🕐05.12.11 - 00:54 Uhr

EAST AFRICA RESOURCES [ASX: EAF] - HEADS OF AGREEMENT SIGNED WITH KORES





Fortbridge Media Release

East Africa Resources [ASX: EAF] - Heads of Agreement signed with KORES

East Africa Resources Limited (ASX: EAF) has entered into a Heads of Agreement (�HOA�) with Korea Resources Corporation (�KORES�) for KORES to invest in EAF�s Mkuju South uranium project in Tanzania.

The HOA covers the terms of investing directly into one of EAF�s Southern Mkuju projects, which is the subject of prospecting licence application HQ-P15779 located at Mkuju South (�Prospecting Right�). A definitive agreement is expected within 60 days of signing the HOA.

When finalised, the agreement between EAF and KORES will see KORES commit to a staged investment of US$3.5 million to secure a 50% interest in the Mkuju South uranium project over a 24 month period.

In addition to its shareholding in the project, KORES will earn the right to purchase up to 100% of the uranium produced from the area which is the subject of the Prospecting Right, on commercial arms length terms to be agreed between the parties.

East Africa Resources� Chairman and CEO, Louis Coetzee, said that the agreement with KORES will allow the Company to rapidly progress exploration activities as well as provide a buyer for the uranium.

Mr Coetzee said that the Company was looking forward to working with KORES and expects to benefit from their involvement and experience as a major investor in mineral exploration programs around the world.

�Korea Resources Corporation has over 40 years� experience in the sector, and is a partner that is fully committed to identifying new and strategic resources to support Korea�s industry and growth aspirations. We are very pleased with this association and the opportunity to develop a partnership to explore and prove up uranium resources in Tanzania,� Mr Coetzee said.

Please find more details in the attached announcement.

For further information, please contact:

Louis Coetzee
East Africa Resources Limited
Tel: +61 8 9227 3270
Email:

Media:
Fortbridge
Tel: +61 2 9003 0477
Peter-John Lewis: +61 416 290 604

Bill Kemmery: +61 400 122 449








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