| New Pennine CEO Jon Harris examining potential ‘earn-in’ opportunities in the mining sector CALGARY, Canada (Nov. 17, 2021)—In an effort to remain in the natural resources industry, Pennine announced in February 2021 that new CEO Jon Harris is investigating opportunities in the mining sector. While not conclusive, these efforts are based on the reality of the natural resources landscape, with more business opportunities currently existing in mining than in the junior oil and gas sectors. This is a natural shift, given that Harris: - Has extensive experience in managing early-stage mining projects in sub-Saharan Africa, particularly in gold, nickel and bauxite exploration and development.
- Lived in Zimbabwe and South Africa and has a significant business network and operational experience in the region;
- Has a good understanding of the policy and investment climate prevailing in the Southern Africa;
- Is an experienced director, having served on the boards of several natural resource companies.
“We feel that the mining sector in sub-Saharan Africa presents significant mining opportunities across various minerals. Most countries host significant mineral deposits with a wide range of international investors partnering with local companies to develop them,” says Harris. “Southern African countries produce large quantities of minerals, and many of their economies are dependent on the mining sector. Zimbabwe aims to create a US$12 billion industry and have declared that they are ‘open for business’ in terms of responsible resource development,” adds Harris. “We’re paying close attention and looking for opportunities, at least one of which appears to be very promising.” Harris points to precedents for successful sub-Saharan mining pursuits, including: - Vancouver-based B2Gold, operator of the Otjikoto Mine which, with annual production of around 200,000 oz, is the largest gold mine in Namibia;
- Caledonia Mining Corporation Plc, which owns the Blanket Mine in Zimbabwe, which produces about 80,000 ounces of gold annually;
- Prospect Resources Limited, a battery minerals company developing the Arcadia Lithium project in Zimbabwe;
- Alphamin Resources Corp. , which operates the world’s highest-grade tin mine in the Democratic Republic of Congo;
- Sibanye Stillwater Limited, which operates the Mimosa PGM and base metals mine in Zimbabwe;
- Zimasco (Pvt) Ltd, the largest integrated ferrochrome producer in Zimbabwe;
- RioZim Limited, which operates the Renco and Cam & Motor gold mines in Zimbabwe, as well as the Empress Nickel Refinery among other mining activities;
- AngloAmerican Corporation, which operates the Unki platinum mine in Zimbabwe.
“Companies entering Canada’s mining sector, in large part, are at the exploration stage,” says Harris. “What we’re examining are opportunities to earn into producing mines on a joint venture basis—with the benefit of near-term cash flow, and the intent to fully identify and develop additional resources.” -30- About Pennine Resources Corporation: Pennine Resources Corporation is a junior oil and gas exploration and development company (www.penninepetroleum.ca) currently with assets in the province of Alberta. In an effort to remain in the natural resources industry, Pennine announced in February 2021 that new CEO Jon Harris is investigating opportunities in the mining sector. While not conclusive, these efforts are based on the reality of the natural resources landscape, with more business opportunities currently existing in mining than in the junior oil and gas sectors. For further information, contact: Pennine Resources Corporation Jon Harris T: +1 (403) 277 4421 E: jon.harris@penninecorp.com |