Wrap Text
Drill Programme At Kibo Mining’s Imweru Gold Project Completed Ahead Of Schedule
Kibo Mining Plc
(Incorporated in Ireland)
Registration Number: 451931
(External registration number: 2011/007371/10) Share code on
the JSE: KBO
Share code on the AIM: KIBO ISIN:
IE00B61XQX41
(“Kibo” or “the Company”)
Dated: December 4, 2013
DRILL PROGRAMME AT KIBO MINING’S IMWERU GOLD PROJECT COMPLETED AHEAD OF
SCHEDULE
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 it has completed
the Imweru Drill programme in the Lake Victoria Region, Tanzania..
The planning and mobilization of a two phase exploration drilling programme at Imweru started on 14 October
2013, with drilling on Phase 1 commencing on 1 November 2013 and finishing on November, 27 2013. The
programme was completed 15 days ahead of schedule, within budget and with a 100% safety record over the period
of operations.
Abbreviated performance statistics for the programme are as follows (Table 1):
Description Planned Actual
Number of days drilled (RC1, DD2) 41 26
(Including 6 days of DD)
Number of Samples Submitted to the analyses laboratory 3465 3630
Meters drilled (RC) 2850 2782
Meters drilled (DD) 450 488
Number of holes drilled (RC) 18 18
Number of holes drilled (DD) 3 3
Average meters drilled per day (RC) 85 103
Average meters drilled per day ( DD) 45 62
Notes
1. RC : Reverse Circulation Drilling
2. DD : Diamond Drilling
Table 1 : Abbreviated Drill Performance Statistics
First samples were delivered to the laboratory on 11 November 2013, and the first results are expected during the
first week of December 2013, with final laboratory results for the entire Phase 1 drilling programme expected by
the end of December 2013.
Kibo Mining CEO, Louis Coetzee said:
“The Phase 1 drilling programme at Imweru produced geology consistent with the gold mineralization that was
obtained from previous work in the target area and has demonstrated significant potential for further
delineation of mineralization along strike and at depth, beyond the current resource estimate. Phase 1 has
provided Kibo with a solid platform for implementation of Phase 2 to ensure the best possible chance of further
exploration success at Imweru.
The Company is also very pleased with its operational performance on the Imweru Drill Programme. Phase 1
was completed 36% ahead of schedule, within budget and with a 100% safety record. This speaks volumes about
Kibo’s operational capability, and commitment to make sure that it achieves the best possible value for
shareholders.”
Kibo Mining - Notes to editors
Kibo was established in early 2008 to explore and develop mineral deposits in Tanzania. The company was
admitted to AIM in London on 27 April 2010 and the AltX in Johannesburg on 30 May 2011. The Company is
developing the Rukwa mouth-of-mine thermal power station and controls one of Tanzania’s largest mineral right
portfolios, including the - Haneti (nickel, PGE and gold), Morogoro, Lake Victoria (Gold), and Pinewood (Coal
& Uranium) projects.
Its projects are located both in the established and gold prolific Lake Victoria Goldfields, the emerging goldfields
of eastern Tanzania and the Mtwara Corridor in southern Tanzania where the Government has prioritised
infrastructural development attracting significant recent investment in coal and uranium.
Kibo's objective is to build shareholder value sustainably. This will be achieved primarily through exploration of
its own projects and leveraging the Company's experience in Tanzania to acquire exploration and development
assets on competitive terms. The focus is on assets that can be moved swiftly up the value curve whilst benefitting
from strategic relationships with industry leaders with special skills and competencies within their chosen fields.
Updates on the Company’s activities are regularly posted on its website www.kibomining.com
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
Daniel Thöle +44 0207 8611606 Bell Pottinger Investor and Media Relations
Kibo – gold exploration projects
The Lake Victoria project covers a gold prospective licence portfolio in Tanzania’s premier gold mining region,
the Lake Victoria Goldfield, has 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
Resource (t) - - 17,649,900
Grade (g/t) - - 1.11
Grade (oz/ton) - - 0.032
Total Gold (oz) - - 629,6000
*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
Category West Zone South East Zone Mid North Total
Measured Resource
Measured Resource (t) 107,900 4,880 16,900 54,440 184,150
Grade (g/t) 1.69 2.52 1.72 2.48 1.95
Total Gold (oz) 5,900 400 950 4,340 11,500
Indicated Resource
Indicated Resource (t) 280,710 18,330 61,000 149,350 509,420
Grade (g/t) 1.61 2.23 1.89 2.73 1.99
Total Gold (oz) 14,500 1,300 3,700 13,120 32,600
Inferred Resource
Total Resource (t) 1,090,000 65,470 209,340 535,330 1,900,140
Grade (g/t) 1.27 1.56 3.34 3.13 2.03
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.
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
Company’s Exploration Director, Noel O’Keeffe has also reviewed the technical reports and the references to
them in this announcement.
Johannesburg
04 December 2013
Corporate and Designated Adviser
River Group
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