Imweru Project Update

RNS Number : 0660S

Katoro Gold PLC

28 September 2017

 

Katoro Gold plc (Incorporated in England and Wales)

(Registration Number: 9306219)

Share code on AIM: KAT

ISIN: GB00BSNBL022

("Katoro" or "the Company")

 

28 September 2017

Katoro Submits Imweru Mining License Application and Receives Laboratory Test Results

Katoro Gold plc ("Katoro" or the "Company") (AIM: KAT), the Tanzania focused gold exploration and development company, is pleased to announce that it submitted the Imweru Mining License Application on Monday 25 September 2017 to the Tanzanian Ministry of Energy and Minerals.

Rapid progress with the execution of the Imweru Resource Development Program combined with the prior relatively advanced development status of the Imweru Project, allowed the Company to submit its Mining License application for the Imweru project three months ahead of schedule. The application was submitted on 25 September 2017 and made in compliance with the Tanzanian Mining Act (2010) as amended during 2017.

Excellent progress is in the meantime also being made on finalizing the  updated Mineral Resource Statement for the Imweru project and laboratory results for all the geological samples that were collected during the recently completed drill program has since been received (Two weeks earlier than expected). The technical team under the guidance of the Competent Person (CP) is currently in the process of processing data, updating wire frames and block models to produce an updated resource statement and Competent Person's Report which also represents the final delivery of the Resource Development Programme.

The Environmental and Social Impact Assessment ("ESIA") is also progressing well in parallel to all other work streams. Following receipt of the Registration Letter for the Imweru ESIA from NEMC (See RNS dated September 13, 2017),  Phase 2 ( Scoping Phase) commenced immediately and is well under way with the Base Line Studies Fieldwork programme already completed and the Scoping Report in and advanced stage of completion.

Louis Coetzee, Executive Chairman of Katoro commented: "We are extremely pleased with the sustained momentum and progress on the Imweru project in general. The submission of the Mining License for the future Imweru Goldmine is a major milestone for the project. Similarly, the completion of laboratory analyses allows both the Mineral Resource Update, Pit Optimization and Mine Design  to progress at pace as Katoro continues to deliver milestones for the development of the Imweru project ahead of schedule and within budget".

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 acquired the Imweru and Lubando Gold Projects in Tanzania from Kibo Mining plc for a total consideration of £3.66 million and was admitted to trading on AIM.

Following the acquisition, Katoro owns 100% of the Imweru and Lubando Projects, 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 posted on its website www.katorogold.com.

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

 

END

 

 

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