Kibo Mining plc (“Kibo” or the “Company”) (AIM: KIBO; JSE AltX: KBO) the Tanzania focused mineral exploration and development company is pleased to provide a Shareholder Update for Q1 2014.
Louis Coetzee, C.E.O. of Kibo commented:
“Q1 2014 was a productive quarter as we continued to make good progress in negotiating a joint development agreement with suitable partners for the RCPP, while managing a tight cash flow. This required that we prioritize the recommencement of field activities across all our projects in an effort to preserve cash, with the primary objective of keeping our tenement portfolio intact, and retaining core business capacity. I am pleased to report that the prospects for the remainder of the year look more encouraging, as we move closer to finalising a joint development agreement and project funding for the RCPP.”
Highlights during Q1 2014
- Negotiations with potential joint development partners on the Rukwa Coal to Power Project (“RCPP”) have progressed to an advanced stage and will be a major value catalyst for the RCPP and Kibo once a final decision on a suitable partner is reached.
- Completion of a revised resource estimate for the Imweru gold project following a successful phase 1 drilling programme in late 2013 (See RNS dated February 24, 2014, titled “Technical Report on the Imweru Gold Project Confirms Resource Upside Potential “)
- Completion of comprehensive technical report at Haneti based on the results of the 2013 JV funded programme which has confirmed the enhanced nickel-PGM, gold and newly discovered lithium potential of the project.
- Appointment of new Financial Director to the Company
- Successful equity placing under difficult market conditions completed with £750,000 raised to part fund the next phase of drilling at Imweru and for general working purposes.
The following table shows the progress made during Q1, 2014 on our strategic goals for 2014 as announced in the Company’s Shareholder Update dated January 23 2014…
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[ott_teaser btn_text=”Download” btn_icon=”icon-right-big” btn_url=”http://kibo.energy/wp-content/uploads/Final-RNS-27-May-2014.pdf” btn_target=”_blank”]Shareholder Update Financial Quarter 1 2014[/ott_teaser]