VANCOUVER, May 19 /CNW/ - Africo Resources Ltd. (TSX: ARL) wishes to
announce that it has entered into an Agreement with Camrose Resources Ltd. and
Comide Sprl. pursuant to which all parties have agreed to terminate the
acquisition by Africo of the Mashitu property that was announced on April 21,
2008 and July 24, 2008, as certain conditions precedent have not been able to
be fulfilled. The termination is subject to ratification by the shareholders
of Africo, excluding Camrose and related entities, at Africo's next Annual and
Special Meeting scheduled to be held on or about June 18, 2009. In this
regard, shareholders holding approximately 50% of the minority shares have
agreed in principle to vote in favour of the ratification of the termination.
Chris Theodoropoulos, Chairman of Africo, stated: "We thank our largest
shareholder, Camrose, along with Comide for entering into this Agreement which
now provides certainty to all of our shareholders that there will not be any
dilution to our current share capital which currently stands at 72,646,614
shares, with CDN$87.6 million in our treasury".
Note for editors:
Africo Resources Ltd. is a Canadian mineral company engaged in
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: Chris Theodoropoulos, Chairman on Tel: (604)
646-3225; Michael O'Brien, Chief Financial Officer on Tel: (604) 646-3225