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 its unaudited half year results for the period ended 30 June 2014.

Highlights from the Chairman, Christian Schaffalitzky’s statement:
  • Updated gold resource estimate and internal optimisation study at Imweru and selection of consultant for a feasibility study at Rukwa implemented during period.
  • Initial results from the feasibility study at Rukwa exceeding expectations and demonstrate the economic and technical robustness of the Rukwa coal resource and its potential to sustain a 300 Mw power plant over a minimum mine life of 40 years.
  • Results from high level internal optimisation study indicate potential of the Imweru gold resource to sustain a stand – alone mining operation with attractive investment returns (subject to required feasibility work and mine planning).
  • Appointment of new Financial Director to the board to strengthen Company management.
Highlights from the interim results for the period ended 30 June 2014:
  • Decrease in basic and dilutive loss per ordinary share of 13% compared to previous interim results.
Chairman’s Statement

Dear Shareholder,

I am pleased to present our accounts for the six month period ending 30 June 2014. During the period the Company has continued to focus on its two most advanced projects, the Rukwa Coal to Power Project (RCPP) and the Imweru gold project (“Imweru”), both of which we believe have the capacity to move Kibo from an exploration to a development and mining company in the short term. Significant work has been carried out on both projects during the period. At Imweru an updated resource estimate and internal optimisation study (validated by independent technical consultants) based on the positive results from last year’s drilling programme was undertaken. At the RCPP a consultant (Minxcon Projects) was selected to implement a Definitive Mining Feasibility Study (DMFS) and the work commenced in July. The board is greatly encouraged by the initial results of the DMFS which are exceeding expectations. In line with our strategy to focus on these advanced gold and coal projects, we continue to hold our earlier stage projects on care and maintenance and intend to resume exploration when market conditions improve. On the corporate front, I am pleased to welcome Andreas Lianos to the board who was appointed Financial Director in March 2014. Andreas’s appointment has strengthened the Company’s management, particularly as it moves towards development of its coal and gold assets.

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[ott_teaser btn_text=”Download” btn_icon=”icon-right-big” btn_url=”” btn_target=”_blank”]Kibo Half-Year Results to 30 June 2014[/ott_teaser]