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KIBO MINING PLC - Drill Programme At Kibo Minings Imweru Gold Project Completed Ahead Of Schedule

Release Date: 04/12/2013 09:30
Code(s): KBO     PDF:  
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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