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: 31 July 2013
Haneti Project Interim Update
· Planned soil sampling programme 86% complete.
· New soil sampling targets identified and developed.
· New ultramafic outcrops identified.
Kibo Mining PLC ("Kibo" or the "Company") (AIM: KIBO), (JSE: KBO), the Tanzania focused mineral exploration and development company, is pleased to provide an interim operational update of its Tanzanian Haneti Joint Venture Project, which is being funded by its joint venture partner, Votorantim.
During the period since the last RNS, and ending July 25, 2013, work on the Haneti Exploration Programme progressed extremely well. The current mapping and soil sampling work is focused on metamorphosed ultramafic rocks which are targets for nickel, gold and platinum group metal element ("PGE") mineralisation. Prior sampling identified anomalous nickel and gold grades and the current sampling programme is intended to provide more detailed surface geochemical data ahead of the prioritisation of locations for initial drilling. The progress thus far can be summarised as follows:
ü The planned soil sampling programme is 86% complete, with just a total of 332 samples left to be collected
· Soil sampling programme at Mwaka Hill : Completed ( 844 samples)
· Soil sampling programme at Mihanza : Completed (359 samples)
· The soil sampling programme at Kwahemu - Sanato - Yobo is making good progress with a total of 992 samples collected for the period.
ü Two new ultramafic outcrops were identified, between Mwaka and Kwahemu confirming strike continuation of the ultramafic rocks between these two targets
ü The despatch of samples in batches to the laboratory continues.
ü Mapping
· Detailed mapping on Mwaka on 200 meter line interspaces was completed.
· Detailed mapping of the following areas is in progress :
§ Mihanza.
§ Kwahemu - Sanato - Yobo.
§ Newly identified ultramafic outcrops.
ü The regional reconnaissance and mapping programme is well under way with mapping in progress on all known and identified ultramafic occurrences on the tenement portfolio.
ü On-going regional assessment of the current tenement portfolio with the aim to ensure that optimal ground is retained, and the most obvious unusable ground to be surrendered to the Ministry of Energy and Mining.
Planned work for the coming weeks:
ü The soil sampling programme at Kwahema - Sanato - Yoba to be completed.
ü Detailed mapping of the Mindii - Kwahemu trend.
ü Continuation of regional mapping of exploration and strategic targets.
ü Further consignments of samples to be despatched to the analysis laboratory in Mwanza.
ü Prepare for sampling of the newly identified ultramafic bodies by the reconnaissance and planning of soil lines.
The CEO, Kibo Mining PLC remarked: …"We are particularly pleased with the rapid progress that the field team has made over the last two weeks, and we are close to the successful conclusion of this exploration stage at Haneti. We are dispatching a steady stream of samples to the laboratory, and are eagerly awaiting the first results from the end of August onwards."
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 Limited |
Nominated Adviser on AIM |
Matt Beale |
+44 (0)7966 389196 |
Fortbridge |
Investor Relations |
Updates on the Company's activities are regularly posted on its website www.kibomining.com
General Background & Strategy
Kibo was established in early 2008 to explore and develop mineral deposits in Tanzania, East Africa and was admitted to AIM in London on 27 April 2010 and AltX in Johannesburg on 30 May 2011. The Board of Kibo is composed of professionals whose experience include mineral exploration, mine development, mining finance, tax, law, mergers and acquisitions, and financial control of public companies. It is supported by competent and motivated a Tanzanian staff that operates from Kibo's operations office in Dar es Salaam.
The mineral assets of the Company comprise five projects areas in Tanzania - Haneti (nickel, PGE and gold), Morogoro (Gold), Lake Victoria (Gold), Rukwa (Coal) and Pinewood (Coal & Uranium).
The Haneti project is the subject of a joint venture with Brazilian Votorantim Metais Participações Ltda, a member of Votorantim Group. The Rukwa and Pinewood projects are situated close to the Mtwara Corridor, an area where the Tanzanian Government has committed to significant infrastructure development and which has seen recent multi-million dollar investment in coal and coal-fired power stations and uranium exploration.
The Rukwa project is substantially more advanced than Kibo's existing exploration projects, with a significant Mineral Resource of thermal coal already defined. The project enjoys strong support expressed by the Tanzanian Government for the expedited development of a coal mine and mine-mouth coal-fired power plant and which is further enhanced by the now formal relationship between the Korean Government owned Korean East - West Power Co. Ltd. ("EWP") and Kibo. In this relationship the parties have entered into a formal MOU which states the parties' respective commitments towards the joint development of the Rukwa Coal to Power Project ("RCPP"), where EWP will be responsible for developing and operating the power generation side of the RCPP and Kibo will be responsible for developing and operating the mining side of the RCPP.
Kibo's objective is to build shareholder value in a sustainable manner. This objective will be pursued primarily through active exploration of its own projects and by using the Company's experience in Tanzania to acquire attractive exploration and development assets on competitive terms that can be moved swiftly up the value curve by using the Company's own skills base whilst also seeking to benefit from strategic collaborative relationships with industry leaders who have special skills and competencies within their chosen fields of focus. Kibo will undertake continual risk assessment of its projects and take whatever actions it believes are necessary to ensure that these risks are mitigated.
Johannesburg
31 July 2013
Corporate and Designated Adviser
River Group
