PNN:CC - Mechanization program gives Happy Valley Mine production boost
(TheNewswire)
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CALGARY, Canada – TheNewswire - Aug. 10, 2022 - Pambili Natural ResourcesCorporation (" Pambili " or the" Corporation ") (TSXV:PNN) is pleased to announce that capitalexpansion of the Happy Valley Mine (“ HVM ”) is movingahead with the arrival this week of mechanized equipment to ramp upproduction.
The Happy Valley Mine, near Bulawayo, Zimbabwe, thisweek took delivery of a Massey Ferguson 440 series tractor following a900-kilometre journey from Johannesburg, South Africa. Pambili alsoanticipates delivery of an eight-tonne tipping trailer from a localsupplier in the next two weeks. The search is on for a suitabletractor-loader-backhoe unit, which is expected to be purchased by theend of the month.
The purchase, delivery and mobilization of thisequipment are part of Pambili’s commitment to capital expansion ofHVM, as part of the earn-in agreement and anoversubscribed C$515,000 non-brokered privateplacement announced in December 2021and subsequently approved by the TSX Venture Exchange in April2022 . As part of the earn-inagreement, C$200,000 has been allocated to capital expansion.
CEO Jon Harris commented: “This is a very important step in themechanization of operations at the Happy Valley Mine, ramping upproduction and creating efficiencies to reduce manual work. Not onlywill this equipment allow us to increase the amount of rock that canbe delivered to the crushing and milling plant, but the ability toferry rock from neighbouring mines to process at our plant provides apotential new revenue stream.”
As previouslyannounced , HVM has the installedcapacity to process 40 tonnes of rock per day but, due to capitalconstraints, is currently processing less than half that amount.Through these capital expansion efforts, Pambili can almostimmediately begin earning a return on its investment inoperations.
About Pambili Natural ResourcesCorporation: Pambili Natural ResourcesCorporation is a natural resources exploration and development company( www.pambilinrc.com ) currentlyactive in Zimbabwe and in the province of Alberta.
For further information,contact:
Pambili NaturalResources Corporation
T : 403 2774421
Neither TSX Venture Exchange nor itsRegulation Services Provider (as that term is defined in the policiesof the TSX Venture Exchange) accepts responsibility for the adequacyor accuracy of this release.
Caution Regarding Forward-Looking InformationForward-looking statements - Certain information set forth in thisnews release may contain forward-looking statements that involvesubstantial known and unknown risks and uncertainties. Forward-lookingstatements are often, but not always, identified by words such as“believes”, “may”, “likely”, “plans”, or similarwords. Forward- looking statements included in this news releaseinclude statements with respect to work to be done on the Happy Valleymine in Zimbabwe. These forward-looking statements are subject tonumerous risks and uncertainties, certain of which are beyond thecontrol of the Corporation, including, but not limited to the impactof general economic conditions, industry conditions, currencyfluctuations, and dependence upon regulatory approvals. TheCorporation does not assume any obligation to update theforward-looking statements to reflect changes in assumptions orcircumstances other than as required by applicable law.
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