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Zebra Copper Plc Acquires Mineral Projects in Angola
LONDON, July 2 /PRNewswire/ -- As a result of extensive negotiations and with the enthusiastic support
from the Hon. Manuel Africano, Minister of Geology and Mines of Angola (in
line with the new Angolan initiative to attract fresh foreign investment into
the mining sector), Zebra Copper Plc ("Zebra") announces that on June 22,
2007 it entered into a definitive agreement with Bongani International Group
Limited and Simba Mines Inc for the acquisition of 80% of Cachoeiras de Binga
and 70% of each of Benguela and Zenza mineral licence areas for shares and
cash. The remaining 20% and 30% interest respectively in these licence areas
are held by local Angolans on a carried basis.
A considerable amount of exploration work has been carried out on the
Cachoeiras property, resulting in confirmation of the strike extent of
mineralized formation. The Cachoeiras block lies near the coast and extends
approximately 35 kilometres east-west and 127 kilometres north-south. Zenza
lies to the north of Cachoeiras and Benguela to the south. The commencement
of construction of production facilities at Cachoeiras is targeted for 2009.
Zebra is in the process of increasing its portfolio by acquiring
additional mineral projects in Angola. Its focus on Angola arises from the
support it has received from the Minister of Geology and Mines of Angola, the
Hon. Manuel Africano, in line with the new Angolan initiative to make the
mining sector attractive for foreign investment.
Zebra has finalized definitive arrangements for an initial funding of
US$20 million to develop its projects. A public listing on AIM raising up to
US$100 million will follow in order to bring these projects to bankable
feasibility stage. Zebra will fast-track the copper projects as a priority:
subsequent funding requirements will follow to commercialization.
Zebra is now putting in place a balanced team with many years of
experience in geology and mining, public company financing and management.
Forward - looking Statements
All statements that are included in this press release other than
statements of historical fact are "forward-looking statements." Although
management believes that the expectations will prove to be correct, factors
which could result in such Forward-looking Statements to be incorrect include
the failure to reach legally-binding contractual agreement, the failure of
contractual arrangements becoming unconditional or breach by contractual
parties of their legal obligations.
