KIR - Kairos - Business Update - Spitskop Mining Permit
KIR
KIR
KIR - Kairos - Business Update - Spitskop Mining Permit
Kairos Industrial Holdings Limited
(Incorporated in the Republic of South Africa)
(Registration number 1987/002927/06)
Share code: KIR & ISIN: ZAE000011284
("Kairos" or "the Group")
BUSINESS UPDATE - SPITSKOP MINING PERMIT
Shareholders have been advised in prior annual reports of the Group`s interest
regarding the exploration of coal reserves. The interim report published on 29
October 2008 highlighted that Kairos was in the process of obtaining a mining
permit to explore coal reserves in Balmoral. The company can now confirm that
the above mentioned permit has been awarded in favour of the Group`s subsidiary,
Kairos Coal and Exploration (Pty) Limited.
CE Wouter van Deventer says: "The Group is excited that the time and effort it
has afforded in its pursuit of economically viable coal reserves, will to a
certain extent be rewarded with the issuance of this first mining permit.
Although the permit has been granted over one of the smaller reserves that the
Group has been exploring, it provides the perfect low risk opportunity for the
Group to "cut its teeth" and to exploit its business plans and mining processes.
This first reserve is strategically positioned just south of the N4 between
Witbank and Bronkhorstspruit and as a result could comfortably service the
Gauteng, Tswane and Witbank areas. It will be Kairos`s intention to enlist the
services of a subcontractor to mine and crush the coal and to complete any
rehabilitation that will be necessary."
He further added that while the Group`s core businesses continue to be the
manufacture of ventilation solutions for the mining industry as well as brick
manufacturing operations, it has built up a strong knowledge base and mining
team to take advantage of the potential reserves that vest on the land it owns.
"These reserves could have long term earnings potential for the Group, however
further prospecting will be required to understand the true value that may be
extracted over time."
Pretoria
25 November 2008
Sponsor: Bridge Capital Advisors (Pty) Limited
Date: 25/11/2008 11:44:01 Produced by the JSE SENS Department.
The SENS service is an information dissemination service administered by the
JSE Limited (`JSE`). The JSE does not, whether expressly, tacitly or
implicitly, represent, warrant or in any way guarantee the truth, accuracy or
completeness of the information published on SENS. The JSE, their officers,
employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature,
howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
Profile Group (Pty) Ltd. has taken care in preparing all information on this website, but does not accept any liability for errors or out-of-date information.
