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CAF Canaf Investments Inc

0.24
0.00 (0.00%)
09 May 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type
Canaf Investments Inc TSXV:CAF TSX Venture Common Stock
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 0.24 0.23 0.245 100 19:53:11

Canaf Announces Resignation and Appointment of Directors

23/07/2008 9:15pm

Marketwired Canada


Canaf Group Inc. (TSX VENTURE:CAF) ("Canaf"), the Canada-registered mining
group, today announced that it has accepted the resignation of Brad Jefferson as
Director of the Corporation effective July 14, 2008.


Brad has worked with Canaf from its inception as Uganda Gold Mine Ltd. but has
decided to resign as a director as he would like to dedicate more of his time to
pursuing his own interests.


David Way, President and CEO, stated, "We wish to thank Brad for all his years
of service to Canaf and we are all pleased to hear that he is willing to assist
us in the future as a consultant to the company as we expand in Africa."


New Director

The company has appointed, subject to regulatory approval, Christopher Way, of
United Kingdom, to the Board of Directors. The Board of Directors now consists
of David Way, Michael Hopley, Zeny Manalo and Christopher Way.


Michael Hopley, CFO, stated, "Christopher has been working for Canaf since March
2007 and has earned the respect of many important personalities in the mining
world. He graduated from Durham University (United Kingdom) with a Masters in
Civil Engineering. He has youth on side; he is driven and highly committed to
the organisation and its shareholders."


About Canaf

Canaf Group Inc. is a junior mining group based in Vancouver, Canada, and with
subsidiary offices in the United Kingdom and South Africa. Canaf owns 100% of
Quantum Screening and Crushing (Pty) Ltd., a coal processing company based in
South Africa. In January 2008, Canaf agreed to acquire a 51% majority interest
in New Stone Mining SPRL, subject to on going due diligence and regulatory
approval.


New Stone Mining is registered in the Democratic Republic of the Congo, where it
has five mining concessions in the Kasai Occidental and the Oriental Province.
All concessions and assets are 100% owned by New Stone Mining. New Stone Mining
has developed its own system for extracting and processing diamondiferous gravel
of various sizes from riverbeds using a method that minimizes waste, is kind to
the environment and offers better security than other systems. After unexpected
delays in the DRC, New Stone Mining is finally on the verge of taking the first
of five alluvial diamond-mining operations into production. Initial results are
expected to be available in August.


About Quantum

Quantum Screening and Crushing (Pty) Ltd.'s is one of South Africa's largest
producers of calcined coke, a product that is vital in the manufacturing process
of steel and manganese. The company's two largest clients are Mittal Steel and
BHP Billiton, world leaders in steel and manganese production respectively.
Quantum has a plant in Newcastle, KwaZulu Natal, where its two kilns operate
around the clock calcining the raw material anthracite. The majority of
Quantum's feedstock anthracite is supplied by Springlake Colliery, which has
reserves in excess of 40 years and is based in Dundee, the neighbouring town to
Newcastle. Quantum has been operating profitably since 2002 and recent annual
net profits have been US$0.66 million for year-end 2006 and US$0.814 million for
year-end 2007 (based on South African year end of 28 February). 


Forward-Looking Statements

Certain information regarding Canaf contained herein may constitute forward
looking statements. Forward looking statements may include estimates, plans,
expectations, opinions, forecasts, projections, guidance or other statements
that are not statements of fact. Although Canaf believes that the expectations
reflected in such forward looking statements are reasonable, it can give no
assurance that such expectations will prove to have been correct. These
statements are subject to certain risks and uncertainties and may be based on
assumptions that could cause actual results to differ materially from those
anticipated or implied in the forward looking statements. Canaf is under no
obligation to update or alter any forward looking statement. These risks include
operational, political, currency and geological risks and the ability of Canaf
to raise or obtain funds for its operations. Canaf's forward looking statements
are expressly qualified in their entirety by this cautionary statement.


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