These four exploration licences (PL14/2004, 15/2004, 16/2004 and 17/2004), totalling 3,528 sq km (see Figure 1) represent approximately 88% of the original licence area granted in 2004 and allow African Copper to continue carrying out its aggressive exploration programs in the prospective Matsitama volcano-sedimentary fold belt. Including exploration licences surrounding the Mowana Mine, African Copper now maintains a land position of over 3,800 sq km in Botswana.
"We are very enthusiastic about the prospects for this licence area and are pleased that the BGS has allowed us to retain such a large percentage of the original land position," commented Joseph Hamilton, CEO. "This allows the Company to retain the best exploration targets in a contiguous package. Systematic exploration programs continue throughout the belt. We are very encouraged by the results of our exploration and remain confident that our efforts will result in further mineralisation that may support our operations at 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. The Company's other interests are the 3,500sq km Matsitama exploration concession adjacent to the Mowana Mine property, which contains two known copper deposits and numerous base metal exploration targets. African Copper has approximately 139.6 million shares outstanding.
This press release contains or refers to forward-looking information, including statements relating to exploration results, potential mineralisation, exploration and mine development plans, future production, timing of the commencement of operations and estimates of market conditions, 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 convert estimated mineral resources to reserves, the grade and recovery of ore which is mined varying from estimates, capital and operating costs varying significantly from estimates, the preliminary nature of metallurgical test results, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, political risks arising from operating in Africa, uncertainties relating to the availability and costs of financing needed in the future, the possibility that future exploration results will not be consistent with the Company's expectations, 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.
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