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Market: FSE
Sector: General Mining - Gold
EPIC: AMQ
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Anglo-African Minerals
www.anglo-african.net

Anglo-African Minerals plc (“AAM”) is a junior exploration company focussed on African countries where changes to the political landscape have provided significant opportunities to increase shareholder value and add value to the economies in which we invest.

In Guinea AAM owns a number of exploration licences over highly prospective concessions for gold, diamonds, and bauxite adjacent to proven deposits or producing mines.

Full Anglo-African Minerals profile here
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Anglo-African Minerals expands Sierra Leone footprint with addition of diamond and gold assets

17th May 2010, 11:29 am Anglo-African Minerals expands Sierra Leone footprint with addition of diamond and gold assets

Anglo-African Minerals (FSE: AMQ) has acquired diamonds and gold assets in Sierra Leone through a deal with Target Resources PLC. In return the company will issue 3 million shares to Target. The deal is expected to close by the end of May.

Under the terms of the deal, Anglo-African will acquire Target subsidiaries Haliburton Overseas Ltd and Milestone Trading Ltd. Jointly, the acquired businesses own one alluvial diamond mining licence and two gold mining licences, as well as an alluvial mining plant and equipment with a US$12m replacement cost.

The company highlighted that it will now conduct a full review of its current operations in Sierra Leone, including the Gendema joint venture with Canaf SL Ltd, and future potential.

Target chief executive Dr Nissim Levy and company secretary David Bressloff will join the Anglo-African board as part of the deal. “Dr Levy and his team have established a strong presence in Sierra Leone, a country with exciting resource potential”, Anglo-African  chairman Michael Smith said. “The company has a large capacity to mine and process alluvial gravels along with prospective licences.”

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