{"id":4307,"date":"2013-08-13T15:16:31","date_gmt":"2013-08-13T15:16:31","guid":{"rendered":"https:\/\/kibo.energy\/?p=4307"},"modified":"2014-06-18T20:02:50","modified_gmt":"2014-06-18T20:02:50","slug":"consolidated-lake-victoria-exploration-portfolio-includes-resource-of-797-900-ounces","status":"publish","type":"post","link":"https:\/\/kibo.energy\/index.php\/consolidated-lake-victoria-exploration-portfolio-includes-resource-of-797-900-ounces\/","title":{"rendered":"Consolidated Lake Victoria Exploration Portfolio Includes Resource of 797 900 Ounces"},"content":{"rendered":"<h4>Kibo Announces new Consolidated Lake Victoria Gold Exploration Portfolio which includes a Gold Resource of 797 900 Ounces<\/h4>\n<p>&nbsp;<\/p>\n<ul>\n<li>First phase consolidation of Lake Victoria Exploration Portfolio completed, encompassing relinquishment\u00a0 of\u00a0 less\u00a0 prospective\u00a0 areas\u00a0 and\u00a0 opportunistic\u00a0 acquisition\u00a0 of\u00a0 selected\u00a0 new project areas with significant known mineralized structures.<\/li>\n<\/ul>\n<p><!--more--><\/p>\n<ul>\n<li>Consolidated\u00a0 Lake\u00a0 Victoria\u00a0 Portfolio\u00a0 includes\u00a0 Imweru\u00a0 &amp;\u00a0 Lubando\u00a0 gold\u00a0 projects\u00a0 in northern\u00a0 Tanzania\u00a0 with\u00a0 a\u00a0 combined\u00a0 estimated\u00a0 Measured,\u00a0 Indicated\u00a0 &amp;\u00a0 Inferred\u00a0 Mineral Resource of 797 900 oz Au.<\/li>\n<\/ul>\n<ul>\n<li>Projects\u00a0 on\u00a0 strike\u00a0 and\u00a0 within\u00a0 same\u00a0 greenstone\u00a0 belt\u00a0 as\u00a0 AngloGold\u00a0 Ashanti\u2019s\u00a0 Geita\u00a0 gold deposits.<\/li>\n<\/ul>\n<p>Kibo\u00a0 Mining\u00a0 plc\u00a0 (\u201cKibo\u201d\u00a0 or\u00a0 the\u00a0 \u201cCompany\u201d)\u00a0 (AIM:\u00a0 KIBO;\u00a0 AltX:\u00a0 KBO),\u00a0 the\u00a0 mineral exploration and development company focused on gold, nickel, coal and uranium projects in Tanzania, is pleased to announce that it has completed phase 1 of the company\u2019s consolidation strategy\u00a0 for\u00a0 its\u00a0 tenement\u00a0 portfolio\u00a0 in\u00a0 Lake\u00a0 Victoria,\u00a0 as\u00a0 part\u00a0 of\u00a0 the\u00a0 company\u2019s\u00a0 on-going assessment\u00a0 of\u00a0 its\u00a0 total\u00a0 license\u00a0 holdings\u00a0 in\u00a0 Tanzania.\u00a0\u00a0 The\u00a0 consolidated\u00a0 portfolio\u00a0 now\u00a0 also includes two brownfield exploration projects in northern Tanzania within the gold prolific Lake Victoria Goldfield. The projects are located approximately 35 km East and West (respectively) and along strike of AngloGold Ashanti\u2019s world classGeita deposits which have an estimated pre-mining gold endowment of 23 M oz @ 4g\/t.<\/p>\n<p>The consolidation of the Lubando and Imweru projects into the Lake Victoria gold portfolio at a combined direct cash cost of USD 150,000 and the relinquishment of 595km2 of prospecting licenses\u00a0 fulfilled\u00a0 the\u00a0 review\u2019s\u00a0 primary\u00a0 objective\u00a0 to\u00a0 reduce\u00a0 the\u00a0size\u00a0 of\u00a0 land\u00a0 holdings\u00a0 and associated\u00a0 carrying\u00a0 costs,\u00a0 and\u00a0 to\u00a0 focus\u00a0 on\u00a0 more\u00a0 advanced\u00a0 project\u00a0 areas\u00a0 where\u00a0 targets\u00a0 with higher prospectivity could be fast-tracked up the value curve. The Company intends to procure updates of the existing technical reports and resource calculations for the Lubando and Imweru projects,\u00a0 which\u00a0 will\u00a0 in\u00a0 turn\u00a0 serve\u00a0 as\u00a0 a\u00a0 basis\u00a0 for\u00a0 the\u00a0 further\u00a0 planning\u00a0 and\u00a0 execution\u00a0 of\u00a0 more advanced exploration work on these projects.<\/p>\n<p>Louis Coetzee, CEO of the Company, commented today:<\/p>\n<p><em>\u201cThe Company is very pleased with its new consolidated gold portfolio in the Lake Victoria region. The consolidation represents a meaningful step in our on-going strategy of rightsizing our\u00a0 mineral\u00a0 license\u00a0 portfolio\u00a0 by\u00a0 relinquishing\u00a0 some early\u00a0 stage\u00a0 licenses\u00a0 and\u00a0 consolidating regional\u00a0 blocks\u00a0 of\u00a0 more\u00a0 advanced\u00a0 and\u00a0 prospective\u00a0 ground\u00a0 in\u00a0 known\u00a0 gold\u00a0 regions\u00a0 of Tanzania.\u00a0 These\u00a0 projects\u00a0 complement\u00a0 our\u00a0 existing\u00a0 gold\u00a0 exploration\u00a0 assets\u00a0 in\u00a0 northern Tanzania\u00a0 and\u00a0 provide\u00a0 us\u00a0 with\u00a0 the\u00a0 opportunity\u00a0 to\u00a0 develop\u00a0 viable\u00a0 gold\u00a0 resources\u00a0 with\u00a0 in Tanzania\u2019s premier gold mining area in the short to medium term.<\/em><\/p>\n<p><em>With the addition of a gold resource (in addition to the Rukwa Coal Resource), the Company has\u00a0 success\u00a0 fully\u00a0 added\u00a0 substance\u00a0 to\u00a0 each\u00a0 of\u00a0 its\u00a0 commodity\u00a0 portfolios,\u00a0 delivering\u00a0 on\u00a0 its commitment made to its shareholders a year ago. Moreover, it delivered this amidst one of the most trying and challenging periods for junior\u00a0 exploration companies in recent history. During this period The Company:<\/em><\/p>\n<p><em>1)\u00a0 Entered\u00a0 into\u00a0 a\u00a0 joint\u00a0 venture\u00a0 with\u00a0 one\u00a0 of\u00a0 the\u00a0 world\u2019s\u00a0 largest\u00a0 nickel\u00a0 producers,\u00a0 for\u00a0 the exploration and possible development of the Company\u2019s nickel portfolio;<\/em><\/p>\n<p><em>2)\u00a0 Entered into a Memorandum of Understanding for the development of the Rukwa Coal to Power\u00a0 Project\u00a0 with\u00a0 Korean\u00a0 East\u00a0 West\u00a0 Power\u00a0 Company,\u00a0 one\u00a0 of\u00a0 the\u00a0 world\u2019s\u00a0 top\u00a0 energy companies.\u00a0 Kibo\u2019s\u00a0 Rukwa\u00a0 Coal\u00a0 to\u00a0 Power\u00a0 Project\u00a0 recently\u00a0 also\u00a0 received\u00a0 a\u00a0 vote\u00a0 of confidence\u00a0 from\u00a0 the\u00a0 Tanzanian\u00a0 Government\u00a0 when\u00a0 it\u00a0 was\u00a0 included\u00a0 in\u00a0 the\u00a0 Tanzanian Government\u2019s National Power Strategy;<\/em><\/p>\n<p><em>3)\u00a0 Advanced\u00a0 and\u00a0 repositioned\u00a0 its\u00a0 gold\u00a0 exploration\u00a0 portfolio\u00a0 by\u00a0 means\u00a0 of\u00a0 an\u00a0 extensive evaluation and consolidation process which produced:<\/em><\/p>\n<ul>\n<li><em>A significantly reduced portfolio which will bring about considerable savings in license fees,\u00a0 which\u00a0 in\u00a0 turn\u00a0 means\u00a0 an\u00a0 increase\u00a0 in\u00a0 available\u00a0 resources\u00a0 for\u00a0 value\u00a0 generation through focused exploration work.<\/em><\/li>\n<\/ul>\n<ul>\n<li><em>A focused and significantly more advanced gold portfolio with an inferred \/ indicated resource\u00a0 that\u00a0 provides\u00a0 an\u00a0 opportunity\u00a0 for\u00a0 the\u00a0 immediate\u00a0 increase\u00a0 and\u00a0 upgrading\u00a0 of the existing resource through further resource delineation and development.<\/em><\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<h5>Download full report:<\/h5>\n<p>[ott_teaser btn_text=&#8221;Download&#8221; btn_icon=&#8221;icon-right-big&#8221; btn_url=&#8221;https:\/\/kibo.energy\/wp-content\/uploads\/Kibo-SENS-Lubando-Imweu-130813.pdf&#8221; btn_target=&#8221;_blank&#8221;]Consolidated Lake Victoria Exploration Portfolio Includes Resource of 797 900 Ounces[\/ott_teaser]<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Kibo Announces new Consolidated Lake Victoria Gold Exploration Portfolio which includes a Gold Resource of 797 900 Ounces &nbsp; First phase consolidation of Lake Victoria Exploration Portfolio completed, encompassing relinquishment\u00a0 of\u00a0 less\u00a0 prospective\u00a0 areas\u00a0 and\u00a0 opportunistic\u00a0 acquisition\u00a0 of\u00a0 selected\u00a0 new project areas with significant known mineralized structures.<\/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-4307","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\/4307","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=4307"}],"version-history":[{"count":6,"href":"https:\/\/kibo.energy\/index.php\/wp-json\/wp\/v2\/posts\/4307\/revisions"}],"predecessor-version":[{"id":4314,"href":"https:\/\/kibo.energy\/index.php\/wp-json\/wp\/v2\/posts\/4307\/revisions\/4314"}],"wp:attachment":[{"href":"https:\/\/kibo.energy\/index.php\/wp-json\/wp\/v2\/media?parent=4307"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/kibo.energy\/index.php\/wp-json\/wp\/v2\/categories?post=4307"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/kibo.energy\/index.php\/wp-json\/wp\/v2\/tags?post=4307"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}