Tembo Announces Changes to the Board of Directors

March 1, 2018

March 1st, 2018 Vancouver, British Columbia – Tembo Gold Corp. (TSXV: TEM) ("Tembo" or the "Company") is pleased to announce the following changes to the Board of Directors of the Company.


  • Marc Cernovitch will step down as CFO and VP Corporate Development but remain on the Board
  • Simon Benstead will be appointed to the Board as CFO and VP Corporate Development
  • David Anthony will be re-appointed to the Board as Chairman
  • Frank Högel will continue as a Director
  • David Scott will remain as CEO and President and Director.

With the anticipated renewed activity of the Company on the Tembo Project in Tanzania, in particular the goal of establishing a small producing mine if warranted once a resource modeling and feasibility study programme has been completed, it is considered prudent to ensure that the Board has the necessary experience to direct these activities, manage and direct the in-country stakeholder affairs and maintain a strong presence and communication strategy with existing and new shareholders, and the market in general.

Due to other business commitments, Marc Cernovitch will step down from his Executive Director and VP Business Development role, but will remain on the Board as an Independent Director. Marc's contribution to Tembo since the re-launch of the Company in 2011 has been invaluable and we look forward to his continued input in the Company's overall strategy of business development.

Simon Benstead, a significant shareholder in, and strong supporter of Tembo, will be appointed to the Board and  Vice President Corporate Development and CFO. Simon is an entrepreneur and investor with twenty years of capital markets and senior management experience, having spent five years with Merrill Lynch as Vice President Institutional Equity Trading, and four years with BMO Capital Markets as Managing Director Institutional Trading focused on resources. Simon is a welcome addition to the Board and Management team and will be a strong asset to the Company in moving toward to the next stage of development.

David Anthony, formerly Chairman of the Board of the Company, will return to the Board in this position. David formerly was employed by Barrick Gold Corp's Tanzanian subsidiary Kahama Mining Corporation at the Bulyanhulu Mine, and later managed the feasibility studies, the mine build and the commissioning of both Tulawaka Mine and Buzwagi Mine of Barrick and later African Barrick (now Acacia Mining). David's insight into governmental affairs and negotiating with governmental groups in the country, in the conducting of feasibility studies and the transition from project to mine, will be invaluable as Tembo plans the shift from being only an explorer to a mine developer and producer. David previously stepped down from the Board to make way for new appointments when the New Africa Mining Fund, Stratex and CCM investor group last invested and three board positions were required for them.

David Scott, with nearly 20 years' experience in Tanzania, formerly the Technical Services and Continuous Improvement Manager at the Tembo Project's neighbouring Bulyanhulu Mine of Acacia Mining during the full period of that mine build, and as Executive Director of Shanta Gold through the feasibility study of that company's New Luika Gold Mine, will remain as a Director and President and CEO of Tembo Gold. David will continue to be responsible for local affairs, for technical oversight, and the endeavors to secure further investment into production on the project.

Frank Högel of Concept Capital Management, Tembo Gold's largest shareholder, a consistent and valued supporter of the company, will remain on the Board as a non-executive Director.

David Scott, President and Tembo, CEO states, "We are delighted to have one new and one past Director appointed to the Board, Simon Benstead and David Anthony, and look forward to working together to ensure a solid future for Tembo Gold. We have appreciated Marc Cernovitch's role as an executive director, and although he will not be involved in day-to-day activities, we will still have access to his strategic knowledge and advice."

About Tembo Gold Corp.

Tembo Gold Crop (TSX-V: TEM) is a Canadian publicly-listed mineral exploration company with a 100% interest in the Tembo Gold Project which is located adjacent to African Barrick's 14Moz Bulyanhulu Gold Mine in the prolific Lake Victoria Greenstone belt in Tanzania. Tembo's focus is the discovery and development of world-class gold projects in Africa. The Company has assembled a highly experienced team with a proven history of developing, financing, and operating mining projects in Africa. The Company's exploration strategy is to discover mineral resources as well as continue to look for additional opportunities that can bring value to the Company and shareholders.

On Behalf of the Board of Directors of Tembo,

“David Scott”
David Scott
President & CEO

For more information please contact:

Simon Benstead
Director & VP Business Development
Phone: 604 685 9316
Email:   sbenstead@tembogold.com

David Scott
CEO and Director

Forward-Looking Statements


Cautionary Note Regarding Forward-Looking Statements

Certain information set out in this news release constitutes forward-looking information. Forward looking statements are often, but not always, identified by the use of words such as "seek", "anticipate; "plan", "continue; "estimate; "expect", "may, "will", "intend", "could", "might", "should", "believe" and similar expressions. This news release contains forward-looking statements in respect of certain anticipated goals and expectations in connection with the Financing, including, without limitation, the use of the net proceeds from the Financing, the receipt of applicable shareholder approval in connection with the change of control of the Company, the anticipated lock-up and voting arrangements to be entered into by the Investor Group, the anticipated reconstitution of the board of directors of Tembo, the anticipated approval of the TSXV for the Financing and the expectation that Tembo will remain a public company following the change of control. Forward-looking statements are based upon the opinions and expectations of management of the Company as at the effective date of such statements and, in certain cases, information provided or disseminated by third parties. Although the Company believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, and that information obtained from third party sources is reliable, they can give no assurance that those expectations will prove to have been correct. The forward-looking statements contained herein after provided for the purpose of providing readers with the Company's expectations and goals in connection with the Financing, and may not be suitable for other purposes.  Readers are cautioned not to place undue reliance on forward-looking statements.