Wrap Text
Imweru Gold Project 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:IE00B97C0C31
(“Kibo” or “the Company”)
05 July 2016
Imweru Gold Project Update
Kibo Mining plc (“Kibo” or the “Company”) (AIM: KIBO; AltX: KBO), the Tanzania focused mineral
exploration and development Company provides a further update to its announcement on June 2 on the
Memorandum of Understanding (“MOU”) signed with Lake Victoria Gold LTD (“Lake Victoria”) to
consolidate the companies’ respective Imweru and Imwelo gold projects. As a result of a minor
unforeseen delay in completing compliance and legal work on the follow-on definitive agreement,
which was anticipated to be in place by June 30 2016, the Company expects that this will now take a
further two weeks to be finalized.
The Company wishes to advise that completion of this definitive agreement is progressing well and
notwithstanding this minor delay, it looks forward to the potential value this transaction can unlock for
Kibo shareholders.
Louis Coetzee, CEO of Kibo Mining, said: “The definitive agreement is an administrative step in the
process of completing the amalgamation of Kibo’s Imweru and Lake Victoria’s Imwelo projects. Kibo
and Lake Victoria have made significant progress towards finalizing the transaction, and the delay
referred to above will not have any impact on meeting the agreed project deadlines as we continue to
implement the agreed transaction. An update with regard to progress on the Mbeya Coal to Power
Project will also follow shortly.”
Maps showing the location of the Imweru and Imwelo projects can be found on the Kibo website
www.kibomining.com under the Projects/Lake Victoria (gold) menu on the home page.
Contacts
+27 (0) 83 2606126 Kibo Mining Chief Executive Officer
Louis Coetzee plc
Corporate Adviser and
Andreas +27 (0) 83 4408365 River Group
Designated Adviser on JSE
Lianos
Beaufort
Jon Belliss +44 (0) 207 382 Broker
Securities Limited
8300
RFC Ambrian
Oliver Morse +61 8 9480 2500 Nominated Adviser on AIM
Limited
+44 (0) 203 772
Daniel Thöle / Anna 2500 Bell Pottinger Investor and Media
Relations
Legge
Kibo Mining - Notes to editors
Kibo Mining is listed on the AIM market in London and the AltX in Johannesburg. The Company is
focused on exploration and development of mineral projects in Tanzania, and controls one of Tanzania's
largest mineral right portfolios. Tanzania provides a secure and stable operating environment for the
mineral resource industry and Kibo Mining therein.
Kibo Mining holds a thermal coal deposit at Mbeya, which has a significant NI 43-101 compliant defined
resource, and is developing a 250-350 MW mouth-of-mine thermal power station, the Mbeya Coal to
Power Project (“MCPP”), previously called Rukwa Coal to Power Project (“RCPP”), with an established
management team that includes Standard Bank as Financial Advisor. Kibo is undertaking a Coal Mining
Definitive Feasibility Study and a Power Pre-Feasibility Study for the Mbeya project with an integrated
th
Bankable Feasibility Study report for the MCPP to be released in the near term. On 20 April 2015,
Kibo signed a Joint Development Agreement for the completion of the Definitive Feasibility
Studies and development of the MCPP with China based EPC contractor SEPCO III.
The Company also has extensive gold focused interests including Lake Victoria Goldfields and
Morogoro projects. At Lake Victoria, the Company has projects with a 550,000 oz. JORC compliant gold
Mineral Resource at Imweru Project and a 168,000 oz. NI 43-101 compliant gold Mineral Resource at
the Lubando Project in which the Company holds a 90% attributable interest. The Company is currently
undertaking a Definitive Feasibility Study on its Imweru Project.
Kibo also holds the Haneti Project on which the latest technical report confirms prospectivity for nickel,
PGMs, gold and strategic metals including lithium.
Kibo Mining further holds the Pinewood (coal & uranium) project where the company has entered into a
50/50 Exploration Joint Venture with Metal Tiger plc.
Finally, the Company also holds the Morogoro (gold) project where the company has also entered into a
50/50 Exploration Joint Venture with Metal Tiger plc.
The Company's projects are located 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 prioritized infrastructural development attracting significant recent investment in coal
and uranium. The Company has a positive working relationship with the Tanzanian government at local,
regional and national levels and works hard to maintain positive relationships with all communities
where company interests are held. The Company recognizes the potential to enhance the quality of life
and opportunity for Tanzanian citizens through careful development of its projects.
Updates on the Company's activities are regularly posted on its website www.kibomining.com
Imweru Mineral Resource
Table 2 below presents a table showing the Mineral Resource estimate for the Imweru Project at a
base case economic cut-off grade for the reporting of the resource of 0.4 g/t. The table is taken
from a JORC- Compliant Report by Tetra Tech EBA dated February 2014.
Table 2
Cut- Gold
Area Material Classification off Specific Metric Short Tons Grade Contained Gold
Type (g/t) Gravity Tonnes (t) (g/t) Ounces (troy)
Laterite Indicated 0.40 2.50 131,000 144,000 1.785 8,000
Central
Saprolite Indicated 0.40 2.50 706,000 778,000 1.387 32,000
Bedrock Indicated 0.40 2.89 1,895,000 2,089,000 1.043 64,000
Total Indicated 0.40 2.77 2,732,000 3,012,000 1.168 103,000
Central Laterite Inferred 0.40 2.50 685,000 755,000 1.317 29,000
Saprolite Inferred 0.40 2.50 1,047,000 1,154,000 1.040 35,000
Bedrock Inferred 0.40 2.89 7,838,000 8,640,000 1.029 259,000
Total Inferred 0.40 2.82 9,569,000 10,548,000 1.051 323,000
East Total Inferred 0.40 2.70 2,653,000 2,925,000 1.449 124,000
Indicated 0.4 2.77 2,732,000 3,012,000 1.168 103,000
Imweru Property Inferred 0.4 2.79 12,222,000 13,473,000 1.137 447,000
Total Combined
0.4 2.79 14,954,000 16,485,000 1.143 550,000
(inf+ind)
* Kibo holds 90% of the Imweru Mineral Resource
* Total estimates are rounded, based on composites capped at 26 g/t gold at Imweru Central and 25
g/t at Imweru East, the cut-off grade is based on a gold price of US$1,200 and a 90%
metallurgical recovery is assumed in calculation of cut-off grade. A base case of 0.40 g/t has been
selected.
** Classification of Mineral Resources incorporates the terms and definitions from the Australian
Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code)
published by the Joint Ore Reserve Committee (JORC)
Review by Qualified Persons
Information in this announcement that relates to the Imweru Mineral Resource is taken from the report
titled “Resource Update for the Imweru Property Geita Region Northern, Tanzania, JORC Competent
Persons Report” dated February 17th 2014 (the “Report”). The Report states a JORC-compliant
Mineral Resource estimate and was prepared for Kibo Mining plc by James Barr P.Geo. and Darryn
Hitchcock P.Geo. Senior Geologist and Geologist respectively with TetraTech EBA Ltd. Both Mr.
Barr and Mr.
Hitchcock are registered as Certified Professional Geologists with Association of Professional
Engineers and Geoscientists of British Columbia a recognised professional organisation. Mr Barr as
principal author responsible for the Report has experience in the evaluation and reporting of Archaean
Gold projects and is a “Qualified Person” for reporting gold resources to the JORC Standard. He
consents to the inclusion in this document of the matters based on his information in the form and
context in which they appear.
Johannesburg
05 July 2016
Corporate and Designated Adviser
River Group
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