African Copper Plc ("African Copper" or the "Company") (TSX: ACU)(AIM: ACU)(BSE:AFRICAN COPPER) announces that the Government of Botswana has granted a Mining Licence for its 100% owned Dukwe Project. The granting of this 25-year Mining Licence follows the approval of the Environmental Impact Assessment ("EIA") and the Environmental Management Plan ("EMP"), the granting of Water Abstraction Rights and the issuance of a conditional Archaeological Discharge for the site. The issuance of the Mining Licence allows the Company to accelerate the construction of the mine at the Dukwe Project. As a condition of the Mining Licence, the Dukwe Project will be subject to a 3% royalty payable to the Government of Botswana.
Joseph Hamilton, Chief Operating Officer, stated that "We are very pleased with the way the Dukwe Project is progressing and the co-operation and support we have received from the various government departments in Botswana. The granting of this Mining Licence provides further tangible proof of this support. African Copper is pleased to be operating in a country that prides itself on professional ethics, stable and responsible fiscal policies, and realistic social development policies. The Government of Botswana continues to provide one of the best infrastructure networks available in Africa. The Dukwe Project is now firmly on-track for first concentrate production early in 2008. We look forward to developing this important resource in conjunction with the people of Botswana."
African Copper is a tri-listed (AIM, TSX, Botswana Stock Exchange) international exploration and development company. African Copper is planning to develop its first copper mine at the Dukwe Project and commence production in 2008. The flotation concentrator at Dukwe has been designed for a 3,000 tonne per day throughput producing approximately 44 million pounds of copper in concentrate annually at full production. Initial production is expected to be from open pit, followed by underground mining of sulphides. The Company believes that it has, or will have access to, sufficient financial resources to develop Dukwe.
The Company's other interests are the 4,000 sq km Matsitama exploration concession adjacent to Dukwe. Drilling at the Thakadu Copper-Silver Project has returned up to 4.5% copper and 70 g/t silver over mineable widths. Drilling is on-going and a resource estimate is planned to be completed early in 2007. The Matsitama area contains a further 9 high priority drill-ready targets and 35 lower priority targets. African Copper has approximately 130 million shares outstanding.
Additional information with respect to the Dukwe Project and the Matsitama exploration concession is contained in a technical report dated March 30, 2006 prepared by A.C.A. Howe International Limited and entitled "Technical Report on the Dukwe Copper Project and Matsitama Prospecting Licences, Botswana, Africa". A copy of this report can be obtained from SEDAR on www.sedar.com
This document contains or refers to forward-looking information, including statements regarding potential mineralization and resources, exploration and mine development activities and plans, timing of governmental approvals and timing of commencement of operations, 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, failure to establish estimated resources and reserves, the grade and recovery of ore which is mined varying from estimates, capital and operating costs varying significantly from estimates, delays in obtaining or failures to obtain required governmental, or other project approvals ,political risks arising from operating in Africa, uncertainties relating to the availability and costs of financing needed in the future, changes in equity markets, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of projects 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.
Further information about our properties, to download a copy of our Annual Report or any technical report or to access our Press Release Archive please visit www.sedar.com or our website at www.africancopper.com.
African Copper Plc
David Jones / Joseph Hamilton
+44 (0) 20 7321 3721
Numis Securities Limited (NOMAD)
John Harrison / James Black
+44 (0) 20 7776 1590
Justine Howarth / Ana Ribeiro
+44 (0) 20 7494 9023