Last checked at 13 Sep 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")
13 September 2017
Successful Completion of Phase 1 of the Imweru Environmental and Social Impact Assessment ("ESIA")
Katoro Gold plc ("Katoro" or the "Company") (AIM: KAT), the Tanzania focused gold exploration and development company, is pleased to announce that the Tanzanian National Environmental Management Council ("TNEMC") has assessed the Company's Imweru Project Brief for the Imweru ESIA, being the Company's terms of reference for the execution of the Imweru environmental impact study, and has now issued a registration letter for the ESIA. Receipt of the registration letter confirms successful completion of Phase 1 of the ESIA and permission to continue with Phase 2, being the establishment of a detailed environmental baseline for the Imweru project, in preparation for final environmental certification during Phase 3 of the ESIA. Phase 2 has already commenced.
Louis Coetzee, Executive Chairman of Katoro commented: "We are extremely pleased with the sustained momentum and progress on the Imweru resource development programme. Completion of Phase 1 of the ESIA was one of the pre-requisite deliverables on the critical path for the timely submission of the Imweru Mining Right Application, which is scheduled for submission during October 2017."
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 |
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").