Management Changes

RNS Number : 4773R

Kibo Mining Plc

04 November 2011

 

KIBO MINING PLC

Management Changes

Dated: 4 November 2011

Kibo Mining plc ("Kibo" or the "Company") (AIM, KIBO: JSE, KBO) the mineral exploration and development company focused on gold and nickel projects in Tanzania announces changes in management to optimize its business over the coming months.

The Company has identified potential investment interest amongst the investment community in Tanzania. To take advantage of this opportunity, the Company is considering seeking a listing on the Dar es Salaam Stock Exchange. Furthermore, the Company's South African advisors are recommending raising Kibo's profile in South Africa, where the company is quoted on the Johannesburg Stock Exchange.

In parallel and as part of its ongoing exploration activities, the Company will be maximizing the returns from its large portfolio of exploration licenses in Tanzania. Kibo holds some 190 licenses totaling approximately 18,600 square kilometers under issue, application and offer located in the Lake Victoria, Morogoro and Dodoma areas with excellent exploration potential for gold and base metals.  Whilst the Company will explore a number of these licenses on its own, it is aware that some areas might make a logical package for joint ventures or might be of strategic interest to neighbouring mineral rights holders.

Consequently the Directors of the Company have agreed that Noel O'Keeffe will concentrate on the development of these exploration assets of Kibo as Exploration Director and Louis Coetzee, currently a Non-executive Director of the Company, will be appointed as interim Chief Executive Officer for twelve months to lead the marketing initiative of the Company. The Company will then appoint a full time chief executive officer to take the Company on to the next stage of its development.

Noel O'Keeffe, a founder Director of Kibo, is an experienced professional exploration geologist with over 20 years experience in Tanzania, Australia, Canada and Ireland and has overseen the development of the Company to date. Louis Coetzee, appointed to the board on 19 July 2010, has over 25 years business development experience in Africa with 15 of these in Tanzania. Louis is currently a director and chief operating officer of the Mzuri Group, a substantial shareholder in Kibo. He is also Chairman of Australian listed East African Resources limited (ASX: AAF) which holds uranium exploration projects in Tanzania.

Commenting on these changes, Chairman Christian Schaffalitzky said:

"We are pleased that our Company has the requisite skills in-house to maximize our development progress over the coming months. Noel and Louis have worked hard to get the Company where it is today and both of them have a clear focus on adding shareholder value through the best use of our resources. This combined with our strategic approach, means we can look forward to making significant progress and reporting successful results to our Shareholders".

Enquiries:

Louis Coetzee	[phone]	Kibo Mining plc	Chief Executive Officer
Noel O'Keeffe	[phone]	Kibo Mining plc	Exploration Director
John Simpson	[phone]	Daniel Stewart & Company Plc	Nominated Adviser
Andreas Lianos	[phone]	River Group	Designated Advisor
Nick Bealer	[phone]	Cornhill Capital Ltd	Broker (Corporate Broking)
Andrew Frangos	[phone]	Cornhill Capital Ltd	Broker (Corporate Finance)
Matt Beale	[phone]	Fortbridge Consulting UK	Public Relations

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

 

END

 

 

MSCFSWFMDFFSEEF