Imweru project update

RNS Number : 9001U

Katoro Gold PLC

30 October 2017

 

Katoro Gold plc (Incorporated in England and Wales)

(Registration Number: 9306219)

Share code on AIM: KAT

ISIN: GB00BSNBL022

("Katoro" or "the Company")

 

30 October 2017

Successful Completion of Phase 2 of the Imweru Environmental and Social Impact Assessment ("ESIA")

Katoro Gold plc ("Katoro" or the "Company") (AIM: KAT), the Tanzania focused gold exploration and development company, is pleased to announce the completion of Phase 2 of the ESIA of the Imweru project.  The National Environmental Management Council ("NEMC") have acknowledged receipt of the Scoping Report and Terms of Reference for the execution of the final phase (Phase 3), being the detailed Environmental Impact Assessment.  Receipt of the Scoping Report and Terms of Reference confirms successful completion of Phase 2 of the ESIA and permission from NEMC to continue with Phase 3 is expected to be received shortly, as required by the Tanzanian Environmental Management Act.

Louis Coetzee, Executive Chairman of Katoro commented: "We are very pleased with the sustained momentum and progress on the Imweru ESIA.  Completion of Phase 2 of the ESIA represents a considerable amount of fieldwork and specialist studies, which was completed ahead of schedule.  The ESIA is a key activity which runs in parallel with the Project Development process and drives a considerable number of approvals required during the Project Development process.

Good progress is also being made on the completion of the resource restatement and completion of the Pre-Feasibility Study and we will keep shareholders updated in this regard."

Contacts

Louis Coetzee	[phone]	Katoro Gold plc	Executive Chairman
Jon Belliss	[phone]	Beaufort Securities Limited	Broker
Richard Tulloch Ritchie Balmer Frederick Twist	[phone]	Strand Hanson Limited	Nominated Adviser

Katoro Gold - Notes to editors

In May 2017 Katoro was admitted to trading on AIM.

Katoro owns 100% of the Imweru and Lubando Gold Projects in Tanzania, which both have Mineral Resources established in accordance with the JORC (2012) Code. The total Mineral Resources stated for Imweru consist of 11.607 Mt at grade of 1.38 g/t for a Mineral Resource of 515,110 oz Au at a resource pay limit of 0.4 g/t for the open pittable material and 1.3 g/t for the underground material, while the Lubando Mineral Resources equate to 6.78 Mt at grade of 1.10 g/t for 239,870 oz Au at a pay limit of 0.4 g/t to a depth of 200 m and 1.3 g/t below the 200 m depth cut-off. The respective projects also include the earlier stage Sheba (within the Imweru Licence Portfolio and Imweru Option Portfolio), Pamba and Busolwa (both within the Lubando Licence Portfolio and Lubando Option Portfolio) projects.  The JORC Code compliant Competent Person's Report for each of Imweru and Lubando are available on Katoro's website www.katorogold.com.

The Company's primary focus is on advancing and developing Imweru through a work programme which will include, inter alia, a feasibility study and a drilling programme, with the aim, subject to funding, to commence production with an initial target of 50,000 oz gold per annum within 18-24 months from admission to AIM.

Updates on the Katoro's activities will be announced as required and posted on its website www.katorogold.com.

This announcement contains inside information as stipulated under the Market Abuse Regulations (EU) no. 596/2014 ("MAR").

 

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