| Fri 4 Nov 2011, 9:00 | | KBO - Kibo Mining Plc - Management changes |
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KBO
KBO
KBO - Kibo Mining Plc - Management changes
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: IE00B61XQX41
("Kibo" or "the Company")
KIBO MINING PLC
Management Changes
Kibo Mining plc ("Kibo" or the "Company") (AIM, KIBO: JSE, KBO) the
mineral exploration and development company focused on gold and nickel
projects in Tanzania announces changes in management to optimize its
business over the coming months.
The Company has identified potential investment interest amongst the
investment community in Tanzania. To take advantage of this opportunity,
the Company is considering seeking a listing on the Dar es Salaam Stock
Exchange. Furthermore, the Company`s South African advisors are
recommending raising Kibo`s profile in South Africa, where the company
is quoted on the Johannesburg Stock Exchange.
In parallel and as part of its ongoing exploration activities, the
Company will be maximizing the returns from its large portfolio of
exploration licenses in Tanzania. Kibo holds some 190 licenses totaling
approximately 18,600 square kilometers under issue, application and
offer located in the Lake Victoria, Morogoro and Dodoma areas with
excellent exploration potential for gold and base metals. Whilst the
Company will explore a number of these licenses on its own, it is aware
that some areas might make a logical package for joint ventures or might
be of strategic interest to neighbouring mineral rights holders.
Consequently the Directors of the Company have agreed that Noel O`Keeffe
will concentrate on the development of these exploration assets of Kibo
as Exploration Director and Louis Coetzee, currently a Non-executive
Director of the Company, will be appointed as interim Chief Executive
Officer for twelve months to lead the marketing initiative of the
Company. The Company will then appoint a full time chief executive
officer to take the Company on to the next stage of its development.
Noel O`Keeffe, a founder Director of Kibo, is an experienced
professional exploration geologist with over 20 years experience in
Tanzania, Australia, Canada and Ireland and has overseen the development
of the Company to date. Louis Coetzee, appointed to the board on 19 July
2010, has over 25 years business development experience in Africa with
15 of these in Tanzania. Louis is currently a director and chief
operating officer of the Mzuri Group, a substantial shareholder in Kibo.
He is also Chairman of Australian listed East African Resources limited
(ASX: AAF) which holds uranium exploration projects in Tanzania.
Commenting on these changes, Chairman Christian Schaffalitzky said:
"We are pleased that our Company has the requisite skills in-house to
maximize our development progress over the coming months. Noel and Louis
have worked hard to get the Company where it is today and both of them
have a clear focus on adding shareholder value through the best use of
our resources. This combined with our strategic approach, means we can
look forward to making significant progress and reporting successful
results to our Shareholders".
Enquiries:
Louis Coetzee +27 (0)83 Kibo Mining Chief
2606126 plc Executive
Officer
Noel O`Keeffe +353 (0)91 Kibo Mining Exploration
384562 plc Director
John Simpson +44 (0)207 Daniel Stewart Nominated
7766550 & Company Plc Adviser
Andreas Lianos +27 (0)83 River Group Designated
4408365 Advisor
Nick Bealer +44 (0)207 Cornhill Broker
7109612 Capital Ltd (Corporate
Broking)
Andrew Frangos +44 (0)207 Cornhill Broker
7109610 Capital Ltd (Corporate
Finance)
Matt Beale +44 (0)7966 Fortbridge Public
389 196 Consulting UK Relations
Updates on the Company`s activities are regularly posted on its website
www.kibomining.com
4 November 20111
Pretoria
Date: 04/11/2011 09:00:01 Produced by the JSE SENS Department.
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