Legal Proceedings Report • Apr 1, 2016
Legal Proceedings Report
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National Storage Mechanism | Additional information
RNS Number : 8334T
Kibo Mining Plc
01 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: IE00B97C031
("Kibo" or "the Company")
Mbeya Coal to Power Project: Definitive Power Feasibility Study Work Completed
Kibo Mining plc ("Kibo" or the "Company") (AIM: KIBO; AltX: KBO), the Tanzania focussed mineral exploration and development company is pleased to announce that the Mbeya Coal to Power Project ("MCPP"), Definitive Power Feasibility Study ("DPFS") work has been completed on schedule. The DPFS report is now subject to a review process. The findings of the DPFS will be announced on completion of the review.
Louis Coetzee, CEO of Kibo Mining, said: "We are very pleased with the overall progress on the MCPP and in particular with the timely completion of work on the DPFS. The professional and committed way in which Tractebel has conducted the DPFS to date has been critical to delivering the PDFS work to the highest standard and within a very challenging timeframe.
Results from the DPFS can only be announced once the review process has been completed, but we can at this stage state that all the DPFS outcomes to date have been well within our expectations.
We remain on schedule with all other parallel and interdependent MCPP work streams as per the recently published MCPP Timeline & Description."
Contacts
| Louis Coetzee | +27 (0) 83 2606126 | Kibo Mining plc | Chief Executive Officer |
| Andreas Lianos | +27 (0) 83 4408365 | River Group | Corporate Adviser and Designated Adviser on JSE |
| Jon Belliss | +44 (0) 207 382 8300 | Beaufort Securities Limited | Broker |
| Oliver Morse | +61 8 9480 2500 | RFC Ambrian Limited | Nominated Adviser on AIM |
| Daniel Thöle / Anna Legge | +44 (0) 203 772 2500 | Bell Pottinger | Investor and Media 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 20th 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 and a 168,000oz 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 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
Review by Qualified Persons
The information in this announcement that relates to the Rukwa Coal Mineral Resource is taken from a report titled "Independent Technical Report for the Rukwa Coal Project, Mbeya Region, United Republic of Tanzania" dated 19th April 2012 by CD van Niekerk Director and Principal Geologist with the firm GEMECS (Pty) Ltd. Mr van Niekerk is a Professional Natural Scientist with the South African Council for Natural Scientific Professions (SACNASP), Registration No. 400066/98 and a Fellow Member of the Geological Society of South Africa. He has relevant experience and technical qualifications to be a "Qualified Person" for reporting coal resources to the NI 43-101 Standard
The Company's Exploration Director, Noel O'Keeffe has reviewed the resource reports and the references to them in this announcement.
Johannesburg
01 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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