Last checked at 4 Jul 2017 07:00
Katoro Gold plc (Incorporated in England and Wales)
(Registration Number: 9306219)
Share code on AIM: KAT
ISIN: GB00BSNBL022
("Katoro" or "the Company")
4 July 2017
Katoro Gold plc
Comment on Proposed Legislative Changes to Tanzanian Mining Act
Katoro Gold plc ("Katoro" or the "Company") (AIM: KAT), the Tanzania focused mineral exploration and development Company, notes the submission of proposed legislation to the Tanzanian Parliament which recommends material changes to the legal framework concerning the natural resources sector in Tanzania. The Company understands that the changes are to be debated by the Tanzanian Parliament this week.
Katoro is currently reviewing the proposed legislation to assess the impact of the proposed changes, if enacted, on the Company. The Company will continue to monitor the situation closely and update the market when appropriate.
Contacts
Louis Coetzee | +27 (0) 83 2606126 | Katoro Gold plc | Executive Chairman |
Jon Belliss | +44 (0) 20 7382 8300 | Beaufort Securities Limited | Broker |
Richard Tulloch Ritchie Balmer Frederick Twist | +44 (0) 20 7409 3494 | Strand Hanson Limited | Nominated Adviser |
Liz Morley Molly Stewart | +44 (0) 20 3772 2500 | Bell Pottinger | Investor and Media Relations |
Katoro Gold - Notes to editors
In May 2017 Katoro 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'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").