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
(MORE TO FOLLOW) Dow Jones Newswires
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 -
(MORE TO FOLLOW) Dow Jones Newswires
September 30, 2015 03:00 ET (07:00 GMT)
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.
(MORE TO FOLLOW) Dow Jones Newswires
September 30, 2015 03:00 ET (07:00 GMT)
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
========= ============= ================== ======== ============ ============ ============ ======== ===============
(MORE TO FOLLOW) Dow Jones Newswires
September 30, 2015 03:00 ET (07:00 GMT)
Kibo Energy (LSE:KIBO)
Historical Stock Chart
From Mar 2024 to Apr 2024
Kibo Energy (LSE:KIBO)
Historical Stock Chart
From Apr 2023 to Apr 2024
