Published: February 3, 2016 |

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East Africa Metals Inc. has acquired the Adyabo gold-silver project in Ethiopia. The company received confirmation from the holder of a 20 percent participating interest on the Adyabo property that it wishes to convert its 20 percent interest to a 2 percent net smelter return (NSR) royalty. The company has the option to buy back 1.0 percent of the NSR for a cash payment of C$5,000,000. Upon execution of an NSR agreement, East Africa Metals will hold a 100 percent undivided interest in the Adyabo property, subject to the 2 percent NSR.

“This is a significant development for the company as we continue to strengthen our asset base and build the company in challenging times. The Adyabo project has performed beyond our expectations and we are excited to continue developing the existing resource,” said Andrew Lee Smith, president and CEO of East Africa Metals.

East Africa will continue to advance both its Harvest and Adyabo Projects in Northern Ethiopia. Infill drilling and trenching has been completed in January 2016 at the Da Tambuk and Mato Bula deposits at Adyabo, and final analyses are anticipated late first quarter. At East Africa’s Harvest Project, metallurgical diamond drilling has been completed at the Terakimti Oxide deposit, and samples have been forwarded to an accredited lab for metallurgical evaluation.

About East Africa Metals
The company’s principal assets and interests include both the 70 percent-owned Harvest polymetallic VMS exploration Project, which covers approximately 116 square kilometers in the Tigray region of Ethiopia, 600 kilometers north‐northwest of the capital city of Addis Ababa, and the Adyabo Project, covering 264 square kilometers immediately west of the Harvest Project. The company owns 80 percent of the Adyabo Project, upon execution of an NSR agreement the company will own 100 percent of the Adyabo Project, subject to a 2 percent NSR. East Africa now has mineral resources defined at both projects in Ethiopia and continues to test priority targets. Additionally, the company owns the 93 square kilometer Handeni Property located in north-eastern Tanzania. Handeni includes the Magambazi Project, a gold deposit discovered in 2009. East Africa has entered into a binding letter agreement with an arm’s length private exploration and development company to advance the project.

To stop by East Africa Metals’ website, CLICK HERE

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