Wrap Text
Haneti Project Update
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”)
Dated: 19 June 2013
Haneti Project Update
• Phase 1 of 2013 Haneti JV field exploration program in progress
• Samples already produced and prepared for laboratory analysis
• First batch of samples delivered on Tuesday 18 June
• Initial results expected by end of August 2013
Kibo Mining PLC (“Kibo” or the “Company”) (AIM: KIBO), (JSE: KBO), the Tanzania
focused mineral exploration and development company, is pleased to report that the 2013
Haneti field exploration program is now under way and that the first batch of samples has
been produced and prepared for analysis.
Subsequent to the Company’s earlier announcement that the joint venture agreement with
Brazilian industrial conglomerate, Votorantim, is no longer subject to any conditions
precedent, the initial tranche of exploration funding for 2013 was duly received into the JV.
This was followed by the prompt mobilisation and deployment of the field teams, with the
first batch of samples delivered on Tuesday 18 June 2013. Subject to available laboratory
capacity, the first lab-results from Phase 1 are expected by the end of August 2013.
Phase 1 of the current field exploration work programme will be aimed at:
• Final preparation of existing drill targets
• Converting new prospects, identified from results of earlier exploration work within
the target area, into additional drill targets for follow up during Phase 2.
• Expansion of the current drill target area through further field reconnaissance of
adjacent areas.
The CEO, Kibo Mining PLC remarked: …” The deployment of the field team has been a
significant milestone in this initial phase of the Haneti JV, and we have been pleased to see
the commencement of active ground work in this very exciting JV-project with Brazilian
major Votorantim. Following thorough analysis by Kibo and Votorantim of previous
exploration at Haneti, work on site has proceeded apace with the first samples already
produced and ready for laboratory analysis. We look forward to releasing initial results
around the end of August this year”
Contacts
Louis Coetzee +27 (0)83 2606126 Kibo Mining plc Chief Executive Officer
Andreas Lianos +27 (0)83 4408365 River Group Corporate Adviser and
Designated Adviser on JSE
Jon Belliss +44 (0) 20 3216 2630 XCAP Joint Broker
Stuart Laing +61 8 94802500 RFC Ambrian Nominated Adviser on AIM
Limited
Matt Beale +44 (0)7966 389196 Fortbridge Investor Relations
Updates on the Company’s activities are regularly posted on its website
www.kibomining.com
General Background & Strategy
Kibo was established in early 2008 to explore and develop mineral deposits in Tanzania, East
Africa and was admitted to AIM in London on 27 April 2010 and AltX in Johannesburg on
30 May 2011. The Board of Kibo is composed of professionals whose experience include
mineral exploration, mine development, mining finance, tax, law, mergers and acquisitions,
and financial control of public companies. It is supported by a competent and motivated
Tanzanian staff that operates from Kibo's operations office in Dar es Salaam.
The mineral assets of the Company comprise five projects areas in Tanzania - Haneti (nickel,
PGE and gold), Morogoro (Gold), Lake Victoria (Gold), Rukwa (Coal) and Pinewood (Coal
& Uranium).
The Haneti project is the subject of a joint venture with Brazilian Votorantim Metais
Participações Ltda, a member of Votorantim Group. The Rukwa and Pinewood projects are
situated close to the Mtwara Corridor, an area where the Tanzanian Government has
committed to significant infrastructure development and which has seen recent multi-million
dollar investment in coal and coal-fired power stations and uranium exploration.
The Rukwa project is substantially more advanced than Kibo’s existing exploration projects,
with a significant Mineral Resource of thermal coal already defined. The project enjoys
strong support expressed by the Tanzanian Government for the expedited development of a
coal mine and mine-mouth coal-fired power plant, and is further enhanced by the recent
selection of Korean Government owned Korean East-West Power Co. Ltd (“EWC”) as
Kibo’s development Partner for the Rukwa Project.
Kibo's objective is to build shareholder value in a sustainable manner. This objective will be
pursued primarily through active exploration of its own projects and by using the Company's
experience in Tanzania to acquire attractive exploration and development assets on
competitive terms that can be moved swiftly up the value curve by using the Company’s own
skills base whilst also seeking to benefit from strategic collaborative relationships with
industry leaders who have special skills and competencies within their chosen fields of focus.
Kibo will undertake continual risk assessment of its projects and take whatever actions it
believes are necessary to ensure that these risks are mitigated.
Johannesburg
19 June 2013
Corporate and Designated Adviser
River Group
Date: 19/06/2013 08:00:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.