MCPP: PDFS - Review Completed and Share Issue

RNS Number : 7751W

Kibo Mining Plc

29 April 2016

 

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:IE00B97C0C31

("Kibo" or "the Company")

29 April 2016

Mbeya Coal to Power Project: Power Definitive Feasibility Study - Review Completed and Share Issue

Kibo Mining plc ("Kibo" or the "Company") (AIM: KIBO; AltX: KBO), the Tanzania focused mineral exploration and development Company is pleased to announce that:

·    The review of the Mbeya Coal to Power Project's ("MCPP") Power Definitive Feasibility Study ("PDFS") has been completed. The final and official PDFS report will be delivered to the Company's CEO on Monday 2 May 2016, during a scheduled project meeting with Tractebel Engineering.

·    Kibo has also today issued 180,778 new Ordinary Kibo shares of €0.015 par value each in the capital of the Company at 4.88p per share ("Settlement Shares") in settlement of recent invoices from service providers for geological and investor relations services to the Company. These Settlement Shares are in respect of invoices totalling £8,822. Application will be made for the Shares to be admitted to trading on AIM and the JSE AltX markets. Trading in the Shares is expected to commence on AIM and the JSE on or around 3rd May  2016 ("Admission"). On completion of Admission the Company will have 351,605,538 shares in issue.

Louis Coetzee, CEO of the Company, commented today: "We are extremely pleased to have completed the PDFS on schedule and within budget. The PDFS constitutes the most important component of the MCPP and is the foundation for the MCPP's entire business case. This milestone in the development of the MCPP is a critical achievement in advance of the financial close.  

We look forward to updating the market on the PDFS results upon receipt of the official PDFS report next week."

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]	Beaufort Securities Limited	Broker
Oliver Morse	[phone]	RFC Ambrian Limited	Nominated Adviser on AIM
Daniel Thöle / Anna Legge	[phone]	Bell Pottinger	Investor and Media Relations

Kibo Mining - Notes to editors

Kibo Mining is listed on the AIM market in London and the AltX in Johannesburg. The Company is focused on exploration and development of mineral projects in Tanzania, and controls one of Tanzania's largest mineral right portfolios. Tanzania provides a secure and stable operating environment for the mineral resource industry and Kibo Mining therein.

Kibo Mining holds a thermal coal deposit at Mbeya, which has a significant NI 43-101 compliant defined resource, and is developing a 250-350 MW mouth-of-mine thermal power station, the Mbeya Coal to Power Project ("MCPP"), previously called Rukwa Coal to Power Project ("RCPP"), with an established management team that includes Standard Bank as Financial Advisor.  Kibo is undertaking a Coal Mining Definitive Feasibility Study and a Power Pre-Feasibility Study for the Mbeya project with an integrated Bankable Feasibility Study report for the MCPP to be released in the near term. On 20^th April 2015, Kibo signed a Joint Development Agreement for the completion of the Definitive Feasibility Studies and development of the MCPP with China based EPC contractor SEPCO III.

The Company also has extensive gold focused interests including Lake Victoria Goldfields and Morogoro projects. At Lake Victoria, the Company has projects with a 550,000 oz. JORC compliant gold Mineral Resource at Imweru Project and a 168,000 oz. NI 43-101 compliant gold Mineral Resource at the Lubando Project in which the Company holds a 90% attributable interest. The Company is currently undertaking a Definitive Feasibility Study on its Imweru Project.

Kibo also holds the Haneti Project on which the latest technical report confirms prospectivity for nickel, PGMs, gold and strategic metals including lithium.

Kibo Mining further holds the Pinewood (coal & uranium) project where the company has entered into a 50/50 Exploration Joint Venture with Metal Tiger plc.

Finally, the Company also holds the Morogoro (gold) project where the company has also entered into a 50/50 Exploration Joint Venture with Metal Tiger plc.

The Company's projects are located 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 prioritized infrastructural development attracting significant recent investment in coal and uranium. The Company has a positive working relationship with the Tanzanian government at local, regional and national levels and works hard to maintain positive relationships with all communities where company interests are held.  The Company recognizes the potential to enhance the quality of life and opportunity for Tanzanian citizens through careful development of its projects.

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

Johannesburg

29 April 2016

Corporate and Designated Adviser

River Group

 

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