11 April 2016

Kibo Mining plc (“Kibo” or the “Company”) (AIM: KIBO; AltX: KBO), the Tanzania focussed mineral exploration and development company, is pleased to announce that the restatement of the Mbeya coal resource has now been completed. This represents another key milestone as the MCPP approaches the final stages of its development ahead of Financial Close.

Key highlights

  • Increase in total Mineral Resource from 109.23 million tonnes (Mt) to 120.793 Mt representing a 10.42% increase over the previously disclosed Mineral Resource;
  • Re-classification of  total  Coal  Resource  into  Measured  Resource  of  20.904  Mt, Indicated Resource of 88.601 Mt and Inferred Resource of 11.28 Mt
  • Final Raw Quality attributes of coal are within specification for power plant design
  • Restatement represents a substantial increase in the quality and confidence level of the Mineral Resource which will provide a critical input to the reserve statement of the Mining Definitive Feasibility Study (MDFS) currently underway
  • 91% of restated resource now qualifies for inclusion in ultimate reserve statement
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[ott_teaser btn_text=”Download” btn_icon=”icon-right-big” btn_url=”https://kibo.energy/wp-content/uploads/Final-RNS-MCPP-DMFS-6th-Update.pdf.pdf” btn_target=”_blank”]Mbeya Coal to Power Project (MCPP): Restatement of the Mbeya Coal Resource Completed[/ott_teaser]