VANCOUVER, Sept. 20 /CNW/ - Africo Resources Ltd. (TSX:ARL) is pleased to
announce that further advances have been made in its efforts to be reinstated
as the rightful owner of the Kalukundi asset in the DRC. An ordinance (ruling)
was obtained from the Tribunal de Grande Instance de Kinshasa/Gombe
(Kinshasa/Gombe District Court). On a preliminary translation, the ordinance
states that Societe H & J Swanepoel Sprl ("H&J"), Africo's wholly owned
subsidiary, is still a 75% holder of the shares of Swanmines Sprl, which is
the owner of the Kalukundi property. It also states that the shares held by H
& J are not those shares which Africo would have held and which AKAM Mining
Sprl claims to have purchased at a public sale. Finally, the ordinance states
that the founding partners of Swanmines Sprl, namely Gecamines and H & J, are
the only partners in Swanmines and are authorized to carry on the business of
Swanmines and in particular, to ensure the exploitation of the mineral rights
contributed by Gecamines and authorized and approved by the Ministry of Mines.
This ordinance reinforces the statements made in the letter issued by the
Minster of Justice last week (see press release dated 13 September, 2007).
We are also continuing the process of appealing the initial judgment in
favour of Mr. Berardone and have appeals pending on the purported sale of the
shares in Swanmines Sprl. These initial judgements/orders were issued by the
Tribunal de Grande Instance de Lubumbashi (Lubumbashi District Court) and are
discussed in earlier news releases.
A copy of the ordinance in the French language and the English
translation thereof will also be posted on our website in due course.
Note for editors:
Africo Resources Limited 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 on 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.
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. 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.
For further information:
For further information: Africo Resources Ltd., Dr. Tony Harwood,
President and CEO, +27(11) 463-0081; or Africo Resources Ltd., Chris
Theodoropoulos, Chairman, (604) 646-3225; or Africo Resources Ltd., Bill
Cavalluzzo, Investor Relations, (416) 265-8049; or Africo Resources Ltd.,
Charmane Russell, Investor Relations, +27(11) 880-3924, Website: