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Tombola Gold Ltd (TBA.AX) Lorena Transaction Update

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Tombola Gold Ltd
Tombola Gold Ltd

Tombola Gold Ltd (TBA.AX) Lorena Transaction Update

Brisbane, Australia, July 1, 2022 - (ABN Newswire) - Further to the Company's previous release of 20 June 2022, Tombola Gold Ltd (ASX:TBA) wishes to advise that the timeframe for the Due Diligence associated with the transaction has been extended by mutual agreement from 30 June to 7 July 2022.

The various parties to the proposed transaction continue to work towards formal legal documentation of the transaction, and the Company will continue to update the market as matters progress.

The proposed acquisition will remain subject to approval by Tombola shareholders at an Extraordinary General Meeting to be convened in the next weeks.

About Lorena

The Lorena Mine and Processing Facility is located 13km from Cloncurry on the Flinders Highway, and was commissioned in 2017 by a Joint Venture which included Malachite Resources and Chinova Resources. Operations continued at Lorena until late 2021, after which it was placed in care & maintenance pending a desire by the owners to sell the operation.

Primarily a Gold CIL Processing facility with the capacity to treat copper bearing ore, over the coming months Tombola intends to recommission the plant, expand tailings capacity, and transport ore from the Golden Mile operation to Lorena along with continuing to vat leach treat the balance of minable ore at Mt Freda.

Tombola is working with several third party consultants and advisors who are assisting the Company with its plans to recommission and expand the facility with a relatively low capital expenditure before commencing treatment of Mt Freda and Golden Mile ore.


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.


Contact:

Byron Miles
Managing Director
bmiles@tombolagold.com

Jane Morgan
Investor and Media Relations
info@janemorganmanagement.com.au
+ 61 (0) 405 555 618

Pamela Menzies
Company Secretary
pamela@tombolagold.com

Source:
Tombola Gold Ltd

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