Katoro Gold plc (Incorporated in England and Wales)
(Registration Number: 9306219)
Share code on AIM: KAT
ISIN: GB00BSNBL022
("Katoro" or "the Company")
31 May 2017
Work on Imweru Gold Project Commences
Katoro Gold plc ("Katoro" or the "Company") (AIM: KAT), the Tanzania focused gold exploration and development company, is pleased to announce that development work on the Imweru gold project in Tanzania has officially commenced. Operational teams were deployed to site over the past week and the first drill rig is expected to arrive on 1 June 2017. With the site and drill pad preparation already complete, drilling will commence immediately once the rig arrives on site.
Louis Coetzee, Executive Chairman of Katoro commented: "We are extremely pleased with the successful and rapid start of work on the Imweru project. As a result, we are now two months ahead of our previous work programme schedule which initially indicated that drilling would commence in Q3 2017. With this, the capability and capacity of the project team who are responsible for executing the Imweru work program, is also clearly demonstrated."
Enquiries
Katoro Gold plc |
+27 (0) 83 2606126 |
Louis Coetzee |
|
Beaufort Securities Limited |
+44 (0) 20 7382 8300 |
Jon Belliss |
|
Strand Hanson Limited |
+44 (0) 20 7409 3494 |
Richard Tulloch |
|
Ritchie Balmer |
|
Frederick Twist |
|
Bell Pottinger |
+44 (0) 20 3772 2500 |
Liz Morley |
|
Molly Stewart |
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Katoro Gold - Notes to editors
In May 2017 Katoro Gold acquired the Imweru and Lubando Gold Projects in Tanzania from Kibo Mining plc for a total consideration of £3.66 million and was admitted to trading on AIM.
Following the acquisition, Katoro owns 100% of the Imweru and Lubando Projects, which both have Mineral Resources established in accordance with the JORC (2012) Code. The total Mineral Resources stated for Imweru consist of 11.607 Mt at grade of 1.38 g/t for a Mineral Resource of 515,110 oz Au at a resource pay limit of 0.4 g/t for the open pittable material and 1.3 g/t for the underground material, while the Lubando Mineral Resources equate to 6.78 Mt at grade of 1.10 g/t for 239,870 oz Au at a pay limit of 0.4 g/t to a depth of 200 m and 1.3 g/t below the 200 m depth cut-off. The respective projects also include the earlier stage Sheba (within the Imweru Licence Portfolio and Imweru Option Portfolio), Pamba and Busolwa (both within the Lubando Licence Portfolio and Lubando Option Portfolio) projects. The JORC Code compliant Competent Person's Report for each of Imweru and Lubando are available on Katoro's website www.katorogold.com.
The Company's primary focus is on advancing and developing Imweru through a work programme which will include, inter alia, a feasibility study and a drilling programme, with the aim, subject to funding, to commence production with an initial target of 50,000 oz gold per annum within 18-24 months from admission to AIM.
Updates on the Katoro Gold's activities will be posted on its website www.katorogold.com.
This announcement contains inside information as stipulated under the Market Abuse Regulations (EU) no. 596/2014 ("MAR").
