East Africa Metals Announces Positive Results of Three PEA Studies for Gold Projects in Ethiopia

VANCOUVER, B.C., April 30, 2018 (GLOBE NEWSWIRE) — East Africa Metals Inc. (TSX Venture:EAM) (“East Africa” or the “Company”) announces receipt from Tetra Tech Canada Inc. (“Tetra Tech”) of positive results from Preliminary Economic Assessments for its three gold projects in Federal Democratic Republic of Ethiopia (“ Ethiopia”).

Separate Preliminary Economic Assessment studies (“PEAs”) have been received for the Company’s 100% owned Mato Bula Gold Copper Project (“Mato Bula”), 100% owned Da Tambuk Gold Project (“Da Tambuk”) and 70% owned Terakimti Gold Heap Leach Project (“Terakimti”) in the Tigray Regional National State of Northern Ethiopia. Each of the projects demonstrates robust economics utilizing industry standard mining and processing technology. “These PEA studies indicate very positive results that demonstrate the significant commercial development potential of East Africa’s Ethiopian projects, and provides sound basis for ongoing development engineering, with the ultimate objective of establishing commercial production” stated Andrew Lee Smith, CEO of East Africa. “Collectively, under the development scenario described in the PEAs, these three projects present the opportunity to develop mining operations and revenue over the next eighteen to 24 months and position EAM to continue the expansion of the scope of development and the current resource”.

The key technical and base case pre-tax and post-tax metrics for each project are presented below:read more