|By Marketwired .||
|January 24, 2014 06:00 AM EST||
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 01/24/14 -- East Africa Metals Inc. (TSX VENTURE:EAM) ("EAM" or the "Company") announces that it has initiated a normal course issuer bid ("NCIB") through the facilities of the TSX Venture Exchange ("TSXV"). Under the NCIB, during the one year period commencing January 27, 2014 and ending January 27, 2015, EAM can purchase for cancellation up to 4,000,000 common shares (the "Shares"), representing approximately 8% of EAM's public float of common shares, as of January 22, 2014. Mackie Research Capital Corp. will conduct the bid on behalf of the Company. Purchases will be made on the open market through the facilities of the TSXV at the prevailing market price.
EAM believes that from time to time, the market price of its common shares may not reflect their underlying value and that the purchase of its common shares may represent an appropriate and desirable use of corporate funds. EAM intends to fund the purchases out of available cash.
The Company was formed in April 2013 as a result of a spinout by Canaco Resources Inc. (now Orca Gold Inc.) with properties in Tanzania, including the Magambazi project. On May 15, 2012, Canaco disclosed an initial mineral resource estimate for the Magambazi area of its Handeni project in Tanzania (the "Magambazi Project"). Using a cut-off grade of 0.5 grams per tonne gold, a gold price of US$1,250 per ounce and data from 102,600 metres of diamond drilling in 397 holes (per May 15, 2012 news release), Magambazi is estimated to contain an indicated mineral resource of 15.2 million tonnes grading 1.48 grams per tonne gold and containing 721,300 ounces of gold, as well as an inferred mineral resource of 6.7 million tonnes grading 1.36 grams per tonne gold and containing 292,400 ounces of gold. As at January 20, 2014, the Company has cash and investments of approximately $19 million and is well funded to take advantage of acquisition opportunities which are being brought to its attention in the current business environment.
Discussions with potential development partners
The Company continues to advance discussions with interested parties with the objective of identifying a development partner to joint venture or purchase the Magambazi Project. To date, a number of parties have been identified and due diligence has been completed, including site visits, and ongoing discussions continue regarding the terms of a potential development partnership.
Re-evaluating the Magambazi mineral resource and approaches to conceptual mining operations
The Company believes that there is an opportunity to improve the grade of the Magambazi mineral resource and continues to consider alternative approaches to conceptual mining operations that would reflect current commodity prices, enhance the potential project economics and create value for our shareholders through the development of what the Company feels is a valuable asset.
In the event that partnership discussions do not lead to a sale or joint venture of the Magambazi Project, the Company expects to initiate a review of the mineral resource estimate and conceptual mine plans in an effort to find opportunities to enhance the potential project economics. This review is expected to include a re-evaluation of the mineral resource based on selective mining of the high-grade core of the Magambazi Project. The process would refine the current block model utilizing existing data which the Company expects will more precisely delineate continuous, high-grade mineralized zones within the mineral resource area and produce a mineral resource estimate for selective mine planning, which the Company hopes will give it an edge for partnership discussions to develop the Magambazi Project.
Expansion of the existing Mining License
Preparations for the development of the Magambazi Project continue with the development of an application to expand the current Mining License to accommodate a revised mining approach.
Vancouver-based engineering consultants have prepared supporting documentation for the application outlining a reconfigured footprint for a revised conceptual operation based on selective mining. This application is expected to be submitted to the Tanzanian Ministry of Energy and Minerals (I believe this is the correct entity) in support of expanding the existing Mining License in due course.
The Company continues to evaluate corporate opportunities in East Africa. The Company is focused on identifying assets that are expected to allow the development of tangible value over the short- to medium-term.
Criteria that are priorities in this process include: the presence of an existing mineral resource; the presence of significant advanced exploration targets capable of generating discoveries that will add to the existing mineral resource and the location of assets in jurisdictions in which the Company's experience in operating in East Africa can be effectively applied.
Technical information included in this release was approved by Jeff Heidema, P.Geo., the Company's Vice President Exploration. Mr. Heidema is a Qualified Person as defined by National Instrument 43-101.
About East Africa Metals
The Company's principal asset is the Handeni Property located in north-eastern Tanzania and covers an area of approximately 97 square kilometres. The Handeni Property includes the Magambazi Project, a gold deposit discovered in 2009.
More information on the Company can be viewed at the Company's website: www.eastafricametals.com.
On behalf of the Board of Directors:
Andrew Lee Smith, P.Geo., CEO
Cautionary Statement Regarding Forward-Looking Information
This news release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "anticipate", "believe", "plan", "expect", "intend", "estimate", "forecast", "project", "budget", "schedule", "may", "will", "could", "might", "should" or variations of such words or similar words or expressions. Forward-looking information is based on reasonable assumptions that have been made by EAM as at the date of such information and is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of EAM to be materially different from those expressed or implied by such forward-looking information, including but not limited to: the ability of EAM to complete any purchases of common shares under the NCIB; the ability of EAM to find a development partner for the Magambazi Project or identify any other corporate opportunities for the Company; the ability of EAM to improve the grade of the mineral resource for the Magambazi Project; the ability of EAM to expend the existing mining license; mineral exploration and development; metal and mineral prices; availability of capital; accuracy of EAM's projections and estimates; interest and exchange rates; competition; stock price fluctuations; availability of drilling equipment and access; actual results of current exploration activities; government regulation; political or economic developments; environmental risks; insurance risks; capital expenditures; operating or technical difficulties in connection with development activities; personnel relations; the speculative nature of strategic metal exploration and development including the risks of diminishing quantities of grades of reserves; contests over title to properties; and changes in project parameters as plans continue to be refined, as well as those risk factors set out in EAM's listing application dated July 8, 2013.
Forward-looking statements are based on assumptions management believes to be reasonable, including but not limited to the price of gold; the demand for gold; the ability to carry on exploration and development activities; the timely receipt of any required approvals; the ability to obtain qualified personnel, equipment and services in a timely and cost-efficient manner; the ability to operate in a safe, efficient and effective manner; and the regulatory framework regarding environmental matters, and such other assumptions and factors as set out herein. Although EAM has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information contained herein, except in accordance with applicable securities laws.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SYS-CON Events announced today that Niagara Networks will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Niagara Networks offers the highest port-density systems, and the most complete Next-Generation Network Visibility systems including Network Packet Brokers, Bypass Switches, and Network TAPs.
Oct. 22, 2016 09:30 AM EDT Reads: 1,238
SYS-CON Events announced today that Embotics, the cloud automation company, will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Embotics is the cloud automation company for IT organizations and service providers that need to improve provisioning or enable self-service capabilities. With a relentless focus on delivering a premier user experience and unmatched customer support, Embotics is the fas...
Oct. 22, 2016 09:15 AM EDT Reads: 684
In an era of historic innovation fueled by unprecedented access to data and technology, the low cost and risk of entering new markets has leveled the playing field for business. Today, any ambitious innovator can easily introduce a new application or product that can reinvent business models and transform the client experience. In their Day 2 Keynote at 19th Cloud Expo, Mercer Rowe, IBM Vice President of Strategic Alliances, and Raejeanne Skillern, Intel Vice President of Data Center Group and ...
Oct. 22, 2016 09:15 AM EDT Reads: 1,407
SYS-CON Events announced today that StarNet Communications will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. StarNet Communications’ FastX is the industry first cloud-based remote X Windows emulator. Using standard Web browsers (FireFox, Chrome, Safari, etc.) users from around the world gain highly secure access to applications and data hosted on Linux-based servers in a central data center. ...
Oct. 22, 2016 08:45 AM EDT Reads: 2,037
Virgil consists of an open-source encryption library, which implements Cryptographic Message Syntax (CMS) and Elliptic Curve Integrated Encryption Scheme (ECIES) (including RSA schema), a Key Management API, and a cloud-based Key Management Service (Virgil Keys). The Virgil Keys Service consists of a public key service and a private key escrow service.
Oct. 22, 2016 08:30 AM EDT Reads: 923
SYS-CON Events announced today that Cemware will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Use MATLAB functions by just visiting website mathfreeon.com. MATLAB compatible, freely usable, online platform services. As of October 2016, 80,000 users from 180 countries are enjoying our platform service.
Oct. 22, 2016 08:30 AM EDT Reads: 712
Data is the fuel that drives the machine learning algorithmic engines and ultimately provides the business value. In his session at Cloud Expo, Ed Featherston, a director and senior enterprise architect at Collaborative Consulting, will discuss the key considerations around quality, volume, timeliness, and pedigree that must be dealt with in order to properly fuel that engine.
Oct. 22, 2016 08:15 AM EDT Reads: 3,750
All clouds are not equal. To succeed in a DevOps context, organizations should plan to develop/deploy apps across a choice of on-premise and public clouds simultaneously depending on the business needs. This is where the concept of the Lean Cloud comes in - resting on the idea that you often need to relocate your app modules over their life cycles for both innovation and operational efficiency in the cloud. In his session at @DevOpsSummit at19th Cloud Expo, Valentin (Val) Bercovici, CTO of So...
Oct. 22, 2016 08:15 AM EDT Reads: 2,087
More and more brands have jumped on the IoT bandwagon. We have an excess of wearables – activity trackers, smartwatches, smart glasses and sneakers, and more that track seemingly endless datapoints. However, most consumers have no idea what “IoT” means. Creating more wearables that track data shouldn't be the aim of brands; delivering meaningful, tangible relevance to their users should be. We're in a period in which the IoT pendulum is still swinging. Initially, it swung toward "smart for smar...
Oct. 22, 2016 08:15 AM EDT Reads: 420
SYS-CON Events announced today that eCube Systems, the leading provider of modern development tools and best practices for Continuous Integration on OpenVMS, will exhibit at SYS-CON's @DevOpsSummit at Cloud Expo New York, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. eCube Systems offers a family of middleware products and development tools that maximize return on technology investment by leveraging existing technical equity to meet evolving business needs. ...
Oct. 22, 2016 08:00 AM EDT Reads: 4,427
Fifty billion connected devices and still no winning protocols standards. HTTP, WebSockets, MQTT, and CoAP seem to be leading in the IoT protocol race at the moment but many more protocols are getting introduced on a regular basis. Each protocol has its pros and cons depending on the nature of the communications. Does there really need to be only one protocol to rule them all? Of course not. In his session at @ThingsExpo, Chris Matthieu, co-founder and CTO of Octoblu, walk you through how Oct...
Oct. 22, 2016 07:45 AM EDT Reads: 3,093
Fact is, enterprises have significant legacy voice infrastructure that’s costly to replace with pure IP solutions. How can we bring this analog infrastructure into our shiny new cloud applications? There are proven methods to bind both legacy voice applications and traditional PSTN audio into cloud-based applications and services at a carrier scale. Some of the most successful implementations leverage WebRTC, WebSockets, SIP and other open source technologies. In his session at @ThingsExpo, Da...
Oct. 22, 2016 07:00 AM EDT Reads: 2,251
So you think you are a DevOps warrior, huh? Put your money (not really, it’s free) where your metrics are and prove it by taking The Ultimate DevOps Geek Quiz Challenge, sponsored by DevOps Summit. Battle through the set of tough questions created by industry thought leaders to earn your bragging rights and win some cool prizes.
Oct. 22, 2016 07:00 AM EDT Reads: 3,551
In past @ThingsExpo presentations, Joseph di Paolantonio has explored how various Internet of Things (IoT) and data management and analytics (DMA) solution spaces will come together as sensor analytics ecosystems. This year, in his session at @ThingsExpo, Joseph di Paolantonio from DataArchon, will be adding the numerous Transportation areas, from autonomous vehicles to “Uber for containers.” While IoT data in any one area of Transportation will have a huge impact in that area, combining sensor...
Oct. 22, 2016 06:45 AM EDT Reads: 380
The Internet of Things (IoT), in all its myriad manifestations, has great potential. Much of that potential comes from the evolving data management and analytic (DMA) technologies and processes that allow us to gain insight from all of the IoT data that can be generated and gathered. This potential may never be met as those data sets are tied to specific industry verticals and single markets, with no clear way to use IoT data and sensor analytics to fulfill the hype being given the IoT today.
Oct. 22, 2016 06:30 AM EDT Reads: 2,226