IMWERU GOLD PROJECT COMPLETED AHEAD OF SCHEDULE

 

Kibo Mining Plc

(Incorporated in Ireland)

Registration Number: 451931

(External registration number: 2011/007371/10) Sharecode 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 Limited	Nominated Adviser on AIM
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*
Category	West Zone	East Zone South	East Zone Mid	East Zone 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 31^st 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