Kibo Mining Enters "Dynamic Phase" As Projects Progress In Tanzania

LONDON (Alliance News) - Kibo Mining PLC Wednesday said it "entered into a dynamic phase in its development" in the second quarter after making "material progress" across its asset portfolio in Tanzania.

"We are very pleased to report to shareholders the tremendous progress the company has made on shareholders' behalf during recent months despite the continuing turbulence in the natural resources equity environment," said Chief Executive Louis Coetzee.

Kibo is currently focused on the Mbeya coal-to-power project, formerly known as the Rukwa project, in Tanzania. Kibo said the project is "approaching financial close" after securing the joint development agreement with SEPCO III and completing the definitive mining studies during the quarter.

Work has also begun on the pre-feasibility study for the Imweru gold project.

The Haneti nickel and gold project will continued to be explored, and the drilling programme will commence once geotechnical drilling at Mbeya has been completed.

Kibo has two separate joint ventures for its Pinewood uranium and gold and Morogo gold projects, both of which have started operations. A Morogoro soil sample batch that was in storage has been submitted for laboratory analysis, and a review and update of the current Pinewood technical reports is in progress for further field work, it said.

The projects all are in Tanzania.

Negotiations with third parties to participate in or acquire various assets held by Kibo also continue.

"Whilst share price pressures are frustrating, shareholders should note that Kibo is progressing at some pace, and there will be news flow in the coming days, weeks and months that will further demonstrate the progress being made," said Coetzee.

Kibo shares were up 3.3% to 4.13 pence per share on Wednesday morning.

By Joshua Warner; joshuawarner@alliancenews.com; @JoshAlliance

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