RETIREMENT OF DIRECTOR

RNS Number : 4102W

Kibo Mining Plc

25 January 2013

 

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")

25 January 2013

RETIREMENT OF DIRECTOR

Kibo Mining plc advises that Mr Des Burke will retire as a Director of the Company on the 31^st January 2013. Mr Burke has informed the Company that his decision coincides with his retirement plans from the mining industry in order to pursue other interests.

Christian Schaffalitzky, Chairman of Kibo commented: "We are grateful for the significant contribution which Des has made to the Company over the last six years. He has been a positive force in ensuring the ongoing development of the Company and we wish him the best for his retirement".

Louis Coetzee	[phone]	Kibo Mining plc	Chief Executive Officer
Andreas Lianos	[phone]	River Group	Corporate Adviser and Designated Adviser on JSE
Nick Bealer	[phone]	Cornhill Capital Ltd	Joint Broker
Tim Metcalfe/Matthew Johnson	[phone]	Northland Capital Partners Limited	Joint Broker
Stuart Laing	[phone]	RFC Corporate Finance Limited	Nominated Adviser on AIM
Matt Beale	[phone]	Fortbridge	Public Relations

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

General Background & Strategy

Kibo was established in early 2008 to explore and develop mineral deposits in Tanzania, East Africa and was admitted to AIM on 27 April 2010 and AltX in South Africa on 30 May 2011.  The Board of Kibo is composed of professionals whose experience include mineral exploration, mine development, mining finance, tax, law, mergers and acquisitions, and financial control of public companies. It is supported by competent and motivated Tanzanian staffs that operate from Kibo's operations office in Dar es Salaam.

The mineral assets of the Company now comprise five projects in Tanzania - Haneti (nickel, PGE and gold), Morogoro (Gold), Lake Victoria (Gold), Rukwa (Coal) and Pinewood (Coal & Uranium) which give Kibo access to 38,000 km² of early stage exploration licences in Tanzania's premier gold mining region, the Lake Victoria Goldfield, within the emerging gold exploration regions in eastern Tanzania and uranium and coal regions in south-western Tanzania.

The Rukwa and Pinewood projects will provide Kibo shareholders with exposure to an attractive portfolio of strategic energy assets in Tanzania.  Importantly, they are situated within and close to the Mtwara Corridor, an area where the Tanzanian Government has committed to significant infrastructure development and which has seen recent multi-million dollar investment in coal and coal-fired power stations and uranium exploration.

The Rukwa project is substantially more advanced than Kibo's existing exploration projects, with a significant Mineral Resource of thermal coal already defined.  This provides nearer term development and commercialisation potential, complementing the earlier stage existing projects held by Kibo.  This is further supported by the memorandum of understanding that has already been entered into with a major Asian conglomerate for the development of a coal mine and mine-mouth coal-fired power plant based on the Rukwa project. 

In addition, the Pinewood project encompasses a significant ground holding of prospective Karoo sequence sedimentary rocks.  These sediments are attracting considerable interest from international companies exploring for uranium and coal mineralisation following some notable discoveries in recent years.

Kibo's objective is to build shareholder value in a sustainable manner.  This objective will be pursued primarily through active exploration of its own projects and by using the Company's experience in Tanzania to acquire attractive exploration and development assets on competitive terms that can be moved swiftly up the value curve by using the Company's own skills base whilst also seeking to benefit from strategic collaborative relationships with industry leaders who have special skills and competencies within their chosen fields of focus.  Kibo will undertake continual risk assessment of its projects and take whatever actions it believes are necessary to ensure that these risks are mitigated.

Johannesburg

25 January 2013

Corporate and Designated Advisor

River Group

 

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