02 June 2016

Kibo Mining plc (“Kibo” or the “Company”) (AIM: KIBO; AltX: KBO), the Tanzania focused mineral exploration and development Company is pleased to announce that it has signed a Memorandum of Understanding (“MOU”) with Lake Victoria Gold LTD (“Lake Victoria”) to consolidate the companies’ respective Imweru and Imwelo gold projects.

Highlights

  • Kibo and Lake Victoria Gold LTD (“LVG”) agree MOU to amalgamate Kibo’s Imweru Gold Project and LVG’s directly adjacent Imwelo project into a new company (“NEWCO);
  • Board of NEWCO to comprise mix of Kibo and Lake Victoria management which will combine significant experience across exploration and mine development;
  • Total combined JORC compliant stated resources of approximately 755,300 ounces;
  • Based on upside potential identified in existing Imweru CPR, the combined project will provide NEWCO with the potential to achieve >1 million oz. resource in relative short time frame;
  • Production target of 50,000 oz. of gold per annum within 12 to 18 months of forming NEWCO, targeting 100,0000 oz. per annum within 24 to 30 months;
  • Existing LVG mining right will also cover Kibo Imweru project after amalgamation under existing provisions of Tanzanian Mining Act for continuous mineral deposits.
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[ott_teaser btn_text=”Download” btn_icon=”icon-right-big” btn_url=”https://kibo.energy/wp-content/uploads/Final-RNS_Imweru-MOU_V3.0_010616.pdf” btn_target=”_blank”]Kibo Signs MOU with Lake Victoria Gold LTD to Fast Track Development of the Imweru Gold Project[/ott_teaser]