African Gold changes name to Toubani

Africa Gold Group has rebranded its name to Toubani Resources. CEO Danny Callow made the announcement and said the name aims to reflect its strategic focus on the development of the Kobada project, in Mali, and its ambition to dual list on the ASX.

“The name change reflects the company spreading its wings, the near-term resource growth potential of the company and better reflects our local heritage, our strong relationship within the local communities in which we operate and our progress in the development of our flagship Kobada project. The company is poised for transformational growth with the advancement of continued exploration of the Kobada project over the coming year, which we believe gives us the potential for further resource growth increases and builds on the highly successful drilling campaigns since late 2019,” said Callow.

Probable mineral reserve

The CEO further explained that Toubani name comes from a popular bird in the Malinke language. Over the last two years, Toubani has expanded the resource base at Kobada with a 144% increase in reserves and 44% increase in measured and indicated resource categories.

The project has a proven and probable mineral reserve of 1.25-million ounces of gold, total, measured and indicated mineral resources of 1.71-million ounces and a total mineral resource, including inferred resource, of 3.14-million ounces.

The recently published definitive feasibility study outlines plans for a three-million-tonne-a-year operation, producing 1.2-million ounces of gold over a 16-year mine life. On average, Kobada will produce 100 000 oz/y of gold and has a net present value of $506-million.

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