Joint Venture with Rwanda's largest Constructer

RNS Number : 2218E

Eastinco Mining and Exploration PLC

26 February 2020

 

26^th February 2020

Eastinco Mining and Exploration Plc

("EME" or the "Company")

London, England- Eastinco Mining & Exploration PLC (NEX:EM.P) is pleased to announce that its recently acquired subsidiary company, Eastinco Limited ("Eastinco") and Dynasty Construction Ltd. ("Dynasty") of Rwanda have signed a joint venture agreement to explore for tin, tungsten and tantalum mineral resources on a 600 hectare exploration site near Huye, Rwanda. The Company also provides an update below on its development of the Kuaka mine site.

This newly signed joint venture is an accord between, Eastinco and Dynasty, one of Rwanda's premier construction companies and the 600 hectare land owner of the mining concession. The agreement allows for the exploration for likely tin, tungsten and tantalum resources over the site in southern Rwanda and ultimately the application for a full mining license, subject to successful exploration.

Eastinco Mining and Exploration PLC's Chairman and CEO, Charles Bray said, "this joint-venture agreement marks the successful culmination of lengthy negotiations for a deal whereby Eastinco's mining experience can be utilised over a significant parcel of land which has historically been deemed to have very strong prospects".

Eastinco Ltd's COO, Stephan Knoef added, "We are very pleased to announce this new and valuable joint venture mining operation to our shareholders. Just as our first project is coming online, it is especially exciting to begin exploration at this greenfield site which offers an enormous potential for tin, tantalum, and tungsten mineral endowment. It is a testament to the strong and favourable business environment and our developing relationships in Rwanda."

Kuaka Update

Following the delivery in late 2019 of the construction equipment to the Kuaka mine site, preparations continue with the site development and construction of the wash plant. Originally planned for late 2019 launch, the wash plant start date was delayed approximately three to four months, in part due to the delayed delivery of required equipment from China and South Africa. We are now pleased to confirm that all the required equipment has arrived at site.  Consequently, the development is scheduled to be operational sometime by the end April 2020, with the revenue generation from ore processing anticipated to occur shortly thereafter

The directors of Eastinco Mining and Exploration Plc accept responsibility for this announcement.

Eastinco Mining & Exploration Plc:  [e-mail]

Charles Bray, Executive Chairman

NEX EXCHANGE CORPORATE ADVISER:

Alexander David Securities Limited

David Scott -Corporate Finance

James Dewhurst - Corporate Broking 

Telephone: [phone]

http://www.ad-securities.com

49 Queen Victoria Street, London EC4N 4SA

 

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