Tembo GOLD Reports Progress of the Acquisition of Dora Project
TEMBO GOLD REPORTS PROGRESS OF THE ACQUISITION OF DORA PROJECT
December 14th , 2023, Vancouver, BC – Tembo Gold Corp. (TSXV:TEM) (“Tembo”, or the “Company”) – is pleased
to provide an update on the recently announced License Purchase Agreement of the Dora project. The Company
is pleased to report that it has satisfied its obligations regarding payment terms of the purchase agreement, and
the process of transferring the license has commenced. The Company expects the transfer to be completed during
Q1 2024.
• The potential future resource growth within both the Imwelo mining licence and this PL, along strike
extensions to known mineralization and at depth, provide confidence that an expanded production and longer
life for the Imwelo project is likely.
• Once the transfer has been completed and funds are available, follow -up exploration, in particular drilling,
will commence to upgrade the resource and provide additional data to support expansion studies of the
Imwelo mine development project¸
The Project Highlights
• The Dora Project prospecting licence (PL) acquisition which was announced in August, bounds the Imwelo
mining license to the west, east and south.
• Mineralized structures hosting the gold trend off the Imwelo ML into the Dora PL and host the historical
resource of; Indicated Resource of 90,800oz Au at 1.19g/t ; Inferred Resource of 424,310oz Au at 1.43g/t
within the Dora PL.
• A number of targets identified by soil geochemical anomalies within the PL provide additional future targets
for follow-up exploration.
• Extensions to the known mineralization at depth and along strike, remain to be tested.
• This PL extends the known and potential strike of mineralization of the Imwelo ML to the west by 6km, with
multiple east-west parallel structures potentially increasing this.
“The acquisition of the Dora Project is a perfect complement to the Imwelo Project and provides the opportunity
for Tembo to develop two substantial properties with potential for significant upside at a district scale. The
combination of the two projects aligns well with the Company’s commitment to building a diversified portfolio of
quality development and near term production assets with strong re -rate potential for all shareholders. ” Said
Simon Benstead, Executive Chairman & CFO.
“The 500,000 oz historical resource on the Dora licence allows Tembo/LVG to advance the project to a higher
confidence level through feasibility to Mining Licence. The combination of the two projects allows early gold
production and measured production increases over the next 5 years to become a mid tier gold company. ” Said
Marc Cernovitch, CEO & Director.
A qualified person has not done sufficient work to classify the Historical Resource Estimate as current mineral
resources, and the Company is not treating the Historical Resource Estimate as current mineral resources or
mineral reserves. The Company believ es that the Historical Resource Estimate is relevant to an appraisal of the
merits of the Project and forms a reliable basis upon which to develop future exploration programs. The Company
will need to conduct further exploration, and there is no guarantee that the results obtained will reflect the
historical estimate. In order to verify the Historical Resource Estimate to a current mineral resource estimate, the
Company will need to retain a qualified person to verify historical drilling and assaying method s and validate
historical results, add any drilling and assaying or other pertinent geological information generated since the last
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estimation, and complete an updated resource estimate and a new technical report. Significant data compilation,
drilling, sampling and data verification may be required by a qualified person before the Historical Resource
Estimate can be classified as a cu rrent resource. There can be no assurance that any of the historical mineral
resources, in whole or in part, will ever become economically viable. In addition, mineral resources are not mineral
reserves and do not have demonstrated economic viability. Even if classified as a current mineral resource, there
is no certainty as to whether further exploration will result in any inferred mineral resources being upgraded to
an indicated or measured mineral resource category.
Qualified Person
David Scott, Pr. Sci. Nat., is the Qualified Person responsible for the technical content of this news release. David
Scott, Pr. Sci. Nat., has prepared, supervised and approved the scientific and technical disclosure in this news
release.
About Tembo
Tembo Gold is a rapidly growing gold exploration and development company listed on the TSX Venture Exchange
under the symbol TEM. Leveraging our unique position and experience, the Company is principally focused on
growth and consolidation in the highly prolific and prospective Lake Victoria Goldfield in Tanzania.
The Company has a 100% interest in the Tembo project which has over 50 thousand meters of drilling and is
located adjacent to Barrick’s Bulyanhulu Mine. The Company announced on August 10th and August 29th, 2023
the acquisition of two deposits that support our objective of accretive growth and consolidation. The Imwelo
project and Dora project both have potential for significant growth.
Tembo has assembled a highly experienced team with a track record of developing, financing and operating
mining projects in Africa with management, directors and partners owning more than 60% of the shares. Notably,
the Company is grateful for the validation that comes with the support and equity investment from Barrick Gold
and the recent strategic partnership with Taifa Group.
Taifa Group (a diverse group of companies with interests in, amongst others, Mining, Telecoms, Oil & Gas, Agri
Business, Pharmaceuticals and Leather) has taken an equity stake in Tembo Gold through its wholly owned
subsidiary Taifa Mining (a wholly Tanzanian owned company). Taifa Mining will also carry out all the contract
mining and civil works for the Imwelo project. Taifa Mining is Tanzania’s largest mining contractor with over 30
years mining related experience. Taifa have been the contractor of choice to most mines in Tanzania and have
maintained long and successful relationships with companies such as Petra, De Beers, Barrick, and AngloGold
Ashanti. In addition, Taifa owns the largest fleet of mining equipment in Tanzania. As a company, Taifa is
committed to adopting and adhering to the latest internationally recognized standards throughout all aspects of
its business.
On Behalf of the Board of Directors of Tembo,
Simon Benstead
Executive Chairman & CFO
Phone: +1 604-685-9316
Email: [email protected]
For more information please contact:
Simon Benstead Marc Cernovitch
Executive Chairman & CFO CEO & Director
Phone:+ 1 604-685-9316 Phone: +1 604-685-9316
Email: [email protected] Email: [email protected]
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NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED
IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR
ACCURACY OF THIS NEWS RELEASE.
Cautionary Statement Regarding Forward-Looking Information
This news release includes certain "forward-looking information" within the meaning of applicable Canadian sec urities
legislation, including: future exploration plans with respect to the Project, defining current mineral resource and mineral reserves
on the Project, the terms of the Acquisition and the Financings, entering into mining services contracts with Taifa, the anticipated
share structure of Tembo following the Acquisition and Financings, the use of proceeds for the Financings, the closing of the
Acquisition and the Financings, including the satisfaction of the closing conditions thereunder and the expected timing thereof,
and receipt of all regulatory approvals, including the approval of the TSXV for the Acquisition and Financings and the Tanzania
Fair Competition Commission for the Acquisition and the Company’s intention to provide further updates in respect of the
Acquisition and the Financings. All statements in this news release that address events or developments that we expect to occur
in the future are forward-looking statements. Forward-looking statements are statements that are not historical facts and are
generally, although not always, identified by words such as "expect", "plan", "anticipate", "project", "target", "potential",
"schedule", "forecast", "budget", "estimate", "intend" or "believe" and similar expressions or their negative connotations, or that
events or conditions "will", "would", "may", "could", "should" or "might" occur. All such forward-looking statements are based on
the opinions and estimates of management as of the date such statements are made.
Forward-looking statements necessarily involve assumptions, risks and uncertainties, certain of which are beyond Tembo’s
control, including risks associated with or related to: the completion of the Acquisition, the Financings and related transactions,
including receipt of all regulatory approvals and third-party consents, the volatility of metal prices and Tembo’s common shares;
changes in tax laws; the dangers inherent in exploration, development and mining activities; the un certainty of reserve and
resource estimates; not achieving development or production, cost or other estimates; actual exploration or development plans
and costs differing materially from the Company’s estimates; the ability to obtain and maintain any necessary permits, consents
or authorizations required for mining activities; environmental regulations or hazards and compliance with complex regulations
associated with mining activities; climate change and climate change regulations; fluctuations in exchange rates; the availability
of financing; financing and debt activities; operations in foreign and developing countries and the compliance with foreign laws,
including those associated with operations in Tanzania and including risks related to changes in foreign laws and changing
policies related to mining and local ownership requirements or resource nationalization generally, including in response to the
COVID-19 outbreak; remote operations and the availability of adequate infrastructure; fluctuations in price and availability of
energy and other inputs necessary for mining operations; shortages or cost increases in necessary equipment, supplies and
labour; regulatory, political and country risks, including local instability or acts of terrorism and the effects thereof; the reliance
upon contractors, third parties and joint venture partners; challenges to title or surface rights; the dependence on key personnel
and the ability to attract and retain skilled personnel; the risk of an uninsurable or uninsured loss; adverse climate and we ather
conditions; litigation risk; competition with other mining companies; community support for Tembo’s operations, including ris ks
related to strikes and the halting of such operations from time to time; conflicts with small scale miners; failures of infor mation
systems or information security threats; the ability to maintain adequate internal controls over financial reporting as required by
law; compliance with anti-corruption laws, and sanctions or other similar measures; social media and Tembo’s reputation; and
other risks disclosed in the Company’s public filings.
Tembo’s forward-looking statements are based on the opinions and estimates of management and reflect their current
expectations regarding future events and operating performance and speak only as of the date hereof. Tembo does not assume
any obligation to update forward-looking statements if circumstances or management's beliefs, expectations or opinions should
change other than as required by applicable law. There can be no assurance that forward- looking statements will prove to be
accurate, and actual results, performance or achievements could differ materially from those expressed in, or implied by, these
forward-looking statements. Accordingly, no assurance can be given that any events anticipated by the forward-looking
statements will transpire or occur, or if any of them do, what benefits or liabilities Tembo will derive therefrom. For the reasons
set forth above, undue reliance should not be placed on forward-looking statements.