Tombola Gold Ltd Stock Market Press Releases and Company Profile
Mining Update and GAM Plant Agreement
Mining Update and GAM Plant Agreement

Brisbane, Oct 18, 2022 AEST (ABN Newswire) - Tombola Gold (googlechartASX:TBA) is pleased to announce that mining activities continue to progress well at the Company's two operating mines - Comstock and Shamrock, where currently 61,000 tonnes of ROM material are stockpiled for haulage to the Great Australia Mine (GAM) processing plant, the subject of a short-term lease which has now been definitively agreed with True North Copper (as outlined in the ASX Announcement of 17 August 2022).

HIGHLIGHTS

- Mining continues to progress ahead of schedule at the Golden Mile at the Comstock and Shamrock pits.

- Definitive legal agreement now executed for lease over the Great Australia Mine (GAM) processing plant.

- Gold production on schedule for late November.

- Stockpiles of Run of Mine (ROM) material total 61,000 tonnes (+20%) - ready for transport to the Great Australia Mill (GAM).

- Total tonnes mined now stand at 766,000 tonnes.

- Recommissioning on schedule at the GAM as Tombola advances towards first Gold.

First gold production is scheduled for late November, and carting of the ROM material to GAM will commence in coming weeks.

Tombola Gold Managing Director, Byron Miles, commented:

"We are very pleased to see continuing progress at our mining operations which are on-track for first gold production in late November, with mining advancing well ahead of schedule at both Comstock and Shamrock. Additionally, with the definitive legal agreement signed and the recommissioning work at GAM is progressing extremely well, we are looking forward to producing our first gold bar."

"These are exciting times for Tombola as we move from junior explorer towards producer, something we have been working hard to achieve."

Key Points - Mine Operations:

- Mining rates well above forecast (+20%) - an average of 5,800 tonnes being mined / day.

- The mining fleet continues to perform above forecast rates with 95% utilisation availability.

- Production costs are in-line with the scoping study.

- No incidents or accidents at site.

- Local employees make up over 50% of the workforce, with 30% being indigenous operators.

- Best-practise grade control at the mining operations plays a significant role in ensuring that dilution is minimised.

- Industry standard grade control practises are employed in mining operations to delineate mineralised dig-line boundaries - a detailed discussion of grade control methods employed is contained in Appendix 1*.

- Both Comstock and Shamrock pits are mined simultaneously, allowing time for grade control assay turn-around so that mineralised zones can be marked-up on the pit-floor.

Key Points - GAM Processing plant refurbishment:

- Definitive agreements now executed, per announcement of 17 August 2022.

- Gold production from GAM is scheduled to commence late November.

- Re-commissioning on track as per schedule.

- Tombola team on-site, strengthened with pervious senior experienced GAM employees being engaged to expedite the re-commissioning process.

Key Points - Lorena Processing Plant:

- Assessments on-going regarding the preferred tailings disposal options in conjunction with Tombola personnel and key consultants. Options are currently being considered for a new stand-alone dam versus lifting the dam walls on the existing dam.

- Maintenance activities are being carried out, with repairs and modifications being fully costed as part of the refurbishment plan.

Other Development Activities:

- Haulage contracts agreed with a view to commence hauling ROM from Golden Mile to GAM in the coming weeks.

- Wynberg / Wallace South - pit optimisations and final pit designs are currently being developed with a view to commence mining as soon as possible, tentatively scheduled early 2023.

- Continual review of project costings and mine optimisation studies are being undertaken to ensure that the mining operations remain on-track as per schedule.

- Mt Freda leach vats are being fully maintained and optimitsed for the treatment of lower grade mineralised material from Comstock and Shamrock, as well as from the Mt Freda open pit to maximise gold recoveries.

*To view tables and figures, please visit:
https://abnnewswire.net/lnk/K691AB37


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.

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Contact

Byron Miles
Managing Director
bmiles@tombolagold.com

Jane Morgan
Investor and Media Relations
info@janemorganmanagement.com.au
+ 61 (0) 405 555 618

Pamela Menzies
Company Secretary
pamela@tombolagold.com



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