African Metals Corporation
TSX VENTURE : AFR
FRANKFURT : OWW

African Metals Corporation

November 30, 2011 14:01 ET

Excellent Progress Being Made on Construction of the DMS Plant, Spirals Bank and Ancillary Plant Equipment at the Luisha South Project, Katanga Provence, Democratic Republic of Congo

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 30, 2011) - African Metals Corporation (TSX VENTURE:AFR) (FRANKFURT:OWW) ("AFR") is pleased to report the excellent progress being made on the construction of the Dense Media Separation (DMS) plant, spirals bank and ancillary equipment (the DMS Plant) at the Luisha South Project.

Construction

M&J Investments Sprl ("M&J") have progressed construction of the DMS Plant at the Luisha South Project (Photos 1, 2, 3, 4) and after completing preliminary clearing of new site access tracks, have completed the laying and compaction of a 60cm thick earth/gravel foundation base for the plant and have commenced installation of concrete foundation footings and piers. Site drainage works are ongoing.

Delays

Seasonal rain storms have caused delays in the clearing, excavation and compacting programs. It is expected however that progress will proceed again at scheduled rates once concrete foundations have cured sufficiently to facilitate movement and assembly of plant modules, currently targeted during week 1 of December. Minor delays are expected during the national elections.

Nigel Ferguson, CEO and President of African Metals Corp, commented:

"The Company is very pleased to report excellent progress on construction of the DMS plant after some minor administrative setbacks. These minor delays, due to the onset of wet season weather, is unfortunate but progress to date despite this is a good reflection of the drive the in-country teams have for bringing the plant into operation as close to schedule as possible".

ON BEHALF OF THE BOARD OF DIRECTORS OF AFRICAN METALS CORPORATION

Nigel Ferguson, President & CEO

This News Release contains forward-looking statements. Forward-looking statements are statements which relate to future events. These statements are only predictions and involve known and unknown risks, uncertainties and other factors that may cause our or our industry's actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. While these forward-looking statements, and any assumptions upon which they are based, are made in good faith and reflect our current judgment regarding the direction of our industry, actual results will almost always vary, sometimes materially, from any estimates, predictions, projections, assumptions or other future performance suggested herein. Except as required by applicable law, the Company does not intend to update any of the forward-looking statements to conform these statements to actual results.

About African Metals Corporation.

African Metals Corporation (TSX VENTURE:AFR) is a Canadian listed company focused on the discovery and development of Copper and Cobalt deposits in the highly mineralized Katanga Copper Belt of the world renowned Africa Copper Belt in the Democratic Republic of Congo ("DRC").

AFR purchased all the assets of Chevalier Resources Inc. in March 2010 including a 57% interest in the Luisha South Project contained within licence PEPM 4881, Katanga Provence, Democratic Republic of the Congo ("DRC") through subsidiaries incorporated in the DRC. In July AFR negotiated a further 18% interest in the project with the option to increase the equity interest to 90% based on results. The project is located 75 kilometres northwest of Lubumbashi, the capital of Katanga Province and consists of approximately 16.2km².

The Luisha South Project includes a small historical open pit mine and associated stockpile and is underlain by Roan Group sediments which host major Cu-Co deposits in the DRC. The Luisha South ore body was explored between 1923 and 1928 and an oxide deposit with an estimated pre-production tonnage of approximately 350,000 tonnes at 8.6% Cu was delineated (the resource estimate non-compliant in terms of NI 43-101). The results of a 2,002 metre RC percussion drilling program completed by Titan Drilling Sprl in June 2010 enabled the estimation of a NI 43-101 compliant maiden Inferred Resource of 5.8 Million tonnes at 1.3% Cu for 75,400 tonnes of contained copper metal and 0.4% Co for 23,200 tonnes of contained cobalt metal (using 0.5% Cu cut-off). See the technical report of Geosure Exploration & Mining Solutions Pty Ltd, an independent firm contracted by AFR to prepare the technical report, dated November 15, 2010 and filed on www.sedar.com on December 2, 2010. Rubaco Sprl and DrillTek Sprl further combined to complete a total of 1,538.73 metres of diamond core drilling at the project in January 2011. The results of the drilling program enabled a re-estimation of the resource to produce a NI 43-101 compliant Inferred Resource of 14.7 Million tonnes at 1.1% Cu for 161,700 tonnes of contained copper metal and 0.3% Co for 44,100 tonnes of contained cobalt metal (using a 0.5% Cu cut-off). The revised resource represented an increase of 114% and 90% respectively of the previous contained copper and cobalt metal estimates. See the technical report of Geosure Exploration & Mining Solutions Pty Ltd., an independent firm contracted by AFR to prepare the technical report, dated October 10, 2011 and filed on www.sedar.com on October 17, 2011.

The Luisha South Project also covers some three kilometres of the Roan Group strike length which is favorable for Cu-Co mineralization. AFR is targeting commencement of an oxide concentrate production by the end of Q4 2011.

Ronald J. Lawrence, AIG, the Vice President, Exploration of the Company and a qualified person under National Instrument 43-101, has verified the data disclosed in this release

To view the photos associated with this release, please see the following link: http://media3.marketwire.com/docs/1130afr_photos.pdf

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Contact Information

  • African Metals Corporation
    Jag Sandhu
    Corporate Development
    604-306-1950