Kamloops, British Columbia - September 3, 2009 - Africa West Minerals Corp. (the "Company") is pleased to announce that it has recently signed a Memorandum of Understanding (MOU) with Equatorial Mining Ltd., to develop the extensive surface tailings from the former Rosterman Gold Mine in Kenya, East Africa. Under the terms of the agreement Equatorial will have six months to evaluate the tailings and design a procedure to exploit the contained gold. If Equatorial decides to proceed with the program, Africa West will receive an advance royalty payment in cash. Africa West will then receive a 5% Net Smelter Royalty (NSR) from all product recovered from the Rosterman project. Equatorial will have three years to recover material and to rehabilitate the tailings.
The Rosterman Mine operated between 1935 and 1953 and recovered over 250,000 ounces of gold at an average grade of 13.6 gAu/t. It is believed that approximately 600,000 tons of material reside in the surface tailings. The evaluation program will systematically drill and sample the tailings to better estimate the tonnage and the grade.
"Equatorial Mining and its technical team have been rehabilitating colonial gold mines and recovering tailings in East Africa for several decades and we are pleased with their successful track record" comments Jeffrey Ackert VP Business Development for Africa West. He also adds, "This potential royalty stream will enable Africa West to continue exploration and acquisitions with less capital dilution." Equatorial Mining Ltd. is owned by Maris Africa, a UK managed African investment fund. (http://www.mariscapital.co.uk/maris-africa-fund)
Africa West Minerals Corp. has over 1200 square kilometres of mineral properties in Kenya and Tanzania, East Africa as well as the 500 square kilometre Kanweaken gold project in Liberia, West Africa. Africa West recently announced that Red Rock Resources (RRR:AIM) will have the ability to earn 70% of its 320 square kilometre Ngira-Migori gold project in south western Kenya. (see press release August 27, 2009)
The technical content of this news release has been prepared under the supervision of Jeffrey Ackert, who is a Qualified Person under National Instrument 43-101.
For additional information, please contact:
James T. Gillis, President
Telephone: (250) 314-0186
Jeffrey S. Ackert, VP Business Development and Exploration
Telephone: (613) 851-7699
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.
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