05 November 2015
Kibo Mining Plc (“Kibo” or the “Company”) (AIM: KIBO; JSE AltX: KBO), the Tanzania focused mineral exploration and development company, is pleased to announce an operational update for the third quarter 2015 (the “Quarter”).
HIGHLIGHTS FOR THE QUARTER AND CEO COMMENTS
Mbeya Coal to Power Project (“MCPP”) :
- Joint Development Agreement (“JDA”) between Kibo and SEPCOIII becomes unconditional
- Completion of Mining Pre-feasibility Study on MCPP; project fundamentals surpassed earlier Concept Study report
- Power component of the MCPP advanced in terms of partner participation and planning for definitive feasibility study
- Significant progress in negotiation and planning with respect to Financial Close for the MCPP, which is approaching completion
Haneti geophysical interpretation results indicate nickel sulphide prospective rocks are significantly more extensive than previously thought; and identifies additional drill targets
Exploration work on the Company’s two Joint Ventures with Metal Tiger PLC commenced (Morogoro and Pinewood)
Highlights from interim results for the period ended 30 June 2014:
- Decrease in trade and other payables of 311%; and
- Placing funds of £526,000, locked down since March due to appointment of Administrator to Company’s former broker (Hume Capital), to be released to Kibo within two months.
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[ott_teaser btn_text=”Download” btn_icon=”icon-right-big” btn_url=”https://kibo.energy/wp-content/uploads/Final-RNS_Q3-Quarterly-Update_V3.0_041120151.pdf” btn_target=”_blank”]Shareholder Operational Update: Third Quarter 2015[/ott_teaser]