Toubani Resources to Commence Trading on ASX

TORONTO, Nov. 27, 2022 (GLOBE NEWSWIRE) -- Toubani Resources, Inc. (ASX: TRE; TSX-V: TRE) ("Toubani Resources" or the "Company") is pleased to announce that the Company`s securities will commence trading today on the Australian Securities Exchange ("ASX") under the ASX code TRE.

Highlights:

• Shares were admitted to the Official List of the ASX on 24 November 2022 and trading of the shares will commence today at 1:30 pm AEDT, under the ticker "TRE"
• Trading on the ASX will have no direct impact on the trading of the Company's shares on TSX Venture Exchange ("TSXV"), which will continue to trade under the ticker "TRE"
• A$6,000,000 at A$0.20 per share was raised as part of the equity raising
• The Company is now well funded to execute its comprehensive drilling campaign

The management and the board of the Company believe that a dual listing on the ASX will raise the profile of the Company`s Kobada Project in a robust resources market where gold exploration companies have in recent times attracted significant investor interest. In connection with the dual listing, the Company has successfully raised A$6,000,000, bringing in a broad base of new investors, predominantly from Australia.

The Company intends to commence exploration on the Kobada project, with drilling activities expected to commence shortly. The focus of the 2022/2023 drilling campaign will be on the previously identified target areas, based on soil geochemical sampling, artisanal mining, geophysics trends and historical drillholes, in the larger Kobada mining permit area. The aim of the drilling campaign is the following:

• Extending the mineralised zone of the main shear zone ("MSZ") to the south and north
• Testing the continuity of a second mineralised zone to the east of the main Kobada orebody
• Drilling around historical artisanal mining where there are extensive workings
• Testing new potential gold mineralised zones
• Follow up auger drilling anomalies showing strong gold mineralisation
  

This announcement has been approved for release by the CEO.

About Toubani Resources Inc

Toubani Resources (ASX: TRE; TSX-V: TRE) is an exploration and development company with a focus on expanding its existing total resource base of 3.1 million ounces. The Company has a highly experienced board and management team with a proven track record in the African mining sector operating mines from development through to production.

Toubani Resource's principal asset is the Kobada Project in southern Mali, which is in an advanced stage of development having completed a Definitive Feasibility Study in September 2021 showing compelling economics for a 100,000oz per annum production profile over 10 years. The company believes the flagship project to be largely de-risked based upon the results of the study, and further exploration will build on the substantial baseline of 3.1 million ounces total resource, and 1.2 million ounces of reserves. As well as the initial Kobada Gold Project mining concession, other highly prospective exploration locations have been identified on the Kobada, Faraba and Kobada Est concessions based upon systematic regional exploration techniques. These additional exploration areas are part of the targeted drilling campaign as outlined above, with a view to increase strike length and grow resource ounces. For more information regarding Toubani Resources visit our website at www.toubaniresources.com.

For more information:

Cautionary statements

This press release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, statements regarding the listing on the Australian Stock Exchange, the expansion of mineral resources and reserves, and drilling and exploration plans of the Company. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including but not limited to: receipt of necessary approvals from Canadian and Australian regulatory authorities; general business, economic, competitive, political and social uncertainties; future prices of mineral prices; accidents, labour disputes and shortages; available infrastructure and supplies; the COVID-19 pandemic and other risks of the mining industry. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.

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.