Tembo Gold set to rebrand after securing new strategic partner

Tembo Gold Corporation has announced plans to rebrand to Lake Victoria Gold Ltd subject to all necessary regulatory approvals.

A statement released by the company said name change to Lake Victoria Gold Ltd better reflects the company’s unique position in one of the most prolific and prospective greenstone belts in the world.

This follows the acquisition of the Imwelo & Dora Gold Projects (the “Projects”) with combined historical resources of over 800,000 ounces and the C$11,520,000 financing with Taifa Group (“Taifa”).

“Now is the right time to amend our corporate identity to better represent the Company’s new goals and strategy of quickly evolving into a vehicle for growth and consolidation in the Lake Victoria Greenstone Belt,” the statement said.

Management changes to facilitate this transition, founding director, Marc Cernovitch, will become CEO; Simon Benstead, long serving director and CFO, will also become Executive Chairman; and Seth Dickinson will become COO and immediately be appointed to the board of directors.

David Scott, in his new role as Managing Director Tanzania and special geological advisor to the board, will work closely with Marc, Simon and Seth with a focus on identifying and evaluating accretive opportunities for the Company.

The Company also enthusiastically looks forward to welcoming Richard Reynolds to the board of directors, upon closing of the transaction with Taifa, anticipated to take place in Q1 2024.

“Lake Victoria Gold is committed to growth and best practices in Tanzania, and I’m honoured and energized to be working with this team to build an East African mid-tier gold producer and development company. We are hitting the ground running with ambitious plans and a world class team to execute,” the statement added.

According to the company’s Executive Chairman Simon Benstead, the he recently announced acquisitions align perfectly with our commitment to identify, evaluate, and acquire accretive projects.

“Our focus is on high quality assets that offer near term development opportunity with strong re-rate potential to benefit all shareholders, while complementing the current portfolio,”  he said.

The acquisition of Imwelo

Initial tranche of financing with Taifa Group at $0.22 has been received

Technical report on Imwelo has been received and submitted to TSX Venture Exchange for final approval

Tanzanian regulatory approvals are in progress and advancing well

“I am extremely pleased with the progress we are making on this new and exciting acquisition as part of our growth strategy in Tanzania. The acquisition is strategically aligned with our development goals of and being able to generate cash flow to support ongoing development of our flagship Tembo Project and our management team is excited by the prospects of accelerating our exploration and development activities in the Lake Victoria Gold Fields in Tanzania,” said CEO Marc Cernovitch.