Africo Resources Announces C$4.0 million IFC Private Equity Placement

    - IFC also agrees to participate in debt financing -

    TORONTO, Nov. 16 /CNW/ - Africo Resources Ltd. is pleased to announce
that it has concluded a financing arrangement with IFC (International Finance
Corporation), a member of the World Bank Group, to support the development of
the company's Kalukundi project and related infrastructure. The Kalukundi
copper cobalt project is located in the Katanga province in the Democratic
Republic of Congo (DRC).
    The arrangement details IFC's intention to subscribe for units of Africo
Resources for aggregate gross proceeds of approximately C$4.0 million at a
price equal to the lower of C$2.78 and the volume weighted average market
price prevailing during the five trading days prior to the signing of a
definitive subscription agreement. Each unit will be comprised of one share
and one warrant. Each warrant entitles the IFC to acquire an additional share
at a price of 125% of the subscription price for a period of five years,
subject to accelerated exercise or expiry under certain circumstances.
    The execution of the arrangement is subject to the conclusion of a
definitive subscription agreement, which Africo and IFC anticipate signing
during the next week and is also subject to regulatory approval.
    IFC has also agreed to participate in the Company's planned debt
financing arrangements for the project via a loan of approximately US$40
million, subject to a separate IFC appraisal and assessment of the project's
debt financing risks. The debt financing arrangements will include the planned
appointment of other developmental finance institutions and commercial banks
and will be subject to the successful resolution of the Company's title to the
Kalukundi property.
    Says Tony Harwood, President and CEO of Africo Resources, "The decision
of IFC to proceed with the private placement, is an indication of progress the
Government of the DRC is making to improve the investment climate in the
mining sector of the DRC."

    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 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.

    Forward-looking statements:
    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.

    %SEDAR: 00024685E

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; Charmane Russell
(Investor Relations) on tel +27(11) 880-3924

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