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East Africa prepares C$2.7M exploration program for Ethiopian projects

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VANCOUVER, BC, Feb. 1, 2021 /CNW/ - East Africa Metals Inc. (TSX Venture: EAM Frankfurt: EA1) ( East Africa , EAM or the Company ) would like to provide an update on the ongoing exploration/development of its gold and gold/copper/zinc projects in the Federal Democratic Republic of Ethiopia ( Ethiopia ).
Figure 1 (CNW Group/East Africa Metals Inc.)
Figure 2 (CNW Group/East Africa Metals Inc.)
EAM has completed planning and received government approval for C$2.7M, Phase 1 exploration program that will include 8,000m of diamond drilling, 115 line kilometers of geophysical surveys, environmental, metallurgical studies and resource calculations/updates. The exploration program is set to commence as soon as travel restrictions for the Tigray region are lifted. ....

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East Africa Announces Commissioning of Tailings Re-processing Operation at Magambazi

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VANCOUVER, BC, Jan. 27, 2021 /CNW/ - East Africa Metals Inc. (TSX-V: EAM) (FSE: EA1) ( East Africa or the Company ) is pleased to announce that further to its press release dated October 22, 2020, it has received the following update from its Tanzanian partner, PMM Mining Company Limited ( PMM ).
PMM Mining has informed EAM it has engaged development of a plan to re-process existing tailings from artisanal mining activities that took place between 2007 and 2016 at the Magambazi site, during which time large, active artisanal mining operations extracted gold from high-grade quartz veins within the Magambazi main zone. To date, PMM has completed the construction of the tailings re-processing plant and initiated start-up of the re-processing operation. The tailing re-processing operation is expected to be in full production prior to the end of the first quarter of 2021. ....

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Pacific Coast Oil Trust Announces There Will Be No January Cash Distribution

Press release content from Business Wire. The AP news staff was not involved in its creation.
Pacific Coast Oil Trust Announces There Will Be No January Cash Distribution
January 15, 2021 GMT
HOUSTON (BUSINESS WIRE) Jan 15, 2021
PACIFIC COAST OIL TRUST (OTC Pink: ROYTL) (the “Trust”), a royalty trust formed by Pacific Coast Energy Company LP (“PCEC”), announced today that there will be no cash distribution to the holders of its units of beneficial interest of record on January 25, 2021 based on the Trust’s calculation of net profits generated during November 2020 (the “Current Month”) as provided in the conveyance of net profits interests and overriding royalty interest (the “Conveyance”). If the Trust continues to experience negative monthly net profits, the Trust is expected to terminate by its terms by the end of 2021. As described further below, based on information from PCEC, the likelihood of distributions to the unitholders in the foreseea ....

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East Africa provides update on Ethiopian Development

East Africa provides update on Ethiopian Development
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VANCOUVER, BC, Jan. 13, 2021 /CNW/ - East Africa Metals Inc. (TSXV: EAM) (FSE: EA1) ( East Africa or the Company ) is pleased to provide an update on the status of development programs on the Company s Ethiopia projects.
EAM currently has three approved Mining Agreements with Ethiopia s Ministry of Mines and Petroleum (the Ministry ). The Terakimti Oxide deposit Mining License has been issued (news release dated December 7, 2017) and the Mining Agreements for the Mato Bula and Da Tambuk deposits have been approved and licenses issued (See Press Release dated May 21, 2019). For the additional prospective targets of interest that are located on ground outside of the existing mining licenses, the Company has received Extension/Inclusion Agreements from the Ministry to allow additional time to qualify targets, as they may complement existing License resou ....

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East Africa receives formal consent from the government of Tanzanian, concludes Magambazi Mine gold stream transaction

East Africa receives formal consent from the government of Tanzanian, concludes Magambazi Mine gold stream transaction
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East Africa Metals Inc. (TSXV: EAM -
East Africa , EAM or the
Company ) is pleased to announce that, further to it s press release dated October 22, 2020, it has received formal consent from the government of Tanzania, approving the Magambazi gold stream transaction with Tanzanian partner PMM Mining Company Limited ( PMM ). The wire transfer of USD2.0M property payment has been made.
The Magambazi Transaction:
The consideration for the transaction includes:
PMM has paid to EAM the sum of US$2,000,000, being consideration for the acquisition of 100% ownership stake in Canaco Tanzania Ltd. ( CTL ), EAM s Tanzanian subsidiary company, which owns the Magambazi and Handeni Mining Licenses (the Mining Assets or Magambazi Mine ) and all other properties owned by East Africa in Tanzania (the ....

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