Marula Mining Plc Exploration Activities Commence at the Bagamoyo Project

 
TIDMMARU 
 
Marula Mining PLC 
 
                          ("Marula" or the "Company") 
 
11 January 2023 
 
       Graphite Exploration Activities Commence at the Bagamoyo Project 
 
Marula Mining (AQSE: MARU) an African focused mining and development company, 
is pleased to announce that initial exploration activities at the Bagamoyo 
Graphite Project ("Bagamoyo" or "the Project") in Tanzania have commenced. This 
follows the announcement made on 30 November 2022, when Marula secured a 73% 
commercial interest from local Tanzanian company Kusini Gateway Industrial Park 
Limited ("KGIP") in 22 granted graphite mining licenses located in the Bagamoyo 
District in the Pwanai Region of Tanzania. 
 
Highlights: 
 
  * Initial exploration activities ("Phase 1 Program') have now commenced at 
    the Bagamoyo Project in accordance with the Heads of Agreement signed with 
    KGIP in November 2022 
  * Geofi­elds Tanzania Limited ("Geofields"), one of Tanzania's leading 
    exploration and mining service companies, has been engaged to complete the 
    Phase 1 Program and has mobilised their team to the site and work is 
    already underway 
  * The Phase 1 Program will include mapping, sampling and trenching across the 
    22 granted mining licenses and targeting high-grade, jumbo and large flake 
    graphite mineralisation 
  * Samples from the Phase 1 Program will be collected and prepared to be sent 
    for analyses in Tanzania 
  * A comprehensive geological database will be produced as part of Phase 1 
    Program allowing the Company's management team and technical consultants to 
    move towards with implementing its Phase 2 Program work 
  * The Phase 1 Program will be completed in Q1 2023. The results and 
    recommendations from the Phase 1 Program completed by Geofields will be 
    released following a review by the Company's technical management team, 
    along with the details of the planned Phase 2 Program that will follow 
  * Marula's Board and management team will be on site with KGIP in January 
    2023 to review Geofields' progress and preliminary results 
 
Jason Brewer, Marula Mining PLC CEO said: 
 
"I am delighted to confirm that Marula continues to rapidly progress its 
activities at pace, and across what is fast becoming a very  exciting portfolio 
of battery metals projects here in Africa. 
 
"Since signing the agreement with KGIP in late November 2022, we have focused 
our efforts on assessing the opportunity that exists on account of our 73% 
interest in the Bagamoyo Graphite Project. I was on site at the Bagamoyo 
Project last month together with the KGIP team last month, and our Country 
Manager. We were very pleased with what we saw and what we believe can be 
accomplished in the short and medium term in partnership with KGIP. 
 
"We have been impressed by the speed and competence in which Geofields has 
approached the Phase 1 exploration program to date. Geo­fields is strategic 
service provider company to the Tanzanian  exploration and mining industry, and 
they will be working closely with our team in providing ground exploration 
survey works, drilling services, and in completing this Phase 1 Program. 
 
"Graphite continues to stand out as an essential ingredient in the manufacture 
of electric vehicle batteries, and as global demand for electric vehicles 
continues to escalate it is expected to drive a considerable increase in demand 
for graphite, Marula intends to work towards supplying the product to the 
global markets from its exploration and development activities in Tanzania and 
in support of the green transition. 
 
"I look forward to updating our shareholders and stakeholders alike, on our 
progress at Bagamoyo over this coming quarter and in releasing the results from 
the Phase 1 Program currently being completed by Geofields." 
 
The Directors of Marula are responsible for the contents of this announcement. 
 
About Marula Mining 
 
Marula Mining (AQSE: MARU) is an African focused battery metals investment and 
exploration company and has interests in several high value mine projects in 
Africa; Blesberg Lithium and Tantalum Mine in South Africa, Nkombwa Hill 
Project in Zambia and Kinusi Copper mine and Bagamoyo Graphite Project in 
Tanzania. As we advance operations in the projects, Marula is open to look into 
other high-quality commodities in several jurisdictions. 
 
Marula aims at identifying and investing in advanced and high-value mining 
projects throughout East, Central and Southern Africa that can deliver rapidly 
for its shareholders and can be taken through to production and generate 
positive returns for all stakeholders. Our Board and management team aims to 
establish Marula as a socially and environmentally responsible, sustainable, 
and profitable producer of critical metals and commodities that are of 
increasingly strategic importance to modern technologies and the global 
economy. 
 
Marula's shares are quoted on the AQUIS Stock Exchange (AQSE) and is exploring 
opportunities to dual list on the London Stock Exchange's AIM Market and 
Kenya's Nairobi Securities Exchange. 
 
For enquiries contact: 
 
Marula Mining PLC 
Jason Brewer, 
Chief Executive Officer                               Email : [e-mail] 
 
Faith Kinyanjui Mumbi                                  Email : [e-mail] 
Investor Relations 
 
AQSE Corporate Adviser                                           [phone] 
Cairn Financial Advisers LLP, 
Liam Murray / Ludovico Lazzaretti 
 
Broker                                                     [phone] 
OvalX, 
Tom Curran / Thomas Smith 
 
Financial PR and IR                                              [phone] 
BlytheRay 
Tim Blythe / Megan Ray 
 
Caution; 
 
Certain statements in this announcement, are, or may be deemed to be, forward 
looking statements. Forward looking statements are identi?ed by their use of 
terms and phrases such as "believe", "could", "should" "envisage", 
"estimate", "intend", "may", "plan", "potentially", "expect", 
"will" or the negative of those, variations or comparable expressions, 
including references to assumptions. These forward-looking statements are not 
based on historical facts but rather on the Directors' current expectations and 
assumptions regarding the Company's future growth, results of operations, 
performance, future capital and other expenditures (including the amount, 
nature and sources of funding thereof), competitive advantages, business 
prospects and opportunities. Such forward looking statements re?ect the 
Directors' current beliefs and assumptions and are based on information 
currently available to the Directors. 
 
 
 
END 
 
 

(END) Dow Jones Newswires

January 11, 2023 07:02 ET (12:02 GMT)