TORONTO, Nov. 24, 2022 (GLOBE NEWSWIRE) -- Toubani Resources, Inc. (ASX: TRE; TSX-V: TRE) (“Toubani Resources” or the “Company”) is pleased to announce that it has been formally admitted to the Australian Securities Exchange (“ASX”) and its securities are scheduled to commence trading on the ASX on Monday November 28, 2022 at 1:30 pm AEDT under the ticker code TRE. The Company will continue to trade on TSX Venture Exchange (“TSXV”) under the symbol TRE.
In connection with the Company's dual listing on the ASX, it completed a capital raising which raised A$6,000,000, introducing a broad base of new shareholders, predominantly from Australia. The net proceeds of the capital raising will be used to undertake an extensive drill programme to identify and incorporate all potential high value material into an updated Mineral Resource estimate for the Kobada Gold Project.
This announcement has been approved for release by the CEO.
About Toubani Resources Inc
Toubani Resources (ASX: TRE; TSX-V: TRE) is an exploration and development company with a focus on expanding its existing total resource base of 3.1 million ounces. The Company has a highly experienced board and management team with a proven track record in the African mining sector operating mines from development through to production.
Toubani Resources' principal asset is the Kobada Project in southern Mali, which is in an advanced stage of development having completed a Definitive Feasibility Study in September 2021 showing compelling economics for a 100,000oz per annum production profile over 10 years. The company believes the flagship project to be largely de-risked based upon the results of the study, and further exploration will build on the substantial baseline of 3.1 million ounces total resource, and 1.2 million ounces of reserves. As well as the initial Kobada Gold Project mining concession, other highly prospective exploration locations have been identified on the Kobada, Faraba and Kobada Est concessions based upon systematic regional exploration techniques. These additional exploration areas are part of the targeted drilling campaign as outlined above, with a view to increase strike length and grow resource ounces. For more information regarding Toubani Resources visit our website at www.toubaniresources.com.
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This press release contains “forward-looking information” within the meaning of applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, statements regarding the listing on the Australian Stock Exchange, the expansion of mineral resources and reserves, and drilling and exploration plans of the Company. Generally, forward-looking information can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved”. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including but not limited to: receipt of necessary approvals from Canadian and Australian regulatory authorities; general business, economic, competitive, political and social uncertainties; future prices of mineral prices; accidents, labour disputes and shortages; available infrastructure and supplies; the COVID-19 pandemic and other risks of the mining industry. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
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