Underground Mining Halted at Kombat Mine, Namibia
Underground Mining Halted at Kombat Mine, Namibia
TORONTO — January 16, 2025 — Trigon Metals Inc. (TSX -V: TM; OTCQB: PNTZ F)
(“Trigon” or the “Company”) experienced a setback in underground pumping due to the
failure of both of its two main dewatering pumps on the morning of January 16, 2025 at
the Company’s Kombat mine in Namibia. As a result, the Compa ny has suspended
underground mining as it anticipates that the pump failure will ultimately result in the
underground mine flooding over the coming days.
All precautions are being taken to ensure safety at the Kombat site. All personnel have
exited the affected areas of the underground operations and underground equipment is
currently being removed.
The Company intends to complete the previously announced transaction with Horizon
Corporation Ltd . (“Horizon”) . Horizon is aware of the situation and has notified the
Company that it is standing by its commitment to complete the purchase of Trigon ’s
interest in the Kombat mine . Both parties continue to work on the way forward, in
conjunction with Trigon’s other partners and stakeholders.
Jed Richardson, CEO and Executive Chairman of Trigon Metals, commented , “Today’s
pump failure is an untimely challenge that we are working to overcome. We applaud the
team at site for acting quickly to prioritize the safety of all mine workers. Initial discussions
with Horizon indicate that a transaction will go ahead with the hope of restoring operations
and getting back to business in a timely manner.”
Trigon Metals Inc.
Trigon is a publicly-traded Canadian exploration and development company with its core
business focused on copper and silver holdings in mine -friendly African jurisdictions.
Currently, the company has operations in Namibia and Morocco. In Namibia, the
Company holds a 100% interest in the Kalahari Copperbelt Project and an 80% interest
in five mining licences in the Otavi Mountainlands where the Company operates the
Kombat Mine. In Morocco, the Company is the holder of the Silver Hill and Addana
projects, highly prospective copper and silver exploration projects.
Cautionary Notes
This news release may contain forward -looking statements. These statements include
statements regarding the operations at the Kombat mine, the impact of the flooding at the
Kombat mine, the financial viability of Trigon, the Company’s ability to complete a sale of
the Kombat mine to Horizon , the Company’s strategies and the Company’s abilities to
execute such strategies, the economic viability of the Kombat Mine, the Company’s
expectations for the Kombat Mine, the potential transaction with Horizon and the
Company’s future plans and objectives. These statements are based on current
expectations and assumptions that are subject to risks and uncertainties. Actual results
could differ materially because of factors discussed in the management discussion and
analysis section of our interim and most recent annual financial statements or other
reports and filings with the T SX Venture Exchange and applicable Canadian securities
regulations. We do not assume any obligation to update any forward-looking statements,
except as required by applicable laws.
Neither 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 release.
For further information, contact:
Tom Panoulias, VP Corporate Development
+1 647 276 6002 X 1127
Website: www.trigonmetals.com