Pambili partners with Kavango Resources to revive Golden Valley Mine
TORONTO Stock Exchange-listed Pambili Natural Resources Corporation and Kavango Resources Plc have entered into a strategic partnership to revive operations at Golden Valley Mine near Bulawayo.
Kavango Resources is a mineral exploration firm listed on the London Stock Exchange with projects in Zimbabwe and Botswana.
In November last year, Pambili entered into a share purchase agreement to acquire the Golden Valley project, a gold producing mine from White Satin Investments (Private) Limited signifying a critical moment in the firm’s growth path.
In a statement, Pambili confirmed Kavango Resources’ conversion of their US$250 000 loan into company shares, following approval by the TSX Venture (TSX- V) Exchange.
The TSX-V has determined that the previously proclaimed premium of US$75 000 exceeds its guidelines therefore, Kavango has agreed to reduce the premium to US$60 000 — the maximum allowable amount resulting in an effective interest of 24 percent on the loan.
Pambili chief executive officer Mr Jon Harris said: “Pambili is in a strong position. We have taken positive steps forward in our exploration of Golden Valley’s nearand longer-term gold potential.
“Following the TSXV’s recent approval of our acquisition of the project, we’re ready to push on with preparations for our planned underground drilling programme.
“The funds provided by Kavango will be key in advancing this pivotal work and we welcome them as a strategic investor.”
He said their goal was to identify an initial source of ore to bring the mine back into full production.
“This stands to provide us with a source of revenue we can invest directly into operation expansion and investigating Zimbabwe’s modern production potential,” said Mr Harris.
Golden Valley is Pambili’s flagship project located on the Bulawayo greenstone belt.
Kavango chief executive officer Mr Ben Turney was quoted as saying his organisation and Pambili share an appreciation of the immense, underexplored gold potential across Zimbabwe’s many greenstone belts.
“Our common goal is to support the nation as it enters the modern mining era.
“We have been highly encouraged by Pambili’s progress at Golden Valley and welcomed the recent news that the TSXV approved the company’s acquisition of the project.
“I have every faith in Jon and the team’s ability to develop Golden Valley moving forward.
“Kavango will support them fully as a strategic investor,” he said.