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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
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| Kiwara | LSE:KIW | London | Ordinary Share | GB0007702953 | ORD 1P |
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| 0.00 | 0.00% | 77.50 | 0.00 | 01:00:00 |
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| - | O | 0 | 77.50 | GBX |
Kiwara (KIW) Share Charts1 Year Kiwara Chart |
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1 Month Kiwara Chart |
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| Date | Time | Title | Posts |
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| 30/12/2009 | 17:30 | Kiwara with charts | 98 |
| 19/8/2009 | 12:50 | KIW KIWARA NAME CHANGE FROM WADHARMA | 1 |
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Posted at 23/11/2009 12:19 by robizm it depends on the price of first quan shares as well |
Posted at 23/11/2009 07:19 by dodgydd RNS Number : 8893CKiwara PLC 23 November 2009 www.first-quantum.co www.kiwara.co.uk JSE - KWR AIM - KIW ISIN - GB0007702953 23 November 2009 Kiwara plc ("Kiwara" or the "Company") First Quantum MINERALS TO ACQUIRE KIWARA PLC cash AND EQUITY transaction valued at APPROXIMATELY us$260.2 MILLION (All dollar amounts are expressed in United States dollars, except as otherwise indicated where GBP = British pounds; Cdn.$ = Canadian dollars) First Quantum Minerals Ltd. ("First Quantum", TSX Symbol "FM", LSE Symbol "FQM") and Kiwara PLC ("Kiwara", LSE AIM Symbol - "KIW", JSE Symbol "KWR") are pleased to announce that they have entered into an implementation agreement pursuant to which First Quantum will acquire the entire issued share capital of Kiwara (the "Offer") by way of a scheme of arrangement (the "Scheme"). Pursuant to the Scheme, Kiwara shareholders will receive 0.0085 First Quantum shares and GBP0.375 for every Kiwara share held. The implied value of the purchase price is GBP0.75 per Kiwara share based on an agreed market price of £43.68 for one First Quantum share on the LSE. This represents a 41.5% premium to the closing price of Kiwara's shares on AIM on November 20, 2009, and a 35.5% premium to the volume-weighted average trading price of Kiwara shares on AIM for the 20 trading days ended November 20, 2009. In total, the cash and equity transaction is valued at approximately US$260.2 million (GBP157.6 million) and is expected to result in the issuance of approximately 1,884,448 million new First Quantum shares. First Quantum has approached each director of Kiwara and Cardiff Property plc, City National Resources High Yield Trust, Derek Joseph, New African Mining Fund, Geiger Counter and Ian Reynolds holding approximately 76.05% of the issued share capital of Kiwara who have irrevocably undertaken to vote in favour of the Scheme subject to certain exceptions. The board of directors of Kiwara considers that the Offer is fair and reasonable and unanimously recommends that Kiwara shareholders vote in favour of the Offer. The board of directors of Kiwara has retained Moore Stephens Corporate Finance (Moore Stephens (Johannesburg) Corporate Finance (Pty) Limited) as an independent expert to advise it on the fairness of the Offer as it relates to Kiwara shareholders. The opinion of the independent expert will be disclosed to Kiwara shareholders in due course. Commenting on the transaction, Mr. Colin Bird, Chairman of Kiwara said, "In the evolution of a major mining project, management is constantly faced with matching progress with overall resource capacity. Kiwara has recognized that the Kalumbila project and indeed the licence area in general, has potential well in excess of our current resource capability. This transaction with First Quantum puts the project into a management team with a proven track record to implement major projects on time and to specification. The Board therefore has no hesitation in recommending this transaction consisting of cash and shares with the knowledge that best industry practice will be applied throughout. The directors and management of Kiwara wish First Quantum all the success in their ongoing development of what has the potential to become a very significant mine." Mr. Philip Pascall, Chairman and Chief Executive Officer of First Quantum noted, "This transaction is consistent with First Quantum's strategy of acquiring projects to which we can add value by applying our considerable technical expertise. In addition, we believe our many years of successful operations in the Copperbelt and Zambia in particular will be beneficial in the development and eventual operation of the new assets." About the Transaction The Offer will be implemented by way of a scheme of arrangement (the "Scheme") in accordance with Part 26 of the UK Companies Act of 2006, as amended, to be proposed by Kiwara between Kiwara and its shareholders ("Scheme Members"). A circular containing the terms of the Offer is expected to be posted to the Kiwara shareholders by December 18 2009. The meeting of Scheme Members to approve the Scheme is expected to be held on January 11, 2010 and the general meeting of Kiwara shareholders to approve and implement the Scheme and approve such other matters necessary or desirable for the purposes of implementing the Scheme is expected to be held on January 11, 2010. The High Court of England and Wales hearing to sanction the Scheme is expected be held on January 28, 2010 and subject to the satisfaction or waiver of the conditions to the Scheme becoming effective, the Scheme is expected to become effective by January 29, 2010. The Scheme contains customary non-solicitation provisions and the agreement that a compensation fee of GBP1.7 million will be payable by Kiwara to First Quantum if the Offer does not proceed for reasons relating to Kiwara and a compensation fee of GBP2.0 million will be payable by First Quantum to Kiwara if the Offer does not proceed for reasons relating to First Quantum. Details regarding these and other terms of the transaction are set out in the circular, which once posted to shareholders, will also be available on Kiwara's website at www.kiwara.co.uk. All shareholders are urged to read the circular once it becomes available as it will contain additional important information concerning the transaction. Kiwara's advisors in connection with the transaction are: Financial adviser: FinnCap Nominated adviser: FinnCap Legal adviser in the UK: Fasken Martineau LLP Legal adviser in South Africa: Eversheds JSE Sponsor: Sasfin Capital Independent expert Moore Stephens First Quantum's advisors in connection with the transaction are: Legal adviser in the UK: McCarthy Tetrault Legal adviser in Canada: McCarthy Tetrault About Kiwara Kiwara is a mineral exploration and development company, focusing on base metals in Zambia. The company's asset is a controlling interest in mineral prospecting licences (the "Licence Area") on the periphery of the Kabombo Dome in North Western Province, Zambia. Kiwara has a market capitalization of approximately GBP105.4 million based on the closing price of GBP0.53 per Kiwara share on AIM on November 20, 2009. The Licence Area includes the Kalumbila Copper deposit. On October 21, 2009, Kiwara announced the first results of its in-fill drill program at Kalumbila. The program is part of a study by Snowden Mining Consultancy to advise on a pre-feasibility study at Kalumbila. The initial focus of the study is to establish an indicated resource on the open-pittable mineralization identified by drill results to date. Also contained in the Licence Area are the Kawako Nickel prospect and the Kawanga Uranium prospect. Preliminary drilling carried out to date suggests that both prospects have significant upside potential. For further information, please visit www.kiwara.co.uk or contact: Colin Bird, Chairman at +27 (0) 11253 3280 Peter Vivian-Neal at +260 (0) 211 257453 About First Quantum First Quantum is a growing mining and metals company engaged in mineral exploration, development and mining. The company produces LME grade "A" copper cathode, copper in concentrate, gold and sulphuric acid. First Quantum's shares are listed for trading on the TSX (symbol: FM) and the LSE (symbol: FQM). The company has a market capitalization of approximately GBP3.4 billion based on the closing price on the LSE on November 20, 2009. First Quantum's assets in Zambia include the 80% owned Kansanshi open pit copper-gold mine, the 100% owned Fishtie copper project and the 100% owned Bwana Mkubwa SX/EW facility and sulphuric acid plants. First Quantum also holds strategic investments in Mopani Copper Mines (16.9%), operator of the Nkana underground copper mine and cobalt refinery and the Mufulira underground copper mine, smelter and copper refinery, as well as Equinox Minerals Ltd. (16.32%), a publicly-traded company that operates the Lumwana copper mine. In the Democratic Republic of Congo, First Quantum operates the 95% owned open pit Frontier copper mine and holds a 65% ownership in the Kolwezi copper-cobalt tailings project. In Mauritania, First Quantum operates the 80% owned Guelb Moghrein copper-gold mine. In Finland, the Company owns the 100% Kevitsa nickel-copper-PGE project. On Behalf of the Board of Directors First Quantum Minerals Ltd. Kiwara Plc G. Clive Newall Colin Bird President Executive Chairman 12g3-2b-82-4461 Listed in Standard and Poor's Enquiries: Colin Bird Kiwara plc Tel: +27 (0) 1125 3280 Clive Newall First Quantum Minerals Ltd Tel: +44 140 327 3484 Peter Vivian-Neal Kiwara plc Tel: +260 (0) 211 257453 Sharon Loung First Quantum Minerals Ltd Tel: +1 647 346 3934 or +1 888 688 6577 Matthew Robinson / Clive Carver / Ed Frisby FinnCap Tel: +44 (0) 20 7600 1658 Simon Hockridge Hogarth Partnership Ltd. Tel: +44 (0) 20 7357 9477 Brian Chistie Sasfin Capital Tel: +27 (0) 11 809 7500 Suzanne Johnson-Walsh Bishopsgate Communications Tel: +44 (0) 20 7562 3350 |
Posted at 26/8/2009 11:30 by addict Surprised to see such a muted response in the share price on this update.Huge momentum building here IMO.DYOR |
Posted at 19/8/2009 12:50 by ashinvestor09 Am I the only one holding this share?..anyone else .please share if you have any info on this share.This has been upgraded as buy by Fincapp and Ambrian..Fincapp has a target price of 79. |
Posted at 21/7/2009 10:33 by jakes114 Very quiet here, a contact from the industry believes that this one has great potential despite more drilling work to be done and that eventually it will be bought out.A report out yesterday from RBS research on copper considers that 2011 will see a shortfall in copper production worldwide providing a boost to copper price Kiwara will be in a prime position by that time if not already bought out. This one is for the patient Jakes |
Posted at 03/2/2009 12:38 by share_shark Here we are folks. I am not a holder.Recommended today. From UK.An. thomas.jones@t1ps.co 020 7562 3371 Kiwara Plc* Two Potential Company Makers: Speculative Buy at 14p Key Data EPIC KIW Share Price 14p Spread 12p -16p Total no of shares 174.4 million Market Cap £24.4 million 12 Month Range 14p 25p Net Cash £1 million Market AIM Website www.kiwara.co.uk Sector Industrial Metals Contact Colin Bird, Chairman Tel: +44 (0)207 581 4477 AIM and JSE listed Kiwara has demonstrated during the past three months that it has two potentially company making prospects in Zambia a nickel discovery at Kawako and the Kalumbila copper project where a SAMREC (South African Mineral Resource and Mineral Valuation Committee) compliant resource estimate is likely to be delivered within two months. The company has a solid balance sheet with sufficient cash to fund most of its 2009 operations and an experienced management team well positioned to create value and incentivised via significant personal equity holdings. Kiwara's operations in Zambia are owned via an 80% interest in a joint venture with LM Engineering Ltd, Kalumbila Minerals (Kalumbila-M). Kalumbila Minerals holds the exploration rights to a 2,842 square kilometre licence in the North West of the country covered by Ministry of Mines Prospect Licence 267. Kiwara built its interest in the joint venture through an earn-in agreement that required US$2.2 million be spent on exploration. Licence 267 and the surrounding area are historically known to contain copper, nickel, cobalt, iron ore and uranium, and although the licence is due to expire in September 2009, the Zambian Mining Act allows further renewals. Kalumbila-M is currently focused on 3 projects within licence 267 Kawako, Kalumbila and Kawanga. The recent nickel discovery at Kawako means that it must be regarded as the most interesting project/target. Sitting 12 kilometres North West of Kalumbila the presence of nickel had been confirmed through soil geo-chemistry and the assaying of rock chips. However, recent drilling results show long intersections of high grade nickel high close to the surface. The two drill holes assayed so far are wide apart and both mineralised, suggesting the possibility of a large deposit. An infill drilling programme is now being scheduled. While it is still early days, the potential of the site is clear, and with few new major nickel discoveries having made in recent years, Kawako has the clear potential to be a company maker. Kalumbila is at a more advanced stage of exploration with 31 bore holes drilled by previous operator Roan Selection Trust (RST) and Kiwara having drilled 31 core holes and 20 Reverse Circulation (RC) bore holes of its own. Showing good results for copper and cobalt, the Company is currently completing a JORC compliant inferred resource estimate which we expect to be announced in March 2009 and will precede a scoping study. Kawanga is a uranium play which Kiwara is currently re-assessing following completion of an initial drill programme as well as conducting various geological surveys. Although at an early stage, the exploration programme aims to establish a SAMREC compliant U308 mineral resource and subsequent pre-feasibility study. Kiwara is rapidly progressing its activities at Kalumbila with an extensive drilling programme pushing for a JORC compliant resource estimate in early 2009. Kawako has received more attention given its recent exciting discoveries but is less advanced in terms of its development, while Kawanga, being the least developed prospect, remains an interesting play on Uranium. The key point is that there are strong indications that both of the two most advanced prospects will be commercially viable and both have the potential to be 'company makers'. Valuations across the junior mining sector have been depressed in recent months and Kiwara has not escaped completely unscathed, although the dramatic progress made on both of its lead prospects has limited the damage. The potential of either is not discounted in the current share price and, at 14p, our stance is speculative buy. |
Posted at 26/9/2008 11:08 by vanbrussel Kiwara Could Be Sitting On Top Of The Next Voisey's BayMinesite London by Alastair Ford (September 25, 2008) In these bleak markets there have lately been two types of share price graph much in evidence for junior miners: the difference has been whether traders have chosen to send any given company into inexorable decline or into an outright tailspin. On a first pass, Kiwara's shares look as though they've had the somewhat dubious privilege of falling into the former rather than the latter category. Certainly that was the impression over the summer. But there's been a recent and highly significant spike. What's more, if you go back the full twelve months a simple salient fact glares out at you. Kiwara is actually up on the price it first traded at following its listing in the autumn of 2007. And not only is it up, it's up by roughly 20 per cent. Now that's not bad going in this market. How many other mining companies are showing a gain of 20 per cent over the last 12 months? None spring to mind, but readers are welcome to email in with their own happy stories we could do with a few more right now. So how has Kiwara managed to keep its head above the water? There are many ways to answer that question. The simplest answer is a near-surface intercept of 53.5 metres grading 1.07% nickel. That's a result you don't see every day. You don't see it many times in a decade. But for precisely that reason, it's worth taking a deeper look at Kiwara's makeup to see how the company got here, and in particular at the experience of the man at the top, chairman Colin Bird. Not only is Colin a seasoned mining veteran who boasts on his CV stints at Anglo American Coal and Costain and time as the mine manager at the Selebi Phikwe nickel copper mine, but he also knows a thing or two about financial markets, sitting, as he does, at the top of the tree at Lion Mining Finance. He also runs Jubilee Platinum, and as such is well-known in London and Johannesburg, and well-liked. He's also a very good promoter, so good that it takes you a long time to realise it. Nonetheless, Kiwara shares haven't spiked because of Colin's promotional abilities. These are not markets that respond well to froth and empty rhetoric. What Kiwara really owes to Colin is his vision in putting the company on the ground in north-west Zambia, which, he says, is a region that may one day replace the established Copperbelt to the east as the key mining area in Zambia. Less than 40 kilometres away from Kiwara's properties, Equinox have already got the ball rolling at the Lumwana copper project, which is currently working through the last of a few teething issues before commissioning can be completed next year. The northwest of Zambia has been recognised as prospective for many a year. The way Colin tells it, though, the occurrences and grades were there, but the grades were nevertheless on the lower side of attractive, and, which was more of a project killer back in the day, there was no ability to handle oxides and transitional metals. "Paradoxically", says Colin, "that's now what we want". So Kiwara staked its ground on the premise of prospectivity for base metals, and took some historic numbers on a uranium prospect on the ground as a nice little bonus to tuck away for later. At the moment there are two key mineralised zones that are taking up the bulk of Kiwara's time: the Kalumbila copper prospect, formerly drilled by Anglo on a hunt for nickel, and the Kawako nickel prospect, which was also investigated by Anglo in a campaign in the mid 1990s, the results of which are unknown. We know the results of Kiwara's own drilling on Kawako, though we've just quoted the best of the results above. It's that intercept which really set the markets alight, in a month where good news has been thinner on the ground than the hairs on Colin's head. Not only has the company intercepted that 53 metre intercept at 1.07% nickel and let's be clear, this is a sulphide orebody we're talking about, not a pesky laterite but within that there was also just over 20 metres at 2.16% nickel. A second drill hole 870 metres away from the first showed up 5.58 metres grading 3.2 per cent nickel, and separately and slightly further down, also delivered a second intercept of just under 11 metres grading 6.73% nickel. Well.... it's early days yet, but the whisper understandably goes round London that the likes of these intercepts haven't been seen since the early exploration news was coming out of Voisey's Bay, a project that was eventually sold off in a multi-billion dollar deal. That stacks up well against Kiwara's modest £35 million market capitalisation, and is a nice chip in the game for Colin to hold onto when he comes to think about future funding. For the immediate term, Kiwara isn't in dire straits. Cash in the bank stands at around £1.5 million, so that should be enough to keep the lights on, and the dreams alive. What Colin would really like, though, is a chunk of funding of the order of £4 million or so to get the drills really turning, though he's not fool enough to think that he'll get that on the equity markets at the moment. The likelihood is that Kiwara will look for a strategic partner to come in at a premium to the market place. Wishful thinking? Well, one or two such deals have been done in the very recent past think Kalahari, AusQuest and Goldminex, as also reported on Minesite today and Colin himself has also delivered a similar deal to Jubilee in days gone by. RAB has never been on the register, so the Philip Richards sword of Damocles won't be hanging over anyone who comes in. Indeed the Philip Richards affair might all be done and dusted by that time, given that RAB's crucial meeting is due on 29th September, and so the market may already washing out another weak link by the time Colin signs up his partner. It will take a little while to get going on Kawako, though, as the rainy season starts in November, and while the rains didn't hold up drilling too much last year, with the money not yet in place it will be a while before we get any further inkling as to whether the next Voisey Bay is actually in the northwest of land-locked Zambia or not. So anyone in a hurry for news should rest assured that an inferred resource on the Kalumbila copper project, prepared in consultation with Snowden, is due out in February. So far, says Colin, Kalumbila has shown good grades over good widths. But looking ahead, unless Kalumbila can match the quality of results that Kiwara is hoping for from Kawako, it very much looks as though Zambia's new Copperbelt might be something of a Nickelbelt too. We shall see. |
Posted at 23/9/2008 10:44 by anna faelten Hey All, here is a GECR note on Kiwara [url= , out today. I should declare the Kiwara is a corporate client of RSH, for whom I work, but I thought this note would be of interest.Kiwara* Kawako Drill Results a company maker? Strong buy at 23.5p. Key Data EPIC KIW Share Price 23.5p Spread 22p-25p Total no of shares 160 million Market Cap £37.6 million 12 Month Range 15-35p Net Cash £1.5 million NMS 2,000 Market AIM Website www.kiwara.co.uk Sector Industrial Metals Contact Colin Bird, Chairman Tel: 0207 581 4477 AIM and JSE listed Kiwara has today announced its initial drilling results from its Kawako prospect in Zambia which raise the very real possibility that this nickel find could be a company maker. On the basis of two boreholes one cannot draw firm conclusions or valuations but the potential is clear and the shares have already surged by more than 50% on the news. However there is still huge potential upside and on the basis of today's results we initiate our coverage with a stance of strong buy at 23.5p and will be publishing a second, more detailed, note shortly. These early results suggest that Kiwara's shares have the potential, even in the current climate, to multiply in value. Kiwara was formed after the reverse takeover by AIM listed Wadharma Investments Plc of Kiwara Resources Ltd. The new entity reincorporated as Kiwara Plc in August 2007 and obtained a secondary listing on the JSE in April 2008. Kiwara operates in Zambia in a joint venture with LM Engineering Ltd in which it has an 80% interest. The venture known as Kalumbila Minerals owns the exploration rights to Licence 267, a 3,500 square kilometre licence in the North West of Zambia. The company's interest in the licence was obtained via an earn-in agreement with the conditions that around £2.3 million be spent on the licence predominantly via an exploratory drilling programme. The area in and around Licence 267 is known to contain copper, nickel, cobalt, iron ore and uranium, and although the company's exploration licence is due to expire in September 2009, the company's current and proposed activity comfortably meets the activity programme necessary to renew the licence. Kiwara is currently focused on 3 projects within licence 267 Kalumbila, Kawanga and Kawako. Kalumbila has over 8 kilometres of strike along which 40 drill holes have been sunk. The highlights of the campaign to date are 224 metres at 0.59% copper and 0.04% cobalt, (including 39 metres at 1.25% copper and 0.024% cobalt), 55 metres at 1.15% copper and 46.3 metres at 1.39% copper. Understandably the company is excited by these results which have been achieved close to the surface. The next steps are to define a compliant inferred resource, before a scoping study details the project's economics. Kawanga is a uranium prospective site which was identified in the early 1970's by Italy's AGIP. Access to the historical database is yet to be obtained, so Kiwara is re-drilling the known mineralization together with conducting a ground radio-metric survey. The highlights of the drilling program to date were 6 metres at 0.118% U308 and 1 metre at 0.87% U308. The ongoing exploration work hopes to establish a SAMREC compliant U308 mineral resource, which if obtained will lead to pre-feasibility studies being undertaken in 2009. However it is now Kawako which is the focus of attention. The world has not seen a major nickel find for many years and as such any large discovery is bound to attract real interest. Kawako is located 12 kilometres North West of Kalumbila, and Kiwara had already established the presence of nickel through soil geo-chemistry and the assaying of rock chips. Today's announcement shows high grades of nickel with the longest intersections of 53.5 metres at 1.07% nickel, 10.87 metres at 6.73% nickel and 5.58 metres at 3.2% nickel. The 10.87 metre intersection included exceptionally highly concentrated lengths of 1.2 metres at 17.41% nickel and 0.93 metres at 15.37% nickel. The two drill holes announced today KW1 and KW1 are 870 metres apart, which when combined with their near-surface status and high grades, means that - if infill drilling confirms a continuity of strike - this prospect could well become a large open pit mine. The first two results have prompted Kiwara to instigate an accelerated drill program to further delineate and categorise the resource. While Kalumbila was the company's leading project, today's announcement at Kawako has caused the company to re-think its strategy. Given the high nickel grades, distance between drill results and proximity to the surface, the potential for a major nickel discovery is very real. While the company is currently only sitting on about £1.5 million in cash, the nickel announcement has come at a good time as it is certain to ensure that any capital raising to accelerate exploration work is well supported. GE&CR will be writing a more detailed note on the company shortly, but even heavily discounting the potential value of Kawako to account for the modest data accumulated to date, the shares looks materially undervalued. This prospect has the potential to be a company maker and at 23.5p we rate the shares as a strong buy. Forecast Table Year to 31st Mar Sales (£ Million) Pre-tax Profit (£ Million) Earnings Per Share (p) Price Earnings Ratio Dividends Per Share (p) Dividend Yield (%) 2007A 0 (0.07) (0.28) NA 0 0.0 2008A 0 (0.15) (0.08) NA 0 0.0 2009E 0 (0.4) (0.25) NA 0 0.0 2010E 0 (0.8) (0.5) NA 0 0.0 Anna Faelten Rivington Street Holdings |
Posted at 27/5/2008 08:43 by pre Drilling UpdateRNS Number : 2132V Kiwara PLC 27 May 2008 JSE * KWR AIM * KIW ISIN * GB0007702953 27 May 2008 Kiwara plc ("Kiwara" or the "Company") Drilling Update - Kiwara encounters wide intersections of potentially open pittable copper mineralisation The board of Kiwara, a Zambian based exploration company, is pleased to announce further significant results from its ongoing drilling programme on the Kalumbila base metals target. Highlights: * Drill Hole L29 assayed 1.15% copper over 55 m intersection * Strike length currently in excess of 2 km * Soil sampling indicate similar potential over 5 km * Holes L28 and L30 return good bulk mining grades Kalumbila Drilling Update: L29 was diamond drilled 70 m south and "up-dip" of the Reverse Circulation hole LR3 which assayed 0.66% copper over 36 m from a depth of 24 m (announced 29 January 2008). The selected results of L29 are: Depth Intersection Copper (m) (m) % 106 9 0.63 124 55 1.15 The Company is drilling further up-dip of L29 to test how close the mineralised body comes to surface. Concurrently the Company is drilling along strike, to test for continuity of the potential 11 km strike length. Hole L28 was drilled 2.1 km east of L29 and L30 was drilled on section with L28. Both holes intersected good copper mineralisation and in the case of L28 significant values of nickel and cobalt Results of L28 and L30 D/H Depth Intersection Copper* Nickel* Cobalt* (m) (m) % % % L28 114 9 - 0.25 0.17 139 14 0.68 - - 219 8.5 0.77 - - L30 53 14 0.7 - - * weighted average Alfred H Knight of Kitwe, Zambia an internationally accredited laboratory (SANAS, UKAS, QMS) carried out the assays of the core samples from these drill holes. Colin Bird (Chairman) said: 'The results from these boreholes are very positive, especially in the case of L29, and support the Company's earlier comments as to the potential for near surface copper at Kalumbila. The Company will aggressively pursue these targets with the objective of developing a resource and proceeding to feasibility study." About Kiwara: Kiwara is an exploration company with a focus on base metals in the Republic of Zambia, which is a major copper producing country. Kiwara, through its majority owned subsidiary, Kalumbila Minerals, holds Prospecting Licence 267 which is within the Kabompo Dome in North Western Zambia, a complex poly-metallic geological feature, thought to contain abundant multi metal targets. This is within the area considered to be the western extension of the Copperbelt, an increasingly significant mining area that contains the new Kansanshi and Lumwana copper mines. For further information, please contact: Kiwara Plc Tel: +44 (0)207 581 4477 Colin Bird, Chairman Peter Vivian-Neal, Chief Executive Officer Tel: +260 (0) 211 293899 Investec Bank, Johannesburg Robert Smith Tel: +27 (0) 11 286 7326 Investec Bank (UK) Limited Tel: +44 (0) 20 7597 5000 Gerard Kisbey-Green / Jan Bosch Bishopsgate Communications Ltd Tel: +44 (0)20 7562 3366 Nick Rome This information is provided by RNS The company news service from the London Stock Exchange END |
Posted at 08/5/2008 08:10 by pre This is very good news indeed:-)))Iron Ore JV RNS Number:9281T Kiwara PLC 08 May 2008 JSE - KWR AIM - KIW ISIN - GB0007702953 8 May 2008 KIWARA PLC ('Kiwara" or the "Company') Kiwara negotiates Iron Ore JV Kiwara, the Zambian based mining exploration Company, is pleased to announce that Iron Ore, historically identified in the Kalumbila area now forms part of its joint venture agreement with LM Engineering Ltd. Kiwara will pay LM Engineering US$100,000 to add Iron Ore to the joint venture, which currently includes copper, nickel, cobalt, uranium and platinum group metals (PGMs). Highlights: * Iron Ore now integral to the Kalumbila joint venture * Kalumbila concession is known to host significant areas containing Iron Ore. Historic results indicate grades in excess of 60% Fe * The licence area includes large unexplored targets for Iron Ore Previous work done on the concession relating to Iron Ore During the early 1970's, the Yugoslavians targeted what is now the Company's Prospecting Licence 267 area in the Kabompo region of north west Zambia as the source of Iron Ore for their proposed steel mill. This area is known to contain a large number of discrete Iron Ore outcrops with grades ranging between 57% and 69% Fe. The original Prospecting Licence 267 issued to LM Engineering included Iron Ore, in addition to Copper, Nickel, Cobalt, Uranium, PGMs and limestone. However, the original joint venture between Kiwara and LM Engineering excluded both Iron Ore and limestone for which LM Engineering retained the option to develop independently. Kiwara and LM Engineering have entered into an agreement whereby Iron Ore is now included on the same terms as the original agreement. In consideration for this inclusion of Iron Ore, Kiwara will pay LM Engineering Ltd a total of US$100,000 in three instalments payable as follow: US$50,000 immediately, US$25,000 on 31 August 2008 and US$25,000 on 31 March 2009. The Kalumbila joint venture is currently owned 20% by LM Engineering, 5% by Kashengeneke Ltd and 75% by Kiwara's Zambian subsidiary Kiwara Resources (Zambia) Ltd. Following Kiwara's expenditure of US$2,200,000 the Company has the right to an additional 5%. Colin Bird, Chairman of Kiwara plc, commented: "It is well established that the region is highly prospective for Iron Ore. The decision by LM Engineering to include Iron Ore in the JV is a further indication of the strength of team work and common direction of the partners. "The inclusion of Iron Ore has the potential to significantly enhance shareholder value and it is the Company's intention to commence exploration on the Iron Ore targets as soon as is reasonably possible". For further information, please contact: Kiwara Plc Tel: +44 (0)207 581 4477 Colin Bird, Chairman Peter Vivian-Neal, Chief Executive Officer Tel: +260 (0) 211 293899 Investec Bank, Johannesburg Robert Smith Tel: +27 (0) 11 286 7326 Investec Bank (UK) Limited Tel: +44 (0) 20 7597 5000 Gerard Kisbey-Green / Jan Bosch Bishopsgate Communications Ltd Tel: +44 (0)20 7562 3366 Nick Rome This information is provided by RNS The company news service from the London Stock Exchange END |
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