Kibo Mining Presentation in London

RNS Number : 3409D
Kibo Mining Plc
28 January 2015
 

Kibo Mining Plc (Incorporated in Ireland)

(Registration Number: 451931)

(External registration number: 2011/007371/10)

Share code on the JSE Limited:KBO

Share code on the AIM: KIBO

ISIN: IE00B61XQX41

("Kibo" or "the Company")

 

 

Dated: 28  January 2015

 

Kibo Mining Presentation in London

 

Kibo Mining plc ("Kibo" or the "Company") (AIM: KIBO JSE AltX:KBO) would like to notify investors that the Company is presenting at the Proactive Investors Evening on Thursday 29 January 2015.  Investors wishing to register for this event can do so using the following link:

 

http://www.proactiveinvestors.co.uk/register/event_details/264

 

A copy of the updated Kibo corporatepresentation to be used during the evening, will be uploaded to the Company's website at www.kibomining.comshortly after the presentation.

 

Louis Coetzee CEO of Kibo Mining said "We are delighted to be presenting once again to London investors at an absolutely key time in the Company's development.  With the technical progress made in 2014 we are looking to 2015 to deliver considerable value for our shareholders as the value of our assets become articulated commercially, as well as technically.  We promised investors we would enhance our communications to market, and this presentation is part of that process."

 

Contacts

 Louis Coetzee

+27 (0) 83 2606126

Kibo Mining plc

Chief Executive Officer

Andreas Lianos

+27 (0) 83 4408365

River Group

Corporate Adviser and Designated Adviser on JSE

Jon Belliss

Abigail Wayne

+44 (0) 20 3693 1470

Hume Capital Securities Plc

Broker

Oliver Morse and Trinity McIntyre

+61 8 9480 2500

RFC Ambrian Limited

Nominated Adviser on AIM

Daniel Thöle

Lucinda Alderson

+44 (0) 203 772 2500

 

 Bell Pottinger

Investor and Media Relations

 

Kibo Mining - Notes to editors

 

Kibo Mining is listed on the AIM market in London and the AltX in Johannesburg. The Company is focused on exploration and development of mineral projects in Tanzania, and controls one of Tanzania's largest mineral right portfolios. Tanzania provides a secure and stable operating environment for the mineral resource industry and Kibo Mining therein.

 

Kibo Mining holds a thermal coal deposit at Rukwa, which has a significant JORC compliant defined resource (See Table 1 below), and is developing a 250-350MW mouth-of-mine thermal power station with an established management team that includes Standard Bank as Financial Advisor.  Kibo is undertaking a Coal Mining Definitive Feasibility Study and a Power Pre-Feasibility Study for Rukwa with an integrated Coal-Power interim study report to be released in the near term.

 

The Company also has extensive gold focused interests including Lake Victoria Goldfields and Morogoro projects. At Lake Victoria, the Company has projects with a 550,000oz JORC compliant gold Mineral Resource at Imweru Project (See Table 2 below) and a 168,000oz NI 43-101 compliant gold Mineral Resource at the Lubando Project (See Table 3 below) in which the Company holds a 90% attributable interest. The Company is currently undertaking a Definitive Feasibility Study on its Imweru Project, with Preliminary Economic Assessment study findings to be released in the near term.

 

Kibo also holds the Haneti Project on which the latest technical reports confirms prospectivity for nickel, PGMs, gold and strategic metals including Lithium. 

 

Kibo Mining further holds the Pinewood (coal & uranium) project where the company has signed a MOU to enter into a 50/50 Exploration Joint Venture with Metal Tiger plc.

 

Finally the Company also holds the Morogoro (gold) project where the company has signed a MOU to enter into a 50/50 Exploration joint Venture with Metal Tiger plc.

 

The Company's projects are located in the established and gold prolific Lake Victoria Goldfields, the emerging goldfields of eastern Tanzania and the Mtwara Corridor in southern Tanzania where the Government has prioritised infrastructural development attracting significant recent investment in coal and uranium. The Company has a positive working relationship with the Tanzanian government at local, regional and national levels and works hard to maintain positive relationships with all communities where company interests are held.  The Company recognises the potential to enhance the quality of life and opportunity for Tanzanian citizens through careful development of its projects.

 

Updates on the Company's activities are regularly posted on its website www.kibomining.com   

  

Technical data

 

Rukwa Mineral Resource

Table 1 below presents a table showing the Mineral Resource estimate for the Rukwa Coal Project. The table is taken from an NI 43 101-Compliant Report by GEMECS (Pty) Ltd dated April 2012.

Table 1

RUKWA COAL RESOURCE SUMMARY- GEMECS (Pty) Ltd

 

SEAM

NI 43-101

IN SITU

SEAM

THICKNESS

CLASS

MILLION TONS

S4

1.14

Indicated

2.17

S3U

2.04

Indicated

6.92

S3L

2.3

Indicated

12.63

S2

3.45

Indicated

23.43

S1U

2.48

Indicated

7.34

S1L

2.92

Indicated

17.4

S0

1.08

Indicated

1.44

Total Indicated Resources

 

71.34

S4

1.31

Inferred

1.38

S3U

2.24

Inferred

2.94

S3L

2.27

Inferred

3.86

S2

3.42

Inferred

7.94

S1U

2.05

Inferred

6.5

S1L

3.15

Inferred

12.83

S0

1.06

Inferred

2.6

Total Inferred Resources

 

38.05

TOTAL RESOURCES

 

*109.39

*Kibo holds 100% of the Rukwa Mineral Resource

 

Imweru Mineral Resource

Table 2 below presents a table showing the Mineral Resource estimate for the Imweru Project  at  a base case economic cut-off grade for the reporting of the resource  of  0.4 g/t. The table is taken from a JORC-Compliant Report by Tetra Tech EBA dated February 2014.

Table 2

 

Area

Material Type

 

Classification

Cut- off (g/t)

Specific Gravity

Metric Tonnes (t)

 

Short Tons

Gold Grade (g/t)

Contained Gold Ounces (troy)

 

Central

Laterite

Indicated

0.40

2.50

131,000

144,000

1.785

8,000

Saprolite

Indicated

0.40

2.50

706,000

778,000

1.387

32,000

Bedrock

Indicated

0.40

2.89

1,895,000

2,089,000

1.043

64,000

Total

Indicated

0.40

2.77

2,732,000

3,012,000

1.168

103,000

 

Central

 

Laterite

Inferred

0.40

2.50

685,000

755,000

1.317

29,000

Saprolite

Inferred

0.40

2.50

1,047,000

1,154,000

1.040

35,000

Bedrock

Inferred

0.40

2.89

7,838,000

8,640,000

1.029

259,000

Total

Inferred

0.40

2.82

9,569,000

10,548,000

1.051

323,000

 

East

Total

Inferred

0.40

2.70

2,653,000

2,925,000

1.449

124,000

 

 

Imweru Property Total

Indicated

0.4

2.77

2,732,000

3,012,000

1.168

103,000

Inferred

0.4

2.79

12,222,000

13,473,000

1.137

447,000

Combined (inf+ind)

0.4

2.79

14,954,000

16,485,000

1.143

550,000

*Kibo holds 90% of the Imweru Mineral Resource

*   Total estimates are rounded, based on composites capped at 26 g/t gold at Imweru Centraland 25 g/t at Imweru East, the cut-off grade isbased on a gold price of US$1,200 and a 90%  metallurgical recovery is assumed in calculation of cut-offgrade. A base case of  0.40  g/t has been selected.
 

** Classification of MineralResources incorporates the terms and definitions from the Australian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code) published bythe Joint Ore Reserve Committee (JORC)

 

Lubando Mineral Resource

Table 3 below presents a table showing the Mineral Resource estimate for the Lubando Project at a base case economic cut-off grade for the reporting of the resource of 0.5 g/t Au. The table is taken from an NI 43 101-Compliant Report by EBA Engineering Consultants Limited (now part Tetra Tech EBA) dated August 2009.

TABLE3: LUBANDO MINERALRESOURCE SUMMARY - BASECASE*

 

Category

 

West Zone

East Zone South

 

East Zone Mid

East Zone North

 

Total

Measured Resource

 

 

 

 

 

Measured Resource(t)

107,900

4,880

16,900

54,440

184,150

Grade(g/t)

1.69

2.52

1.72

2.48

1.95

Total Gold(oz)

5,900

400

950

4,340

11,500

Indicated Resource

 

 

 

 

 

Indicated Resource(t)

280,710

18,330

61,000

149,350

509,420

Grade(g/t)

1.61

2.23

1.89

2.73

1.99

Total Gold(oz)

14,500

3,700

13,120

32,600

Inferred Resource

 

 

 

 

 

Total Resource(t)

1,090,000

65,470

209,340

535,330

1,900,140

Grade(g/t)

1.27

1.56

3.34

3.13

2.03

Total Gold(oz)

44,550

3,300

22,500

53,900

124,200

*Kibo holds 90% of the Lubando Mineral Resource

* Numbers are rounded. Composites capped at 10.85g/t gold. Cut-off grade of 0.5 g/t gold based on a gold price of US$850/oz and assumed 100% metallurgical recovery.CIM definitions were followed for Mineral Resources.

 

Pursuant to the terms of an inherited agreement with Barrick East Africa Exploration LTD (BEAL), Kibo currently has an effective 90% interest in the Imweru and Lubando Project (and thus a 90% attributable interest in the Imweru and Lubando Mineral Resources shown in Table 2 and 3 above), with Barrick having a 10% carried interest up to a decision to mine at which point they have to contribute or be diluted to a 2% net smelter royalty. BEAL also has a first right of refusal pursuant to which they can buy the 90% interest in the project at an agreed market related value after completion of a Bankable Feasibility Study.  Kibo remains the operator of the project.

 

 

Review by Qualified Persons

 

The information in this announcement that relates to the Rukwa Coal Mineral Resource is taken from a report titled "Independent Technical Report for the Rukwa Coal Project, Mbeya Region, United Republic of Tanzania" dated 19th April 2012 by CD van Niekerk Director and Principal Geologist with the firm GEMECS (Pty) Ltd. Mr van Niekerk is a Professional Natural Scientist with the South African Council for Natural Scientific Professions (SACNASP), Registration No. 400066/98 and a Fellow Member of the Geological Society of South Africa. He has relevant experience and technical qualifications to be a "Qualified Person" for reporting coal resources to the NI 43-101 Standard.

 

Information in this announcement that relates to the Imweru Mineral Resource is taken from the report titled "Resource Update for the Imweru Property Geita Region Northern, Tanzania, JORC Competent Persons Report" dated February 17th 2014 (the "Report"). The Report states a JORC-compliant Mineral Resource estimate and was prepared for Kibo Mining plc by James Barr P.Geo. and Darryn Hitchcock P.Geo. Senior Geologist and Geologist respectively with TetraTech EBA Ltd. Both Mr. Barr and Mr. Hitchcock are registered as Certified Professional Geologists with Association of Professional Engineers and Geoscientists of British Columbia a recognised professional organisation. Mr Barr as principal author responsible for the Report has experience in the evaluation and reporting of Archaean Gold projects and is a "Qualified Person" for reporting gold resources to the JORC Standard. He consents to the inclusion in this document of the matters based on his information in the form and context in which they appears. 

 

The information in this announcement that relates to the Lubando Mineral Resources is taken from a report titled  "Technical Report on the Lubando property, Mwanza, Tanzania" dated 31st  August 2009" (the "Report") The  Report is NI 43-101 compliant and was prepared for Great Basin Gold Rusaf Gold Limited by Nathan Eric Fier C.P.G., P.Eng. Market Director for EBA Engineering Consultants Ltd and a Senior Mining Consultant. Mr. Fieris registered as a Certified Professional Geologist with the American Institute of Professional Geologists, Registration No 10062, and a professional Engineer in British Columbia, Canada Registration No. 135165. He has extensive experience in the evaluation and reporting of Archaean Gold projects.

 

The Company's Exploration Director, Noel O'Keeffe has reviewed the content of this announcement including  resource reports and the references to them.

 

Johannesburg

28 January 2015

Corporate and Designated Adviser

River Group


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