(TheNewswire)
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CALGARY, Canada – TheNewswire - Aug. 10, 2022 - Pambili Natural Resources Corporation ("Pambili" or the "Corporation") (TSXV:PNN) is pleased to announce that capital expansion of the Happy Valley Mine (“HVM”) is moving ahead with the arrival this week of mechanized equipment to ramp up production.
The Happy Valley Mine, near Bulawayo, Zimbabwe, this week took delivery of a Massey Ferguson 440 series tractor following a 900-kilometre journey from Johannesburg, South Africa. Pambili also anticipates delivery of an eight-tonne tipping trailer from a local supplier in the next two weeks. The search is on for a suitable tractor-loader-backhoe unit, which is expected to be purchased by the end of the month.
The purchase, delivery and mobilization of this equipment are part of Pambili’s commitment to capital expansion of HVM, as part of the earn-in agreement and an oversubscribed C$515,000 non-brokered private placement announced in December 2021 and subsequently approved by the TSX Venture Exchange in April 2022. As part of the earn-in agreement, C$200,000 has been allocated to capital expansion.
CEO Jon Harris commented: “This is a very important step in the mechanization of operations at the Happy Valley Mine, ramping up production and creating efficiencies to reduce manual work. Not only will this equipment allow us to increase the amount of rock that can be delivered to the crushing and milling plant, but the ability to ferry rock from neighbouring mines to process at our plant provides a potential new revenue stream.”
As previously announced, HVM has the installed capacity to process 40 tonnes of rock per day but, due to capital constraints, is currently processing less than half that amount. Through these capital expansion efforts, Pambili can almost immediately begin earning a return on its investment in operations.
About Pambili Natural Resources Corporation: Pambili Natural Resources Corporation is a natural resources exploration and development company (www.pambilinrc.com) currently active in Zimbabwe and in the province of Alberta.
For further information, contact:
Pambili Natural Resources Corporation
Jon Harris (CEO)
T: 403 277 4421
E: jon.harris@pambilinrc.com
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Caution Regarding Forward-Looking Information Forward-looking statements - Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties. Forward-looking statements are often, but not always, identified by words such as “believes”, “may”, “likely”, “plans”, or similar words. Forward- looking statements included in this news release include statements with respect to work to be done on the Happy Valley mine in Zimbabwe. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of the Corporation, including, but not limited to the impact of general economic conditions, industry conditions, currency fluctuations, and dependence upon regulatory approvals. The Corporation does not assume any obligation to update the forward-looking statements to reflect changes in assumptions or circumstances other than as required by applicablelaw.
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