Director Appointment-Resignation
Director Appointment-Resignation
Brisbane, June 10, 2022 AEST (ABN Newswire) - Tombola Gold Ltd (ASX:TBA) is pleased to advise of the appointment of Mr Ken Stapleton as an Executive Director to replace Mr Geoff Kidd who has decided to retire as an Executive Director for health reasons.

About Ken Stapleton

Mr Stapleton is a Mining Engineer with excess of 40 years of mining industry experience in consulting, planning and management of open cut mining operations including iron ore, coal, porphyry copper/gold/silver, lateritic nickel and gold mines. He is experienced in feasibility studies, resource and reserve estimation, owner-operator and contractor mine cost estimation and budgeting, mine planning, drilling and blasting, in-pit crushing/conveying, mine rehabilitation, and the development and operation of coal and base metal mines in Australia, Papua New Guinea, New Caledonia and Indonesia.

Mr Stapleton has extensive experience in planning and management for mining companies and major mining contractors. He also has extensive experience as a consultant to the metalliferous and coal industry. He founded MineOp Consulting in 2007, and in recent years has worked as an expert witness and provided advisory services to a number of metal and coal companies on Partner/Alliance style contract formation and negotiations.

Mr Stapleton has an Associateship Diploma of Mining Engineering from the Royal Melbourne Institute of Technology, a Mine Managers Certificate (Unrestricted for Qld, NT and PNG), an Open Cut Coal Examiners Certificate (NSW), and is a member of AusIMM.

The Company will pay Mr Stapleton an annual fee of $125,000 in cash. Subject to shareholder approval, Mr Stapleton will also be granted 5 million unlisted performance options exercisable at 9 cents each. The options will vest once the Company has achieved revenue of at least $15 million in a 12 month period ending two years from today, provided Mr Stapleton has served a minimum of 12 months with the Company and remains in an Executive Director position at that time. The options (once vested) will expire after 90 days should Mr Stapleton cease to be employed as an Executive Director of the Company.

Tombola Managing Director Byron Miles said:

"On behalf of the Board, I am pleased to welcome Ken to the Tombola Board at an exciting time for the Company. I'm sure Ken's experience will be of great benefit in supporting the Company's current and future project development plans.

I would also like to sincerely thank Geoff Kidd for his service to the Company and respect his decision to retire at this time."

About Tombola Gold Ltd

Tombola Gold Ltd ASX:TBATombola Gold Ltd (ASX:TBA) is a company assembled by experienced, exceedingly well-qualified and all very well rounded team members that have previously floated exploration companies which achieved major resource discoveries and success. Between the Tombola team members, Tombola as a company have well over 100 years of accumulated experience in the mining, exploration and resource sector. Tombola principal objective is to acquire assets to explore for and develop a large IOGC or porphyry deposit funded by low-risk gold production resources. To that end, Tombola has a license covering 970 sq km prospective for gold/copper in the Mount Bryan-Red Banks-World's End area near Burra in South Australia; with strategic agreements with Queensland Mining Corporation.



Byron Miles
Managing Director

Jane Morgan
Investor and Media Relations
+ 61 (0) 405 555 618

Pamela Menzies
Company Secretary

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