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Tombola moves toward production at Golden Mile

3 September 2021 10:42
ASX: TBA

Tombola Gold is transforming from explorer to developer as preparations get underway to bring its Golden Mile project into production.

The project, located in the rich mineral fields near Cloncurry in northwest Queensland and around three and a half years in the making, has resulted from its resilient directors’ tireless commitment to exploration during challenging times with the ultimate challenge of the transition to producer amid a global pandemic.

The news comes with gold prices expected to remain firm for at least the next quarter compared with other commodities facing downward pressure from lacklustre Chinese demand and the continued drag of the delta strain on world markets.

Tombola said it celebrates the milestone as it gets underway with the haul and access roads connecting the mine to the highway and the nearby gold processing facility, in readiness open-cut production and first processing the first gold ore.

Under the current plan, the company expects to commence operations at the project’s Mt Freda Gold Mine within a week of receiving state government approvals.

The company’s Australian Stock Exchange-listed share price has risen 2.5 per cent today, trading at 4c (9:30 am GMT+ 8 hours)

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