Consolidated Lake Victoria Exploration Portfolio Includes Resource of 797 900 Ounces

Consolidated Lake Victoria Exploration Portfolio Includes Resource of 797 900 Ounces

2014-06-18T20:02:50+00:00August 13th, 2013|

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.

 

Download full report:

[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]

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