Kibo Mining Says Imweru project Drill Results Better-Than-Expected

LONDON (Alliance News) - Kibo Mining PLC Tuesday said that it has now received all Phase 1 drilling results from its Imweru project in Northern Tanzania, and gold mineralisation was found in 19 of the 21 holes drilled.

The mineral exploration and development company focused on gold, nickel, coal and uranium projects in Tanzania said that new mineralised zones were found which were not included in the previous resource estimate, and should contribute to an increase in the updated resource estimate.

"The drill results from Imweru exceed our expectations and confirm not just the continuation of the Imweru mineralised zones between previously drilled locations but new mineralised zones at depth," said Chief Executive Officer Louis Coetzee in a statement.

The drill programme which was completed in late November 2013, comprised of 21 drill holes for a combined total of 3,265 metres of reverse circulation and diamond drilling.

The company said that it is now awaiting completion of an independent update of the existing resource statement, before carrying out a Phase 2 drill programme.

Shares in Kibo Mining were down 3.3% before midday on Tuesday, trading at 4.35 pence per share.

By Rowena Harris-Doughty; rowenaharrisdoughty@alliancenews.com; @rharrisdoughty

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