THE UNITED STATES
    OR TO U.S. NEWS AGENCIES/

    TORONTO, Dec. 21 /CNW/ - Africo Resources Ltd. is pleased to announce
that it has completed a private placement with certain of its directors,
employees and consultants for gross proceeds of C$343,014. Africo has issued
an aggregate 148,491 Units at a per Unit price of C$2.31. Each Unit consists
of one common share in the capital of Africo and one share purchase warrant
with each warrant entitling the holders to purchase one common share at a per
share exercise price of C$2.89 until December 21, 2009. The pricing of the
units is the same as the placement with the IFC on November 20, 2007 and was
negotiated at the same time.
    Proceeds from the financing will be added to working capital and will be
used by Africo mainly to support the development of the Kalukundi copper
cobalt project located in the Katanga province in the Democratic Republic of
Congo.

    Note for editors:

    Africo Resources Ltd. is a Canadian mineral company, committed to
developing, acquiring and exploring for base metal and gold assets in Africa.
The company's main project is Kalukundi, a development stage copper-cobalt
deposit located in the Katangan Copperbelt in the Democratic Republic of Congo
(DRC). The development team has an operational base in the DRC, with the
company corporate offices located in Vancouver, Canada. The company listed on
the Toronto Stock Exchange in December 2006.

    Forward-looking statements:

    This news release contains certain statements that may be deemed
"forward-looking statements". All statements in this release, other than
statements of historical fact, that address events or developments that Africo
expects to occur, are forward looking statements. Forward looking statements
are statements that are not historical facts and are generally, but not
always, identified by the words "expects", "plans", "anticipates", "believes",
"intends", "estimates", "projects", "potential" and similar expressions, or
that events or conditions "will", "would", "may", "could" or "should" occur.
Although Africo believes the expectations expressed in such forward-looking
statements are based on reasonable assumptions, such statements are not
guarantees of future performance and actual results may differ materially from
those in forward looking statements. Factors that could cause the actual
results to differ materially from those in forward-looking statements include
market prices, exploitation and exploration success, continued availability of
capital and financing and general economic, market or business conditions.
Investors are cautioned that any such statements are not guarantees of future
performance and actual results or developments may differ materially from
those projected in the forward-looking statements. Forward looking statements
are based on the beliefs, estimates and opinions of Africo's management on the
date the statements are made. Other than as required by law, Africo undertakes
no obligation to update these forward-looking statements in the event that
management's beliefs, estimates or opinions, or other factors, should change.

    The Toronto Stock Exchange has not reviewed and does not accept
    responsibility for the adequacy or accuracy of this release.

    THIS PRESS RELEASE, REQUIRED BY APPLICABLE CANADIAN LAWS, IS NOT
    FOR DISTRIBUTION TO U.S. NEWS SERVICES OR FOR DISSEMINATION IN
    THE UNITED STATES, AND DOES NOT CONSTITUTE AN OFFER OF THE
    SECURITIES DESCRIBED HEREIN. THESE SECURITIES HAVE NOT BEEN
    REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS
    AMENDED, OR ANY STATE SECURITIES LAWS, AND MAY NOT BE OFFERED OR
    SOLD IN THE UNITED STATES OR TO U.S. PERSONS UNLESS REGISTERED OR
    EXEMPT THEREFROM.




For further information:

For further information: Dr Tony Harwood, President and CEO, on tel:
+27(11) 463-0081; Chris Theodoropoulos, Chairman, on tel: (604) 646-3225; Bill
Cavalluzzo (Investor Relations), on tel: (416) 265-8049, Charmane Russell
(Investor Relations), on tel +27(11) 880-3924

Organization Profile

AFRICO RESOURCES LTD.

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