| Mon 30 Jan 2012, 8:00 | | KBO - Kibo Mining Plc - Operations Update |
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KBO
KBO
KBO - Kibo Mining Plc - Operations 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")
KIBO MINING PLC
Stage 1 Exploration Programme Update
Dated: 30 Jan 2012
Kibo Mining plc ("Kibo" or the "Company") (AIM: KIBO, AltX: KBO) the mineral
exploration and development company focused on gold and nickel projects in
Tanzania is pleased to provide shareholders with an operational update on the
Company`s gold and nickel exploration projects in Tanzania.
Summary Highlights:
Stage 1 Exploration Program nearing completion
Exploration results expected by 2Q 2012
Stage 1 Exploration Program - Tanzania
Stage 1 of Kibo`s GBP5.3 million exploration program has involved the
mobilisation of field teams for a GBP1.3 million work program on the Lake
Victoria, Haneti and Morogoro projects in Tanzania.
The individual exploration programs at each location have targeted the most
prospective licenses. Field teams have prioritised work through a review of
geology, proximity to known existing deposits as well as from analysis of
anomalous geochemical results from previous surveys.
Louis Coetzee, CEO of Kibo Mining, said the Company was pleased with progress
to date across each of the main license areas.
"The focus has been to make best use of the funds allocated to the overall
exploration program by spending time upfront on prioritising individual
prospects. As the projects cover a total land area in excess of 18,000 square
kilometers, this is a significant consideration," Mr Coetzee said.
Work on all the projects has been advanced in parallel, and a summary of each
individual project follows.
Lake Victoria Project
Follow-up work has commenced on priority regional soil geochemical targets by
in-fill soil sampling, prospecting/rock sampling & geological mapping.
Results from this work will allow for an evaluation of the Lake Victoria
licence portfolio to prioritise areas for further regional geochemical surveys
and preliminary drill target identification.
Haneti Project
Continuation of soil sampling, pitting and trenching in the Haneti Hills area
in order to evaluate the nickel laterite potential.
Ground EM & magnetic survey to further evaluate potential nickel sulphide
targets identified in previous work.
Morogoro Project
The Company has concentrated on two particular areas within the Morogoro
Project: Ruvu Nappe (Morogoro South) and Berega (Morogoro North).
Infill & expansion of soil geochemical grids, regional stream sediment
sampling and geological mapping undertaken.
Kibo expect to be able to report back to shareholders on the preliminary
results from work undertaken on all sites by the second quarter of 2012.
Review by qualified person
The information in this report that relates to exploration results, mineral
resources or ore reserves is based on information reviewed by Noel O`Keeffe,
PGeo, who is a Member of the Institute of Geologists of Ireland. Noel O`Keeffe
is a director of Kibo. Noel O`Keeffe has at least five years experience within
the sector which is relevant to the style of mineralisation and type of
deposit under consideration and to the activity which he is undertaking to
qualify as a qualified person under the AIM Rules. Noel O`Keeffe consents to
the inclusion in the report of the matters based on his information in the
form and context in which it appears.
About Kibo Mining plc
Kibo is a mineral exploration and development company focused on gold and
nickel projects in Tanzania. It has substantial license holdings encompassing
a land area in excess of 18,000 square kilometers in both established and
emerging highly prospective areas within the country.
Enquiries:
Louis Coetzee +27 (0)83 2606126 Kibo Mining plc Chief Executive
Officer
John Simpson +44 (0)207 7766550 Daniel Stewart & Nominated Adviser
Company Plc
Andreas +27 (0)83 4408365 River Group Designated Advisor
Lianos
Nick Bealer +44 (0)207 7109612 Cornhill Capital Broker (Corporate
Ltd Broking)
Andrew +44 (0)207 7109610 Cornhill Capital Broker (Corporate
Frangos Ltd Finance)
Matt Beale +44 (0)7966 389196 Fortbridge Public Relations
Updates on the Company`s activities are regularly posted on its website
www.kibomining.com
Pretoria
30 January 2012
Designated Advisor
RIVER GROUP
Date: 30/01/2012 08:00:01 Produced by the JSE SENS Department.
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