RCPP Update

RNS Number : 9981R

Kibo Mining Plc

18 September 2014

 



Kibo Mining Plc

(Incorporated in Ireland)

Registration Number: 451931

(External registration number: 2011/007371/10)

Share code on the JSE: KBO

Share code on the AIM: KIBO

ISIN: IE00B61XQX41

("Kibo" or the "Company")

18 September 2014

Sustained Progress on Rukwa Coal to Power Project's ("RCPP") Definitive Mining Feasibility Study ("DMFS")

Highlights

·           Conceptual Mine Design and Schedule completed;

·           Conceptual Framework for Coal Infrastructure and Logistics completed; 

·           Conceptual Plant design completed;

Kibo Mining plc ("Kibo" or the "Company"), the mineral exploration and development company focused on gold, nickel, coal and uranium projects in Tanzania, is pleased to announce further progress made in the development of Phase 1, Stage 1, of the Rukwa DMFS. After confirmation of initial assumptions, the establishment of a mining base case and mine design criteria, the study focused on assessing and confirming a conceptual mine plan. The most important results from this work were confirmation of:

·           Run of Mine (ROM) at 120 Ktpm;

·           Stripping ratio at 4.0 (BCM/t);

Confirmation of these critical factors therefore demonstrates that Rukwa can be mined efficiently and within previously reported cost parameters. This will be achieved by mining the pit from two starter pits (or box cuts), allowing advances on four benches (faces) and four directions along strike simultaneously.  This arrangement will provide considerable flexibility in the mine plan and setup and also allow for mine waste to be deposited in the pit, significantly cutting down on hauling cost and eventual rehabilitation cost.

Louis Coetzee, C.E.O. of Kibo Mining, commented: "We continue to rapidly de-risk the mining portion of the Rukwa Coal to Power Project, with further detailed work delivered in these early stages of the feasibility process. The technical fundamentals and planning considerations are already well developed, which should allow a quicker than expected advance into Phase 2, Stage 1 of the DMFS."

Kibo Mining - Notes to editors

Kibo was established in early 2008 to explore and develop mineral deposits in Tanzania. The Company was admitted to AIM in London on 27 April 2010 and the AltX in Johannesburg on 30 May 2011. The Company is developing the Rukwa mouth-of-mine thermal power station and controls one of Tanzania's largest mineral right portfolios, including the  Haneti (nickel, PGE and gold), Morogoro (gold), Lake Victoria (gold), and Pinewood (coal & uranium) projects.

 Kibo's projects are located both 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.

Kibo's objective is to build shareholder value sustainably. This will be achieved primarily through exploration of its own projects and leveraging the Company's experience in Tanzania to acquire exploration and development assets on competitive terms. The focus is on assets that can be moved swiftly up the value curve whilst benefitting from strategic relationships with industry leaders with special skills and competencies within their chosen fields.

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

Technical Data

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

Review by Qualified Person

The information in this announcement that relates to the Rukwa coal resource is taken from a report titled "Independent Technical Report for the Rukwa Coal Project, Mbeya Region, United Republic of Tanzania" dated 19^th 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. The Company's Exploration Director, Noel O'Keeffe has also reviewed the technical reports and the references to them in this announcement.

Contacts

Louis Coetzee	[phone]	Kibo Mining plc	Chief Executive Officer
Andreas Lianos	[phone]	River Group	Corporate Adviser and Designated Adviser on JSE
Jon Belliss Abigail Wayne	[phone]	Hume Capital Securities Plc	Broker
Oliver Morse Trinity McIntyre	[phone] [phone]	RFC Ambrian Limited	Nominated Adviser on AIM
Daniel Thöle Lydia Eades	[phone] [phone]	Bell Pottinger	Investor and Media Relations

Johannesburg

18 September 2014

Corporate and Designated Adviser

River Group

 

END

 

 

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