KIBO MINING PLC - Haneti Nickel and Imweru Gold Projects Update

Haneti Nickel and Imweru Gold  Projects 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 December 2013
                    
Haneti Nickel and Imweru Gold Projects Update

Haneti

-   Soil sampling results provide infill coverage and better resolve anomalous nickel and
    nickel indicator element trends with nickel values up to 10,000 ppm (1%)
-   Recently mapped new ultramafic occurrences show similar anomalous soil geochemistry
    to main Haneti trend with nickel values up to 6,850 ppm
-   Confirmation of high coincidental nickel, PGMs and related elements at Mihanza Hill in
    outcrop including 10,000 ppm (1%) nickel, 0.5 ppm platinum and1.3 ppm palladium
-   Expanded geological database supports next phase of project, which will include drilling
    of initial targets

    Imweru
-   Final drill results now being received and detailed results announcement expected in
    early January 2014

Kibo Mining plc ("Kibo" or the "Company") (AIM: KIBO; JSE AltX: KBO), the mineral
exploration and development company focused on coal, gold, nickel, and uranium projects in
Tanzania is pleased to announce that following the completion of field activities at its wholly
owned Haneti project, it has now received final laboratory results for 2013. The Company is
still in the process of receiving laboratory results from its recently completed drill program on
the Imweru gold project and will provide a further update in January, when complete results
have been fully compiled and assessed.

Haneti Project
The latest soil sampling results, which comprise a total of 290 samples, provide further infill
sampling coverage over the Mwaka, Sanato, Kwahemu and Yobo Hills areas, where the

Company previously reported anomalous nickel, cobalt, chromium, iron and gold values. The
results provide further confirmation of the anomalous soil sample results from historical
sampling over these areas and also expanded and further resolved these anomalous trends.
Highest metal-in-soil values from these latest results for nickel, cobalt, chromium and iron are
10,000 ppm (1%), 414 ppm, 1,410 ppm and 12.35% respectively. Copper and gold
values are up to 321 ppm and 0.747 ppm respectively. The Company is encouraged
by the soil sample results which correlate well with results that it has previously reported for
these areas.

Results have also been received for reconnaissance soil sampling lines across recently mapped
serpentinised ultramafic occurrences at Mukulungu North, Mukulungu South, Ndolomoti,
Mitu and Mihanza South. The results which comprise a total of 1,090 samples at these
locations show anomalous values consistent with levels encountered over similar rocks
comprising the main Haneti ultramafic trend and establish these outlying areas as valid nickel-
PGM targets for follow up work. Metal-in-soil values in these areas were up to 6,850 ppm
nickel, 218 ppm cobalt, 1,140 ppm chromium 202 ppm Cu and 0.287 ppm gold.

Rock sampling results have also been received for a total of 82 grab samples over the mapped
ultramafic occurrences, 42 grab samples from the regional mapping and 36 trench samples
across a gold-in-soil anomaly near Mihanza Hill. Nickel values over ultramafic occurrences
are comparable with the results from historical samples over the area and vary between 1000
ppm and 10,000 (1%) ppm. Rock sample results for other nickel indicator elements and for
gold are not significantly anomalous with one important exception. An outcrop sample from a
location on Mihanza Hill confirmed high coincidental anomalism across a range nickel
sulphide indicator elements which is shown on the table below, together with similar results
from historical sampling at the same location.

Mihanza Hill Location with high Ni-PGM related geochemistry

Sample     Ni       Co  Cr        Cu    Pd      Pt      Au      Ag      Fe %
No,        ppm      ppm ppm       ppm   ppm     ppm     ppm     ppm

BA65       10000    960   675     828   1.325   0.495   0.079   0.5     11.65
(2013)     (1%)

MHR02      135920  2529  2037     927   1.930   0.413   0.078   0.8     16.44
(2006)     (13.6%)

HNR001     32000    430   No      780   No      No      0.087   No      No
(2007)     (3.2%)         Analy.        Analy   Analy           Analy   Analy

The occurrence of anomalous platinum and palladium and copper together with high Ni is
considered a significant indicator of the potential presence of nickel sulphides. The
confirmation of the previously sampled coincidental elevated nickel indicator element
geochemistry at this location makes it a key area for follow up work, including drilling.

The presence of a previously reported weakly anomalous platinum value (0.21ppm) at Igari-
Cheni approximately 4 km North of Mihanza in a rock sample also supports the nickel-PGM
style mineralisation potential at these localities. The gold results from a suite of 42 regional
rock samples and 36 trench samples did not return any significant gold values, but high
arsenic values including two samples exceeding 10,000 ppm (the upper detection limit of the
geochem. method), at one location is considered significant and will be field investigated
further, as a potential alteration vector to gold mineralisation.

These results mark the completion of the Haneti work programme for 2013, which was funded
under a JV with Brazilian company Votorantim Metaís Participações Ltda (Votorantim). The
design of the 2013 work programme was influenced primarily by Votorantim's requirement to
verify and expand on historical surface sampling results prior to implementing any drill
programme on targets that Kibo had previously established. The exploration programme
successfully achieved this objective and by doing so generated a much expanded geochemical
database over the project. This database will prove invaluable to the Company in better
understanding the geology and mineral potential of the project, better resolving established drill
target areas e.g. Mihanza and Mwaka Hills and generating new target areas. Similarly the
regional reconnaissance and mapping programme results have provided new data which will
assist in rationalising the project and focus resources on areas showing the best mineralisation
potential.

The Company now awaits the availability of recently flown Tanzanian Government
aeromagnetic data over a region which includes the Haneti project in order to integrate it with
its own exploration data and plan work programmes for the 2014 field season.

Imweru Project
The Company is still in the process of receiving laboratory results from its recently completed
drill programme at the Imweru gold project, where a NI 43-101 compliant 629,600oz resource
has already been outlined from previous work. Preliminary review of partial hole results
received to date indicates that previously drilled mineralised zones are been intersected from the
infill drilling over comparable widths and grades.

The Company will provide a detailed update on the drilling results in early January 2014, once
it has received all laboratory results and has carried out all QA/QC checks.

Kibo Mining CEO Louis Coetzee said:

"The Company is extremely pleased with the progress made on the Haneti project during
2013. The results achieved validated our belief in the mineral potential of the project and
provided us with an expanded technical database which will enable our exploration teams to
confidently subject the project to a first phase drill programme in 2014, as well as prioritising
regional target areas for follow up work during the same field season.

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
Review by Qualified Person

The information in this announcement that relates to the Imweru mineral resources is taken from
reports titled "Technical Report on the Imweru property (Updated), Mwanza, Tanzania" dated
March 1, 2010 from which the following table has been extracted

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

*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.

The Report is NI 43-101 compliant and was 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 Company's Exploration Director, Noel O'Keeffe
has also reviewed the technical report and the references to them in this announcement together
with all other technical information contained therein.

Johannesburg
19 December 2013

Corporate and Designated Adviser
River Group
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