Kibo Mining plc (\u201cKibo\u201d or the \u201cCompany\u201d) (AIM: KIBO) the mineral exploration and development company focused on gold and nickel projects in Tanzania, is pleased to announce its final results for the period ended 30 September 2010.<\/p>\n
Dear Shareholder,<\/p>\n
It gives me great pleasure to report on the excellent progress made by Kibo during the past year and to outline plans to develop the Company\u201fs assets over the coming 12 months. 2010 has been a good year for your Company. Despite the continuing global financial volatility, a number of major breakthroughs have been made. During 2010 Kibo succeeded in gaining admission to the AIM Market of the London Stock Exchange, raising funds pre and post IPO and consolidating its financing position for the future. As you will see in the Review of Activities, it has moved forward the exploration and potential development plans of its current projects. It has also established a position wherein it can become a major player in the ongoing exploration and development of mineral deposits in Tanzania. It has access to an experienced and enthusiastic staff, which is an important factor in successful exploration. High quality exploration work and access to extensive good quality exploration ground are seen as the best way to increase the value of the Company\u201fs assets. Over the next year an expanded exploration programme on its current ground, acquisition of new projects and increased access to funding will allow the Company to expand its programmes and make for an exciting year of progress.<\/p>\n
During 2010 two Directors, Stephen Aherne and Richard Speir, retired from the Board. I would like to thank both for their valuable contribution in the development of the Company and in bringing the Company to the market. We appreciate their vital contribution. Two new Directors, Louis Coetzee and Des Burke have joined the Board. Louis, with his extensive experience in the resource business in Tanzania, is a major addition to the Company in helping to advance its business in the country. Des has more that 40 years experience in the mining business worldwide and will make a significant contribution to the financial and geological development of the Company. Both are welcome to the Board.<\/p>\n
Kibo is active in Tanzania for a number of reasons. Firstly, the country has stable legal and political regimes and an expanding exploration expertise, making it an easy place to operate in. Secondly, there is a proven track record of major mineral discoveries, albeit in a limited number of geological settings. Thirdly, the cycle of exploration for mineral deposits in Tanzania is still at a very early stage, giving high potential for the discovery of new economic deposits. Fourthly, the country has a variety of diverse geological settings, many unexplored, that have potential to host a diversity of ore deposits. However, a major problem for exploration in Tanzania is the difficulty in acquiring sufficiently large tracts of ground, with suitable geology on which to explore. license blocks are small, often with mining leases within them. Joint venture deals can be expensive and complex. During 2011 Kibo plans to seek ground where larger and more contiguous blocks of licenses can allow extensive low cost exploration programmes focused on clearly defined targets. This in turn will put the company in a position to expand its options for further development, including farm outs to major companies, while extending and diversifying its financing options. <\/p>\n
Tanzania is at a relatively early stage in the development of its natural resources. The geology of country is very similar to that of Western Australia, where, since the first discoveries of gold in 1897, over 100,000,000 ounces of gold have been produced. This production has been mainly from Archaean Greenstone belts, similar to those in Tanzania. However, since those early days, discoveries of gold have also been made in a variety of rocks of different ages and composition. Rock types of similar ages and composition also occur in Tanzania and are largely unexplored. The range of metals being produced in Western Australia has also increased and now includes copper, lead, zinc, nickel, bauxite and iron ore. Exploration
\ntechniques have been constantly evolving both in terms of working exploration models for different types of mineral deposit and in establishing new ways of \u201eseeing\u201f through the complex weathered cover. Tanzanian exploration will follow the Western Australian development cycle and during 2011 Kibo intends to put itself in a position to be a major participant in the use of new ideas and technologies. <\/p>\n
On behalf of all at Kibo I would also like to thank the shareholders for their sustained interest in the Company. In conclusion I would like to thank the Board and the Tanzanian staff of the Company for their valuable contributions over the last year and look forward to their continued support. <\/p>\n
I believe, 2011 will be a significant year of development for Kibo.<\/p>\n
Christian Schaffalitzky <\/p>\n [ott_teaser btn_text=”Download” btn_icon=”icon-right-big” btn_url=”https:\/\/kibo.energy\/wp-content\/uploads\/RNS-Announcement-Kibo-Final-Results-to-30-September-2010.pdf” btn_target=”_blank”]Kibo – Final Results to 30 September 2010[\/ott_teaser]<\/p>\n","protected":false},"excerpt":{"rendered":" Kibo Mining plc (\u201cKibo\u201d or the \u201cCompany\u201d) (AIM: KIBO) the mineral exploration and development company focused on gold and nickel projects in Tanzania, is pleased to announce its final results for the period ended 30 September 2010.<\/p>\n","protected":false},"author":31,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[47],"tags":[],"class_list":["post-3886","post","type-post","status-publish","format-standard","hentry","category-news"],"modified_by":null,"_links":{"self":[{"href":"https:\/\/kibo.energy\/index.php\/wp-json\/wp\/v2\/posts\/3886","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/kibo.energy\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/kibo.energy\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/kibo.energy\/index.php\/wp-json\/wp\/v2\/users\/31"}],"replies":[{"embeddable":true,"href":"https:\/\/kibo.energy\/index.php\/wp-json\/wp\/v2\/comments?post=3886"}],"version-history":[{"count":4,"href":"https:\/\/kibo.energy\/index.php\/wp-json\/wp\/v2\/posts\/3886\/revisions"}],"predecessor-version":[{"id":3891,"href":"https:\/\/kibo.energy\/index.php\/wp-json\/wp\/v2\/posts\/3886\/revisions\/3891"}],"wp:attachment":[{"href":"https:\/\/kibo.energy\/index.php\/wp-json\/wp\/v2\/media?parent=3886"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/kibo.energy\/index.php\/wp-json\/wp\/v2\/categories?post=3886"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/kibo.energy\/index.php\/wp-json\/wp\/v2\/tags?post=3886"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
\nChairman
\nDated 9th December 2010<\/strong><\/p>\nDownload full report:<\/h5>\n