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TORONTO, Nov. 27, 2022 (GLOBE NEWSWIRE) — Toubani Resources, Inc. (ASKS: TRE; TSKS-V: TRE) (“Toubani Resources” or “Company”) is pleased to announce that the Company’s securities will commence trading today on the Australian Securities Exchange (“ASKS”) under ASKS code TRE.
Most important:
- The shares were officially listed on ASKS on 24 November 2022 and trading of the shares will commence today at 13:30 AEDT under the symbol “TRE”
- Trading on the ASKS will not directly affect the trading of the Company’s shares on the TSKS Venture Exchange (“TSXV”), which will continue to trade under the symbol “TRE”.
- A$6,000,000 A$0.20 per share was raised as part of the capital raising
- The company is now well funded to carry out its comprehensive drilling campaign
The company’s management and board believe that a dual listing on the ASKS will raise the profile of the company’s Kobada project in a strong resources market where gold exploration companies have recently attracted significant investor interest. In connection with the dual listing, the Company successfully raised A$6,000,000, bringing in a broad base of new investors, predominantly from Australia.
The company intends to start exploration at the Kobada project, and drilling activities are expected soon. The focus of the 2022/2023 drilling campaign will be on previously identified target areas, based on geochemical soil sampling, artisanal mining, geophysical trends and historical drill holes, in the larger Kobada mining license area. The objective of the drilling campaign is as follows:
- Extension of the mineralized zone of the main shear zone (“MSZ”) in the south and north
- Continuity testing of a second mineralized zone east of the main Kobada ore body
- Drilling around historic artisanal mining where extensive workings exist
- Testing of new potential mineralized gold zones
- Follow up of auger drilling anomalies showing strong gold mineralization
The CEO has approved this announcement for publication.
About Toubani Resources Inc
Toubani Resources (ASX: TRE; TSX-V: TRE) is an exploration and development company focused on expanding its existing total resource base of 3.1 million ounces. The company has a highly experienced board and management team with a proven track record in the African mining sector managing mines from development to production.
Toubani Resource’s main asset is the Kobada project in southern Mali, which is at an advanced stage of development following the completion of a definitive feasibility study in September 2021 that demonstrates compelling economics for a production profile of 100,000 oz/year over 10 years. The company believes that the pilot project will be largely removed based on the study results, and further exploration will build on a significant base of 3.1 million ounces of total resources and 1.2 million ounces of reserves. In addition to the initial Kobada Gold Project mining concession, other highly prospective exploration locations have been identified on the Kobada, Faraba and Kobada Est concessions based on systematic regional exploration techniques. These additional exploration areas are part of a targeted drilling campaign, as noted above, to increase strike length and increase resource ounces. For more information about Toubani Resources, visit our website at www.toubaniresources.com.
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Warning statements
This press release contains “forward-looking information” within the meaning of applicable Canadian securities law. Forward-looking information includes, but is not limited to, statements regarding a listing on the Australian Stock Exchange, the expansion of mineral resources and reserves, and the company’s drilling and exploration plans. Generally, forward-looking information can be identified by the use of forward-looking terminology such as “plans,” “expects” or “does not expect,” “expected,” “budget,” “planned,” “estimates.” , “anticipates”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would” , “may” or “shall be taken”, “arise” or “be achieved”. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that could cause the Company’s actual results, level of activity, performance or achievements to differ materially from those expressed or implied in such forward-looking information, including but not limited to: receiving the necessary approvals from Canadian and Australian regulatory authorities; general business, economic, competitive, political and social uncertainty; future prices of mineral raw materials; accidents, labor disputes and shortages; available infrastructure and supplies; the COVID-19 pandemic and other mining industry risks. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in the forward-looking information, there may be other factors that cause results not to be as expected, estimated or planned. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. The Company undertakes no obligation to update any forward-looking information, except in accordance with applicable securities laws.
NEITHER TSKS VENTURE EXCHANGE NOR ITS REGULATION SERVICE PROVIDER (AS THAT TERM IS DEFINED IN THE TSKS VENTURE EXCHANGE POLICIES) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY HEREIN.
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