VANCOUVER, Nov. 7 /CNW/ - Africo Resources (TSX: ARL) said today that the
75% ownership in Swanmines Sprl by its wholly-owned subsidiary, H&J Swanepoel
Famille Trust s.p.r.l., has been reconfirmed by DRC Justice Minister Georges
Minsay Booka in a letter to claimant Akam Mining s.p.r.l.
Akam has claimed through the Lubumbashi Courts that it acquired a 75%
shareholding in Swanmines Sprl in a public sale in execution against Africo in
December 2006, and recently wrote to the Justice Minister arguing its case.
In his response to Akam dated 5 November and copied to Africo's counsel,
the Justice Minister writes: "Your letter fails to bring any new element in
The Minister goes on to re-iterate his position articulated in a letter
dated 13 September to the Chairman of DRC state-owned mining company Gecamines
and copied to the President and Prime Minister of the DRC, the First President
of the Lubumbashi Court of Appeal, the Deputy General Manager of Gecamines and
Africo's legal counsel: "Indeed, prior to the December 2006 public sale,
Swanmines s.p.r.l. had - and still has - Gecamines (25% of the partnership
shares) and H & J Swanpoel Famille Trust (75% of the partnership shares) as
shareholders, and not Africo Resources."
The Justice Minister continues: "At that public sale, Akam Mining
s.p.r.l. acquired non-existent shares and theoretically is entitled to claim
reimbursement of the sale price from the public sales agent. Further, the
judicial decisions... you (Akam) refer to did not grant any more rights to
Akam s.p.r.l. than those resulting from such a public sale."
Africo CEO Dr Tony Harwood said, "We are extremely grateful for the
Minister of Justice's definitive confirmation to Akam, of H&J's shareholding
in Swanmines; we believe this will hasten the resolution of this dispute in
Africo and H&J's favour allowing construction of the Kalukundi mine to
The Minister of Justice's letter to Akam confirming H&J's shareholding
follows a letter to Akam last month from the Governor of Katanga, His
Excellency Moise Katumbi Chapwe, in which the Governor expressed the same
point of view: that Gecamines and H & J are the sole shareholders in Swanmines
sprl and that Akam has no interest in Swanmines. He went on to direct that
Akam cease any disturbance to Swanmines' activities.
The original letter and English translation will be available to view on
our website www.africoresources.com shortly.
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: please visit our website at
www.africoresources.com, or contact: 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