African Copper Plc
TSX : ACU
AIM : ACU

African Copper Plc

March 22, 2006 02:00 ET

African Copper Appoints Standard Bank to Provide Project Finance for the Dukwe Project

LONDON, UNITED KINGDOM--(CCNMatthews - March 22, 2006) - African Copper Plc (TSX:ACU)(AIM:ACU)(BSE:African Copper) -

African Copper Plc ("African Copper" or the "Company") has received a number of term sheets expressing strong interest from various banking groups to provide project debt financing for the company's Dukwe project in Botswana. On review of the indicative term sheets presented to the Company, African Copper is pleased to announce the decision to exclusively appoint Standard Bank of South Africa Ltd ("Standard Bank") as the lead arranger of Project Financing for the Company's Dukwe project in Botswana. Under the terms of the exclusive mandate, Standard Bank has agreed to arrange a limited recourse project loan facility of up to US$50 million.

African Copper is a tri-listed (AIM, TSX, Botswana Stock Exchange) international exploration company. African Copper is completing detailed engineering for the Dukwe project and expects to be in a position to commence construction in fiscal 2006. The Company's other interests are the 4,000 sq km Matsitama exploration concession adjacent to Dukwe, which contains the Thakadu-Makala deposits in addition to a further 9 high priority drill-ready targets and 35 lower priority targets. African Copper has approximately 52 million shares outstanding.

This document may contain or refer to forward looking information, including timing of development of the Dukwe project and timing and possible outcome of project financing arrangements for the Dukwe project, and is based on current expectations that involve a number of business risks and uncertainties. Factors that could cause actual results to differ materially from any forward looking statement include, but are not limited to, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, inflation, changes in exchange rates, fluctuations in commodity prices, changes in equity markets, capital and operating costs varying significantly from estimates, delays in the development of projects and other factors. Forward-looking statements are subject to significant risks and uncertainties, and other factors that could cause actual results to differ materially from expected results. Readers should not place undue reliance on forward-looking statements. These forward-looking statements are made as of the date hereof and, except as may be required by applicable securities laws, we assume no responsibility to update them or revise them to reflect new events or circumstances.

Further information about our properties, to download a copy of our Annual Report, any technical report or to access our Press Release Archive please visit www.sedar.com or our website at www.africancopper.com.

Contact Information

  • African Copper Plc
    David Jones / Joseph Hamilton
    +44 (0)20 7321 3721
    www.africancopper.com
    or
    Numis Securities Limited (NOMAD)
    John Harrison / Nick Westlake
    +44 (0)20 7776 1590
    or
    Parkgreen Communications
    Justine Howarth / Ana Ribeiro
    +44 (0)20 7493 3713