FOR IMMEDIATE RELEASE
Wednesday, May 11, 2011
Johannesburg, South Africa, Harare, Zimbabwe, Vienna, Austria, Tokyo, Japan – May 11, 2011 – African Compass International Limited (“ACI” or the “Company”), is proud to announce the signing of a Letter of Intent (LOI) with an Off-taker of its Tungsten Project in the Garahanga Karoi area of Zimbabwe.
The product’s minimum grade will be W65.00% and production is expected to be 100mt per month minimum, with up to 500mt on a monthly basis for a minimum period of 36 months, at market prices subject to production grades meeting industry standard specifications. The first delivery is to be within 3 months after contract conclusion.
ACI will work to comply on its tungsten project with The Equator Principles based on the International Financial Corporation (IFC) performance standards on social and environmental sustainability, and on the World Bank Group’s Environmental, Health and Safety General guidelines. The company also plans to get certified in international standards for its operations such as ISO 14001 (Environmental Management), 9001 (Quality Management Systems), OHSAS (Occupational Health and Safety Management System) as well as 26000 (Social Responsibility). It believes consequently a project does not end with a mine’s closure but only after a comprehensive remediation programme that includes returning overburden and gravel to the flood plain and restoration of flora from the company’s own nursery.
Trust Holdings Limited (“THL”), Zimbabwe and ACI are to handle of logistics and exportation of material to point of contractual delivery as per MMCZ Regulations.
About ACI
African Compass International (“ACI”) is a global diversified private natural resources company in frontier, emerging/established emerging and developed markets. The Group farms, explores, sources, refines and produces, inter alia, agriculture products, base metals, ferrous & non-ferrous metals, minor metals, platinum group metals, precious metals, oil & gas and commercial energy. Our diversified operations in Africa, South America and Eurasia are supported by offices in Austria, Canada, Japan and Zimbabwe. ACI always seeks partnerships with all its stakeholders that will add value to projects at hand based on the core values of honesty, integrity and vision.
About THL
Trust Holdings Limited (“THL”) is a Zimbabwe financial holding company involved primarily in finance, leasing, insurance and banking. THL is listed on the Zimbabwe Stock Exchange (ZSE).
Supporting Resources: please visit www.africancompassinternational.com; follow @Afrikancompass on Twitter, or join ACI on LinkedIn.
For and on behalf of the Company’s Board of Directors
Julian RUPARE, Jr.
CEO & Chair
GLOSSARY OF TERMS:
The following are the main terms and abbreviations used in this webnews:
ACI African Compass International Limited and/or its subsidiaries, as appropriate
CEO Chief Executive Officer
CLO Chief Legal Officer
Company African Compass International or African Compass International Limited
COO Chief Operating Officer
LOI Letter of Intent
MMCZ Minerals and Marketing Corporation Zimbabwe
Mt Metric ton
THL Trust Holdings Limited
W Wolframite
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African Compass International
Johannesburg | Harare | Vienna | Tokyo
Directors J Rupare Jr (CEO) C N Rupare (COO) U Mazunga (CLO)
