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KBO
KBO
KBO - Kibo Mining Plc - Itetemia and Luhala update
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" or "the Group")
Itetemia and Luhala update
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 that it has decided to withdraw from the Option and
Royalty Agreement between Tanzanian Royalty Exploration Corporation Limited
("TREC") and Kibo`s wholly owned subsidiary, Sloane Developments Limited,
dated 25 January 2007 (the "Agreement"). The Company will not exercise its
option to acquire TREC`s interests in the Itetemia and Luhala projects both
of which are located in the Lake Victoria Goldfields of northern Tanzania.
The Directors believe that the projects do not hold sufficient economic
value and attempted to renegotiate the terms and conditions of the Agreement
with TREC but this has not been possible. The Directors have decided after
careful consideration of the potential value of the projects that the
acquisition of Itetemia and Luhala would not contribute sufficiently to
shareholders` value and will not exercise the Company`s option to acquire
90% of the Itetemia project and 100% of the Luhala project as provided for
under the terms of the Agreement.
By relinquishing the Itetemia and Luhala projects the Company, through the
successful acquisition of Morogoro Gold Limited earlier in 2011, has
repositioned itself as an exploration company with strong ground positions
in the major gold exploration districts of Tanzania.
Commenting on these changes, Chairman Christian Schaffalitzky said:
"The Company`s current asset portfolio provides its shareholders with the
potential for exponentially better returns on their investments, than what
could currently be derived from the Itetemia and Luhala projects."
Enquiries:
Louis Coetzee +27 (0)83 2606126 Kibo Mining plc Chief Executive Officer
Noel O`Keeffe +353 (0)91 384562 Kibo Mining plc Exploration Director
John Simpson +44 (0)207 7766550 Daniel Stewart & Company Plc Nominated
Adviser
Andreas Lianos +27 (0)83 4408365 River Group Designated Advisor
Nick Bealer +44 (0)207 7109612 Cornhill Capital Ltd Broker (Corporate
Broking)
Andrew Frangos +44 (0)207 7109610 Cornhill Capital Ltd Broker (Corporate
Finance)
Matt Beale +44 (0)7966 389 196 Fortbridge Consulting UK Public Relations
Updates on the Company`s activities are regularly posted on its website
www.kibomining.com
Pretoria
20 December 2011
Corporate and Designated Advisor
River Group
Date: 20/12/2011 16:01:06 Produced by the JSE SENS Department.
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