EAST AFRICA METALS INC. (“EAM”) gave us all some good chuckles over the past couple of weeks, with their news releases of December 30th, 2015 and January 5, 11 and 15, 2016.
For Andrew Smith and the Board of East Africa it was probably a little bit of an embarrassing moment but they survived it. We at JuniorMining.com will refer to it as the on, off and on again scamper with some nice drill results for good measure. Here is how the scenario played out. On December 30th Andrew Smith announces East Africa has granted 11 million incentive stock options for insiders and consultants (Boo say the shareholders). On January 5, 2016 Smith has a change of heart and takes them all back (Yeah say the shareholders). On January 11 Smith has the pleasure of announcing some joy from nice drill intersections in Ethiopia. (WooHoo say the shareholders). On January 15 Smith again announces the granting of 11 million options to the insiders and consultants. (Oh-OK say the shareholders). We bet Smith and crew didn’t have a clue that the lab was going to release those results at that specific time – all’s good. Actually nice to see some smiles these days.
East Africa received some joy, as we say in the business, from its Adyabo Gold Project in Ethiopia. Assays of 19.5 metres at 21.67 grams gold per tonne, including 8.8 metres at 46.81 grams gold per tonne are nothing to sneeze at. In another hole, East Africa’s crew intersected 20.69 metres at 21.67 grams gold per tonne, including 10.67 metres assaying at 34.23 grams per tonne from 87.5 metres depth. East Africa may just be one of those companies that investors may wish they had tucked a few shares of away in this market, while prices are low. Hummmmm let’s see now….