Katoro Gold plc (Incorporated in England and Wales)
(Registration Number: 9306219)
Share code on AIM: KAT
ISIN: GB00BSNBL022
("Katoro" or "the Company")
Dated: 9 March 2018
Katoro Gold Plc ('Katoro' or the 'Company')
Project Update
Katoro Gold Plc (AIM:KAT), the Tanzania focused gold exploration and development company, is pleased to provide an update with regards to its Imweru gold project in Tanzania.
The Company remains focused on finalising the first phase of feasibility work at its Imweru gold project in Tanzania. Having undertaken an expanded drilling programme and various studies and surveys in 2017, the Company is seeking to shortly finalise a resource update and Pre-Feasibility Study ('PFS'). The Company has completed all the technical aspects of the PFS and is now assessing the economic feasibility of the project, with specific attention to the potential impact of the new mining legislation, announced in July 2017, together with the recently released mining regulations.
Louis Coetzee, Executive Chairman of Katoro commented: "Changes in the Tanzania mining legislation and associated mining regulations, recently released, has compelled the Company to conduct further assessments to determine the extent to which the new legislation and regulations may impact the viability of the Imweru gold project. Work in this regard is nearing completion and a further update will follow shortly."
**ENDS**
This announcement contains inside information as stipulated under the Market Abuse Regulations (EU) no. 596/2014.
For further information please visit www.katorogold.com or contact:
Louis Coetzee |
[email protected] |
Katoro Gold plc |
Executive Chairman |
Richard Tulloch Ritchie Balmer Frederick Twist |
+44 (0) 20 7409 3494 |
Strand Hanson Limited |
Nominated Adviser |
Ben Tadd Tom Curran |
+44 (0) 203 7000 093 |
SVS Securities |
Broker |
Isabel de Salis Priit Piip |
+44 (0) 207 236 1177 |
St Brides Partners Ltd |
Investor and Media Relations Adviser |
Notes to editors:
In May 2017 Katoro was admitted to trading on AIM. Katoro owns 100% of the Imweru and Lubando Gold Projects in Tanzania, 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's activities will be announced as required and posted on its website www.katorogold.com.
