| ||July 23, 2008|
Canaf Announces Resignation and Appointment of Directors
| ||July 23 2008, Vancouver, British Columbia - Canaf Group Inc. (TSXV: CAF) ("Canaf") 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".
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."
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.
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).
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.
For further information on Canaf Group, visit www.canafgroup.com or see contacts below.
Canaf Group Inc.
Phone: +44 1273 492100
Fax: +44 1273 492175
Ascenta Capital Partners Inc.
Phone: + 1 604-684-4743 ext. 239
Toll free: +1-866-684-4209
Fax: + 1 604-939-1292
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
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