Haneti Interim Project Update

RNS Number : 0531J

Kibo Mining Plc

11 July 2013

 



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: 11 July 2013

Haneti Interim Project Update

·    Second Haneti field team to deploy.

·    Sample programme on schedule.

·    Mapping programme commenced.

Kibo Mining PLC ("Kibo" or the "Company") (AIM: KIBO), (JSE: KBO), the Tanzania focused mineral exploration and development company, is pleased to provide Shareholders with an interim operational update of its Tanzanian  Haneti Joint Venture Project, which is being funded by its joint venture partner, Votorantim.  

During the first three weeks of work on the Haneti Exploration Programme, primary attention was given to undertaking a comprehensive soil geochemical sampling programme over key target areas. Sampling commenced at the Mwaka hill target with a single sample team on an altered serpentitite body (approx. 2km x 1km) identified from previous exploration. The serpentinite represents metamorphosed ultramafic rocks which are targets for nickel, gold and platinum group metal element ("PGE") mineralisation. Prior sampling at Mwaka identified anomalous nickel and gold grades (93m at 0.4% Ni in trenching and up to over a 1000 ppb gold in soils) and the current sampling programme is intended to provide more detailed surface geochemical data ahead of the prioritisation of locations for initial drilling.

For the period ending 25 June, a total of 238 samples were collected on Mwaka. A second and possibly a third sampling team will be deployed during July 2013 to cover other priority targets along the Haneti ultramafic complex.  The agreed soil sampling method and procedure was confirmed with the JV partners during a Votorantim site visit on 26 June 2013.  

The geological mapping program, as part of the 2013 exploration field programme, commenced with several reconnaissance visits to the main target areas. Two detailed lines were mapped on Mwaka and Mihanza for orientation purposes as well as to confirm historic mapping. First pass visits to Mindii and Zoani hills were also completed. A total of 76 rock samples were collected for multi-element analyses as part of the mapping programme thus far.

First laboratory results are expected from the end of August onwards.

The CEO, Kibo Mining PLC remarked: …" The field team has settled in well and we are pleased with the current production rate."

Contacts

Louis Coetzee	[phone]	Kibo Mining plc	Chief Executive Officer
Andreas Lianos	[phone]	River Group	Corporate Adviser and Designated Adviser on JSE
Jon Belliss	[phone]	XCAP	Broker
Stuart Laing	[phone]	RFC Ambrian Limited	Nominated Adviser on AIM
Matt Beale	[phone]	Fortbridge	Investor Relations

Updates on the Company's activities are regularly posted on its website www.kibomining.com

General Background & Strategy

Kibo was established in early 2008 to explore and develop mineral deposits in Tanzania, East Africa and was admitted to AIM in London on 27 April 2010 and AltX in Johannesburg on 30 May 2011.  The Board of Kibo is composed of professionals whose experience include mineral exploration, mine development, mining finance, tax, law, mergers and acquisitions, and financial control of public companies. It is supported by competent and motivated a Tanzanian staff that operates from Kibo's operations office in Dar es Salaam.

The mineral assets of the Company comprise five projects areas in Tanzania - Haneti (nickel, PGE and gold), Morogoro (Gold), Lake Victoria (Gold), Rukwa (Coal) and Pinewood (Coal & Uranium).

The Haneti project is the subject of a joint venture with Brazilian Votorantim Metais Participações Ltda, a member of Votorantim Group. The Rukwa and Pinewood projects are situated close to the Mtwara Corridor, an area where the Tanzanian Government has committed to significant infrastructure development and which has seen recent multi-million dollar investment in coal and coal-fired power stations and uranium exploration.

The Rukwa project is substantially more advanced than Kibo's existing exploration projects, with a significant Mineral Resource of thermal coal already defined. The project enjoys strong support expressed by the Tanzanian Government for the expedited development of a coal mine and mine-mouth coal-fired power plant and is further enhanced by the recent selection of Korean Government owned Korean East - West Power Co. Ltd. ("EWP")  as Kibo's development partner for the Rukwa Project.

Kibo's objective is to build shareholder value in a sustainable manner.  This objective will be pursued primarily through active exploration of its own projects and by using the Company's experience in Tanzania to acquire attractive exploration and development assets on competitive terms that can be moved swiftly up the value curve by using the Company's own skills base whilst also seeking to benefit from strategic collaborative relationships with industry leaders who have special skills and competencies within their chosen fields of focus.  Kibo will undertake continual risk assessment of its projects and take whatever actions it believes are necessary to ensure that these risks are mitigated.

Johannesburg

11 July2013

Corporate and Designated Adviser

River Group

 

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