Africo Resources Ltd.

Africo Resources Ltd.

December 14, 2006 20:04 ET

Africo Resources Ltd. Announces Closing of Plan of Arrangement

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Dec. 14, 2006) - Africo Resources Ltd. (TSX:ARL), formerly CopperCo Resource Corp., announces that the Plan of Arrangement with Rubicon Minerals Corporation, among others, was completed effective December 8, 2006. By virtue of the arrangement, Africo has become a reporting issuer in Alberta, British Columbia, Ontario and Quebec. Trading of Africo's common shares is expected to commence on the TSX on or about December 15, 2006, under the symbol ARL.

As a result of the Arrangement, Africo has also received from escrow net proceeds of $18,716,033 pursuant to its previously announced private placement of 5,000,000 units at a price of $4.00 per unit. Each unit consisted of one common share of Africo and one-half of one warrant, each whole warrant which will entitle the holder to acquire an additional common share at a price of $5.00 until May 23, 2008.

Africo's material property is the Kalukundi Property, a copper/cobalt property located within the Kolwezi District of Katanga Province in the south-east of the Democratic Republic of the Congo. A technical report on the Kalukundi Property dated June 2006 (the "Kalukundi Report") written by John Hearne, BEng., MBA, MAusIMM, and Dr. Julian Verbeek, BSc (Honours), PhD (Geol.), MAusIMM, both principal consultants with RSG Global, who was retained by Africo to prepare a technical report compliant with NI 43-101, has been filed with regulators concurrent with the filing of this news release and is available for viewing through the Internet at the SEDAR website at under Africo's Issuer Profile.

For further information with respect to the Arrangement, please refer to the news release of Rubicon Minerals Corporation dated December 8, 2006, which is available for viewing through the Internet at the SEDAR website at under the Rubicon Minerals Corporation Issuer Profile.


Chris Theodoropoulos, Chairman of the Board

Contact Information