05 July 2016
Kibo Mining plc (“Kibo” or the “Company”) (AIM: KIBO; AltX: KBO), the Tanzania focused mineral exploration and development Company provides a further update to its announcement on June 2 on the Memorandum of Understanding (“MOU”) signed with Lake Victoria Gold LTD (“Lake Victoria”) to consolidate the companies’ respective Imweru and Imwelo gold projects.
As a result of a minor unforeseen delay in completing compliance and legal work on the follow-on definitive agreement, which was anticipated to be in place by June 30 2016, the Company expects that this will now take a further two weeks to be finalized.
The Company wishes to advise that completion of this definitive agreement is progressing well and notwithstanding this minor delay, it looks forward to the potential value this transaction can unlock for Kibo shareholders.
Louis Coetzee, CEO of Kibo Mining, said: “The definitive agreement is an administrative step in the process of completing the amalgamation of Kibo’s Imweru and Lake Victoria’s Imwelo projects. Kibo and Lake Victoria have made significant progress towards finalizing the transaction, and the delay referred to above will not have any impact on meeting the agreed project deadlines as we continue to implement the agreed transaction. An update with regard to progress on the Mbeya Coal to Power Project will also follow shortly.”
Maps showing the location of the Imweru and Imwelo projects can be found on the Kibo website www.kibo.energy under the Projects/Lake Victoria (gold) menu on the home page.
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