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Pambili earns support from Zimbabwes mining ministry



Pambili Natural Resources Corp

[NOT FOR DISTRIBUTION TO U.S. NEWSWIRE OR FOR DISSEMINATION IN THE UNITED STATES]

CALGARY, Canada – TheNewswire - (Aug. 17, 2022) — Pambili Natural Resources Corporation ("Pambili" or the "Corporation") (TSXV:PNN) is pleased to announce that its Chief Executive Officer, Jon Harris, recently met with Mr. Farayi Ngulube, Provincial Mining Director for Matabeleland North, in Bulawayo to introduce Pambili and discuss the Corporation’s plans to create local prosperity through capital expansion of Zimbabwe’s Happy Valley Mine (“HVM”).

Mr. Harris and Mr. Simisani Kupe, CEO of Techshed Investments (Pvt) Ltd. (“TSI”), the owner of HVM, spoke with Mr. Ngulube about Pambili’s Earn-in agreement with TSI, and Pambili’s long-term plan in helping to “formalize” small-scale mining in Zimbabwe through selective capital investments.

“Zimbabwe’s mining sector is enjoying unprecedented growth, and we were pleased to have had the opportunity to meet Mr. Ngulube and announce our presence in Zimbabwe. Our ambition to support small-scale mining operations — which account for a significant portion of mining activity in the country — was well received by Mr. Ngulube,” said Mr. Harris.

“A supportive and productive relationship with the Zimbabwean government is key to the Corporation as we create prosperity through our ongoing efforts,” he added.

In December 2021, Pambili announced an earn-in agreement and an oversubscribed C$515,000 non-brokered private placement for Happy Valley Mine, a producing gold mine near Bulawayo, which was subsequently approved by the TSX Venture Exchange in April 2022.

As part of the earn-in agreement, C$200,000 has been allocated to capital expansion of the Happy Valley Mine, while a drilling program recommended by the NI 43-101 technical report on the HVM is already underway.

 

 

Farayi Ngulube (L), Provincial Mining Director for Matabeleland North, greets Pambili CEO Jon Harris in Mr. Ngulube’s Bulawayo, Zimbabwe office.

Artisanal-scale mining is common across Zimbabwe and plays a significant role in local mining activities. Pambili’s long-range plan includes:

  • Identifying small-scale producing gold mines that currently generate cash but lack the capital required to develop their full potential; 

  • Pursuing earn-in opportunities to provide these mines with access to the capital hitherto unavailable to them; 

  • Effectively “formalizing” small-scale mining operations by investing in industry best practice procedures and processes; 

  • Proving Pambili’s business model to the government, thereby gaining continued support for Pambili’s activities. 

In July, Zimbabwe President Emmerson Mnangagwa cited the country’s target of US$12 billion in earnings for the country’s mining sector by 2023, and noted Zimbabwe’s 2021 sector earnings of US$5.9 billion, as he opened the 25th edition of the Mining, Engineering and Transport Conference in Bulawayo.

“The importance of natural resources, and in particular minerals, towards driving sustainable socio-economic development cannot be overemphasized,” he said, pledging to maintain a receptive business environment to attract local and global capital and grow established entities.

“I invite more investors to take advantage of the numerous opportunities in areas of exploration, mineral extraction, mineral processing, value addition and beneficiation,” he said. “Plans are in place for the accelerated value addition and beneficiation of minerals such as gold,” among other commodities.

 

As previously announced, HVM has the installed capacity to process 40 tonnes of rock per day but, due to capital constraints, is currently processing less than half that amount. Through these capital expansion efforts, Pambili can almost immediately begin earning a return on its investment in operations.

About Pambili Natural Resources Corporation: Pambili Natural Resources Corporation is a natural resources exploration and development company (www.pambilinrc.com) currently active in Zimbabwe and in the province of Alberta.

For further information, contact:

Pambili Natural Resources Corporation

Jon Harris (CEO)

T: 403 277 4421

E: jon.harris@pambilinrc.com

  

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.

 

Caution Regarding Forward-Looking Information Forward-looking statements - Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties. Forward-looking statements are often, but not always, identified by words such as “believes”, “may”, “likely”, “plans”, or similar words. Forward- looking statements included in this news release include statements with respect to work to be done on the Happy Valley mine in Zimbabwe. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of the Corporation, including, but not limited to the impact of general economic conditions, industry conditions, currency fluctuations, and dependence upon regulatory approvals. The Corporation does not assume any obligation to update the forward-looking statements to reflect changes in assumptions or circumstances other than as required by applicable law.

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