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To: LoneClone who wrote (32203)	2/4/2009 7:40:34 PM
From: LoneClone	Read Replies (1) \| Respond to of 195744

Africo Reaches Agreement with Gécamines and the DRC Government in respect of Kalukundi Wed Feb 4, 9:18 AM ca.news.finance.yahoo.com VANCOUVER, Feb. 4 /CNW/ - Africo Resources Ltd ("Africo") today announced that, following the conclusion of the Mining Review, it has reached agreement with La Générale des Carrières et des Mines ("Gécamines") and the Government of the Democratic Republic of Congo on the amended terms governing the Kalukundi property. The Kalukundi property is located in the Katanga Province in the southeast of the DRC. The mineral rights to Kalukundi are held by Swanmines Sprl. ("Swanmines") in which Africo holds a 75% interest and Gécamines, the remaining 25%. Africo has concluded and signed the amendment agreement to the "Contrat De Creation de Societe Swanmines" (the agreement for the creation of Swanmines). Pursuant to the amendment agreement, Africo is required to pay Gécamines US$1.6 million per year for a four year period; however the Company's 75% interest in the project and the 2.5% royalty payable to Gécamines on Gross Sales will remain unchanged. Tony Harwood, President and Chief Executive Officer of Africo, commented, "With the favourable conclusion of the Mining Review we can pursue corporate financing and development that will benefit all stakeholders. We anticipate the mining ministry's support as we maintain Kalukundi and its community programs, pending improved market conditions". The key details of the amendment agreement are as follows: Term Original agreement Amended agreement ---- ------------------ ----------------- Cash payments Nil A "pas de porte" (entry premium) payment of U$6.4 million is payable to Gécamines in 4 annual installments of U$1.6 million). An additional payment will be required on the basis of U$35 per ton Copper on reserves exceeding 180,000 tons. Share Capital U$200,000 To be fixed after taking into account the actual contribution of the parties to bankable feasibility study, and to increase to $2,000,000 payable in cash in the interim. Note for editors: ----------------- Africo Resources Ltd. is a Canadian mineral company engaged in developing, acquiring and exploring for base metal and gold assets in Africa. The company's main project is Kalukundi, a development stage copper-cobalt deposit located in the Katangan Copperbelt in the Democratic Republic of Congo (DRC). The development team has an operational base in the DRC, with the company corporate offices located in Vancouver, Canada. The company listed on the Toronto Stock Exchange in December 2006. Forward-looking statements: This news release contains certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical fact, that address events or developments that Africo expects to occur, are forward looking statements. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Although Africo believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in forward looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration success, continued availability of capital and financing and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. Forward looking statements are based on the beliefs, estimates and opinions of Africo's management on the date the statements are made. Other than as required by law, Africo undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change. The Toronto Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. Contacts Dr. Tony Harwood President and Chief Executive Officer on Tel: +27(11) 463-0081 Michael O'Brien Chief Financial Officer on Tel: (604) 646-3225 Diana Snyder Investor Relations on Tel: (305) 669-6873 In South Africa: Charmane Russell on Tel +27(11) 880-3924