KIR - Kairos Industrial Holdings - Business Update - Eenzaamheid And Uitspan
KIR
KIR
KIR - Kairos Industrial Holdings - Business Update - Eenzaamheid And Uitspan
Prospecting Permits
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 - EENZAAMHEID AND UITSPAN PROSPECTING PERMITS
Shareholders have been advised in prior annual reports of the Group`s interest
regarding the exploration of coal reserves. The annual report published on 29
May 2009 highlighted that Kairos was in the process of obtaining further
prospecting rights on land held by the Group and on properties adjacent to this
land. The company can now confirm that two prospecting permits have been awarded
in favour of the Group`s subsidiary, Kairos Coal and Exploration (Pty) Limited.
Chief Executive, Wouter van Deventer says: "The Group has almost completed the
exploitation of its first coal reserve at Spitskop, and the results thereof have
been very encouraging and have met and exceeded the expectations of management.
The Group remains cautiously optimistic that the reserves on which these two
latest prospecting permits have been approved should be significantly larger
than the initial reserve mined. The extent however, of the reserves will only be
determined once the prospecting of the sites have been concluded.
The two reserves on which the prospecting permits have been granted are situated
just south of the N4 Toll Road between Witbank and Bronkhorstspruit and on the
southern outskirts of Witbank itself. As a result both mines, when operational,
could comfortably service the Gauteng and Mpumalanga areas. Kairos is in the
process of enlisting the services of both consultants and subcontractors to
undertake the prospecting and geotechnical mapping of the reserves."
Mr van Deventer added that while the Group`s core businesses remained the
manufacture of ventilation solutions for the mining industry, ducting for the
power industry as well as brick manufacturing operations, it will continue to
grow its coal mining operations as these have potential of contributing
sustainable earnings to the Group in the medium to long term.
Pretoria
5 August 2009
Sponsor: Bridge Capital Advisors (Pty) Limited
Date: 05/08/2009 15:10:01 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.
