Brisbane, Jan 20, 2023 AEST (ABN Newswire) - Tombola Gold Ltd (ASX:TBA) wishes to provide a high-level update with regard to the suspension of its securities from trading on the ASX.
As shareholders would be aware, the Company requested a Trading Halt on 20 December 2022, and on 22 December 2022, requested that the Company's securities be placed in voluntary suspension. This was due to a problem being encountered within the crushing circuit at the GAM Plant in the initial phases of production. The Company's efforts to rectify the issue were hampered by a number of convergent factors including the non-availability of spare parts, the shut-down of most businesses for the Christmas period, and the State Government moratorium on heavy vehicle movements on Queensland Roads over the holiday period.
The Company has been in discussions with a number of parties regarding commercial arrangements to facilitate the recommencement of production at the GAM Plant. Negotiations have reached the point of draft binding agreements.
On the basis of the progress made to date, the Company expects to be in position to make a detailed announcement, and re-commence trading on the ASX, next week. The Company's securities will remain in suspension until that occurs.
About Tombola Gold Ltd
Tombola Gold Ltd (ASX:TBA) is a company assembled by experienced, exceedingly well-qualified and all very well rounded team members that have previously floated exploration companies which achieved major resource discoveries and success. Between the Tombola team members, Tombola as a company have well over 100 years of accumulated experience in the mining, exploration and resource sector. Tombola principal objective is to acquire assets to explore for and develop a large IOGC or porphyry deposit funded by low-risk gold production resources. To that end, Tombola has a license covering 970 sq km prospective for gold/copper in the Mount Bryan-Red Banks-World's End area near Burra in South Australia; with strategic agreements with Queensland Mining Corporation.
Tombola Gold Ltd