TORONTO - Toubani Resources, Inc. (formerly African Gold Group, Inc.) (TSX-V: TRE, FRA: 3A61) announced that in line with its corporate strategy and shareholders' approval, the Company completed its change of name to "Toubani Resources Inc." on June 15, 2022. Common shares of the Company began trading on the TSX Venture Exchange under the new trading symbol "TRE" at the opening of trading on June 15, 2022.
The Company has changed its name to better reflect its strategic focus on the development of the Kobada Project in Southern Mali and its decision to dual list on the Australian Stock Exchange. The name change to "Toubani Resources Inc." and the related rebranding exercise will provide an opportunity to position the Company anew with all stakeholders as a growing and prospective gold company.
Toubani Resource's President and CEO, Mr. Danny Callow, stated: "We are pleased to complete the first step in our strategic expansion by re-branding and enhancing our marketing strategy with the change of the corporate identity to Toubani Resources Inc., combined with our new trading symbol 'TRE' and corporate logo."
"The name change to Toubani Resources Inc reflects the name of a popular bird in the region, in the local Malinke language. 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 build on the highly successful drilling campaigns since late 2019. Over the last 2 years our team has been successful in expanding the resource base at Kobada with a 144% increase in reserves and 44% increase in measured and indicated resource categories."
Toubani Resources is a TSX Venture Exchange (TSX-V: TRE) listed exploration and development company with a focus on building Africa's next mid-tier gold producer. 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 the 2021 definitive feasibility study and is targeting gold production of 100,000 oz per annum. As well as the initial Kobada Gold Project, other exploration locations have been identified on the Kobada, Farada and Kobada Est concessions, offering the potential for an increase in resource.