Last checked at 26 Nov 2014 08:00
Kibo Mining Plc (Incorporated in Ireland)
(Registration Number: 451931)
(External registration number: 2011/007371/10)
Share code on the JSE Limited:KBO Share code on the AIM:KIBO
ISIN: IE00B61XQX41
("Kibo" or "the Company")
Dated: 26 November 2014
Kibo Launches NewCompany Website
Kibo Mining plc ("Kibo" or the "Company") (AIM: KIBO; AltX: KBO), the Tanzania focussed mineral exploration and development company, would like to advise investors that the Company has updated its corporate website which can be viewed at www.kibomining.com.
The update forms part of the Company's policy to enhance investor and public relations to ensure updated and incisive information is available to the market.
Kibo will keep the website updated with operational progress which in the very near term will include Mining and Power Generation Pre-Feasibility study related reports for the Rukwa Coal to Power project (RCPP) and also the Preliminary Economic Assessment Study at the Imweru Gold project in the Lake Victoria Goldfields.
Louis Coetzee, CEO of Kibo said "We urge investors and interested parties to register for email updates on our website, enabling us to send you details of RNS announcements and other useful information. We would also welcome any feedback from investors with regard to the new website and indeed in relation to Kibo Mining activities as a whole. Please email us at info@kibomining.com"
Contacts
Louis Coetzee | +27 (0) 83 2606126 | Kibo Mining plc | Chief Executive Officer |
Andreas Lianos | +27 (0) 83 4408365 | River Group | Corporate Adviser and Designated Adviser on JSE |
Jon Belliss Abigail Wayne | +44 (0) 20 3693 1470 | Hume Capital Securities Plc | Broker |
Oliver Morse and Trinity McIntyre | +61 8 9480 2500 | RFC Ambrian Limited | Nominated Adviser on AIM |
Daniel Thöle Lucinda Alderson | +44 (0) 203 772 2500
| Bell Pottinger | Investor and Media Relations |
Kibo Mining - Notes to editors
Kibo Mining is listed on the AIM market in London and the AltX in Johannesburg. The Company is focused on exploration and development of mineral projects in Tanzania, and controls one of Tanzania's largest mineral right portfolios. Tanzania provides a secure and stable operating environment for the mineral resource industry and Kibo Mining therein.
Kibo Mining holds a thermal coal deposit at Rukwa, which has a significant JORC compliant defined resource (See Table 1 below), and is developing a 250-350MW mouth-of-mine thermal power station with an established management team that includes Standard Bank as Financial Advisor. Kibo is undertaking a Coal Mining Definitive Feasibility Study and a Power Pre-Feasibility Study for Rukwa with initial findings to be released in the near term.
The Company also has extensive gold focused interests including Lake Victoria Goldfields and Morogoro projects. At Lake Victoria, the Company has projects with a 550,000oz JORC compliant gold Mineral Resource at Imweru Project (See Table 2 below) and a 168,000oz NI 43-101 compliant gold Mineral Resource at Lubando Project (See Table 3 below) in which the Company holds a 90% attributable interest. The Company is currently undertaking a Definitive Feasibility Study on its Imweru Project, with Preliminary Economic Assessment study findings to be released in the near term.
Kibo Mining also holds the Pinewood (coal & uranium) project where the company has signed a MOU to enter into a 50/50 Exploration Joint Venture with Metal Tiger PLC.
Kibo Mining also holds the Pinewood (coal & uranium) projects where the company is seeking a Joint Venture partner to continue exploration activities.
The Company's projects are located in the established and gold prolific Lake Victoria Goldfields, the emerging goldfields of eastern Tanzania and the Mtwara Corridor in southern Tanzania where the Government has prioritised infrastructural development attracting significant recent investment in coal and uranium. The Company has a positive working relationship with the Tanzanian government at local, regional and national levels and works hard to maintain positive relationships with all communities where company interests are held. The Company recognises the potential to enhance the quality of life and opportunity for Tanzanian citizens through careful development of its projects.
Updates on the Company's activities are regularly posted on its website www.kibomining.com
Technical data
Rukwa Mineral Resource
Table 1 below presents a table showing the Mineral Resource estimate for the Rukwa Coal Project. The table is taken from an NI 43 101-Compliant Report by GEMECS (Pty) Ltd dated April 2012.
Table 1
RUKWA COAL RESOURCE SUMMARY- GEMECS (Pty) Ltd | |||
SEAM | NI 43-101 | IN SITU | |
SEAM | THICKNESS | CLASS | MILLION TONS |
S4 | 1.14 | Indicated | 2.17 |
S3U | 2.04 | Indicated | 6.92 |
S3L | 2.3 | Indicated | 12.63 |
S2 | 3.45 | Indicated | 23.43 |
S1U | 2.48 | Indicated | 7.34 |
S1L | 2.92 | Indicated | 17.4 |
S0 | 1.08 | Indicated | 1.44 |
Total Indicated Resources | 71.34 | ||
S4 | 1.31 | Inferred | 1.38 |
S3U | 2.24 | Inferred | 2.94 |
S3L | 2.27 | Inferred | 3.86 |
S2 | 3.42 | Inferred | 7.94 |
S1U | 2.05 | Inferred | 6.5 |
S1L | 3.15 | Inferred | 12.83 |
S0 | 1.06 | Inferred | 2.6 |
Total Inferred Resources | 38.05 | ||
TOTAL RESOURCES | *109.39 | ||
*Kibo holds 100% of the Rukwa Mineral Resource
Imweru Mineral Resource
Table 2 below presents a table showing the Mineral Resource estimate for the Imweru Project at a base case economic cut-off grade for the reporting of the resource of 0.4 g/t. The table is taken from a JORC-Compliant Report by Tetra Tech EBA dated February 2014.
Table 2
Area | Material Type |
Classification | Cut- off (g/t) | Specific Gravity | Metric Tonnes (t) |
Short Tons | Gold Grade (g/t) | Contained Gold Ounces (troy) |
Central | Laterite | Indicated | 0.40 | 2.50 | 131,000 | 144,000 | 1.785 | 8,000 |
Saprolite | Indicated | 0.40 | 2.50 | 706,000 | 778,000 | 1.387 | 32,000 | |
Bedrock | Indicated | 0.40 | 2.89 | 1,895,000 | 2,089,000 | 1.043 | 64,000 | |
Total | Indicated | 0.40 | 2.77 | 2,732,000 | 3,012,000 | 1.168 | 103,000 | |
Central | ||||||||
Laterite | Inferred | 0.40 | 2.50 | 685,000 | 755,000 | 1.317 | 29,000 | |
Saprolite | Inferred | 0.40 | 2.50 | 1,047,000 | 1,154,000 | 1.040 | 35,000 | |
Bedrock | Inferred | 0.40 | 2.89 | 7,838,000 | 8,640,000 | 1.029 | 259,000 | |
Total | Inferred | 0.40 | 2.82 | 9,569,000 | 10,548,000 | 1.051 | 323,000 | |
East | Total | Inferred | 0.40 | 2.70 | 2,653,000 | 2,925,000 | 1.449 | 124,000 |
Imweru Property Total | Indicated | 0.4 | 2.77 | 2,732,000 | 3,012,000 | 1.168 | 103,000 | |
Inferred | 0.4 | 2.79 | 12,222,000 | 13,473,000 | 1.137 | 447,000 | ||
Combined (inf+ind) | 0.4 | 2.79 | 14,954,000 | 16,485,000 | 1.143 | 550,000 | ||
* Total estimates are rounded, based on composites capped at 26 g/t gold at Imweru Centraland 25 g/t at Imweru East, the cut-off grade isbased on a gold price of US$1,200 and a 90% metallurgical recovery is assumed in calculation of cut-offgrade. A base case of 0.40 g/t has been selected.
** Classification of MineralResources incorporates the terms and definitions from the Australian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code) published bythe Joint Ore Reserve Committee (JORC)
Lubando Mineral Resource
Table 3 below presents a table showing the Mineral Resource estimate for the Lubando Project at a base case economic cut-off grade for the reporting of the resource of 0.5 g/t Au. The table is taken from an NI 43 101-Compliant Report by EBA Engineering Consultants Limited (now part Tetra Tech EBA) dated August 2009.
TABLE3: LUBANDO MINERALRESOURCE SUMMARY - BASECASE* | |||||
Category |
West Zone | East Zone South |
East Zone Mid | East Zone North |
Total |
Measured Resource | |||||
Measured Resource(t) | 107,900 | 4,880 | 16,900 | 54,440 | 184,150 |
Grade(g/t) | 1.69 | 2.52 | 1.72 | 2.48 | 1.95 |
Total Gold(oz) | 5,900 | 400 | 950 | 4,340 | 11,500 |
Indicated Resource | |||||
Indicated Resource(t) | 280,710 | 18,330 | 61,000 | 149,350 | 509,420 |
Grade(g/t) | 1.61 | 2.23 | 1.89 | 2.73 | 1.99 |
Total Gold(oz) | 14,500 | 1,300 | 3,700 | 13,120 | 32,600 |
Inferred Resource | |||||
Total Resource(t) | 1,090,000 | 65,470 | 209,340 | 535,330 | 1,900,140 |
Grade(g/t) | 1.27 | 1.56 | 3.34 | 3.13 | 2.03 |
Total Gold(oz) | 44,550 | 3,300 | 22,500 | 53,900 | 124,200 |
* Numbers are rounded. Composites capped at 10.85g/t gold. Cut-off grade of 0.5 g/t gold based on a gold price of US$850/oz and assumed 100% metallurgical recovery.CIM definitions were followed for Mineral Resources.
Pursuant to the terms of an inherited agreement with Barrick East Africa Exploration LTD (BEAL), Kibo currently has an effective 90% interest in the Imweru and Lubando Project (and thus a 90% attributable interest in the Imweru and Lubando Mineral Resources shown in Table 2 and 3 above), with Barrick having a 10% carried interest up to a decision to mine at which point they have to contribute or be diluted to a 2% net smelter royalty. BEAL also has a first right of refusal pursuant to which they can buy the 90% interest in the project at an agreed market related value after completion of a Bankable Feasibility Study. Kibo remains the operator of the project.
Review by Qualified Persons
The information in this announcement that relates to the Rukwa Coal Mineral Resource is taken from a report titled "Independent Technical Report for the Rukwa Coal Project, Mbeya Region, United Republic of Tanzania" dated 19th April 2012 by CD van Niekerk Director and Principal Geologist with the firm GEMECS (Pty) Ltd. Mr van Niekerk is a Professional Natural Scientist with the South African Council for Natural Scientific Professions (SACNASP), Registration No. 400066/98 and a Fellow Member of the Geological Society of South Africa. He has relevant experience and technical qualifications to be a "Qualified Person" for reporting coal resources to the NI 43-101 Standard
Information in this announcement that relates to the Imweru Mineral Resource is taken from the report titled "Resource Update for the Imweru Property Geita Region Northern, Tanzania, JORC Competent Persons Report" dated February 17th 2014 (the "Report"). The Report states a JORC-compliant Mineral Resource estimate and was prepared for Kibo Mining plc by James Barr P.Geo. and Darryn Hitchcock P.Geo. Senior Geologist and Geologist respectively with TetraTech EBA Ltd. Both Mr. Barr and Mr. Hitchcock are registered as Certified Professional Geologists with Association of Professional Engineers and Geoscientists of British Columbia a recognised professional organisation. Mr Barr as principal author responsible for the Report has experience in the evaluation and reporting of Archaean Gold projects and is a "Qualified Person" for reporting gold resources to the JORC Standard. He consents to the inclusion in this document of the matters based on his information in the form and context in which they appears.
The information in this announcement that relates to the Lubando Mineral Resources is taken from a report titled "Technical Report on the Lubando property, Mwanza, Tanzania" dated 31st August 2009" (the "Report") The Report is NI 43-101 compliant and was prepared for Great Basin Gold Rusaf Gold Limited by Nathan Eric Fier C.P.G., P.Eng. Market Director for EBA Engineering Consultants Ltd and a Senior Mining Consultant. Mr. Fieris registered as a Certified Professional Geologist with the American Institute of Professional Geologists, Registration No 10062, and a professional Engineer in British Columbia, Canada Registration No. 135165. He has extensive experience in the evaluation and reporting of Archaean Gold projects.
The Company's Exploration Director, Noel O'Keeffe has reviewed the resource reports and the references to them in this announcement.
Johannesburg
26 November 2014
Corporate and Designated Adviser
River Group