African Gem Resources Limited
Shareholders are advised that three mining associations in Tanzania have filed
various charges against AFGEM, members of its directorate and the previous
Tanzanian Minister of Energy and Minerals.
The allegations relate to the legality of AFGEM's mining licence, taxes paid,
alleged misconduct by AFGEM staff towards small-scale artisanal miners and
AFGEM's alleged monopolization of the tanzanite market.
AFGEM disputes the nature and basis of all claims made by the accusers and has
mandated one of Tanzania's most reputable law firms to represent the company.
AFGEM has an opportunity to submit counter-arguments to those submitted by
Wednesday, 25 April 2001. A preliminary hearing will be held in Dar es Salaam
on 30 April 2001. AFGEM continues to enjoy the full support of the Tanzanian
Government and particularly the Ministry of Minerals and Energy. Shareholders
will be advised of further developments.
Shareholders are advised to exercise caution when dealing in their shares.
20 April 2001
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