Kibo Mining Plc MCPP: PDFS - Review Completed and Share Issue (7751W)
April 29 2016 - 3:00AM
UK Regulatory
TIDMKIBO
RNS Number : 7751W
Kibo Mining Plc
29 April 2016
Kibo Mining Plc
(Incorporated in Ireland)
(Registration Number: 451931)
(External registration number: 2011/007371/10)
Share code on the JSE Limited: KBO
Share code on the AIM: KIBO
ISIN:IE00B97C0C31
("Kibo" or "the Company")
29 April 2016
Mbeya Coal to Power Project: Power Definitive Feasibility Study
- Review Completed and Share Issue
Kibo Mining plc ("Kibo" or the "Company") (AIM: KIBO; AltX:
KBO), the Tanzania focused mineral exploration and development
Company is pleased to announce that:
-- The review of the Mbeya Coal to Power Project's ("MCPP")
Power Definitive Feasibility Study ("PDFS") has been completed. The
final and official PDFS report will be delivered to the Company's
CEO on Monday 2 May 2016, during a scheduled project meeting with
Tractebel Engineering.
-- Kibo has also today issued 180,778 new Ordinary Kibo shares
of EUR0.015 par value each in the capital of the Company at 4.88p
per share ("Settlement Shares") in settlement of recent invoices
from service providers for geological and investor relations
services to the Company. These Settlement Shares are in respect of
invoices totalling GBP8,822. Application will be made for the
Shares to be admitted to trading on AIM and the JSE AltX markets.
Trading in the Shares is expected to commence on AIM and the JSE on
or around 3rd May 2016 ("Admission"). On completion of Admission
the Company will have 351,605,538 shares in issue.
Louis Coetzee, CEO of the Company, commented today: "We are
extremely pleased to have completed the PDFS on schedule and within
budget. The PDFS constitutes the most important component of the
MCPP and is the foundation for the MCPP's entire business case.
This milestone in the development of the MCPP is a critical
achievement in advance of the financial close.
We look forward to updating the market on the PDFS results upon
receipt of the official PDFS report next week."
Contacts
+27 (0) 83 Kibo Mining Chief Executive
Louis Coetzee 2606126 plc Officer
------------------ ------------ --------------- -------------------
Andreas Lianos +27 (0) 83 River Group Corporate Adviser
4408365 and Designated
Adviser on JSE
------------------ ------------ --------------- -------------------
Jon Belliss +44 (0) 207 Beaufort Broker
382 8300 Securities
Limited
------------------ ------------ --------------- -------------------
Oliver Morse +61 8 9480 RFC Ambrian Nominated Adviser
2500 Limited on AIM
------------------ ------------ --------------- -------------------
Daniel Thöle +44 (0) 203 Bell Pottinger Investor and Media
/ Anna Legge 772 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 Mbeya, which has a
significant NI 43-101 compliant defined resource, and is developing
a 250-350 MW mouth-of-mine thermal power station, the Mbeya Coal to
Power Project ("MCPP"), previously called Rukwa Coal to Power
Project ("RCPP"), with an established management team that includes
Standard Bank as Financial Advisor. Kibo is undertaking a Coal
Mining Definitive Feasibility Study and a Power Pre-Feasibility
Study for the Mbeya project with an integrated Bankable Feasibility
Study report for the MCPP to be released in the near term. On
20(th) April 2015, Kibo signed a Joint Development Agreement for
the completion of the Definitive Feasibility Studies and
development of the MCPP with China based EPC contractor SEPCO
III.
The Company also has extensive gold focused interests including
Lake Victoria Goldfields and Morogoro projects. At Lake Victoria,
the Company has projects with a 550,000 oz. JORC compliant gold
Mineral Resource at Imweru Project and a 168,000 oz. NI 43-101
compliant gold Mineral Resource at the Lubando Project in which the
Company holds a 90% attributable interest. The Company is currently
undertaking a Definitive Feasibility Study on its Imweru
Project.
Kibo also holds the Haneti Project on which the latest technical
report confirms prospectivity for nickel, PGMs, gold and strategic
metals including lithium.
Kibo Mining further holds the Pinewood (coal & uranium)
project where the company has entered into a 50/50 Exploration
Joint Venture with Metal Tiger plc.
Finally, the Company also holds the Morogoro (gold) project
where the company has also entered into a 50/50 Exploration Joint
Venture with Metal Tiger plc.
The Company's projects are located in the established and gold
prolific Lake Victoria Goldfields, the emerging goldfields of
eastern Tanzania and the Mtwara Corridor in southern Tanzania where
the Government has prioritized infrastructural development
attracting significant recent investment in coal and uranium. The
Company has a positive working relationship with the Tanzanian
government at local, regional and national levels and works hard to
maintain positive relationships with all communities where company
interests are held. The Company recognizes the potential to enhance
the quality of life and opportunity for Tanzanian citizens through
careful development of its projects.
Updates on the Company's activities are regularly posted on its
website www.kibomining.com
Johannesburg
29 April 2016
Corporate and Designated Adviser
River Group
This information is provided by RNS
The company news service from the London Stock Exchange
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