TORONTO, March 31 /CNW/ - Further to Africo's announcement dated
February 7, 2008, which indicated that Africo's subsidiary, H & J Swanepoel
Famille Trust sprl ("H & J"), had made an application to transfer the
jurisdiction of the cases from the Court in Lubumbashi, Africo is pleased to
report that it has been informed that the Supreme Court of Justice in
Kinshasa/Gombe has ruled that all of the pending appeals that were filed by
Africo and by H & J in respect of: i) the judgement as against Africo in
favour of Mr. A. Berardone in the sum of $3,000,400 (the "Berardone
Judgement"); ii) the purported share sale of the shares in Swanmines sprl.
pursuant to the Berardone Judgement to Akam sprl; and iii) all other ancillary
proceedings affecting Africo, H & J and Akam sprl. be transferred to the
corresponding courts in Kinshasa/Gombe.
Dr. Antony Harwood indicated: "We are pleased with the ruling by the
Honourable Court in Kinshasa and we look forward to the Courts in Kinshasa
adjudicating an end to this matter by overturning the Berardone Judgement and
the purported share sale to Akam and declaring H & J as the 75% shareholder of
Swanmines along with Gecamines holding the remaining 25% in order that
Swanmines can realize its goal of developing the Kalukundi copper/cobalt
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.
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.
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; In South Africa:
Charmane Russell, on Tel +27(11) 880-3924