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Tombola Gold stride towards production

17 August 2022 13:40
ASX: TBA

Tombola Gold are set kick off gold production from the Golden Mile within 12 weeks, having entered a short-term lease agreement for the Great Australian Gold plant near the town of Cloncurry in outback Queensland.

The soon-to-be producer will be renting the plant from True North for an initial period of six months to fast-track production and continue forging up its regional presence.

This news comes on the heels of Tombola’s rise to regional after a formal agreement to purchase the Lorena gold and copper mine and processing facilities currently being refurbished for synthesised production.

The company said the initiative allows it to optimise operations and secure a long future of gold processing in the region.

“We are pleased to have entered a Binding Term Sheet with True North as a further step in the process of fulfilling our promise to the market of becoming a meaningful gold producer this year,” managing director Byron Miles said.

Tombola plan to process ore from its Golden Mile project for the sale of bullion right to the Perth mint.

TBA’s Australian Stock Exchange-listed share price has risen 5.88 per cent today, currently selling at 3.6c (1.28pm UTC+ 8 hours).

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