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Kibo Mining Confirms Initial Priority Drilling Targets At Haneti Joint Venture project

Mon, 09th Sep 2013 12:36

LONDON (Alliance News) - Kibo Mining PLC Monday said it has increased its understanding of the groundwork and confirmed drilling targets at its Tanzanian Haneti Joint Venture Project.

The mineral exploration and development mining company with operations in Tanzania said the venture, which is being funded by its partner Votorantim Metai, has identified new outcrops in its Ni-PGM prospective and following strong preliminary soil samples, the initial drilling targets are its Mihanza and Mwaka sites.

The company said it has found nickel, gold and platinum group metal mineralisation in the soil sampling, which was completed ahead of schedule.

"The final objective of the current programme after completion of all field activities will be to recommend a detailed drill programme to test for mineralization," Chief Executive Louis Coetzee said in a statement.

Kibo Mining shares were down 0.05 pence, or 0.98% to 5.57 pence Monday.

By Tom McIvor; tommcivor@alliancenews.com; @TomMcIvor1