Africo Resources Announces IFC to Participate in US$ 7.6 Million Equity and up to US$ 40 Million in Debt Funding for Kalukundi Project.

TORONTO -- Africo Resources (TSX:ARL) is pleased to announce that it has agreed to a financing proposal from the International Finance Corporation (IFC), the private sector arm of the World Bank Group, to support the development of the company's Kalukundi project and related infrastructure. The Kalukundi copper cobalt-project, located in the Katanga province in the Democractic Republic of Congo (DRC), has an estimated capital cost of approximately US$235 million, which Africo Resources intends to finance through a combination of equity and project debt finance.

The proposal details IFC's intention to subscribe for approximately 2,877,697 units of Africo Resources at a price per unit of C$2.78 for gross proceeds of approximately C$8 million (US$7.6 million). Each unit is comprised of one share and one warrant. Each warrant entitles the holder to acquire an additional share at a price of C$3.48 for a period of 6 years, subject to accelerated exercise or expiry under certain circumstances. The financing is expected to close on or about September 5, 2007.

IFC's equity investment is subject to no event having occurred which has or could reasonably be expected to have a material adverse effect on Africo Resources, including an adverse and final judgment (meaning that at that point in time all avenues of judicial appeal will have been exhausted) in the litigation involving Alessandro Berardone and Akam Mining. Africo Resources is comfortable that these legal matters will be resolved within the near future as announced in its news release of July 16, 2007.

IFC has agreed to participate in Africo Resources' planned debt financing arrangements for the project via a loan of approximately US$40 million, subject to a separate IFC appraisal and assessment of the project's debt financing risks. The debt financing arrangements will include the planned appointment of other developmental finance institutions and commercial banks as Joint Mandated Arrangers with IFC.

The proposed IFC equity investment will contribute to exploration activities to convert resources to additional reserves and to optimizing the feasibility study work. IFC has undertaken a number of site visits to the Kalukundi project and their team is assisting in the up-grading of the environmental and social impact assessments to international best practise, under IFC's Performance Standards and Equator Principles. IFC, with other partners, is also helping to establish an integrated community development program for the project. IFC's assistance on these issues is expected to have a positive demonstration effect in the copper-cobalt mining sector in DRC's Katanga province.

Says Tony Harwood, President and CEO of Africo Resources, "We are very pleased to have started working with IFC even prior to our formal fund-raising process. IFC's support for the Kalukundi project is significant for Africo Resources and it is an expression of a positive business sentiment that bodes well for future investments in the DRC. Africo Resources is committed to the highest levels of environmental care and to meaningful engagement with local communities. The strategies and processes that the IFC brings to this interaction have been and will continue to be very helpful going forward."

Note for editors:

Africo Resources Limited is a Canadian mineral company, committed to developing, acquiring and exploring for base metal assets in Africa. The company's main project is Kalukundi, a development stage copper-cobalt deposit located on the Katangan Copperbelt in the Democratic Republic of Congo (DRC). The development team has an operational base in the DRC, with the company corporate offices located in Vancouver, Canada. The company listed on the Toronto Stock Exchange in December 2006.

Forward-looking statements:

This news release contains certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical fact, that address events or developments that Africo expects to occur, are forward looking statements.

Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Although Africo believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in forward looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration success, continued availability of capital and financing and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. Forward looking statements are based on the beliefs, estimates and opinions of Africo's management on the date the statements are made. Africo undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.

The Toronto Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.