Africa West Minerals Corp. (the "Africa West") announces that it has entered into a share purchase agreement dated February 21, 2008 with Gold Rim Exploration Inc. ("Gold Rim"), pursuant to which Africa West will purchase all of the outstanding shares of Gold Rim for an aggregate of 4,200,000 common shares of Africa West. Gold Rim is party to an agreement with Thamani Mines Ltd. dated August 20, 2007, pursuant to which Gold Rim will acquire title to various Primary Mining Licenses (together the "Nyakagwe Project") located in Tanzania, East Africa. The Nyakagwe project is located within 6 km of Barrick's 11 million ounce Bulyankhulu Gold Mine. The Nyakagwe project consists of 36 licences in 3 contiguous groups. Artisanal gold mining has been prevalent on the project area for more than a decade. Gold Rim also has gold exploration licences and joint ventures on 6 properties in neighbouring Kenya. The total area of all Gold Rim projects in East Africa totals 2018 square kilometres.
Africa West will also loan to Gold Rim the sum of $250,000 in order for Gold Rim to satisfy its obligations regarding the Nyakagwe Property. The loan is due on August 25, 2008, and is guaranteed by Jeffrey Scott Ackert, a principal shareholder of Gold Rim, who has pledged his shares in Gold Rim to secure his obligation under the guarantee.
Concurrently with the completion of the share purchase, Africa West will appoint Jeffrey Scott Ackert to the board of directors of Africa West. Mr. Ackert, a geologist, has been involved in gold exploration in Africa for over 10 years. Mr. Ackert has worked in Burkina Faso, Mali, Niger and Ghana in West Africa and Tanzania and Kenya in East Africa. Jeff has worked for several majors in the past including 6 years as a mine geologist at Barrick's Golden Patricia Mine in Northern Ontario. Most recently Jeff held the positions of VP of Exploration and VP Technical Services for Orezone Resources Inc.
The share purchase agreement and all transactions contemplated therein are subject to the approval of the TSX Venture Exchange.
For additional information, please contact:
James T. Gillis, President
Telephone: (250) 314-0186
This news release contains certain statements that may be deemed "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 Africa West 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. Forward looking statements are based on the beliefs, estimates and opinions of Africa West's management on the date the statements are made. Africa West undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change, except as required by law.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.