Kibo Announces new Consolidated Lake Victoria Gold Exploration Portfolio which includes a Gold Resource of 797 900 Ounces
- First phase consolidation of Lake Victoria Exploration Portfolio completed, encompassing relinquishment of less prospective areas and opportunistic acquisition of selected new project areas with significant known mineralized structures.
- Consolidated Lake Victoria Portfolio includes Imweru & Lubando gold projects in northern Tanzania with a combined estimated Measured, Indicated & Inferred Mineral Resource of 797 900 oz Au.
- Projects on strike and within same greenstone belt as AngloGold Ashanti’s Geita gold deposits.
Kibo Mining plc (“Kibo” or the “Company”) (AIM: KIBO; AltX: KBO), the mineral exploration and development company focused on gold, nickel, coal and uranium projects in Tanzania, is pleased to announce that it has completed phase 1 of the company’s consolidation strategy for its tenement portfolio in Lake Victoria, as part of the company’s on-going assessment of its total license holdings in Tanzania. The consolidated portfolio now also includes two brownfield exploration projects in northern Tanzania within the gold prolific Lake Victoria Goldfield. The projects are located approximately 35 km East and West (respectively) and along strike of AngloGold Ashanti’s world classGeita deposits which have an estimated pre-mining gold endowment of 23 M oz @ 4g/t.
The consolidation of the Lubando and Imweru projects into the Lake Victoria gold portfolio at a combined direct cash cost of USD 150,000 and the relinquishment of 595km2 of prospecting licenses fulfilled the review’s primary objective to reduce the size of land holdings and associated carrying costs, and to focus on more advanced project areas where targets with higher prospectivity could be fast-tracked up the value curve. The Company intends to procure updates of the existing technical reports and resource calculations for the Lubando and Imweru projects, which will in turn serve as a basis for the further planning and execution of more advanced exploration work on these projects.
Louis Coetzee, CEO of the Company, commented today:
“The Company is very pleased with its new consolidated gold portfolio in the Lake Victoria region. The consolidation represents a meaningful step in our on-going strategy of rightsizing our mineral license portfolio by relinquishing some early stage licenses and consolidating regional blocks of more advanced and prospective ground in known gold regions of Tanzania. These projects complement our existing gold exploration assets in northern Tanzania and provide us with the opportunity to develop viable gold resources with in Tanzania’s premier gold mining area in the short to medium term.
With the addition of a gold resource (in addition to the Rukwa Coal Resource), the Company has success fully added substance to each of its commodity portfolios, delivering on its commitment made to its shareholders a year ago. Moreover, it delivered this amidst one of the most trying and challenging periods for junior exploration companies in recent history. During this period The Company:
1) Entered into a joint venture with one of the world’s largest nickel producers, for the exploration and possible development of the Company’s nickel portfolio;
2) Entered into a Memorandum of Understanding for the development of the Rukwa Coal to Power Project with Korean East West Power Company, one of the world’s top energy companies. Kibo’s Rukwa Coal to Power Project recently also received a vote of confidence from the Tanzanian Government when it was included in the Tanzanian Government’s National Power Strategy;
3) Advanced and repositioned its gold exploration portfolio by means of an extensive evaluation and consolidation process which produced:
- A significantly reduced portfolio which will bring about considerable savings in license fees, which in turn means an increase in available resources for value generation through focused exploration work.
- A focused and significantly more advanced gold portfolio with an inferred / indicated resource that provides an opportunity for the immediate increase and upgrading of the existing resource through further resource delineation and development.
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[ott_teaser btn_text=”Download” btn_icon=”icon-right-big” btn_url=”http://kibo.energy/wp-content/uploads/Kibo-SENS-Lubando-Imweu-130813.pdf” btn_target=”_blank”]Consolidated Lake Victoria Exploration Portfolio Includes Resource of 797 900 Ounces[/ott_teaser]