16 December 2014

Kibo Mining plc (“Kibo” or the “Company”) (AIM: KIBO; AltX: KBO), the Tanzania focussed mineral exploration and development company, is pleased to confirm that the Company has now received the final Preliminary Economic Assessment (PEA) Report in respect of the Imweru Gold Project.

Background

The Company’s announcement of 14th October 2014 confirmed the commissioning of a Definitive Feasibility Study in respect of the Imweru Gold Project(the “Imweru DFS”), situated in the Lake Victoria Goldfields, Tanzania. The project is 90% owned by Kibo Mining plc with the remaining 10% held by Barrick East Africa Exploration Limited. The Imweru DFS is being undertaken by Minxcon Projects and Stage 1 of the Imweru DFS is a PEA, the subject of the report now received. We would like to thank the team at Minxcon Projects for their hard work and professionalism in the timely delivery of this key report.

It is the Company’s stated intention to secure the earliest possible value crystallisation through commercial development of its key projects, one of which is the Imweru Gold Project. At the point of commissioning the Imweru DFS, the Company had been able to confirm that in respect of the Imweru Project:

  • there was sufficient JORC compliant gold Mineral Resources (550,000 total ounces) to support early production;
  • there was a high degree of confidence that additional exploration would add to the resource inventory to supplement existing resources and extend prospective mine life;
  • mineralisation appeared suitable for traditional processing methodologies and that feed ore would be suitable for a variety of processing options; and
  • substantial localised infrastructure exists, recognising the considerable gold exploration and mining activities already undertaken in the region.

The PEA was intended to build on the work completed historically, and provide an indication as to the potential economic value of the greater Imweru gold project and notably, the cash flow early production could provide to the Company, with a view to assist the Company to become self-funding at the earliest opportunity. It is therefore important to note that early production at Imweru Central is primarily aimed at providing funding support for the full production potential of the greater Imweru gold deposit and not Imweru Central only.

Download Full Report

[ott_teaser btn_text=”Download” btn_icon=”icon-right-big” btn_url=”https://kibo.energy/wp-content/uploads/Final-RNS-Imweru-DFS-PEA-Report.pdf” btn_target=”_blank”]Preliminary Economic Assessment Update-Imweru Gold Project[/ott_teaser]