PNN:CC - Pambili Issues An Update on the Acquisition of Golden Valley Mine
(TheNewswire)
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CALGARY, Canada / TheNewswire (March 5, 2024) –Pambili Natural Resources Corporation ("Pambili" or the"Company") (TSXV:PNN) is pleased toprovide an update on the share purchase transaction (“ Transaction ”) toacquire the Golden Valley Mine (“ GVM ”), previouslyannounced on November 23, 2023.
The Transaction is an arm’s-length transaction forpurposes of the policies of the Toronto Venture Exchange(“ TSXV ”) and the Company had initially applied for theTransaction to be approved as an “Expedited Acquisition”, definedunder Policy 5.3 – Acquisitions and Dispositions of Non-Cash Assets - of the TSXV’s Corporate Finance Manual. On Feb. 14, 2024, the Company was advised that the TSXV haddetermined the Transaction to be a FundamentalAcquisition pursuant to Policy 5.3 and is reviewable on thatbasis.
Furthermore, and following local tax advice, theproposed Transaction with Forosa Investments (Private) Limited(" Forosa "), has been re-negotiated on the same terms with WhiteSatin Investments (Private) Limited (“ White Satin ”), theoriginal owners of GVM. The revised transaction will obviate the needto transfer the mining licence to Forosa, and thereby simplifycompletion of the Transaction.
In connection with the TSXV review, the Company hascommissioned a technical report to be prepared in accordance withNational Instrument 43-101 Standards of Disclosure for Mineral Projects (the “ TechnicalReport “) on the GVMlocated in Zimbabwe’s Matabeleland province and the subject of theTransaction. The Company is also making arrangements to obtain a titleopinion for the Golden Valley Mine and the (unaudited) financialstatements of White Satin. The Company will issue a follow-up newsrelease with additional details regarding the Technical Report andselected financial information when available.
Completion of the Transaction therefore remains subjectto the TSXV’s satisfactory review of the Technical Report, the titleopinion, and financial statements as well as the completion of allother TSXV requirements and the closing conditions of the Transaction.
Given what Pambili already knows about the goldpotential of GVM, which has a history of high-grade undergroundmining, the Technical Report is expected to provide an independentcorroboration of both the potential of GVM and the planned undergrounddevelopment programme.
Jon Harris, ChiefExecutive Officer of Pambili Natural Resources, commented:
“Pambili was already committed tocommissioning a Technical Report on the GVM. This latest developmentmeans we will now accelerate that exercise. The Technical Report is anatural complement to the work we have already completed and the stepswe have taken to advance the Golden Valley project over the past threemonths.
We have established safe access tothe historic underground workings through the east adit and the surveyof those workings has been completed. Our recently appointed minemanager has started developing two crosscuts in preparation for theplanned underground drilling programme. These crosscuts will give ourgeologists exposure to “fresh rock” and the subsequent channelsampling of this rock is expected to provide valuable insights intothe potential of GVM even before we commence the drillingprogram.
We look forward to reporting our ourongoing exploration progress from here.”
The Golden Valley Mine
GVM is located on a typical Orogenic-style gold depositwithin the Bulawayo Greenstone Belt. The mine is situated in the samegeological setting as the Happy Valley mine, the How Mine — Metallon Corporation’s flagship operation —and many other producing or past producing gold mines such as XmasBox, Coronation and Bonsor.
GVM was active in the late 1930s and early 1940s and,as reported on page 237 of Bulletin 93 of the Zimbabwe GeologicalSurvey (published in 1995), what was then described as the PeacefulValley mine “ milled 7,827tonnes of ore for 60.0618kg of gold and treated 8,354 tonnes of sandsand 785 tonnes of slimes for 17.356 kg of gold. Altogether, 77.4178 kgof gold were produced, a recovery of 9.89 g/t. ”
Pambili’s independent geologist, Gayle Hanssen BSc.(Hons.) Geology, a qualified person as defined by National Instrument43-101, has reviewed and approved the technical information containedin this news release.
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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