KIBO MINING PLC - Positive Rukwa Definitive Mining Feasibility Study supports commencement of Power Feasibility Study

Release Date: 28/10/2014 10:00
Code(s): KBO
Wrap Text
Positive Rukwa Definitive Mining Feasibility Study supports commencement of Power Feasibility Study

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
(“Kibo” or the “Company”)

   28 October 2014

Positive Rukwa Definitive Mining Feasibility Study (“DMFS”) Supports
             Commencement of Power Feasibility Study

Phase 1 Stage 1 of Rukwa DMFS completed ahead of schedule;
Positive outcome of Phase 1 Stage 1 of DMFS allows initiation of Rukwa Power Pre-Feasibility Study

   Kibo Mining plc (“Kibo” or the “Company”), the mineral exploration and development company focused
   on gold, nickel, coal and uranium in Tanzania, is pleased to announce that technical work for Phase 1
   Stage 1 of the Rukwa DMFS has been completed ahead of schedule. The Company is now awaiting the
   final technical report which is expected to be ready by the end of November 2014.

   The positive results obtained from the work done on the Rukwa DMFS to date has prompted the Company
   to immediately proceed with the Pre-Feasibility Study for the 300 MW coal fired power plant included in
   the Rukwa Coal to Power Project (“RCPP”). The Pre-Feasibility Study on the power plant will be
   conducted in two Phases. Phase 1 of the Pre-Feasibility Study is expected to be completed by the end of
   November, allowing the Company to deliver a comprehensive, fully integrated, independent Scoping
   Study (i.e. mining and power) for the RCPP, by early December 2014.

   Louis Coetzee, C.E.O. of Kibo Mining, commented: “The rapid progress we have made and the strongly
   positive results from the feasibility work on the RCPP to date, has substantially enhanced the Company’s
   ability to finalize a robust and commercially sound transaction with a suitable development partner.”
   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 (gold), Lake Victoria
(gold), and Pinewood (coal & uranium) projects.

Kibo’s 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

Technical Data

                   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

    RESOURCES                                                                   109.39

Kibo holds 100% of the Rukwa Coal Project

Review by Qualified Person

The information in this announcement that relates to the Rukwa coal Mineral Resource is taken from
a report titled “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.


       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 3693 1470    Hume       Capital Broker
       Abigail Wayne                                Securities Plc
       Oliver Morse         +61 8 94802500          RFC       Ambrian Nominated Adviser on AIM
       Trinity McIntyre     +61 8 94802500          Limited
       Daniel Thöle         +44 (0) 203 772 2500    Bell Pottinger     Investor and Media Relations
       Lydia Eades          +44 (0) 203 772 2500

  28 October 2014
  Corporate and Designated Adviser
  River Group

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