PNN:CC - Pambili earns support from Zimbabwes mining ministry
(TheNewswire)
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CALGARY, Canada – TheNewswire- (Aug. 17, 2022) — Pambili Natural ResourcesCorporation (" Pambili " or the" Corporation ") ( TSXV:PNN ) is pleased to announce that itsChief Executive Officer, Jon Harris, recently met with Mr. Farayi Ngulube, Provincial MiningDirector for Matabeleland North, in Bulawayo tointroduce Pambili and discuss the Corporation’s plans to createlocal prosperity through capital expansion of Zimbabwe’s HappyValley Mine (“ HVM ”).
Mr. Harris and Mr. Simisani Kupe, CEO of TechshedInvestments (Pvt) Ltd. (“TSI” ), the owner of HVM, spoke with Mr. Ngulube about Pambili’sEarn-in agreement with TSI, and Pambili’s long-term plan in helpingto “formalize” small-scale mining in Zimbabwe through selectivecapital investments.
“Zimbabwe’s mining sector is enjoying unprecedentedgrowth, and we were pleased to have had the opportunity to meet Mr. Ngulube and announce our presence in Zimbabwe.Our ambition to support small-scale miningoperations — which account for a significant portion of miningactivity in the country — was well received by Mr. Ngulube,” saidMr. Harris.
“A supportive and productive relationship with theZimbabwean government is key to the Corporation as we createprosperity through our ongoing efforts,” he added.
In December 2021, Pambili announced an earn-in agreement and anoversubscribed C$515,000 non-brokered privateplacement for Happy Valley Mine, aproducing gold mine near Bulawayo, which was subsequently approved bythe TSX Venture Exchange in April2022 .
As part of the earn-in agreement, C$200,000 has been allocated to capitalexpansion of the Happy Valley Mine,while a drilling programrecommended by the NI 43-101 technical report on the HVM is already underway.
Farayi Ngulube(L), Provincial Mining Director for Matabeleland North, greets PambiliCEO Jon Harris in Mr. Ngulube’s Bulawayo, Zimbabwe office.
Artisanal-scale mining is common across Zimbabwe andplays a significant role in local mining activities. Pambili’s long-rangeplan includes :
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Identifying small-scale producing gold mines thatcurrently generate cash but lack the capital required to develop theirfull potential;
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Pursuing earn-in opportunities to provide these mineswith access to the capital hitherto unavailable to them;
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Effectively “formalizing” small-scale miningoperations by investing in industry best practice procedures andprocesses;
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Proving Pambili’s business model to the government,thereby gaining continued support for Pambili’s activities.
In July, Zimbabwe President Emmerson Mnangagwa cited the country’starget of US$12 billion in earnings for the country’s mining sectorby 2023 , and noted Zimbabwe’s 2021sector earnings of US$5.9 billion, as he opened the 25 th edition of theMining, Engineering and Transport Conference in Bulawayo.
“The importance of natural resources, and inparticular minerals, towards driving sustainable socio-economicdevelopment cannot be overemphasized,” he said, pledging to maintaina receptive business environment to attract local and global capitaland grow established entities.
“I invite more investors to take advantage of thenumerous opportunities in areas of exploration, mineral extraction,mineral processing, value addition and beneficiation,” he said.“Plans are in place for the accelerated value addition andbeneficiation of minerals such as gold,” among othercommodities.
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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