Wrap Text
KBO - Kibo Mining Plc - Final Results for the year ended 30 September 2011
and notice of AGM
Kibo Mining Plc
(Incorporated in Ireland)
(Registration Number: 451931)
(External registration number: 2011/007371/10)
Share code on the JSE Limited: KBO
Share code on the AIM: KIBO
ISIN: IE00B61XQX41
("Kibo" or "the Company")
Final Results for the year ended 30 September 2011 and notice of AGM
Kibo Mining plc ("Kibo" or the "Company") (AIM: KIBO; AltX:KBO) the mineral
exploration and development Company focused on gold and nickel projects in
Tanzania, is pleased to announce its final results for the year ended 30
September 2011.
Chairman`s Report
2011 was a difficult year globally, with turbulent financial markets and
confusion in sovereign states particularly within Europe. Against this
backdrop I am pleased to report on the excellent progress Kibo has made
during the year in broadening its gold and base metal exploration portfolio
in Tanzania through acquisition, successfully financing the Company,
designing and implementing a major exploration programme, diversing its
access to market finance, reorganising its management team and rationalising
its development programme to focus on critical economic value without
excessive operational risk. The earlier part of the year was dedicated to the
upgrading of the Company`s ground holding and accessing finance. Currently
the Company is embarked on an extensive exploration programme with three
field exploration teams operating on all of the Company`s projects in
Tanzania.
During 2011 Kibo added an additional 11,622 square kilometres of highly
prospective gold and base metal exploration ground to its portfolio through
the acquisition of Morogoro Gold Ltd. This has moved the Company into a
strong position in Tanzania with large ground holdings in established and
developing gold and base metal areas. It gives the Company the ability to
finance its operations through joint ventures as well as through the markets.
Field work has commenced and we look forward to receiving results from our
exploration programs as we move through 2012. Some areas held by the Company
are under review for joint venture to third parties. Other areas may be
relinquished in order to focus on the fieldwork on the main targets. It is
planned that both processes will be completed by mid 2012.
On 30 May 2011 the Company shares were listed on the JSE AltX in South Africa
in order to enhance its ability to fund its on-going exploration programme in
the medium term. The listing and subsequent share placing raised
approximately GBP1.1 million. This money is being used to fund the first
stage of the Company`s three year exploration strategy on its Tanzanian
exploration portfolio. Extensive nickel anomalies from soil sampling and
trenching have already been identified on just one small part of a 70
kilometre long zone within the Haneti project which also shows promise as a
gold target, where there is active artisanal mining. Reconnaissance geology
mapping suggests the possibility of larger scale gold occurrences in a number
of the artisanal mining areas.
In light of the above developments the Board has decided to restructure its
executive management team. Louis Coetzee was appointed the interim CEO in
November 2011 to maximise the corporate development of the Company in
Tanzania and to oversee the financial development of the Company. Noel
O`Keeffe has taken on the role of Exploration Director. This will facilitate
a more focused approach to the overview and supervision of the large
portfolio of Company projects. An important decision the Company had to make
was the imminent requirement to exercise its option to acquire 100% of the
Itetemia and Luhala projects in the Lake Victoria district. While the
Itetemia project held out the prospect of early cash flow through the
development of a small open pit mine, the Company decided that the
operational risks and capital exposure for Kibo involved with these projects
were unacceptable. The Morogoro acquisition has provided the Company with a
dominant exploration presence in the major gold exploration districts in
Tanzania. This provides us with the potential for exponentially better
returns on our investments than could have been derived from the Itetemia and
Luhala projects, should they have been acquired under the contracted
commercial terms. For these reasons we informed Tanzanian Royalty Exploration
Corporation that we would not be exercising the option.
In conclusion, despite 2011 being a difficult year for our industry, the
company is set fair for exploration success with both its gold and nickel
projects. I would like to thank management especially our former CEO Noel
O`Keeffe who has had the task of steering the Company through the regulatory
compliance resulting from the merger and acquisition activity during the
year. He now has the challenge of sifting through the very large licence
portfolio to optimise the value of the Company. Louis Coetzee, who has
recently taken over the mantle of CEO will, with his twenty years of working
in Tanzania, prove to be a valuable asset for the Company. I would also like
to welcome Tinus Maree and Wenzel Kerremans to the Board who were both
appointed during 2011. They also bring a wealth of African experience to help
drive the business and I look forward to working with them and the other
directors and staff in growing the Company over the next twelve months.
Christian Schaffalitzky
Chairman
Dated 30 March 2012
Review of Activities
Introduction
During 2011 the Company focused on completing the major corporate transaction
with Mzuri Gold Limited (Mzuri) announced in December 2010. This has re-
positioned the Company from a relatively small mineral licence holder to one
with over 18,000 square kilometres of tenements issued, offered and under
application in both the traditional and newly emerging gold exploration
regions of Tanzania. Field exploration during the first three quarters of
2011 was deferred to allow completion of the Mzuri transaction which included
a dual listing and placing on the AltX board of the JSE in South Africa in
early June which raised approximately GBP1.1M. The Company completed some
field work at the Haneti project during the last quarter of 2010 which gave
further encouraging nickel results from trenching and soil sampling. These
results, which the Company reported in April 2011, are discussed later in the
review. At the start of October 2011, following operational management
changes, the Company re-commenced field exploration programmes and these will
run concurrently over all its projects through 2012 and beyond.
During 2011, Kibo continued the technical and economic evaluation of the
Itetemia and Luhala projects. In October the Company reported on
metallurgical test results for the Golden Horseshoe (GHR) Resource at
Itetemia which indicated gold recoveries in excess of 90% from standard
carbon-in-leach cyanide processing. The Company also announced at that time
that it was continuing negotiation with Tanzanian Royalty Exploration
Corporation Limited (TREC) to allow it to fast track the exercise of the
option under which it holds its interest in the Itetemia and Luhala projects
in order to avail itself of development financing for GHR. Kibo proved
unable to satisfactorily renegotiate the option agreement with TREC and
announced in December 2011 that it was not proceeding with the option under
the current terms and has relinquished its interest in both projects.
Following the decision to discontinue with the TREC option on Itetemia and
Luhala, the Company`s focus will now be on exploration at its Lake Victoria,
Haneti and Morogoro projects. The Company has re-organised its operations in
Tanzania to enable it to effectively manage and explore this large project
portfolio for which it approved a three year exploration budget of GBP5M in
October 2011. Stage 1 with a budget GBP1.3M is now complete with results
pending, while Stage 2 will follow up on targets emerging from stage 1 with
more advanced exploration including drilling in the second half of 2012. This
review summarises Kibo`s exploration projects on which work is underway.
Lake Victoria Project
The Lake Victoria projects comprises a 2,716 square kilometre portfolio of
prospecting licences under issue, offer and application in Tanzania`s premier
gold mining region, the Lake Victoria Goldfield (LVG). The portfolio contains
129 mineral tenements located south and west of Tanzania`s second city of
Mwanza and are dispersed in contiguous blocks of one to fifteen tenements
over an area of approximately 12,000 square kilometres. The tenements border,
straddle and occur within the major greenstone belts which are the host to
operating mines, gold deposits and historical gold workings in the region.
They give the Company a large strategic footprint in this prolific gold
producing area of the country which has annual production of over 2 million
ounces mostly from the world class multi-million ounce deposits at Bulyanhulu
and Geita.
The Lake Victoria project is divided into six geographical sub-blocks which
cover the principal gold producing greenstone belts within the LVG. Gold
mineralisation within the LVG is controlled by a combination of favourable
host rocks such as banded iron formations, quartz reefs and porphyries and
favourable structural settings. The Lake Victoria tenements are well located
in this regard and many of the areas occur on or close to regional structural
lineaments and contacts that are considered to be important controls on gold
mineralisation.
The Company is undertaking a desktop and field evaluation of the tenements
with the objective of prioritising the most prospective for follow up. The
exploration database that accompanies the project contains the results of
previous reconnaissance soil and pitting surveys over many of the areas and
shows anomalous gold-in-soil on a number of tenements. An initial review of
the database has helped select initial tenements for more detailed
exploration and field teams are currently operating in these areas.
Morogoro Project
Similar to the Lake Victoria project, the Morogoro project comprises a large
mineral tenement portfolio totalling 8,900 square kilometres comprising
prospecting licences under issue, offer and application. The tenements are
located in eastern Tanzania between the regional centres of Morogoro and
Dodoma in a region which is receiving increasing attention from mineral
exploration companies in recent years due to widespread artisanal and small
scale gold mining, and the Magambazi (Handeni) gold deposit discovery by
Canadian company, Canaco Resources in 2009.
The Morogoro project covers Proterozoic age high grade metamorphic rocks
which present a new geological environment for gold exploration in Tanzania.
In contrast to the Archaean age lower grade metamorphic rocks (greenstones)
of the Lake Victoria region further north, this geology was not considered
prospective for gold until widespread discoveries by artisanal miners in
recent years focused larger company attention on the region. Kibo has now
established a significant presence in this region over previously unexplored
areas prospective for gold and base metals. The project is divided into two
large blocks known as Morogoro North (also referred to as the Dodoma Block)
and Morogoro South.
Morogoro North
Morogoro North comprises mineral tenements east of Dodoma covering
approximately 4,000 square kilometres adjacent to Government designated
artisanal gold mining blocks. Gold mining within these blocks is from quartz
reefs within high grade gneisses and granulites of high metamorphic grade.
These reefs extend on to Company licences and applications where some
artisanal mining is on-going. The detailed geology and gold mineralisation in
these areas has not yet been thoroughly evaluated but the data that is
available is consistent with geology and mineralisation styles similar to
those present at Canaco Resources, Magambazi gold deposit some 50 kilometres
to the northeast. Stage 1 field exploration at Morogoro North comprises
detailed stream sampling and mapping on prospecting licences around the
villages of Gairo, Kilama and Berega on gold-in-soil anomalies identified
from previous reconnaissance sampling.
Morogoro South
Morogoro South comprises tenement areas south and west of the regional town
of Morogoro covering approximately 4,900 square kilometres. The Company`s
initial exploration focus will be on a regional geological structure, the
Ruvu Nappe, located circa 30 kilometres southeast of Morogoro. Previous
reconnaissance geological mapping and stream sediment sampling have revealed
gold mineralisation associated with this structure along 45 kilometres of its
length and both artisanal hard rock and placer gold mining is on-going. Stage
1 field exploration in this area comprises regional stream sediment sampling,
prospecting and geological mapping to resolve areas for follow-up geophysical
surveying, trenching and drilling. A large anorthosite body approximately 25
kilometres west of the Ruvu Nappe, is possibly indicative of nickel-PGM
mineralisation potential in this region and will also be prospected and
sampled during the field programme. Company licence applications and offers
in the western part of the Morogoro Block cover part of a copper mineralised
province with numerous copper occurrences and some artisanal copper
production. Data on the detailed geology and copper mineralisation styles
will be compiled as they also represent an excellent mineral exploration
opportunity for the Company in this region.
Haneti Project
The Haneti project is located 15 kilometres north of Tanzania`s official
capital city, Dodoma in central Tanzania. It comprises a contiguous block of
prospecting licences under issue, offer and application totalling just over
7,000 square kilometres. The project is located along a section of the
sheared contact (Bubu cataclasites) between the Archaean age (> 2.5 billion
years) Tanzanian Craton to the Southwest and Proterozoic age (
0.5 to 2.5
billion years) rocks to the Northeast. The project is prospective for both
nickel - platinoid mineralisation within a 70 to 80 kilometre ultramafic
belt (Haneti-Itiso Ultramafic Complex) located just east of the sheared
contact zone and for gold mineralisation primarily within the Tanzanian
Craton to the West and Southwest.
Nickel Exploration
The nickel platinoid potential of the Haneti-Itiso Ultramafic Complex has
been enhanced by the field work undertaken by Kibo over the last few years.
The results from soil, rock and trench sampling has shown widespread
anomalous nickel values accompanied by local gold and platinum anomalism
within the best exposed section of the ultramafic belt just east of Haneti
Village (Haneti Hills). The results in this area to date which encompasses
about 100 square kilometres have given good encouragement for the discovery
of both lateritic nickel and nickel sulphide-platinoid style mineralisation.
Laterite derived nickel values in soil, pitting and trenching from Haneti
Hills occur in the range 3,000 to > 10,000 part per million while nickel
sulphide potential is indicated by rock sample results from Mihanza Hill
where values of up to 13% nickel and 2.3 grams per tonne platinum & palladium
were previously reported from strongly altered bedrock.
During late 2010 and early 2011 the Company carried out exploration surveys
at Haneti Hills which comprised reconnaissance geological mapping, trenching
of soil geochemical anomalies and in-fill soil sampling. Trenching and soil
sampling focused on the Mwaka, Mihanza and Kwahemu Hills where previous work
has returned high nickel and gold values in soil and rock.
At Mwaka Hill, a 269 metre trench was excavated to a depth of 0.5 to 1.8
metres across a mult-element soil geochemical anomaly and exposed bedrock was
mapped and sampled. Analyses were carried out for Au, Cu, Zn, Ni, Co and
As. Nickel values were consistently anomalous in excess of 1,000 parts per
million (0.1%) from samples of silicified and un-silicified serpentinites
taken along the length of the trench. The best intersection was 93 metres at
0.4% nickel. Trench samples were also anomalous for cobalt but not
significantly so for the other elements.
At Mihanza Hill, an 80 metre trench was excavated to a depth of 1 metre or
less across a gold and nickel soil anomaly close to a pit where previous
sampling gave values of 13% nickel and 2.33 g/t platinum and palladium in
outcrop. Similar to Mwaka, nickel values were in excess of 1,000 parts per
million(0.1%) in serpentinite throughout the length of the trench and
averaged 0.27% nickel over the 80 metres. The trench results were anomalous
for cobalt but not for the other elements.
At Kwahemu Hill, an in-fill soil sampling programme was carried out over an
area of
2.5 X 1.5 kilometres to the west of Kwahemu Hill where previous
regional soil sampling had indicated high gold and nickel values in soil. The
in-fill sampling was carried out at a spacing of 100 X 40 metres and analyses
were carried out for the same elemental suite as for the Mwaka and Mihanza
Hills trench sampling. The results indicate a strong linear nickel anomaly
with values in excess of 0.1% nickel extending westwards from Kwahemu Hill
for 2 kilometres and the anomaly remains open to the west. More difuse gold
anomalous areas of values > 30 parts per billion and up to > 100 parts per
billion are scattered through the sampled area co-incident in part with the
nickel anomaly.
Gold Exploration
The gold mineralisation potential at Haneti is primarily within recently
identified greenstone rock sequences within the Tanzanian Craton in the West
and South-west of the project. One such sequence, the Londoni Greenstone Belt
located just outside the north-west corner of the Haneti block hosts Shanta
Gold`s Singida project which has a published resource of 1 M oz. at a grade
of 1.5 grams per tonne gold. Significant artisanal gold mining activity in
the northwest corner of the Haneti block and rocks with greenstone affinities
identified around the village of Meia Meia by Kibo geologists in late 2010
provide strong evidence for the continuation of this gold bearing Londoni
gold belt along the south western border of the Haneti block. The Company is
monitoring the artisanal gold mining in the west of the Haneti block where it
has been issued two licence offers but understands that the Tanzanian
Ministry of Mines and Energy is delaying issue of the permits due to the
large number artisanal miners working in the area. Kibo acknowledges the
sensitivities in these overlap areas between artisanal miners and exploration
companies and will continue to explore ways of completing the licence issues
and so gain exploration access to these areas with the Government and the
other relevant parties.
Conclusion
Stage 1 field exploration over the Company projects has now been completed
and the results available to date are being compiled and analysed. An
operations update will be released during the second quarter of 2012 once all
results have been received. The Company anticipates that these results will
enable it to define targets for drilling and areas for more detailed follow
up surveys as part of its Stage 2 exploration programme to commence shortly.
The Kibo projects present a very large mineral prospective early stage
exploration portfolio for which sustained systematic exploration is now
underway. The Company is confident of favourable exploration results emerging
from this work during 2012 and beyond.
Louis Coetzee CEO
Noel O`Keeffe Exploration Director
Dated 30 March 2012
KIBO MINING PLC
Final Results for the Year ended 30 September 2011
Statement of Comprehensive Income
Group
Year Year
to to
30 Sept 30 Sept
2011 2010
GBP GBP
Administrative expenses (1,259,912) (478,047)
Write back/(down) of intangible (2,442,897) -
assets
Investment income 7,248 2,957
___________ _________
__
Loss for the year before tax (3,691,561) (475,090)
Income tax expense - -
___________ _________
__
Loss for the year from
continuing operations (3,691,561) (475,090)
Other comprehensive income
Exchange differences on translating
foreign operations (74,656) (3,296)
__________ _________
_
Total comprehensive income
for the year (3,766,217) (478,386)
___________ _________
__
Loss attributable to:
Owners of the Company (3,691,561) (475,090)
___________ _________
__
Total comprehensive income
attributable to:
Owners of the Company (3,766,217) (478,386)
___________ _________
__
Earnings per share
from continuing operations
Basic and diluted loss per share (1.12p) (0.23p)
___________ _________
__
For JSE requirements, the Headline Earnings per Share ("HEPS") has been
calculated to be the equivalent of the basic loss per share as displayed
above.
Statements of Financial Position
Group Company
2011 2010 2011 2010
GBP GBP GBP GBP
Assets
Non-Current Assets
Intangible assets 3,853,550 4,266,063 - -
Property, Plant and - 1,306 - -
Equipment
Investment in - - 4,326,511 2,626,511
subsidiary undertakings
___________ ___________ ___________ _________
_ _ _ ___
Total Non-Current 3,853,550 4,267,369 4,326,511 2,626,511
Assets
___________ ___________ ___________ _________
_ _ _ ___
Current Assets
Trade and other 52,965 22,981 3,238,206 2,313,743
receivables
Cash and cash 937,084 421,359 333,928 235,521
equivalents
___________ ___________ ___________ _________
_ _ _ ___
Total Current Assets 990,049 444,340 3,572,134 2,549,264
___________ ___________ ___________ _________
_ _ _ ___
Total Assets 4,843,599 4,711,709 7,898,645 5,175,775
___________ ___________ ___________ _________
_ _ _ ___
Equity and Liabilities
Capital and Reserves
Called up share capital 3,231,898 2,132,295 3,231,898 2,132,295
Share premium account 5,887,327 3,533,115 5,887,327 3,533,115
Share based payments 456,820 32,250 456,820 32,250
Other reserves (85,164) (10,508) (90,373) (9,255)
Retained Loss (4,754,679) (1,063,118) (1,654,268) (572,930)
___________ ___________ ___________ _________
_ _ _ ___
Equity Attributable to
owners of the Company 4,736,202 4,624,034 7,831,404 5,115,475
___________ ___________ ___________ _________
_ _ _ ___
Liabilities
Current Liabilities
Trade and other 94,775 85,575 54,619 58,200
payables
Current tax liabilities 12,622 2,100 12,622 2,100
___________ ___________ ___________ _________
_ _ _ ___
Total Liabilities 107,397 87,675 67,241 60,300
___________ ___________ ___________ _________
_ _ _ ___
Total Equity and 4,843,599 4,711,709 7,898,645 5,175,775
Liabilities
___________ ___________ ___________ _________
_ _ _ ___
Cash Flow Statement for the year ended 30 September 2011
Group Company
Year to Year to Year to Year to
30 Sept 30 Sept 30 Sept 30 Sept
2011 2010 2011 2010
GBP GBP GBP GBP
Cash Flows from operating
activities
Loss for the year before (3,691,561) (475,090) (1,081,338) (418,654)
taxation
Adjustments for:
Foreign exchange loss (74,656) (3,296) (81,118) (945)
Depreciation 1,306 426 - -
Investment revenue (7,248) (2,957) (7,248) (2,930)
Write down of intangible 2,442,897 - - -
assets
Share based payments 424,570 32,250 424,570 32,250
__________ _________ __________ __________
_
(904,692) (448,667) (745,134) (390,279)
__________ _________ __________ __________
_
Movement in working capital
(Increase)/Decrease in (29,984) (20,922) (924,463) (706,910)
debtors
(Increase)/Decrease in 19,722 (138,982) 6,941 (96,426)
creditors
___________ _________ __________ __________
__
(10,262) (159,904) (917,522) (803,336)
___________ _________ __________ __________
__
Net cash outflow from (914,954) (608,571) (1,662,656) (1,193,615)
operations
__________ _________ __________ __________
_
Cash flows from financing
activities
Proceeds of issue of share 1,753,815 1,398,840 1,753,815 1,398,840
capital
Investment income 7,249 2,957 7,249 2,957
___________ _________ ___________ ___________
__
Net cash proceeds from 1,761,064 1,401,797 1,761,064 1,401,797
financing activities
Cash flows from investing
activities
Expenditure on exploration (330,385) (438,054) - -
activities
Cost of investment in - - - (8,432)
subsidiary
Purchase of property, plant - (313) - -
and equipment
___________ _________ ___________ ___________
__
Net cash from investing 330,385 (438,357) - (8,432)
activities
___________ _________ ___________ ___________
__
Net increase in Cash and 515,725 354,859 98,407 199,723
Cash Equivalents
Cash and cash equivalents at 421,359 66,500 235,521 35,798
beginning of year
___________ _________ ___________ ___________
__
Cash and Cash Equivalents at 937,084 421,359 333,928 235,521
end of year
___________ _________ ___________ ___________
__
Notes to the Financial Statements for the year to 30 September 2011
1. The Directors are not recommending the payment of an ordinary share
dividend.
2. Loss per share on the net basis is calculated on a loss on ordinary
activities after taxation of GBP3,691,561 (2010: GBP475,090) and on
331,040,217 (2010: 210,675,850) ordinary shares being the weighted
average number of shares in issue and ranking for dividend during the
period. There is no dilutive effect of share options or warrants on the
basic loss per share.
3. The financial information set out in the final results announcement has
been prepared in accordance with the requirements of the Companies Act
2010 and Article 4 of the IAS Regulation.
4. The Chairman`s Report, Review of Activities and Results for the period
ended 30 September 2011 are abridged from the 2011 Annual Report and
Accounts, which received an unqualified auditor`s report and will be
filed with the Irish Companies Registration Office following the Annual
General Meeting on 27 April 2012.
5. The Annual Report will be posted to shareholders on 30 March 2012.
Pursuant to the AIM Rules the Annual Report and Accounts will be
available on the Company`s web site, www.kibomining.com, from 30 March
2012. Further copies will be available from the Company`s registered
office: Suite 3, One Earlsfort Centre, Lower Hatch Street, Dublin 2
Ireland.
6. The Annual General Meeting of the Company will be held at 3p.m.on Friday
27 April 2012 at Hotel Meryick, Eyre Square, Galway, Ireland.
Enquiries:
Louis Coetzee +27 (0) 83 2606126 Kibo Mining Chief
plc Executive
Officer
Noel O`Keeffe +353 (0) 91 865367 Kibo Mining Exploration
plc Director
John Simpson +44 (0) 161 831 1512 Zeus Capital Nominated
Limited Advisor
Andreas Lianos +27 (0 )83 4408365 River Group Designated
Advisor
Nick Bealer +44 (0) 207 7109612 Cornhill Broker
Capital Ltd (Corporate
Broking)
Andrew Frangos +44 (0) 207 7109610 Cornhill Broker
Capital Ltd (Corporate
Finance)
Matt Beale +44 (0) 7966 389 196 Fortbridge Public
Consulting UK Relations
Updates on the Company`s activities are regularly posted on its website
www.kibomining.com
Notes to Editors:
Kibo is a public company registered in Ireland (company number 451931). Its
registered office is Kibo Mining plc, Suite 3, One Earlsfort Centre, Lower
Hatch Street, Dublin 2, Ireland. Kibo was established in early 2008 to
explore and develop mineral deposits in Tanzania, East Africa and was
admitted to AIM on 27 April 2010 and AltX in South Africa on 30 May 2011
The Board of Kibo is composed of highly experienced professionals spanning
mineral exploration, mine development, mining finance and financial control
of public companies. It is supported by well trained and highly motivated
Tanzanian staff that operates from Kibo`s exploration offices in Dar es
Salaam and Mwanza.
The mineral assets of the Company comprise three projects in Tanzania -
Haneti (nickel, platinoid elements and gold), Morogoro (Gold) and Lake
Victoria (Gold) which give Kibo access to over 18,000 km2 of early stage
exploration licences in Tanzania`s premier gold mining region, the Lake
Victoria Goldfield and within the newly emerging gold exploration regions in
eastern Tanzania
Strategy
Kibo`s objective is to enhance Shareholder value through acquisition,
exploration and development of mineral assets in Tanzania. This objective
will be pursued primarily through active exploration, particularly drilling
on its current projects and by using the Company`s experience in Tanzania to
acquire further quality mineral projects on competitive terms that can be
quickly evaluated and taken to the next stage of development. Kibo will
undertake continual risk assessment of its projects and take whatever actions
it believes are necessary to ensure that these risks are mitigated.
Pretoria
30 March 2012
Designated Advisor
River Group
Date: 30/03/2012 08:00:03 Supplied by www.sharenet.co.za
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