TORONTO, ONTARIO–(Marketwire – Feb. 23, 2012) - Tembo Gold Corp. (TSX VENTURE:TEM) (“Tembo”, the “Company”) Mr. David Scott, President and CEO is pleased to report that “It is with great pleasure that I formally announce the listing of Tembo Gold Corp. on the TSX Venture Exchange.”
The value of Tembo’s, cornerstone asset, the Tembo property, given its proximity and shared geology with African Barrick Gold’s Bulyanhulu Mine (having a total resource of some 20Moz) was recognized immediately. In order to follow-up on very promising historical exploration results, and more importantly the remobilization of exploration crews on the ground, three private placements were completed in 2011, raising a total of $17 million.
Early on it was acknowledged that having the right management and technical teams in place would be vital to success, consequently a strong internationally experienced Board of Directors was put in place led by David Anthony as Chairman and David Scott as President and CEO, both whom had been senior managers at Bulyanhulu with a combined 22 years of ‘on the ground’ Tanzanian experience.
The first priority for Tembo was the collation, re-processing and re-interpretation of all earlier data; airborne magnetics, soil geochemistry, pitting, RAB/aircore, reverse circulation and diamond drilling. While this was underway, initial follow-up reconnaissance mapping was initiated and a LIDAR survey was contracted to provide a better understanding and definition of the extent of artisanal mining activity within the property boundary.
To support the Company’s own technical team, priority was given to the recruitment of an experienced and trustworthy exploration contractor who could immediately deploy crews on the ground. Due to their exceptional track record the Mineral Corporation (Mincorp) was selected to provide the geological personnel and expertise for the project, including database management.
RC and diamond drilling programs conducted prior to 2009 returned excellent results, confirming the presence of high-grade, potentially economic mineralization. These results confirmed the presence of gold in many northwest trending structures which correspond to magnetic lineaments. It is clear that the geology of the adjacent Bulyanhulu mining licence continues to the northwest into the Tembo Project area, and is associated with abundant evidence of gold mineralization.
The outputs of the LIDAR survey, a high resolution color orthophotographic image and an extremely accurate digital elevation model reveal the full extent of the artisanal mining on the Tembo project. Comparisons with earlier data clearly demonstrates a close spatial relationship between gold in soils and surface regolith, linear magnetic structures and extensive artisanal mining. The hard rock mining activity is no less than 11km in extent and is present along approximately 10% of the potential target structures identified by the magnetic lineaments. Most importantly it was noted that the artisanal activity was focused not only along these, but also along northeast and east-west trending structures.
The restrictions inherent in the largely covered nature of the terrain, up to 10m in places, dictates drilling as the primary exploration tool to test those structures currently and historically mined, as well as their extensions and the many unmined and untested sub-parallel and conjugate structures.
The confidence generated by the data review and LIDAR interpretation has provided the motivation for an aggressive drilling program for the 2012 exploration year. A combined 90,000m, reverse circulation and diamond drilling program on seven primary targets is planned. Drilling is currently underway. Two diamond rigs and one RC rig have been deployed. Further additions will be considered as necessary and as results dictate.
We are confident that we are targeting mineralization from the outset and anticipate conducting orebody modeling and gold deportment studies at key milestones throughout the year. It is with great anticipation we launch into this drill program and we look forward to providing further updates at regular intervals in the coming months detailing our progress.
Above all, Tembo’s focus is to deliver the growth our shareholders expect by advancing our Tanzanian assets, building partnerships and continuing to recognize business opportunities that can add and increase value for its shareholders.
“I want to personally thank all of our shareholders for their continued support. Tembo’s success is a reflection of the dedication, hard work and commitment of our management and employees, Board of Directors, and financing partners”, Said David Scott, President CEO.
Tembo Gold is a Canadian public company listed on the TSX Venture Exchange (“TSX-V”) under the symbol TEM. The Company currently has 100% interest in the Tembo Gold Project which is located adjacent to African Barrick’s 20Moz Bulyanhulu Mine in the prolific Lake Victoria Greenstone belt in Tanzania. Our focus is the discovery and development of world-class gold projects in Africa. The company has assembled a highly experienced team with a proven history of developing, financing, and operating mining projects in Africa. With approximately $13 million in the Treasury, the Company’s exploration strategy is to discover mineral resources as well as continue to look for additional opportunities that can bring value to the Company and shareholders.
Certain information set out in this news release constitutes forward-looking information. Forward looking statements are often, but not always, identified by the use of words such as “seek”, “anticipate”, “plan”, “continue”, “estimate”, “expect”, “may”, “will”, “intend”, “could”, “might”, “should”, “believe” and similar expressions. In particular, this news release contains forward-looking statements in respect of the use of the net proceeds from the Private Placement, the completion and timing of additional closings of the Non-Brokered Private Placement, the payment of certain finders’ fees and the listing of the Common Shares on the TSXV. Forward-looking statements are based upon the opinions and expectations of management of the Company as at the effective date of such statements and, in certain cases, information provided or disseminated by third parties. Although the Company believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, and that information obtained from third party sources is reliable, they can give no assurance that those expectations will prove to have been correct. With respect to forward-looking statements contained in this news release, the Company has made assumptions regarding, among other things, the ability to develop the Company’s properties, the economic climate in the jurisdictions where the Company carries on operations and commodity prices. Although the Company believes that the expectations reflected in the forward-looking statements contained in this document, and the assumptions on which such forward-looking statements are made, are reasonable, there can be no assurance that such expectations will prove to be correct. Readers are cautioned not to place undue reliance on forward-looking statements included in this document, as there can be no assurance that the plans, intentions or expectations upon which the forward-looking statements are based will occur. By their nature, forward-looking statements involve numerous assumptions, known and unknown risks and uncertainties that contribute to the possibility that the predictions, forecasts, projections and other forward-looking statements will not occur, which may cause actual results in future periods to differ materially from any estimates or projections of future performance or results expressed or implied by such forward-looking statements. These risks and uncertainties include, among other things, a significant drop in the price of gold, political turmoil in Tanzania and other risk factors set forth in the Company’s continuous disclosure. Readers are cautioned that this list of risk factors should not be construed as exhaustive. These statements are made as at the date hereof and unless otherwise required by law, the Company does not intend, or assume any obligation, to update these forward-looking statements.
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