• Completion of the 100% acquisition of Mzuri Gold Limited and Mayborn Resources Limited which re-position Kibo as a major multi-commodity mineral explorer and developer in Tanzania;
• Negotiation of JV Agreement with Asian Conglomerate progressing well based on a renegotiated MOU which will see Kibo assume full operational control for the Rukwa coal development;
• Promising exploration results from completion of Stage 1 exploration projects at Lake Victoria, Haneti and Morogoro have defined a numberof drill targets for near term testing in 2013;
• Proposed JV agreement with Votorantim on the Haneti project nears finalisation with mutually agreed work programme to the value of $0.8M (£0.5M) to commence early in 2013. Work programme includes budget for drilling on initial targets based on work carried out by Kibo to date.
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 provide shareholders with the following Shareholder and Trading Update on the position of the Company as at the end of September 2012. The Company also wishes to announce that it has changed its financial year-end to December 31 (from 30 September) in order to align the Company’s year-end with the year-ends of its newly acquired subsidiaries (together, the “Group”).
Louis Coetzee, CEO of the Company, commented today:
“The acquisitions of Mzuri Energy Limited and Mayborn Investments (Pty) Limited, which were formally completed on 1 October 2012, have added significant coal and uranium assets to Kibo’s Tanzanian commodity portfolio and re-position the Company as a major operator in the Tanzanian mineral exploration and development space. We look forward to unlocking the value in our enviable ground position in Tanzania which I believe has already begun with the promising results emerging from our exploration programmes implemented during the period. This release provides an update on the activities of the expanded Kibo Group.”
Activities during the first six months of the period under review were reported in the Company’s previous Interim Half Year Results covering the period to 31 March 2012. The most significant item was the announcement of an agreement to acquire a minimum of 51% interest in a Canadian company, Mzuri Energy Ltd (“MEL”) and 100% interest in a South African company, Mayborn Resource Investments (Pty) Ltd (“Mayborn”). We are pleased to report that on the 1st October 2012, these acquisitions were formally completed to the extent that Kibo acquired 100% of both companies. These acquisitions have brought with them substantial Tanzanian coal and uranium assets which, together with the company’s existing large gold and base metal portfolio, re-position Kibo as a major multicommodity mineral explorer and developer in Tanzania.
We would like to welcome our new Shareholders to Kibo following the MEL and Mayborn acquisitions together with our new Board members, Cecil Bond and Bernard Poznanski who were appointed during the reporting period. Both gentlemen bring a wealth of global experience in the mineral exploration and mining sector to the Company would also like to thank William Payne who resigned from the Board during the period for his invaluable contribution to the development of Kibo to date.
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[ott_teaser btn_text=”Download” btn_icon=”icon-right-big” btn_url=”http://kibo.energy/wp-content/uploads/Kibo-SENS-121212.pdf” btn_target=”_blank”]Kibo Mining plc – Shareholder and Trading Update, Change of Year End[/ott_teaser]