TEAL in deal to create Namibian partnership

TORONTO-listed TEAL Exploration & Mining has announced that its Namibian subsidiary has signed a memorandum of understanding with EVI Mining Company and NedCapital Namibia, the financial advisers to EVI.

The memorandum contemplates the acquisition by EVI of an initial 10 per cent interest in Avdale Namibia, the subsidiary of TEAL holding the Otjikoto gold project, with the right to acquire a further five per cent upon completion of a feasibility study, both on commercial terms. “When TEAL listed on the TSX in 2005, we said that it is one of our objectives to create, where possible, strong local equity-based partnerships to assist us in developing our mining projects in a manner that ensures long-term common interest with our host country and its relevant communities,” said TEAL president and CEO Rick Menell.EVI’s two largest shareholders are Namibian empowerment company Pamue Investments Corporation and the Namibian Mine Workers Investment company.Other shareholders comprise various Namibian investment companies owned by local businessmen and women, including a women’s empowerment group, and regional councils that represent communities throughout Namibia.”EVI’s involvement extends beyond participation at an equity level,” said EVI’s chairman Leake Hangala.”EVI will have active participation, including the Chairmanship of Avdale.A broader ownership base will assist in diversifying risk, attract new sources of capital and deepen the pool of skills, ideas and general support,” he said.w -I-Net Bridge”When TEAL listed on the TSX in 2005, we said that it is one of our objectives to create, where possible, strong local equity-based partnerships to assist us in developing our mining projects in a manner that ensures long-term common interest with our host country and its relevant communities,” said TEAL president and CEO Rick Menell.EVI’s two largest shareholders are Namibian empowerment company Pamue Investments Corporation and the Namibian Mine Workers Investment company.Other shareholders comprise various Namibian investment companies owned by local businessmen and women, including a women’s empowerment group, and regional councils that represent communities throughout Namibia.”EVI’s involvement extends beyond participation at an equity level,” said EVI’s chairman Leake Hangala.”EVI will have active participation, including the Chairmanship of Avdale.A broader ownership base will assist in diversifying risk, attract new sources of capital and deepen the pool of skills, ideas and general support,” he said.w -I-Net Bridge

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