| Thu 16 Oct 2008, 10:00 | | Kiwara Plc - Kiwara increases holding in the Joint Venture Company, Kalumbila |
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KWR
KWR
Kiwara Plc - Kiwara increases holding in the Joint Venture Company, Kalumbila
Minerals Ltd, to 80%
Kiwara Plc
JSE - KWR
AIM - KIW
ISIN - GB0007702953
("Kiwara" or the "Company")
Kiwara increases holding in the Joint Venture Company, Kalumbila Minerals Ltd,
to 80%
Kiwara is pleased to announce that under the terms of its Joint Venture (JV)
agreement with LM Engineering Ltd on Prospecting Licence 267 and following
expenditure in excess of US$2.2million on exploration, the Company has exercised
its option to increase its shareholding in the Joint Venture company, Kalumbila
Minerals Ltd by 5% to an 80% holding in the Zambian based subsidiary.
Key Points:
* The JV required Kiwara to spend US$2.2 million within three years from
November 2006, in order to earn an additional 5%
* Kiwara`s latest management accounts to 30 September 2008 show
cumulative exploration expenditure on Licence 267 of US$3.3 million
* Additional 5% of Kalumbila Minerals Ltd shares now issued to Kiwara
* Kiwara Resources (Zambia) Ltd now holds 80% of Kalumbila Minerals Ltd
Colin Bird (Chairman) said: "The early completion of the earn-in demonstrates
the Company`s confidence in the assets of the Joint Venture, which has been
fully supported by the exploration results obtained to date."
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 geologically complex antiformal feature, which contains a number of
base metal and uranium targets including Kalumbila, Kawako and Kawanga. This is
within the area considered to be the western extension of the Copperbelt, an
increasingly significant mining area that contains the recently developed
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 / Gavin Hall 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
16 October 2008
Sponsor: Investec Bank Limited
Date: 16/10/2008 10:00:04 Produced by the JSE SENS Department.
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