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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”.
Chris Theodoropoulos
Chairman
on Tel: +1(604) 646-3225
Michael O’Brien
Chief Financial Officer
on Tel: +1(604) 646-3225
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.