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East Africa Metals receives mining licenses for Ethiopian gold deposits

East Africa Metals Inc. received approval for the mining licenses over the Mato Bula gold-copper and Da Tambuk gold deposits, part of the Adyabo project in Ethiopia.

The company said May 21 that it now holds four fully permitted gold and base metal mining projects in Africa with total indicated and inferred resources of 2.8 million ounces of gold and gold equivalent with exploration upside.

The Ministry of Mines Petroleum and Natural Gas, the Prime Minister's Office and the Council of Ministers formally approved the mining license agreements for Mato Bula and Da Tambuk.

The company intends to close its previously announced project financing and starting developing the Ethiopian projects.

In February, East Africa Metals executed a binding letter of intent for the exploration, development and operation of its Terakimti gold license and the Mato Bula and Da Tambuk gold deposits with Chinese mining company Tibet Huayu Mining Co. Ltd.