Afgem - Announcement
Further to the announcement released on SENS on 20 April 2001, shareholders
are advised that the Tanzanian High Court continues to review the
documentation submitted by AFGEM's lawyers, countering claims against the
company by three mining associations in Tanzania.
An article in a Tanzanian newspaper reported that a previous director of
AFGEM's Tanzanian subsidiary had filed a law suit against the company. AFGEM
has not received a summons and as such, the legitimacy of the article has
not been verified.
Sentiment in Tanzania has turned to favour AFGEM. According to an article in
the Tanzanian press, one of the top leaders of the small scale miners
recently made a statement condemning lawlessness at the mines and pledging
loyalty to the government and its progressive investment policies.
The press continues to report on how Tanzania has failed to benefit from its
most unique industry in the past, and how AFGEM's involvement will grow and
formalise the tanzanite industry for the benefit of all stakeholders.
AFGEM has experienced no further harassment since May and development of the
group's Merelani Tanzanite Mine is progressing well.
Johannesburg
2 July 2001
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