Africo Resources Ltd.: Update Regarding the DRC Mining Review

TORONTO, Feb. 20 /PRNewswire-FirstCall/ — Africo Resources Ltd. announces that Swanmines sprl. has received written notification from the Minister of Mines in the DRC of the results of the revisitation of the mining agreement with respect to Swanmines sprl., which is the entity that holds the exploitation permit on the Kalukundi copper and cobalt property. Africo Resources owns 75% of Swanmines sprl. through its wholly-owned subsidiary H&J Swanepoel Family Trust s.p.r.l. A response has been requested by February 27, 2008, although there has been an indication that this time period can be extended.

The notification outlines the following matters: The absence of a feasibility study that led to an arbitrary determination of the shareholdings in Swanmines; the reduction of Gecamines’ interest in Swanmines and, finally, the dispute between H&J (Africo’s subsidiary) and Akam Mining which has resulted in the curtailing of Swanmines’ activities.

The notification goes on to indicate the Government’s requirements which are as follows:

   –   The feasibility study for the project is to be provided to the       Government. This study shall, in particular, identify and assess the       real contributions of the parties with a view to the fair       distribution of shares.    –   The dispute regarding the ownership of Swanmines between Akam Mining       and Africo’s subsidiary must be clarified in order to identify       Gecamines’ partner.    –   Key money is to be negotiated with and paid to Gecamines.    –   Swanmines is to submit to the Government a schedule of the visible       impact social actions to be implemented.    –   Gecamines must play an active role in the daily management of       Swanmines.   

In response to the above, Africo Resources confirms that the company completed a feasibility study on behalf of Swanmines in May, 2006; which was delivered to Gecamines in accordance with the agreement respecting the creation of Swanmines. A report prepared in accordance with NI 43-101 has also been filed on SEDAR.

The feasibility study will now be submitted to the Minister of Mines as per this new instruction.

In addition, Africo Resources is confident that the work done to date in respect of the social impact of the project is well-advanced. In October 2007, Swanmines signed a Memorandum of Understanding (MOU) with the DRC’s Ministry for Social Affairs. This is designed to ensure that Swanmines’ social development programs are aligned with local areas of need as identified by the Ministry. This was the first agreement of this kind to be signed with a mining company in the Katanga Province and only the second in the DRC. The Environmental Adjustment Plan (EAP) submitted to government and approved in April 2007 includes environmental and social management plans designed to address the key identified impacts of the Kalukundi project.

The International Finance Corporation (IFC) entered into a financing arrangement with Africo Resources in November 2007; this arrangement will assist in upgrading the environmental and social impact assessments to international best practise, under IFC’s Performance Standards and Equator Principles. IFC, with other partners, is also helping to establish an integrated community development program for the project. IFC’s assistance on these issues is expected to have a positive demonstration effect in the copper-cobalt mining sector in DRC’s Katanga province.

Africo Resources CEO, Dr Tony Harwood, said, “We are confident that we have already addressed some of the items mentioned in the document received from the Minister of Mines. The discussions will give us further opportunity to establish our legitimacy at the Kalukundi project and continue the good work already done on both a community and environmental level, especially through our partnership with the IFC.”

Africo proposes to submit its formal response in respect to the above to the Minister of Mines as soon as practicable and has already initiated discussions with the Ministry of Mines in this regard.

   Further information will be provided as available.    Note for editors:   

Africo Resources Ltd. is a Canadian mineral company, committed to developing, acquiring and exploring for base metal and gold assets in Africa. The company’s main project is Kalukundi, a development stage copper-cobalt deposit located in the Katangan Copperbelt in the Democratic Republic of Congo (DRC). The development team has an operational base in the DRC, with the company corporate offices located in Vancouver, Canada. The company listed on the Toronto Stock Exchange in December 2006.

Forward-looking statements:

This news release contains certain statements that may be deemed “forward-looking statements”. All statements in this release, other than statements of historical fact, that address events or developments that Africo expects to occur, are 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 Africo 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. Factors that could cause the actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration success, continued availability of capital and financing and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. Forward looking statements are based on the beliefs, estimates and opinions of Africo’s management on the date the statements are made. Other than as required by law, Africo undertakes no obligation to update these forward-looking statements in the event that management’s beliefs, estimates or opinions, or other factors, should change.

The Toronto Stock Exchange has not reviewed and does not accept

responsibility for the adequacy or accuracy of this release.

Africo Resources Ltd.

CONTACT: Dr Tony Harwood, President and CEO, on Tel: +27(11) 463-0081;Chris Theodoropoulos, Chairman, on Tel: (604) 646-3225; Bill Cavalluzzo,(Investor Relations), on Tel: (416) 265-8049; In South Africa: CharmaneRussell, on Tel +27(11) 880-3924