Tembo Gold Corporation Embarks on a Transformative Journey to Lake Victoria Gold Ltd.

Tembo Gold Corporation Embarks on a Transformative Journey to Lake Victoria Gold Ltd.

In a strategic move, Tembo Gold Corporation has unveiled plans to undergo a significant rebranding, transitioning into Lake Victoria Gold Ltd, pending regulatory approvals. The decision stems from the company’s newfound position in the highly prospective Lake Victoria Greenstone Belt and recent acquisitions that have propelled it into a new phase of growth.

The acquisition of the Imwelo & Dora Gold Projects, boasting a combined historical resource of over 800,000 ounces, has played a pivotal role in shaping this evolution. Alongside this, a substantial C$11,520,000 financing partnership with Taifa Group further reinforces the company’s commitment to its ambitious goals.

The forthcoming change in corporate identity is seen as a crucial step in aligning with the company’s evolving strategy, emphasizing its role as a vehicle for growth and consolidation in the Lake Victoria Greenstone Belt. The rebranding is poised to better represent the company’s aspirations in the dynamic landscape of the gold industry.

To facilitate this transformative journey, key management changes are announced. Founding director Marc Cernovitch will take on the role of CEO, Simon Benstead, a long-serving director and CFO, will assume the position of Executive Chairman, and Seth Dickinson will become COO, also joining the board of directors. This leadership realignment signifies the company’s commitment to executing its new strategy effectively.

David Scott, in his capacity as Managing Director Tanzania and special geological advisor to the board, will collaborate closely with the leadership team to identify and evaluate growth opportunities. The board is set to welcome Richard Reynolds upon the closing of the anticipated transaction with Taifa in Q1 2024.

Expressing enthusiasm for the upcoming changes, the company’s Executive Chairman Simon Benstead emphasizes how the recent acquisitions perfectly align with the commitment to identify and acquire projects that offer significant value and growth potential. The focus remains on high-quality assets with near-term development opportunities to benefit shareholders and complement the existing portfolio.

The acquisition progress, including the initial financing tranche with Taifa at $0.22, the receipt of the technical report on Imwelo, and ongoing Tanzanian regulatory approvals, demonstrates the company’s dedication to its growth strategy. CEO Marc Cernovitch highlights the strategic alignment of the acquisitions with the development goals, aiming to generate cash flow and accelerate exploration and development activities in the Lake Victoria Gold Fields in Tanzania.

This transformation marks a dynamic phase for the company as it endeavors to become a leading East African gold producer, reinforcing its commitment to growth and best practices in Tanzania. Stay tuned for more updates on this exciting journey of evolution and expansion.