| Kibo Signs MOU with Lake Victoria Gold LTD to Fast Track Development of the Imweru Gold Project | |
| | |
|
02 June 2016
Kibo Mining plc ('Kibo' or the 'Company') (AIM: KIBO; AltX: KBO), the Tanzania focused mineral exploration and development Company is pleased to announce that it has signed a Memorandum of Understanding ('MOU') with Lake Victoria Gold LTD ('Lake Victoria') to consolidate the companies' respective Imweru and Imwelo gold projects.
Highlights
-
Kibo and Lake Victoria Gold LTD ('LVG') agree MOU to amalgamate Kibo's Imweru Gold Project and LVG's directly adjacent Imwelo project into a new company ('NEWCO);
-
Board of NEWCO to comprise mix of Kibo and Lake Victoria management which will combine significant experience across exploration and mine development;
-
Total combined JORC compliant stated resources of approximately 755,300 ounces;
-
Based on upside potential identified in existing Imweru CPR, the combined project will provide NEWCO with the potential to achieve >1 million oz. resource in relative short time frame;
-
Production target of 50,000 oz. of gold per annum within 12 to 18 months of forming NEWCO, targeting 100,0000 oz. per annum within 24 to 30 months;
-
Existing LVG mining right will also cover Kibo Imweru project after amalgamation under existing provisions of Tanzanian Mining Act for continuous mineral deposits.
Download Full Report
Kibo Signs MOU with Lake Victoria Gold LTD to Fast Track Development of the Imweru Gold Project
Download
|
|
|
Kibo Mining Plc
|
|
EXPLORATION STAGE |
CODE : KIBO.L |
ISIN : IE00B97C0C31 |
|
| |
ProfileMarket IndicatorsVALUE : Projects & res.Press releasesAnnual reportRISK : Asset profileContact Cpy |
Kibo Mining Plc is a exploration company based in Ireland. Its main exploration properties are HANETI NICKEL, MOROGORO GOLD, LUHALA GOLD and ITETEMIA GOLD in Tanzania. Kibo Mining Plc is listed in United Kingdom. Its market capitalisation is GBX 14.9 millions as of today (US$ 17.4 millions, € 16.2 millions). Its stock quote reached its highest recent level on January 02, 2015 at GBX 9.85, and its lowest recent point on December 23, 2022 at GBX 0.00. Kibo Mining Plc has 412 901 424 shares outstanding. |