Dated: 26 February 2015

On 21 November 2014, AIM listed exploration and development company Kibo Mining Plc (“Kibo” or the “Company”)(AIM: KIBO; JSE AltX: KBO)announced that it had entered into a Memorandum of Understanding (“MOU”) with Metal Tiger Plc (“Metal Tiger”) regarding a 50/50 Joint Venture (“JV”) on Kibo’s uranium-prospective tenements in Tanzania (“Pinewood Portfolio”) wholly owned by Kibo’s 100% owned subsidiary company, Kibo Uranium Ltd (“KB Uranium”).

Highlights:

  • Joint Venture Activities have commenced with first funds paid.
  • Metal Tiger holds 50% interest in  the Pinewood Portfolio
  • Portfolio consists of 43 licences, offers, applications and tenders with a combined surface area of approximately 9,033 square kilometre in Tanzania

Kibo Mining is pleased to announce that it has now commenced activities under the JV with Metal Tiger. Metal Tiger has transferred the first tranche of funds to cater for the ongoing licence fees and maintenance costs and Metal Tiger has been issued with new ordinary shares in KB Uranium such that it now holds 50% of KB Uranium representing a 50% stake in the  joint venture on  the Pinewood Portfolio.

Kibo’s CEO, Louis Coetzee, commented: “Kibo Mining is pleased to confirm the commencement of Joint Venture activities with Metal Tiger in respect of the Pinewood Uranium Portfolio.  Pinewood is highly prospective for Uranium and the key to unlocking the value in the project holds is to move it into active operational status. This announcement today confirms the first step in that process, with ongoing costs to be funded by Metal Tiger enabling Kibo to benefit from future upside without the cost of operational activities.

 Recently there have been indicators of a potential recovery in the Uranium sector and the restoration of operational activities at Pinewood, if ultimately coinciding with a Uranium market recovery, could prove highly value generative for both Kibo Mining and Metal Tiger.”

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