African Copper Plc

African Copper Plc

January 25, 2008 02:00 ET

African Copper Finalizes Offtake Agreement for Mowana Concentrates Completes Pounds Sterling 5.1 Million Non-Brokered Private Placement

- Offtake agreement signed with MRI Trading AG, including a Pounds Sterling 5.1 million private placement - 5 year offtake covering 100% of Mowana Mine production - Non-brokered private placement completed at a subscription price of Pounds Sterling 0.70 per ordinary share

LONDON, UNITED KINGDOM--(Marketwire - Jan. 25, 2008) - African Copper PLC ("African Copper" or the "Company") (TSX:ACU)(AIM:ACU)(BOTSWANA:AFRICAN COPPER) is pleased to announce that the Company has finalized an off-take agreement with MRI Trading AG ("MRI") of Zug, Switzerland. The offtake agreement has a duration of 5 years, is renewable, and covers 100% of all copper products shipped from the Mowana Mine in northeastern Botswana. In conjunction with the off-take agreement, MRI has subscribed for 7,284,000 ordinary shares of African Copper at a subscription price of Pounds Sterling 0.70 per ordinary share. The private placement is expected to close by February 4, 2008.

"We welcome the participation of a global metals trading partner the MRI Group to the Mowana Project." stated Joseph Hamilton, CEO of African Copper. "The finalization of this off-take agreement with a strong partner sets the foundation for the Mowana Mine revenue stream over the next five years. This Agreement signals the beginning of an exciting and dynamic transition for African Copper from a junior exploration company to a copper producer. We look forward to the continued involvement of the MRI Group as we strategically grow the Company in Southern Africa beyond the Mowana Mine."

African Copper PLC

African Copper is a tri-listed (AIM, TSX, Botswana Stock Exchange) international exploration and development company. The Company is currently developing the Mowana Mine at the Dukwe Project in Botswana, southern Africa, and anticipates copper production in the first half of 2008 at an annualized rate of about 40 million pounds of copper in concentrate per year. The Company's other interests are the 3,000sq km Matsitama exploration concession adjacent to the Mowana Mine property, which contains two known copper deposits and numerous base metal exploration targets. Prior to the MRI private placement African Copper has approximately 139.6 million ordinary shares outstanding.

MRI Trading AG

MRI Trading AG is a top-tier trader of concentrates and other non-ferrous raw materials. It is part of the MRI Group of companies, a leading investment and trading group in the commodities arena. The Group has a global presence through its offices in Beijing and Shanghai, Santiago de Chile, Lubumbashi, Johannesburg, New Delhi and Brisbane.

This press release contains or refers to forward-looking information, including statements regarding the construction and commissioning of the mine, the timing of the commencement of operations, estimates and/or assumptions of production and revenues, and the ability to grow the Company which are 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, fluctuations in the price of copper, delays in the development of project, uncertainties relating to the availability and costs of financing needed in the future, uncertainties relating to the estimates of capital and operating costs, the grade and recovery of ore which is mined varying from estimates, continuity and grade of potential mineral deposits, political risks arising from operating in Africa, changes in equity markets, inflation, changes in exchange rates, and the other risks involved in the mineral exploration and development industry. 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 the Company assumes no responsibility to update them or revise them to reflect new events or circumstances other than as required by law.

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