Toubani Resources, Inc

Activities Update

TORONTO, Feb. 01, 2023 (GLOBE NEWSWIRE) -- Toubani Resources, Inc (ASX: TRE; TSX-V: TRE) (“Toubani Resources” or the “Company”) is pleased to provide an update on the Company’s activities for the period ending 31 December 2022.

Highlights:

• Successful listing on the ASX, including a capital raising of A$6,000,000
• Appointed drilling contractor to undertake a targeted 10,750m exploration campaign at Kobada
• Appointment of Mr Phil Russo as Chief Executive Officer and Executive Director
• Strengthened its technical team with the appointments of Mr Bill Oliver and Mr Kerry Griffin to lead exploration and resource development activities

Chief Executive Officer, Phil Russo commented: “We have moved quickly since our ASX listing to strengthen our management team with two key technical appointments to drive our exploration and development activities, and support our in-country team. There is significant potential at Kobada and through a concerted effort on the ground to test several identified target areas previously underexplored, as well as a combined endeavour to aggressively grow the market profile of Toubani, success on multiple fronts is the objective.”

Successful Listing and Capital Raising

Toubani Resources was formally admitted to the Australian Securities Exchange (“ASX”) and its securities commenced trading on the ASX on Monday November 28, 2022.

In connection with its listing on the ASX, the Company completed a capital raising of A$6,000,000, introducing a broad base of new shareholders, predominantly from Australia. The net proceeds of the capital raising have been utilised to support an initial drill program designed to test underexplored and previously untested exploration targets with the view to increasing known gold mineralisation occurrences on new structures across our tenure holding.

Appointment of Drilling Contractor and Commencement of Drilling

In December, the Company announced the appointment of drilling contractor, Etasi & Co Drilling (“ETASI”), to commence the exploration drilling program at our flagship Kobada Gold Project in southern Mali. This appointment is in line with the Company’s policy of utilising high-quality local service providers where possible.

Utilising their fleet of drilling rigs and associated equipment, as well as their previous drill campaign experience at Kobada, ETASI is best placed to undertake the drilling campaign. ETASI is the successor company to AMCO, the company who conducted the Company’s Phase 1 and 2 programs during the 2019-2022 drilling program.