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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Kibo Energy Plc | LSE:KIBO | London | Ordinary Share | IE00B97C0C31 | ORD EUR0.0001 (CDI) |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.0375 | 0.035 | 0.04 | 0.0375 | 0.0345 | 0.0375 | 3,236,950 | 08:00:07 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Gold Ores | 1.04M | -9.78M | -0.0026 | -0.15 | 1.51M |
TIDMKIBO
RNS Number : 5351A
Kibo Mining Plc
30 September 2015
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")
Condensed Consolidated Interim Financial Statements
for the six months ended 30 June 2015
Dated 30 September 2015
Kibo Mining plc (ÒKiboÓ or the ÒCompanyÓ) (AIM: KIBO; AltX: KBO) the mineral exploration and development company focused on coal, gold, nickel, and uranium projects in Tanzania, is pleased to announce its unaudited half year results for the period ended 30 June 2015.
Highlights from the Chairman, Christian SchaffalitzkyÕs statement:
-- Signing of a Joint Development Agreement with China based, SEPCOIII on the Mbeya Coal to Power Project (MCPP); -- Completion of Mining Pre-feasibility Study on MCPP with project fundamentals surpassing those indicated in the earlier Concept Study report; -- Signing of joint Venture Agreements on the Morogoro (gold) and Pinewood (uranium) projects with Metal Tiger plc; -- Haneti geophysical interpretation results indicates nickel sulphide prospective rocks are much more extensive than previously thought over the project; and -- Placing funds of GBP526,000, locked down since March due to the appointment of an Administrator to CompanyÕs former broker (Hume Capital), to be released to Kibo within two months.
Highlights from the interim results for the period ended 30 June 2014:
-- Decrease in basic and dilutive loss per ordinary share of 99% compared to previous interim results; and -- Decrease in trade and other payables of 311%
Chairman's Statement
Dear Shareholder,
I am pleased to present our accounts for the six month period ending 30 June 2015. During the period the Company continued to advance work across our entire project portfolio despite the persistent challenging economic environment for mining companies. While prioritising resources to advancing our flagship Mbeya Coal to Power Project (MCPP), we have also made good progress on our gold (Lake Victoria & Morogoro), base metals (Haneti) and uranium (Pinewood) projects during the period. The highlight of the period was the signing of a Joint Development Agreement (JDA) with China based, SEPCOIII on the MCPP, which was announced on the 20 April 2015 and became fully unconditional on the 21 July 2015. Prior to the signing of the JDA, the Company had already commenced its Mining Prefeasibility Study on the MCPP following the successful results from the earlier Concept Study (Mining) and Power Pre-feasibility (Power) reports, the results of which were announced in late 2014. During the period prior to the JDA becoming unconditional, Kibo continued to sole fund and successfully complete the Mining Pre-feasibility Study on the MCPP. The results of this study, announced in July 2015, underlined the robustness of the project and demonstrated that the project fundamentals surpass those indicated from the earlier Concept Study report.
On the gold front, the Company also commenced a Pre-feasibility Study on its Imweru project in April following the encouraging results from a Preliminary Economic Study reported during February 2015. As the gold market continues to experience significant downward price pressure, the Company is proceeding cautiously with completion of this study, pending improved market sentiment for gold. Recognising the current volatility in the gold market and the prudence of sharing risk, particularly on early stage projects, the Company entered a joint venture with AIM listed Metal Tiger plc in early 2015 on its Morogoro Project. Under the terms of the JV, Metal Tiger has been granted a 50% equity interest in the project, to be maintained by project expenditure of GBP800,000 over 4 years. Initial work has commenced under the JV. We also completed a JV under broadly similar terms with Metal Tiger on the CompanyÕs Pinewood uranium project and work has just commenced on this project also.
I am also pleased to report that we have built significantly on the 2013 and 2014 exploration results emerging from the Haneti project, particularly in relation to its prospectivity for magmatic nickel sulphide and associated mineralisation. Following the encouraging results from an independent geochemical interpretation report announced in January, we proceeded to follow up with an independent airborne geophysical interpretation study based on recently released Government of Tanzania survey data. The results both validated the robustness of the existing drill targets on the project in addition to demonstrating that the nickel prospective rock formations were much more extensive than previously interpreted.
On the corporate front, we implemented two placings during the period for amounts of GBP950,000 and GBP1,500,000 at prices of 5p and 6p per share respectively. Funds in the amount of GBP526,000 from the first placing are still pending to the Company due to the appointment of Administrators to Hume Capital plc Limited (ÒHumeÓ), the CompanyÕs broker at the time (March 2015). As the administration process is currently winding up, Kibo expects to receive these funds within the next two months, less some small administration expense. In response to the Hume administration, Kibo appointed a new Company broker, Beaufort Securities Limited (ÒBeaufortÓ) in March. Beaufort subsequently successfully arranged the second placing for GBP1,500,000 in April.
Exploration & Development
MCPP
On the 20 April 2015, Kibo announced the signing of a JDA with SEPCOIII, a large international China based EPC contractor on the MCPP. The JDA provides for SEPCOIII to contribute up to US$3 million towards completion of the Definitive Feasibility Study (ÒDFSÓ) on the project on which Kibo had made substantial progress up to the date of signing. Under the terms of the JDA, Kibo has reserved the right to introduce third parties to assist with its share of the financing and or development of the MCPP in exchange for an interest in the MCPP. The JDA became unconditional on the 21 July 2015 as announced by the Company on this date. During JDA due diligence period, Kibo, recognising the need to keep momentum behind the MCPP, continued to sole fund the DFS and completed the Mining PFS (Phase 2, Stage 1 of the DFS), the results of which the Company announced on the 12(th) August 2015. The results of this study showed project fundamentals to be significantly improved from those previously announced from the earlier stage Concept Study with an indicative headline all-in-cost margin range improvement of 49% - 62% from 38% - 45% (exact figure will depend on mining option chosen).
Other Projects
Work is continuing at a steady pace on all KiboÕs non-coal assets with our strategy reflecting the priority to direct funding towards the MCPP, which has the greatest potential to create exponential value in the short term.
At Imweru (Lake Victoria Project), where the Company has embarked on a Definitive Feasibility Study (DFS), it commenced a Prefeasibility Study in April following the encouraging results from a Preliminary Economic Assessment (PEA) report announced in February. The PEA (Phase1, Stage 1 of the DFS) confirmed the potential of Imweru to sustain a mine development with a minimum mine life of 6 to 10 years based on the existing Mineral Resource of c.550,000 oz. (15 million tonnes at 1.14g/t) of which KiboÕs attributable interest is 90%. In light of the contagion effects from the continued weakness in the gold price which has dampened investor confidence in the sector, Kibo is proceeding cautiously with the Imweru PFS (Phase 2, Stage 1 of the DFS) and is principally focussing on further modelling and desktop studies to test the economic robustness of the project under various gold price scenarios and other operating and technical variables.
During the first six months of 2015, Kibo successfully negotiated two joint venture agreements with AIM listed Metal Tiger plc (ÒMetal TigerÓ) on its Morogoro Gold project and Pinewood Uranium Project under broadly similar terms. These provide for Metal Tiger to maintain a 50% interest in the projects by licence fee and exploration expenditure of up to GBP800,000 on each project over a period of three years. Preliminary exploration programmes and budgets for both projects were agreed with Metal Tiger during the period and exploration has already commenced on both projects.
At the Haneti nickel project, the Company commissioned an independent geophysical interpretation report based on recently available high resolution airborne geophysical survey data purchased from the Geological Survey of Tanzania during 2015. This followed the encouraging results from an earlier independent geochemical interpretation report announced in January which underlined the prospectivity of Haneti for magmatic nickel sulphide and associated mineralisation and confirmed, in particular, the robustness of the Mihanza Hill drill target. The geophysical interpretation results announced after the period end on the 24(th) June 2015, established the areal extent of the nickel prospective Haneti Itiso Ultramafic Complex to be substantially more extensive than previously thought. Additionally, magnetic modelling on the Mihanza Hill drill target, revealed significant increasing magnetic susceptibility with depth and the presence of a substantial volume of this prospective magnetic rock to a depth of 800 metres which bodes well for nickel sulphide potential at this site. Plans to conduct an initial drilling programme at Haneti during 2015 have now been postponed until next year due to the imperative to focus resources in the short term on completion of the MCPP.
Corporate
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September 30, 2015 03:00 ET (07:00 GMT)
The Company undertook two equity capital raisings during the period, one in March for a gross amount of GBP950,000 at 5p per share and one in April for a gross amount of GBP1, 500,000 at 6p per share to fund on-going feasibility work at the MCPP in particular and for general working capital requirements. Due to the unforeseen appointment of administrators to the affairs of Hume Capital plc during the execution of the first placing in March 2015, shares issued to clients of Hume for GBP204,000 of the GBP950,000 remained unpaid and the shares were subsequently forfeited and placed in a Company treasury account. Funds with respect to a further GBP526,000 of the March placing funds were frozen by the Hume Administrator pending completion of the administration process. As announced on the 26(th) August 2015, these funds less a small administration expense will be released to Kibo on, or within two months from the 2(nd) October 2015. The net effect of the Hume administration for the Company is that it will not receive GBP204,000 of the nominal March Placing amount of GBP950,000. Un-paid shares issued in respect of this shortfall are now non-trading and locked down in a treasury account (forfeited share account) for later disposal.
In conclusion, I would like to thank our board and management for their on-going work under the direction of CEO Louis Coetzee. I look forward to continued significant progress on the CompanyÕs projects for the remainder of 2015 and beyond.
_________________________________
Christian Schaffalitzky
Chairman
Unaudited condensed consolidated interim statement of comprehensive income
For the six months ended 30 June 2015
6 months to 6 months to 12 months to 30 June 30 June 31 December 2015 2014 2014 (Unaudited) (Unaudited) (Audited) GBP GBP GBP Continuing Operations Administrative expenses (851,620) (665,708) (1,500,757) Exploration Expenditure (248,203) (389,764) (1,073,022) Reversal of Impairment/ (Impairment of assets) - - 4,695,356 Bargain purchase on acquisition 185,698 - - of subsidiary ------------ ------------ ------------- Operating (loss)/ profit (914,125) (1,055,472) 2,121,577 Investment and Other Income 234 - 3, 427 ------------ ------------ ------------- (Loss)/ Profit before tax (913,891) (1,055,472) 2,125,004 Tax - - ------------ ------------ ------------- Loss for the period (913,891) (1,055,472) 2,125,004 Other comprehensive income: Exchange differences on translating of foreign operations, net of taxes 69,704 37,500 193, 550 Total comprehensive (loss) / profit for the period (844,187) (1,017,972) 2,318,554 ------------ ------------ ------------- (Loss)/ Profit for the period attributable to (913,891) (1,055,472) 2,125,004 ------------ ------------ ------------- Owners of the parent (913,891) (1,055,472) 2,125,004 Non-controlling interest - - ------------ ------------ ------------- Total comprehensive (loss) income attributable to (844,187) (1,017,972) 2,318,554 ------------ ------------ ------------- Owners of the parent (844,187) (1,017,972) 2,318,554 Non-controlling interest - - - ------------ ------------ ------------- Basic (loss)/ earnings per share (pence) (0.0029) (0.68) 0.01 Diluted (loss)/ earnings per share (pence) (0.0029) (0.68) 0.01 Headline Loss per share (pence) (0.0036) (0.68) (0.013)
Unaudited condensed consolidated interim statement of financial position
As at 30 June 2015
6 months 6 months 12 months to to to 30 June 30 June 31 December 2015 2014 2014 (Unaudited) (Unaudited) (Audited) GBP GBP GBP Assets Non-current assets Property, plant and equipment 27,394 4,401 3,761 Intangible assets 14,413,865 9,718,509 14,413,865 Total non-current assets 14,441,259 9,722,910 14,417,626 ------------- ------------- -------------- Current assets Trade and other receivables 844,143 59,594 11,557 Cash and cash equivalents 835,227 68,783 186,447 ------------- ------------- -------------- Total current assets 1,679,370 128,377 198,004 ------------- ------------- -------------- Total assets 16,120,629 9,851,287 14,615,630 ------------- ------------- -------------- Equity Called up share capital 13,191,116 11,370,993 12,591,750 Share premium 25,791,441 23,672,092 23,903,307 Translation reserve (331,281) (557,035) (400, 985) Share options 510,978 977,543 510, 978 Retained deficit (23,143,417) (25,876,567) (22,229,526) ------------- ------------- -------------- Total equity 16,018,837 9,587,026 14,375,524 ------------- ------------- -------------- Liabilities Current liabilities Trade and other payables 75,209 233,590 240, 146 Current tax liabilities 26,583 30,671 - ------------- ------------- -------------- Total current liabilities 101,792 264,261 240, 106 ------------- ------------- -------------- Total equity and liabilities 16,120,629 9,851,287 14,615,630 ------------- ------------- --------------
Condensed Consolidated Statement of Changes in Equity
Share Share Share based Foreign currency Total Retained Total Capital premium payment translation reserve reserves deficit reserve ----------------- ---------- ---------- ----------- -------------------------- ----------- ------------- -------------- GBP GBP GBP GBP GBP GBP GBP ---------- ---------- ----------- -------------------------- ----------- ------------- -------------- Balance as at 1 January 2014 10,998,282 23,398,853 977,543 (594,535) 383, 008 (24,821,095) 9,959,048 ---------- ---------- ----------- -------------------------- ----------- ------------- -------------- Profit / (loss) for the year - - - - - (1,055,472) (1,055,472) Other comprehensive income- exchange differences on translating foreign operations - - - 37, 500 37, 500 - 37, 500 Proceeds of share issue of share capital 372,711 273, 239 - - 645, 950 - 645, 950 Share options - - - - - - - acquired through business combinations Share options - - - - - - issued ---------- ---------- ----------- -------------------------- ----------- ------------- -------------- 372, 711 273, 239 - 37, 500 37, 500 (1, 055, 472) (372, 022) ---------- ---------- ----------- -------------------------- ----------- ------------- -------------- Balance as at 30 June 2014 11,370,993 23,672,092 977,543 (557,035) 420, 508 (25,876,567) 9,587,026 Profit / (loss) for the year - - - - - 3, 180, 476 3, 180, 476 Other comprehensive income (loss) - exchange differences - - - 156, 050 156, 050 - 156, 050 Reclassification of share based payment reserve on expired share options issued - - (466,565) - (466,565) 466,565 -
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Proceeds of share issue of share capital 1,220, 757 231, 215 - - 1, 451, 972 - 1, 451, 972 1,220, 757 231, 215 (466,565) 156, 050 (310, 515) 2,591,569 4,416,476 ---------- ---------- ----------- -------------------------- ----------- ------------- -------------- Balance at 31 December 2014 12,591,750 23,903,307 510,978 (400,985) 109, 993 (22,229,526) 14,375,524 ========== ========== =========== ========================== =========== ============= ==============
Condensed Consolidated Statement of Changes in Equity
Share Share Share based Foreign currency Total Retained Total Capital premium payment translation reserve reserves deficit reserve -------------- ---------- ---------- ----------- -------------------------- ---------- ------------ ---------- GBP GBP GBP GBP GBP GBP GBP ---------- ---------- ----------- -------------------------- ---------- ------------ ---------- Balance at 1 January 2015 12,591,750 23,903,307 510,978 (400,985) 109, 993 (22,229,526) 14,375,524 ---------- ---------- ----------- -------------------------- ---------- ------------ ---------- Profit / (loss) for the year - - - - - (913,891) (913,891) Other comprehensive income- exchange differences on translating of foreign operations - - - 69,704 69,704 - 69,704 Proceeds of share issue of share capital 599,366 1,888,134 - - - - 2,487,500 599,366 1,888,134 - 69,704 69,704 (913,891) 1,643,313 ---------- ---------- ----------- -------------------------- ---------- ------------ ---------- Balance as at 30 June 2015 13,191,116 25,791,441 510,978 (331,281) 179,697 (23,143,417) 16,018,837
Unaudited condensed consolidated interim statement of cash flow
For the six months ended 30 June 2015
6 months to 6 months 12 months to to 30 June 30 June 31 December 2015 2014 2014 (Unaudited) (Unaudited) (Audited) GBP GBP GBP Profit/ (Loss) for the period before taxation (913,891) (1,055,472) 2,125,004 Adjusted for: Property, plant and equipment non-cash movement 699 1,925 2, 565 Investment income (234) - (3, 427) Foreign exchange loss/ (gain) 69,704 37,500 193,550 Movement of exploration activities 248,203 389,764 (Reversal of impairment)/ Impairment of assets - - (4,695,356) Bargain purchase from (185,698) - - business combinations Operating income before working capital changes (781,217) (626,283) (2,377,664) (Increase)/ Decrease in trade and other receivables (832,587) (8,394) 39, 643 (Decrease)/ Increase in trade and other payables (138,314) 3,511 (20, 644) Cash flow from business 161,367 - - combinations ------------ ------------ ------------ Net cash outflows from operating activities (1,590,751) (631,166) (2,358,665) Cash flows from investing activities Expenditure on exploration activities (248,203) (389,764) - Net cash used in investing activities (248,203) (389,764) - Cash flows from financing activities Proceeds from issue of share capital 2,487,500 645,950 2, 097, 922 Investment Income 234 - 3, 427 ------------ ------------ ------------ Net cash proceeds from financing activities 2,487,734 645,950 2,101,349 Net increase in cash and cash equivalents 648,780 (374,980) 257, 316 Cash and cash equivalents at beginning of period 186,447 443,763 443,763 ------------ ------------ ------------ Cash and cash equivalents at end of period 835,227 68,783 186,447 ------------ ------------ ------------
Notes to the unaudited condensed consolidated interim financial statements
For the six months ended 30 June 2015
1. General information
Kibo Mining Plc ("the Company") is a public limited company incorporated in Ireland. The Group financial statements consolidate those of the Company and its subsidiaries (together referred to as the "Group"). The Company's shares are listed on the AIM of the London Stock Exchange and from the 30 May 2011 the Alternative Exchange of the JSE Limited (ALTX). The principal activities of the Company and its subsidiaries are related to the exploration for and development of coal and other minerals in Tanzania.
2. Statement of Compliance and basis of preparation
The Financial Statements are for the six months ended 30 June 2015. They do not include all the information required for full annual financial statements and should be read in conjunction with the audited consolidated financial statements of the Group for the period ended 31 December 2014, which were prepared under International Financial Reporting Standards ("IFRS") as adopted by the European Union ("EU").
The financial information is prepared under the historical cost convention and in accordance with the recognition and measurement principles contained within IFRS as endorsed by the EU.
The comparative amounts in the audited consolidated financial statements include extracts from the Company's consolidated financial statements for the period ended 31 December 2014. These extracts do not constitute statutory accounts in accordance with the Irish Companies Acts 1963 to 2015.
The fair value of assets acquired and liabilities assumed relating to the above business combinations is subject to change should additional information become available within the 12 month re-measurement period from date of acquisition.
3. Loss per share
Basic, dilutive and Headline loss per share
The basic and weighted average number of ordinary shares used in the calculation of basic earnings per share is as follows:
6 months to 6 months 12 months to to 30 June 30 June 31 December 2015 2014 2014 GBP GBP GBP Loss for the year attributable to equity holders of the parent (913,891) (1,055,472) 2,125,004 Weighted average number of ordinary shares for the purposes of basic and dilutive loss per share (revised) 305,438,536 155,134,424 193,400,160 Basic loss per share (pence) (0.0029) (0.68) 0.01 Dilutive loss per share (pence) (0.0029) (0.68) 0.01 6 months 6 months 12 months to to to Reconciliation of Headline loss 30 June 30 June 31 December per share 2015 2014 2014 GBP GBP GBP Loss for the year attributable to equity holders of the parent (913,891) (1,055,472) 2,125,004 Impairment of Goodwill (185,698) - - Reversal of Impairment of Intangible Assets - - (4,695,356) ------------ ------------ ------------ Headline loss per share (1,099,589) (1,055,472) (2,570,352) ------------ ------------ ------------ Weighted average number of ordinary shares for the purposes of headline loss per share (revised) 305,438,536 155,134,424 193,400,160 Headline loss per share (pence) (0.0036) (0.68) (0.013)
Headline earnings per share (HEPS) is calculated using the weighted average number of ordinary shares in issue during the period and is based on the earnings attributable to ordinary shareholders, after excluding those items as required by Circular 2/2014 issued by the South African Institute of Chartered Accountants (SAICA).
4. Called up share capital and share premium
Authorised share capital of the company is 200,000,000 ordinary shares of 0.015 euro each and 3,000,000,000 deferred shares of 0.009 euro each.
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Detail of issued capital is as follows:
Number of Ordinary Nominal Share shares Value Premium GBP GBP Balance at 1 January 2014 141,116,691 10,998,282 23,398,853 Shares issued in period (net of expensed for cash) 30, 038, 000 372,711 273,239 Balance at 30 June 2014 171,154,691 11,370,993 23,672,092 Shares issued in period (net of expensed for cash) 103, 074, 066 1,220, 757 231,215 Balance at 31 December 2014 274,238,757 12,591,750 23,903,307 -------------- ----------- ----------- Shares issued in period (net of expensed for cash) 54,660,000* 599,366 1,888,134 -------------- ----------- ----------- Balance at 30 June 2015 328,898,757 13,191,116 25,791,441 -------------- ----------- -----------
*The number of additional ordinary shares issued during the interim reporting period includes 4,090,000 ordinary shares which were issued by the CompanyÕs broker, Hume Capital Limited, which was placed under administration during the same period. The ordinary shares have thus been forfeited in accordance with the CompanyÕs articles of association, effective from 22 June 2015.
Contacts
+27 (0) 83 2606126 Kibo Mining Chief Executive Officer Louis Coetzee plc ------------------- ------------------- -------------------- ------------------------ Andreas Lianos +27 (0) 83 4408365 River Group Corporate Adviser and Designated Adviser on JSE ------------------- ------------------- -------------------- ------------------------ Jon Belliss +44 (0) 207 382 Beaufort Securities Broker 8300 Limited ------------------- ------------------- -------------------- ------------------------ Oliver Morse +61 8 9480 2500 RFC Ambrian Nominated Adviser Limited on AIM ------------------- ------------------- -------------------- ------------------------ Daniel Thšle +44 (0) 203 772 Bell Pottinger Investor and Media 2500 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 Rukwa, which has a significant JORC compliant defined resource (See Table 1 below), and is developing a 250-350MW mouth-of-mine thermal power station, the Mbeya Coal to Power Project (ÒMCPPÓ), previously called Rukwa Coal to Power Project (ÒRCPPÓ), 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 Coal-Power interim study report 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 550,000oz JORC compliant gold Mineral Resource at Imweru Project (See Table 2 below) and a 168,000oz NI 43-101 compliant gold Mineral Resource at the Lubando Project (See Table 3 below) 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 prioritised 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 recognises 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
Technical data
Rukwa Mineral Resource
Table 1 below presents a table showing the Mineral Resource estimate for the Rukwa Coal Project. The table is taken from an NI 43 101-Compliant Report by GEMECS (Pty) Ltd dated April 2012.
Table 1
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 ----------------------------- ---------- -------------
*Kibo holds 100% of the Rukwa Mineral Resource
Imweru Mineral Resource
Table 2 below presents a table showing the Mineral Resource estimate for the Imweru Project at a base case economic cut-off grade for the reporting of the resource of 0.4 g/t. The table is taken from a JORC-Compliant Report by Tetra Tech EBA dated February 2014.
Table 2
Material Cut- Specific Metric Gold Contained Area Type Classification off Gravity Tonnes Short Grade Gold Ounces (g/t) (t) Tons (g/t) (troy) ========= ============= ================== ======== ============ ============ ============ ======== =============== Laterite Indicated 0.40 2.50 131,000 144,000 1.785 8,000 ============= ============================ ======== ============ ============ ============ ======== =============== Saprolite Indicated 0.40 2.50 706,000 778,000 1.387 32,000 ============= ============================ ======== ============ ============ ============ ======== =============== Bedrock Indicated 0.40 2.89 1,895,000 2,089,000 1.043 64,000 ============= ============================ ======== ============ ============ ============ ======== =============== Central Total Indicated 0.40 2.77 2,732,000 3,012,000 1.168 103,000 ========= ============= ================== ======== ============ ============ ============ ======== ===============
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