VANCOUVER, Oct. 24 /CNW/ - Africo Resources Ltd. is pleased to make
public the contents of a letter issued today by the Governor of Katanga, His
Excellency Moise Katumbi Chapwe. The letter is addressed to AKAM s.p.r.l. and
makes clear reference to the non-existence of the shares that AKAM s.p.r.l.
allegedly bought in Swanmines s.p.r.l., the entity that holds the Kalukundi
licence, through a public sales agent of the Lubumbashi District Court. The
letter indicates that Gecamines and H&J Swanepoel Famille Trust s.p.r.l. are
the sole shareholders in Swanmines s.p.r.l. and that AKAM has no interest in
Swanmines. The letter goes on to direct that AKAM cease any disturbance to
Swanmines' activities. Africo through its subsidiary H&J is in the process of
developing the Kalukundi asset in partnership with Gecamines.
Africo Resources Ltd. is confident that the Governor's support will
facilitate a timely settling of the current legal dispute over the ownership
of its Kalukundi asset. Tony Harwood, CEO of Africo, said, "We are thankful
for His Excellency's intervention in this matter and are very confident that
the situation will be resolved in a timely manner. The correspondence from the
Governor's office demonstrates the commitment to foreign investment that the
Government is bringing to the DRC."
A copy of the letter in the French language and the English translation
thereof will 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: 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