Kibo Mining Plc
Directors’ Report and Financial Statements
for the six month period ended 30 September 2009
Chairman’s Statement
I am pleased to present our audited accounts for the six month period 1 April to 30 September 2009. As discussed in our 2008 Annual Report, the Company has survived a very difficult few years, a consequence of the major financial upheavals in the global economy. These events forced us to postpone our plans to list the Company on AIM in London during 2008 and 2009 but I am now glad to report that markets have recovered significantly and we are now well advanced in our plans to bring Kibo to the market early in the second quarter of 2010.
As you know, in September and October 2009 we outlined the details of a Placing to raise between £750,000 and £1.125 million to finance bringing the Company to AIM and our exploration programmes in Tanzania. I am pleased to report that at the time of writing (March 2010) we have closed the Placing at £1.24 M. Securing the Placing funds has taken longer than the Company anticipated and we decided to accept Placing subscriptions slightly in excess of £1.125 M to ensure the net funding available to the Company provided sufficient working capital over the next 12 months.
During the reporting period under review field exploration on our projects in Tanzania was kept to a minimum as we conserved funds, and prepared for our drilling programmes in 2010 which will commence following our admission to AIM. Nevertheless there were some encouraging developments on our Itetemia and Haneti projects.
During September 2009, our consultants CSA Global re-classified the gold resource at Golden Horseshoe Reef (GHR) on the Itetemia project, following quality assurance verification of drill samples by the Company. They reported a JORC-compliant resource of 422,250 oz. gold at GHR at a grade of 3.1 grams per tonne. An accompanying preliminary mining optimisation report also indicated good potential for development of an open-pit mine on the shallow part of the resource. These results were communicated to shareholders on our investor update in September 2009.
At Haneti, I previously reported that the Company had agreed terms with AIM-listed African Eagle Resources Ltd (African Eagle) on a joint venture to co-finance exploration on the project. Further technical review of the project by our staff and consultants has convinced us that the potential for gold mineralisation (in addition to nickel and platinoids) on the project is significantly greater than we appreciated. Based on this review we have decided to maintain our 100% interest in the project and not complete the deal with African Eagle at this time. Haneti is now part of our drilling plans for 2010.
I encourage you to visit our recently launched website www.kibo.energy where you can find updates on all our projects and on which all future investor updates and other corporate information will be uploaded.
In conclusion, it remains for me to thank the board and management for their efforts in ensuring the survival and recovery of Kibo. In particular, I want to pay tribute to the tenacity and patience of our Managing Director Noel O’Keeffe in ensuring our Company can benefit from the good exploration results already obtained on our projects. We look forward to the future, and especially 2010, with confidence.
Christian Schaffalitzky
Chairman
22 March 2010
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