Kibo Re-acquires 100% interest in Haneti

RNS Number : 8469U

Kibo Mining Plc

05 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")

Dated: December 5, 2013

Kibo Re-acquires 100% interest in Haneti Joint Venture

 

Kibo Mining plc ("Kibo" or the "Company") (AIM: KIBO; JSE AltX: KBO), the mineral exploration and development company focused on gold, nickel, coal and uranium projects in Tanzania, announces that it has moved back to having a 100% interest in the Haneti nickel-PGM project, after Votorantim Metaís Participações Ltda (Votorantim) opted out of the joint venture with Kibo, through which it was earning into the Haneti project by funding exploration work. Votorantim's decision followed a strategic review of its Southern Africa exploration operations.

Kibo Mining CEO, Louis Coetzee  said: 

I would like to thank Votorantim for their contribution in advancing the project over the last year. The results received to date from the 2013 exploration work have confirmed the prospectivity of the project for nickel-PGM style and gold mineralization and we look forward to advancing the project from here on. A significant amount of laboratory results are still pending from the 2013 exploration work and we remain confident in the opportunity that exists at Haneti as we look to realize further value from the project and continue work towards achieving the ultimate goal of delivering a maiden JORC compliant resource. We look forward to updating the market on the results when they become available before year end. We continue to move forward with our strategy focused on progressing our asset portfolio in Tanzania, which includes our flagship Rukwa Coal to Power project and our portfolio of gold projects.

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

06 December 2013

Corporate and Designated Adviser

River Group

 

END

 

 

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