East Africa Metals has received the final payment of US$600,000 from Tibet Huayu Mining as part of the closing of the transaction as it purchased a 70% interest in the company’s Adyabo Project.
Andrew Lee Smith, East Africa Metals’ CEO, is reportedly travelling to Addis Ababa, Ethiopia to meet with Tibet Huayu Mining (THM) to complete the formal registration of the transfer of 70% of East Africa Minerals’ equity interest in its Ethiopian subsidiary which holds the Adyabo project.
Smith states said the receipt of payment allows the involved parties to begin the development of the project.
“Receipt of the final payment and the upcoming formal registration of the transfer allows the parties to begin the development of the project, a historic stage in the company’s development,” he said.
East Africa’s assets include four, fully permitted, development-ready gold and base metal projects in Africa.
Over the past seven years, East Africa has been able to advance the company’s exploration assets through the discovery phase, resource definition and permitting through to development phase at a pace that is seldom seen in emerging resource sectors.
The performance of the exploration programs designed and implemented by East Africa is notable, not only due to short time-frame it has taken to achieve the milestone of this past week but also by the extremely low discovery costs.