Company seeking clarification from UN panel of Experts
LONDON, UK,
Oct. 25 /CNW/ - America Mineral Fields Inc (TSX:
AMZ -
News) today responded to the
United Nations' (UN) report number S/2002/1146 authored by the UN's Panel of
Experts on the Illegal Exploitation of Natural Resources and Other Forms of
Wealth of the Democratic Republic of Congo.
The UN's report provides a number of lists, including a list of companies
that are alleged to be non-compliant with The Organization for Economic
Cooperation and Development's (OECD) guidelines, referenced in that
organization's policy brief of June 2001. AMZ's name appears on the UN's list,
however the Panel's report does not indicate, in any way, how the Company is
not compliant with the OECD guidelines.
"This list appears to include every enterprise attempting to do business in
the Democratic Republic of Congo," said Mr. Read. "We were not contacted by
the UN panel prior to the issue of the report and were not asked to provide
any evidence or comment on the allegations.
"America Mineral Fields operates to the highest ethical standards in the
countries in which we do business and fully complies with all the laws and
regulations in place in Canada, USA and United Kingdom regarding ethical
foreign investment," said Tim Read, President & CEO, American Mineral
Fields Inc. "One of the most important of these standards relates to the
parties with whom we do business. AMZ's director's and management believes
that the current government of the DRC has done much to end the hostilities
with its neighbours, to restore the economic and social stability of the
country and to encourage responsible international investment."
As a result of this lack of consultation, the Company is actively seeking
the details of the process and due diligence undertaken by the UN panel in
addition to the specific allegations relating to AMZ and, when received, will
fully investigate them.
About America Mineral Fields
America Mineral Fields is an international mining company listed on the
Toronto Stock Exchange under the symbol AMZ. The Company is currently
developing several mineral assets in Central Africa including the Kolwezi
cobalt/copper tailings project and the Kipushi zinc mine in the DRC and the
Cuango River diamond project in Angola. The Company's growth strategy
emphasizes the creation of shareholder value through the development of
potential world-class resources in stable or stabilizing political
environments.
This News Release contains forward-looking statements within the meaning
of the United States Private Securities Litigation Reform Act of 1995
concerning the Company's plans for its principal properties in the Democratic
Republic of Congo ("DRC"), and the discussion of the political situation and
potential international investment in the DRC. These forward-looking
statements are subject to a variety of risks and uncertainties which could
cause actual events or results to differ materially from those reflected in
the forward-looking statements, including, without limitation, risks and
uncertainties relating to political risks involving the Company's operations
in the DRC and the policies of other nations and organizations towards
companies doing business in such jurisdictions, the inherent uncertainty of
production and cost estimates and the potential for unexpected costs and
expenses, commodity price fluctuations, the inability or failure to obtain
adequate financing on a timely basis and other risks and uncertainties,
including those described in the Company's Annual Report on Form 20-F for the
year ended October 31, 2001 and Reports on Form 6-K filed with the Securities
and Exchange Commission.
For further information
London, Tim Read - Chief Executive Officer, Telephone:
44-207-355-3552, Facsimile: 44-207-355-3554, E-mail:
[EMAIL PROTECTED]
North America, Martti Kangas - The Equicom Group,
Telephone: 416-815-0700 x. 243, 800-385-5451 (toll free), Facsimile:
416-815-0080, E-mail: [EMAIL PROTECTED]
