13 January 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 three new Prospecting Licences (“PLs”) were issued to its wholly owned subsidiary Rukwa Coal Limited. These newly issued PLs are contiguous with its existing PL block in southern Tanzania that contains the 109 million tonne Mbeya Coal Mineral Resource (the “Resource”). The Resource underpins the Company’s Mbeya Coal to Power Project (“MCPP”), currently in the final stages of a Bankable Feasibility Study (“BFS”).
The three new PLs, namely, PL 10744/2015, PL 10742/2015 and 10743/2015 are located immediately north, south and east respectively of the Resource and consolidates the Company’s ground position on and peripheral to the MCPP development area. In the short term these new PLs will further enhance the BFS and subsequent development of the project and in the longer term provides the company with significantly increased exploration potential. The new prospecting licenses will provide the Company with the ability to test for extensions to the Resource and/or the discovery of additional satellite coal deposits in addition to the existing deposit’s 48km strike of which to date, only approximately 12km have been delineated and stated as a NI 43-101 compliant resource.
A map showing the current licence status position for the MCPP can be found under the MCPP project section on the Company’s website www.kibo.energy
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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-Update-13-1-2016.pdf” btn_target=”_blank”] Mbeya Coal to Power Project – Kibo consolidates Mbeya Coal Deposit[/ott_teaser]