Haneti Exploration Project Update

RNS Number : 4483V

Kibo Mining Plc

13 December 2013

 



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")

December 13, 2013

Haneti Exploration Project Update

•          The primary objective of the 2013 Haneti exploration programme, to confirm and expand on the soil geochemistry and mapping on the main known targets, was achieved ahead of schedule and within budget:

ü 88% of soil results and 50% of rock results received thus far

ü Final results expected by the end of December

ü Newly discovered ultramafic targets

ü Geochemical results received correlate well with 2006-2011 results

ü Outstanding results to provide information on newly discovered ultramafic targets

•          A regional geological assessment identified a number of new targets for Ni-PGE exploration, new gold exploration as well as a potential lithium target

•          A number of new ultramafic bodies were identified and sampled

•          Drill targets confirmed by latest results

Kibo Mining ("Kibo" or the "Company") (AIM: KIBO), (JSE: KBO), the Tanzania focused mineral exploration and development company, is pleased to announce that work at the Haneti project, now owned 100% by Kibo, was completed by the end of October 2013 ahead of schedule, within budget, and with a 100% safety record.

The primary objective of the 2013 field programme was to confirm and expand on the soil geochemistry and mapping of the main targets along the Haneti Itiso Ultramafic Complex. This was achieved and results correlate well with the historic data from 2006-2011, and will enhance future interpretation and planning. Elevated values in Ni and other key Ni-PGE indicator elements in soil such as cobalt, chromium, copper, platinum and palladium and gold have been confirmed at a number of localities as reported in the preliminary results announcement on the 9^th September.

The geochemical results outstanding relate to additional rock samples and soil samples over newly identified gold Ni-PGM targets which the Company is confident can be developed into new drill target areas.

In addition to the successful completion of the primary objective, new ultramafic bodies were identified and sampled outside of the programme scope, but within the approved budget. A small representative selection of samples from the latter, were submitted for analysis. Selected soil lines are currently being analyzed and should the results prove positive, the remaining samples taken will be submitted for analysis early in 2014.

The confirmation of historical geochemical results achieved with this project confirms readiness for an exploration drilling programme to obtain a definitive understanding of the geology and mineralization potential. The anomalous PGE values in outcrop at Mihanza and Igari Chini and the results from the 2012 Electro Magnetic survey on Mihanza and Mwaka Hills highlight potential for sulphide hosting rock as part of the ultramafic system.

The secondary objective of the 2013 field programme, to complete a regional geological assessment to identify new targets and consolidate the current license portfolio, successfully identified a number of new targets for Ni-PGE exploration, new gold exploration targets, and a lithium target.

The Haneti licence remains an exciting exploration area, with potential for further exploration. Immediate follow up work, based on the current results will focus on the following:

·    Acquisition and interpretation of recently Tanzanian Government flown aerial magnetic data over the area

·    An exploration drilling programme at Mihanza and Mwaka Hills to test the geochemical and geophysical targets resolved at these localities

Kibo Mining CEO Louis Coetzee said: 

"The Company is pleased with the progress made on the Haneti Project.  As we have previously reported, the aim of the 2013 exploration programme was to confirm our understanding of the mineralization potential in order to identify and prioritize drill targets for the compilation of a test drill programme. This was achieved together with the identification of a number of new regional exploration targets.

Kibo remains excited about the Haneti Project, and is convinced that the next logical step for this project will be to conduct a detailed drill programme to identify and hopefully confirm the presence of sulphide mineralization on the project. "

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, Lake Victoria (Gold), and Pinewood (Coal & Uranium) projects.

Its 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 

Contacts

Louis Coetzee	[phone]	Kibo Mining plc	Chief Executive Officer
Andreas Lianos	[phone]	River Group	Corporate Adviser and Designated Adviser on JSE
Jon Belliss	[phone]	XCAP	Broker
Stuart Laing	[phone]	RFC Ambrian Limited	Nominated Adviser on AIM
Daniel Thöle	[phone]	Bell Pottinger	Investor and Media Relations

Johannesburg

13 December 2013

Corporate and Designated Adviser

River Group

 

END

 

 

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