Activities update....issues shares"The Company is ramping up its explorationactivities on the Danakil Project and will shortly be providing a statusreport on recent activities on site, in anticipation of its 15,000metre resource definition drilling program, scheduled to start beforethe end of April."
The Company also announces that as has beenpreviously disclosed in its Information Circular and RTO filings, theCompany has now issued, on April 11, 2011, an aggregate of 17,368,726common shares ("Common Shares") of EPC in connection with thesatisfaction of the "First Milestone" under the option agreement (the"Option Agreement") between EPC, G and B Central African Resources Ltd.("G&B") and the shareholders of G&B as amended and restated asof October 18, 2010, as further amended. As of November 4, 2010, theparties to the Option Agreement agreed that all of the requirements inrespect to the First Milestone (as defined in the Option Agreement) havebeen met based on the publishing of a report on the project by a thirdparty inferring a resource in excess of 100 million tonnes.
Inaccordance with the policies of the TSX Venture Exchange (the"Exchange"), all of the Company's securities that are issued to"Principals" (as defined in Exchange Policy 1.1) are considered "ValueSecurities" (as defined in Exchange Policy 5.4) and are therefore beingheld in escrow by Olympia Trust Company. All common shares issued inconnection with the First Milestone are subject to such escrow and shallbe released pursuant to the Tier 2 Value Security Escrow timed release.
Upon the issuance of common shares in connection with the FirstMilestone, there are 106,371,626 Common Shares issued and outstanding.