TORONTO, Aug. 13 /CNW/ - Further to the news release dated August 2,
2007, Africo Resources Ltd ("Africo") has been advised of the outcome of the
public hearing that took place on Friday August 10, 2007 at the Supreme Court
of Justice in Kinshasa, at which the judgement in the action against the three
judges of the Tribunal de Grande Instance de Lubumbashi for judicial
misconduct was considered.
A preliminary analysis by our DRC legal counsel indicates that the
Supreme Court of Justice determined that the actions of the judges in certain
of the matters could not be examined by the Supreme Court as they took the
form of orders and not judgements. In addition, the motions brought by
Swanmines sprl ("Swanmines") and H&J Swanepoel Famille Trust sprl ("H&J") were
also not considered as these entities were not parties to any of the decisions
or orders being contested.
The judgement left intact all the other appropriate recourses against the
instruments ordering and carrying out the public sale of the shares of
Swanmines, which can thus be initiated before the Lubumbashi courts. In this
regard, Africo had initiated a number of actions in addition to the judicial
misconduct application and will continue to vigorously pursue these. Africo
will proceed forthwith to have the hearing in the original action appealing
the judgement that awarded the $3 million to Mr Beradone, which had been
postponed pending the outcome in the judicial misconduct application, as well
as the application by H&J for a court order declaring the sale of the
Swanmines shares to Akam Mining, declared null and void.
Note for editors:
Africo Resources Limited is a Canadian mineral company, committed to
developing, acquiring and exploring for base metal 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: (866) 365-4706; Charmane Russell
on (tel) +27(11) 880-3924