Kibo Directorship Changes – 19 July 2010
Kibo Mining plc (“Kibo” or the “Company”) (AIM: KIBO) the mineral exploration and development company focused on gold and nickel projects in Tanzania, is pleased to announce the appointment of Des Burke and Louis Coetzee as Non-Executive Directors of Kibo.
Following the appointments, Richard Speir and Stephen Aherne will resign from the Board. Kibo believes that these Board changes will significantly strengthen the ability of the Company to implement its exploration and development objectives in Tanzania.
Commenting on the Board changes, Noel O’Keeffe, C.E.O. of the Company said:
“I am delighted that Des and Louis have agreed to join the Board and I look forward to working with them. Kibo will greatly benefit from their track record in establishing, managing and financing resource sector companies and from their diverse experience and association with successful projects spanning both the mineral and oil & gas sectors”.
Christian Schafflitzky, Kibo’s Chairman added:
“Des and Louis bring diverse but complementary experience to the Board and, significantly, both are familiar with doing business in Tanzania which will be of great benefit to the Company as it develops. The Board also acknowledges with appreciation Richard and Stephen’s significant contribution to the development of Kibo over the last two years and wishes them well in their other business pursuits. Richard, with his long experience of the country, founded Kibo’s Tanzanian business and was responsible for acquiring the three main projects now operated by the Company. Stephen has been an excellent non-executive director who has supported our work going public. We wish them success in their continuing businesses”.
Kibo holds interests in three gold projects, Itetemia, Luhala and Morogoro and a large early stage nickel-PGM project, Haneti in Tanzania. Itetemia and Luhala have a combined gold resource of circa 534,000 ounces and are located in the gold prolific Lake Victoria Goldfields of northern Tanzania while the earlier stage Morogoro and Haneti projects are located further south close to Tanzania’s capital city, Dodoma. The Company has commenced its 2010 field exploration programmes and will provide results updates as they become available.
The New Directors
Details of the New Directors are set out below:
Desmond Burke aged 63, B.Sc (Geology), M.SC, DIC, Non-executive Director
Des Burke is a geologist with forty years experience in resource exploration, promotion and financing with a record of private and public company financings and exploration successes spanning base metals, gold and oil & gas. Most recently he was a founding Director of Petroneft Resources plc (AIM: PTR) and an Executive Director with responsibility for investor relations until his retirement in 2009. Petroneft is currently developing oil production from its discoveries in the West Siberian Oil Basin in Russia. Prior to this, Des established Ormonde Mining plc (AIM: ORM) in 1995 and was C.E.O of the company until 2000 during which period he raised funding for gold and base metal projects in Ireland, Mexico and Tanzania. During the mid nineties, Des was a director of Sipa Resources International NL (ASX: SRI) and he played a central role in the discovery, exploration and financing of a significant new copper-zinc mineral field called the Panorama project in the Pilbara region of Western Australia. During the mid eighties, Des was founder and C.E.O. of Burmin Exploration and Development Ltd and in the vanguard of promoters who recognised the hitherto untested potential for the discovery of gold mineralisation in Ireland. Exploration success followed with the discovery of the Croagh Patrick gold deposit in Co. Mayo in joint venture with Tara Prospecting Ltd. Des was also part of the exploration team that discovered the giant Navan lead-zinc orebody in Co. Meath in 1970.
Louis Coetzee aged 46, BA, MBA, Non-executive Director
Louis has 25 years experience in business development, promotion and financing in both the public and private sector. In recent years he has concentrated on the exploration and mining area where he has founded, promoted and developed a number of junior mineral exploration companies based mainly on Tanzanian assets.Louis Coetzee has tertiary qualifications in law and languages, project management, supply chain management and a MBA from Bond University (Australia) specializing in entrepreneurship and business planning and strategy. He has worked in various project management and business development roles mostly in the mining industry throughout his career. Louis is currently a Director and Chief Operating Officer of the Mzuri Group which has coal projects in Tanzania and coal, oil and gas projects in Russia. He is also Chairman and acting CEO of Australian listed East African Resources limited (ASX: AAF) which holds copper and uranium exploration projects in the Democratic Republic of the Congo and Tanzania respectively. Between 2007 and 2009, he held the position of Vice-President, Business Development with Canadian listed Great Basin Gold (TSX: CBG) , a company currently putting two gold projects, Hollinger (USA) and Burnstone (South Africa) into production. Prior to 2007, Louis established a number of junior consulting and mining exploration companies Centurion Institute of Technology and Management Ltd, Savannah Mining Ltd and RUSAF Gold Limited and was employed by the South African Government on the development and implementation of regional development and privatisation policies.
The following are details of all current and former directorships in the previous five years held by Des Burke and Louis Coetzee:
|Full Name||Current Directorships||Former Directorships|
|Desmond Joseph Burke||Holocene Productions Limited||Petroneft Resources plc;
Tomsk Oil Ltd (Dissolved 01.05.2009)
There are no further details to be disclosed under Rule 17 schedule 2 paragraph (g) of the AIM Rules in relation to Des Burke.
|Full Name||Current Directorships||Former Directorships|
|Louis Lodewyk Coetzee||Boulder Mining Limited
Savannah Mining Limited
Mzuri Resources Limited
Mzuri Energy Limited
Mzuri Group Limited
East Africa Resources Limited
|Centurion Institute of Technology & Management Limited
RUSAF Gold Limited
Great Basin Gold Limited
There are no further details to be disclosed under Rule 17 schedule 2 paragraph (g) of the AIM Rules in relation to Louis Coetzee.
The New Directors have not entered into service agreements with the Company and there are currently no intentions for them to do so.
|Noel O’Keeffe||+353 91 384562||Kibo Mining plc||Managing Director|
|John Simpson||020 7776 6550||Daniel Stewart & Company Plc||Nominated Adviser|
|Fiona Kinghorn / Nick Bealer||020 7448 9820||Alexander David Securities Limited||Joint Broker|
|Anthony Kluk||020 7628 1128||Loeb Aron & Company Limited||Joint Broker|