Mr. Richard Patricio reports

PINETREE CAPITAL LTD. ACQUIRES SECURITIES OF AFRICAN METALS CORP.

Pinetree Capital Ltd. acquired, on Aug. 27, 2010, ownership of two million common shares and one million common share purchase warrants of African Metals Corp. Each warrant entitles the holder to acquire one common share of African at a price of 30 cents until Aug. 26, 2010. In the event that the warrants are fully exercised, these holdings represent approximately 3.3 per cent of the total issued and outstanding common shares of African as of Aug. 27, 2010, calculated on a partially diluted basis, assuming the exercise of the warrants only.

As a result of this transaction, Pinetree and its joint actors collectively held, as at Aug. 27, 2010, a total of 11.1 million common shares of African, including the common shares and rights to acquire an additional 3.25 million common shares of African upon exercise of certain convertible securities, including the warrants. Of these totals, Pinetree owns 4,575,000 common shares, including the common shares, and 2.25 million of the convertible securities directly.

In the event that the convertible securities are fully exercised, the holdings of Pinetree and its joint actors represents a total of 14.35 million common shares of African, or approximately 15.5 per cent of all issued and outstanding common shares as at Aug. 27, 2010, calculated on a partially diluted basis assuming the exercise of the convertible securities only. In the event that the Pinetree convertible securities are fully exercised, the direct holdings of Pinetree represents a total of 6,825,000 common shares of African, or approximately 7.5 per cent of all issued and outstanding common shares as at Aug. 27, 2010, calculated on a partially diluted basis, assuming the exercise of the Pinetree convertible securities only.

This transaction was made for investment purposes and Pinetree could increase or decrease its investment in African depending on market conditions or any other relevant factor.