TORONTO, Oct. 7 /CNW/ - Africo Resources Ltd (TSX:ARL) is pleased to
announce the appointment of Dr. Jim Cook, Mr. Pieter Deboutte, Mr Matthew
Fisher, and Mr Douglas Ryan to its board of directors, replacing Mr. David
Adamson, Mr. John Dixon and Mr. Michael O'Brien. Mr. O'Brien remains the Chief
Financial Officer of the company. The appointments follow the closing of the
C$100 million Camrose private placement on July 24, 2008, described in our
press release of that date.
Per Dr. Tony Harwood, Africo's CEO and President, the new appointments
will enhance Africo's transition from exploration to production. "We
appreciate the valued contributions of our outgoing directors. Each of our new
directors brings specialized experience to the board. I'm delighted to welcome
them and we look forward to an active year," declared Dr. Harwood.
Dr. Cook, President and CEO of Rio Tinto Iron and Titanium (RTIT) from
2001 to 2007, had overall profit and loss responsibility for annual sales in
excess of US$1.5 billion from operations in Quebec, Richards Bay (South
Africa) and Madagascar. Prior to his tenure as President he held various
technical, operations and sales and marketing positions including General
Manager of Richards Bay Iron and Titanium. Dr. Cook has BSc. and PhD degrees
in Metallurgy from Strathclyde University in Glasgow.
Mr. Deboutte is a board member of Banque Internationale de Crédit (BIC)
in the DRC and serves on the board of other mining companies based in the DRC.
A former board member of DCP Sprl (the subsidiary of Nikanor plc), Mr.
Deboutte also was a Commercial Manager for an ING Insurance and Savings Bank
in Belgium. He holds a Masters degree in International Politics and one in
Linguistics from the University of Antwerp.
Mr. Fisher has practised law in England and Israel since 1998 and has
advised on joint ventures as well as public and private merger and acquisition
transactions in the African mining sector since 2004. He holds a BA in Law and
a Master of Arts from University of Cambridge, England. Mr Fisher qualified to
the Supreme Court of England and Wales in September 2000. He was called to the
Israeli Bar in November 2005.
Mr. Ryan is a business author and an accredited mediator. He has held
various managerial positions in business and commerce including National
Representative to the European Union Regional Transitional Cooperation. Mr.
Ryan holds a BA from Middlesex University (UK) in Law with Management, a Post
Graduate Certificate in Executive Management from Durham University (UK), and
an Executive Diploma in Management from the Chartered Institute of Management.
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: Dr. Tony Harwood, President and Chief Executive
Officer on Tel: +27(11) 463-0081; Diana Snyder, Investor Relations on Tel:
(305) 669-6873; Michael O'Brien, Chief Financial Officer on Tel: (604)
646-3225; In South Africa: Charmane Russell on Tel +27(11) 880-3924