East Africa Metals (TSXV:EAM) Lists on TSX Venture Exchange - Video News Alert on Investmentpitch.com
(Thomson Reuters ONE) -
Vancouver, British Columbia, July 12, 2013 - East Africa Metals (TSXV:EAM) lists
on the TSX Venture Exchange. The company was a wholly-owned subsidiary of Canaco
Resources and was formed for the purpose of a spinout of the assets of Canaco
which will include all the assets and liabilities of Canaco other than the $60
million in cash and certain liabilities.
InvestmentPitch.com has produced a "video news alert" which provides a brief
overview of East Africa Metals. If this link is not enabled, please visit
www.InvestmentPitch.com and enter "East Africa" in the search box.
The company's principal asset is the Handeni Property located in north-eastern
Tanzania, which covers an area of approximately 97 square kilometres and
consists of two key tenured blocks known as Handeni and Magambazi. Gold was
discovered by locals in the Magambazi area in 2003, spurring a gold rush with
intense alluvial and hard rock mining.
Canaco acquired the Handeni property in 2007 and began drilling at Magambazi in
2009, with the first hole proving to be the discovery hole, returning 53 metres
grading 4.32 grams per tonne gold.
Andrew Lee Smith, Interim CEO stated, "We believe that the company is well
positioned to take advantage of the current market conditions and attractive
valuations to build long-term shareholder value through the optimization and
advancement of existing assets and accretive acquisitions."
The shares are currently trading at $0.25 and with 67.3 million shares
outstanding, the company is capitalized at $16.8 million, which is less than the
$23.8 million the company has in cash.
For more information about the company, please visit the company's website at
www.EastAfricaMetals.com
or contact Nick Watters at 604-488-0822 or by email at
nwatters(at)EastAfricaMetals.com.
About InvestmentPitch
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CONTACT:
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bmorgan(at)investmentpitch.com
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Source: InvestmentPitch via Thomson Reuters ONE
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Unternehmensinformation / Kurzprofil:
Datum: 12.07.2013 - 17:06 Uhr
Sprache: Deutsch
News-ID 277964
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