Africo Resources Ltd - Interim CFO and CEO Appointments

TORONTO, Dec. 30 /CNW/ - Africo Resources Ltd (TSX: ARL) is pleased to welcome Larry Okada as the Company's interim Chief Financial Officer, replacing Michael O'Brien. Mr. Okada is a Chartered Accountant in British Columbia and Alberta as well as a Certified Public Accountant in Washington State. Mr. Okada has been in public practice with Deloitte & Touche, his own firm, and PricewaterhouseCoopers LLP over the past 35 years. He sits on various committees with the Institute of Chartered Accountants of British Columbia. Mr. Okada is currently the Chief Financial Officer for BC Gold Corp., and has been involved with numerous public mining companies over the past 32 years.

Mr. O'Brien, who has been our CFO since going public, will be joining another mining group in Vancouver, BC. We thank Mr. O'Brien for his dedicated service and contributions, and wish him every success in his new endeavour.

The Board of the Company has also appointed Chris Theodoropoulos to serve as interim Chief Executive Officer in addition to his current role as Chairman.

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.

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SOURCE AFRICO RESOURCES LTD.

For further information: For further information: contact: Chris Theodoropoulos, Chairman and interim Chief Executive Officer on Tel: (604) 646-3225

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AFRICO RESOURCES LTD.

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