Further to the Company's previous release of 20 June 2022, Tombola Gold Ltd (ASX:TBA) wishes to advise that the timeframe for the Due Diligence associated with the transaction has been extended by mutual agreement from 30 June to 7 July 2022.
The various parties to the proposed transaction continue to work towards formal legal documentation of the transaction, and the Company will continue to update the market as matters progress.
The proposed acquisition will remain subject to approval by Tombola shareholders at an Extraordinary General Meeting to be convened in the next weeks.
The Lorena Mine and Processing Facility is located 13km from Cloncurry on the Flinders Highway, and was commissioned in 2017 by a Joint Venture which included Malachite Resources and Chinova Resources. Operations continued at Lorena until late 2021, after which it was placed in care & maintenance pending a desire by the owners to sell the operation.
Primarily a Gold CIL Processing facility with the capacity to treat copper bearing ore, over the coming months Tombola intends to recommission the plant, expand tailings capacity, and transport ore from the Golden Mile operation to Lorena along with continuing to vat leach treat the balance of minable ore at Mt Freda.
Tombola is working with several third party consultants and advisors who are assisting the Company with its plans to recommission and expand the facility with a relatively low capital expenditure before commencing treatment of Mt Freda and Golden Mile ore.
Byron Miles Managing Director firstname.lastname@example.org Jane Morgan Investor and Media Relations email@example.com + 61 (0) 405 555 618 Pamela Menzies Company Secretary firstname.lastname@example.org
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