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Kibo Commences 3,000 metre Drill Programme at Imweru
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: 28 October 2013
Kibo Commences 3,000 metre Drill Programme at Imweru
Kibo Mining plc (“Kibo” or the “Company”) (AIM: KIBO; AltX: KBO), the mineral
exploration and development company focused on gold, nickel, coal and uranium projects in
Tanzania, is pleased to announce that it has commenced a 3,000 m drill programme at its
Imweru project in northern Tanzania. The project is located in the gold prolific Lake Victoria
Goldfield and is situated approximately 35 km west of and along strike of AngloGold Ashanti’s
world class Geita deposits which have an estimated pre-mining gold endowment of ~ 23 M oz
@ 4g/t. Imweru, together with Lubando (approximately 35 km East of Geita) contain a total
gold resource of 797,900 oz and are two brownfield exploration projects recently acquired by
the Company (refer Kibo RNS dated 13 August 2013 as well as resource table under the
“General Background & Strategy” section below).
The drill programme at Imweru will comprise approximately 750 m of diamond drilling and
2,250 m of reverse circulation drilling (total 3,000 m) in 20 holes and has been designed to
further evaluate the gold mineralized zones identified by previous operators on the project.
These mineralized zones extend over 10 km along strike and have been drilled to a maximum
depth of about 200 m. Based on this drilling a NI 43-101 compliant Inferred gold resource of
629,000 oz. of gold was calculated for Imweru, the details of which are shown in the table
below (taken from report by EBA Engineering Consultants Ltd Report dated March 2010).
TABLE1:IMWERU MINERAL RESOURCE SUMMARY – BASECASE*
Category Measured Resource Indicated Resource Inferred Resource
Resource(t) - - 17,649,900
Grade(g/t) - - 1.11
Grade(oz/ton) - - 0.032
Total Gold(oz) - - 629,600
The current drill programme is designed to infill drill one of the western mineralized zones on
the project in order to evaluate it both along strike and at depths of >200m. The drill programme
is scheduled to be completed within two months. Kibo anticipates that the results of the drilling
will enable it to produce a JORC-compliant resource that will improve on the existing resource
and resource categorization, based on the additional geological data from the drilling as well as
the re-modeling of the resource, utilizing the current gold price (which is >US$1,300/oz
compared to the US$850/oz used in the previous resource estimate).
Louis Coetzee, CEO of the Company, commented today:
“The Company is very pleased that it has been able to quickly mobilize a drilling team to the
Imweru project to fulfill its previously announced objective of completing a drill programme
in this area before the end of 2013. The Imweru programme represents the first phase of
drilling on its recently acquired projects (Imweru and Lubando) in the Lake Victoria
Goldfield, where the Company is confident it can both increase the resources in the
mineralized zones outlined to date and also make further significant discoveries.”
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 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 competent and motivated a 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 Lake Victoria project covering a gold prospective licence portfolio in Tanzania’s premier
gold mining region, the Lake Victoria Goldfield, been recently enhanced by the addition of
two brownfield gold projects Imweu and Lubando. Both projects have NI 43-101 compliant
total gold resource of approximately 798,000 ounces (total of Measured, Indicated and
Inferred for both projects).
TABLE1: IMWERU MINERAL RESOURCE SUMMARY–BASECASE*
Category Measured Resource Indicated Resource Inferred
Resource (t) - - 17,649,900
Grade (g/t) - - 1.11
Grade (oz/ton) - - 0.032
Total Gold (oz) - - 629,6
*Numbers are rounded. Composites capped at 25g/t gold. Cut-off grade of 0.5g/t gold
based on a gold price of US$850/oz and assumed100% metallurgical recovery .CIM
definitions were followed for Mineral Resources.
TABLE2:LUBANDO MINERALRESOURCE SUMMARY–BASECASE*
East Zone East Zone
Catego West Zone South East Zone North Total
Measured
Measured Resource 107,900 4,880 16,900 54,440 184,150
Grade (g/t) 1.6 2.5 1.72 2.4 1.9
Total Gold (oz) 5,900 400 95 4,340 11,500
Indicated Resource
Indicated Resource 280,710 18,330 61,000 149,350 509,420
Grade (g/t) 1.6 2.2 1.89 2.7 1.9
Total Gold (oz) 14,500 1,300 3,70 13,120 32,600
Inferred Resource
Total Resource (t) 1,090,000 65,470 209,340 535,330 1,900,140
Grade (g/t) 1.2 1.5 3.34 3.1 2.0
Total Gold (oz) 44,550 3,300 22,500 53,900 124,200
*Numbers are rounded. Composites capped at10.85g/tgold. Cut-off grade of 0.5g/t gold
based on a gold price of US$850/oz and assumed100% metallurgical recovery .CIM
definitions were followed for Mineral Resources.
These projects provide the Company with drill ready targets supporting its objective to
increase the size and quality of the existing resource in the short term.
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 which is further enhanced by the now formal
relationship between the Korean Government owned Korean East – West Power Co. Ltd.
(“EWP”) and Kibo. In this relationship the parties have entered into a formal MOU which
states the parties’ respective commitments towards the joint development of the Rukwa Coal
to Power Project (“RCPP”), where EWP will be responsible for developing and operating the
power generation side of the RCPP and Kibo will be responsible for developing and operating
the mining side of the RCPP.
RUKWA COAL RESOURCE SUMMARY- GEMECS (Pty) Ltd
SEAM NI 43-101 IN SITU
SEAM THICKNESS CLASS MILLION TONS
S4 1.14 Indicated 2.17
S3U 2.04 Indicated 6.92
S3L 2.3 Indicated 12.63
S2 3.45 Indicated 23.43
S1U 2.48 Indicated 7.34
S1L 2.92 Indicated 17.4
S0 1.08 Indicated 1.44
Total Indicated
Resources 71.34
S4 1.31 Inferred 1.38
S3U 2.24 Inferred 2.94
S3L 2.27 Inferred 3.86
S2 3.42 Inferred 7.94
S1U 2.05 Inferred 6.5
S1L 3.15 Inferred 12.83
S0 1.06 Inferred 2.6
Total Inferred
Resources 38.05
TOTAL
RESOURCES 109.39
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.
Review by Qualified Person
The information in this announcement that relates to the Imweru and Lubando mineral
resources is taken from reports titled “Technical Report on the Imweru property (Updated),
Mwanza, Tanzania” dated March 1, 2010 and “Technical Report on the Lubando property,
Mwanza, Tanzania” dated 31st August 2009” (the “Reports”) Both Reports are NI 43-101
compliant and were prepared for Great Basin Gold Rusaf Gold Limited by Nathan Eric Fier
C.P.G., P.Eng. Market Director for EBA Engineering Consultants Ltd and a Senior Mining
Consultant. Mr. Fier is registered as a Certified Professional Geologist with the American
Institute of Professional Geologists, Registration No 10062, and a professional Engineer in
British Columbia, Canada Registration No. 135165. He has extensive experience in the
evaluation and reporting of Archaean Gold projects and is a “Qualified Person” for reporting
gold resources to the NI 43-101 Standard. The information in this announcement that relates
to the Rukwa coal resource is taken from a report “Independent Technical Report for the
Rukwa Coal Project, Mbeya Region, United Republic of Tanzania” dated 19th April 2012 by
CD van Niekerk Director and Principal Geologist with the firm GEMECS (Pty) Ltd. Mr van
Niekerk is a Professional Natural Scientist with the South African Council for Natural
Scientific Professions (SACNASP), Registration No. 400066/98 and a Fellow Member of the
Geological Society of South Africa. He has relevant experience and technical qualifications to
be a “Qualified Person” for reporting coal resources to the NI 43-101 Standard.The Company’s
Exploration Director, Noel O’Keeffe has also reviewed the technical reports and the references
to them in this announcement.
Johannesburg
28 October 2013
Corporate and Designated Adviser
River Group
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