We could not find any results for:
Make sure your spelling is correct or try broadening your search.
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 | 2,076,515 | 08:00:09 |
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 : 2997C
Kibo Mining Plc
15 October 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: IE00B97C031
("Kibo" or "the Company")
15 October 2015
Mbeya Definitive Mining Feasibility Study - Stage 2: Geotechnical Drill Programme Completed
Kibo Mining plc ("Kibo" or the "Company") (AIM: KIBO; AltX: KBO), the Tanzania focussed mineral exploration and development company, is pleased to announce completion of Phase 1of the Mbeya Definitive Mining Feasibility Study (MDMFS). This is a critical work stream of the final Stage of the broader Mbeya Coal to Power Project, Mining Feasibility Study.
Key highlights
-- 820 meter diamond core drill programme to confirm slope angles of pit design;
-- Metallurgical sampling programme to verify specific coal properties, required for detail design requirements of power station; and
-- Additional data obtained from drill programme to enable restatement of Mbeya Coal Resource, during Phase 2 of MDMFS.
Louis Coetzee, CEO of Kibo Mining, said: "The MCPP, as an integrated project, is persistently growing in stature. This is best reflected in the continued progress we are making towards concluding critical commercial arrangements on the MCPP, to ensure optimal value creation and realization on the Company's flagship asset. These efforts are in turn strongly supported by the ongoing feasibility work that is continuing in parallel, and at pace.
It is clear from the information above and the exciting financial results announced on 12 October that Kibo is entering the final phases of the MDMFS with confidence and significant momentum. During the MDMFS the final mine designs, mine plans and construction planning will be completed in preparation for the construction phase that will follow.
Understanding the context of this announcement as well as the RNS of 12 October is of critical importance. The MCPP is totally dependent on the reliability and sustainability of its fuel source i.e. the Mbeya coal mine. The results announced on 12 October not only confirmed that the mine is technically, operationally and financially robust, but that the MCPP power component has, as a direct result thereof, a solid foundation on which it can be developed."
Background MDMFS; Phase 1
Kibo and its advisers, Minxcon Projects, have now completed Phase 1 of the MDMFS which mostly comprised of a geotechnical drilling programme on the Mbeya coal mine site. 90% of the work scheduled for Phase 1 of the MDMFS consisted of the 820 meter diamond core drill programme. The geotechnical drill programme represents a mission-critical component of the MDMFS. This was required to confirm the ground conditions in and around the final pit position, which in turn determines the final slope angles in the pit design. The final slope angles are an absolute pre-requisite for final and detailed mine design. (The pit position and parameters were determined during Ph2, Stage 1, MDMFS (Pre-Feasibility Study).
The drill programme comprised a total of 8 holes, accurately angled and directed at specific strategic positions to penetrate the pit hanging wall at depths varying from 95 - 120m and totalling 820m. Geotechnical samples were collected from the recovered core and submitted for laboratory analysis and these results will form the basis of the geotechnical input parameters for the final mine design during the MDMFS. Visual assessment of the core re-confirmed all previous geotechnical findings to date.
To accelerate development, the Company designed the geotechnical drill programme to double up as an extensive metallurgical sampling programme as well. The metallurgical analysis to be conducted from the sampling program, will verify specific coal properties that are required for detail design requirements of the MCPP power station component.
Combining the two activities also brought about a significant saving on the MCPP feasibility study budget, due to the fact that a separate drill programme for the purposes of metallurgical testing will now not be required. It also provided a significant amount of new data that will enable a restatement of the Mbeya Coal Resource, during Phase 2 of the MDMFS.
The programme was executed and completed within scope, schedule and budget. Laboratory results are expected within eight weeks.
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 Thöle +44 (0) 203 772 Bell Pottinger Investor and Media / Anna Legge 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 ("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 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 ---------- ----------------- ---------- -------------
(MORE TO FOLLOW) Dow Jones Newswires
October 15, 2015 02:00 ET (06:00 GMT)
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 ========= ============= ================== ======== ============ ============ ============ ======== =============== Laterite Inferred 0.40 2.50 685,000 755,000 1.317 29,000 ============= ============================ ======== ============ ============ ============ ======== =============== Saprolite Inferred 0.40 2.50 1,047,000 1,154,000 1.040 35,000 ============= ============================ ======== ============ ============ ============ ======== =============== Bedrock Inferred 0.40 2.89 7,838,000 8,640,000 1.029 259,000 ============= ============================ ======== ============ ============ ============ ======== =============== Central Total Inferred 0.40 2.82 9,569,000 10,548,000 1.051 323,000 ========= ============= ================== ======== ============ ============ ============ ======== =============== East Total Inferred 0.40 2.70 2,653,000 2,925,000 1.449 124,000 ========= ============= ================== ======== ============ ============ ============ ======== =============== Indicated 0.4 2.77 2,732,000 3,012,000 1.168 103,000 ========================================== ======== ============ ============ ============ ======== =============== Inferred 0.4 2.79 12,222,000 13,473,000 1.137 447,000 ========================================== ======== ============ ============ ============ ======== =============== Imweru Property Combined Total (inf+ind) 0.4 2.79 14,954,000 16,485,000 1.143 550,000 ======================== ================== ======== ============ ============ ============ ======== ===============
*Kibo holds 90% of the Imweru Mineral Resource
* Total estimates are rounded, based on composites capped at 26 g/t gold at Imweru Central and 25 g/t at Imweru East, the cut-off grade is based on a gold price of US$1,200 and a 90% metallurgical recovery is assumed in calculation of cut-off grade. A base case of 0.40 g/t has been selected.
** Classification of Mineral Resources incorporates the terms and definitions from the Australian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code) published by the Joint Ore Reserve Committee (JORC)
Lubando Mineral Resource
Table 3 below presents a table showing the Mineral Resource estimate for the Lubando Project at a base case economic cut-off grade for the reporting of the resource of 0.5 g/t Au. The table is taken from an NI 43 101-Compliant Report by EBA Engineering Consultants Limited (now part Tetra Tech EBA) dated August 2009.
TABLE3: LUBANDO MINERALRESOURCE SUMMARY - BASECASE* ------------------------------------------------------------------------------------------------------- East Zone East Zone Category West Zone South East Zone North Total Mid --------------------------- -------------- ------------- ------------- ------------- ------------- Measured Resource --------------------------- -------------- ------------- ------------- ------------- ------------- Measured Resource(t) 107,900 4,880 16,900 54,440 184,150 --------------------------- -------------- ------------- ------------- ------------- ------------- Grade(g/t) 1.69 2.52 1.72 2.48 1.95 --------------------------- -------------- ------------- ------------- ------------- ------------- Total Gold(oz) 5,900 400 950 4,340 11,500 --------------------------- -------------- ------------- ------------- ------------- ------------- Indicated Resource --------------------------- -------------- ------------- ------------- ------------- ------------- Indicated Resource(t) 280,710 18,330 61,000 149,350 509,420 --------------------------- -------------- ------------- ------------- ------------- ------------- Grade(g/t) 1.61 2.23 1.89 2.73 1.99 --------------------------- -------------- ------------- ------------- ------------- ------------- Total Gold(oz) 14,500 1,300 3,700 13,120 32,600 --------------------------- -------------- ------------- ------------- ------------- ------------- Inferred Resource --------------------------- -------------- ------------- ------------- ------------- ------------- Total Resource(t) 1,090,000 65,470 209,340 535,330 1,900,140 --------------------------- -------------- ------------- ------------- ------------- ------------- Grade(g/t) 1.27 1.56 3.34 3.13 2.03 --------------------------- -------------- ------------- ------------- ------------- ------------- Total Gold(oz) 44,550 3,300 22,500 53,900 124,200 --------------------------- -------------- ------------- ------------- ------------- -------------
*Kibo holds 90% of the Lubando Mineral Resource
* Numbers are rounded. Composites capped at 10.85g/t gold. Cut-off grade of 0.5 g/t gold based on a gold price of US$850/oz and assumed 100% metallurgical recovery.CIM definitions were followed for Mineral Resources.
Pursuant to the terms of an inherited agreement with Barrick East Africa Exploration LTD (BEAL), Kibo currently has an effective 90% interest in the Imweru and Lubando Project (and thus a 90% attributable interest in the Imweru and Lubando Mineral Resources shown in Table 2 and 3 above), with Barrick having a 10% carried interest up to a decision to mine at which point they have to contribute or be diluted to a 2% net smelter royalty. BEAL also has a first right of refusal pursuant to which they can buy the 90% interest in the project at an agreed market related value after completion of a Bankable Feasibility Study. Kibo remains the operator of the project.
Review by Qualified Persons
(MORE TO FOLLOW) Dow Jones Newswires
October 15, 2015 02:00 ET (06:00 GMT)
1 Year Kibo Energy Chart |
1 Month Kibo Energy Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions