Africo Resources Signs A Memorandum Of Understanding With Electricity Company SNEL

Africo Resources Ltd. has signed a Memorandum of Understanding with Société Nationale d'Electricité (SNEL), a government-owned power company in the Democratic Republic of Congo. SNEL has agreed to supply power to Africo's 75%-owned Kalkundi property. Africo has to finance a study that'll spell out what capacity upgrades (if any) SNEL will have to undertake, and also has to raise the capital for any upgrades needed. In addition to further details, the news release also specifies that SNEL has agreed to supply the electricity at official rates.

As of the time of this posting, the market has not opened. Africo is 55 cents bid, 64 cents asked; yesterday's close was at 63 cents.

Africo Resources Ltd.'s Google Finance web page is here.

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