African Energy Resources Limited (`African Energy' or `the Company') provided a further update for the SESE JV Coal and Power Project ("Sese Project") in Botswana. A Power Sales Agreement ("PSA") has now been signed with Zambian subsidiaries of First Quantum Minerals Ltd. ("FQM") for the purchase of 100MW of power delivered to their Zambian copper operations for a period of 15 years. This is in addition to the Power Sales Term Sheet, as a precursor to a PSA, which was previously executed with Zimasco (Pvt) Ltd. ("Zimasco") for the purchase of 150MW of power for 15 years. Zimasco is Zimbabwe's ferrochrome mining and smelting business and is 100% owned by Sinosteel. Both Power Sales Agreements will be subject to certain conditions precedent. The execution of these documents is an important step towards procuring the final permits and approvals with Botswana regulators. A meeting with the Botswanan Energy Regulatory Authority has been scheduled for this purpose.