TORONTO, ONTARIO--(Marketwired - Apr 24, 2015) - Kilo Goldmines Ltd. (TSX VENTURE:KGL)(FRANKFURT:02K) ("Kilo" or the "Company") wishes to announce that Mr. Philip Gibbs, the Company's CFO, has, subject to regulatory approval, been appointed Interim President and CEO of the Company to succeed Mr. Michael Skead who has resigned with effect from May 31st, 2015.
Mr. Skead's resignation is concurrent with his resignation as Vice President - Project Evaluation of Dundee Resources Limited, and the Management Agreement between the Company and Dundee Resources Limited will therefore terminate on the same date.
Mr. Gibbs, B.Compt., MBA, ACMA, has been involved in the financial management of TSX-V listed mining and mineral exploration companies operating in Africa and South America since 2008, and has served as the Company's Chief Financial Officer since March 2010. Mr. Gibbs' career includes extensive financial and general management experience in multinational and Canadian listed companies operating in the FMCG (fast moving consumer goods) sector.
Mr. Skead has agreed to provide continuing advice to the Company until June 30th, 2015 and the Chairman, Mr. David Netherway, will also support Mr. Gibbs during the transition period.
Mike Skead stated, "The operational and technical team that we have built in the DRC has done a tremendous job of relogging all the historical drill core as well as mapping of all workings and surface exposure to gain an excellent understanding of the geology and controls on mineralization on both an individual prospect scale and within the Imbo licence. It is with regret that I have taken this decision and I wish Kilo well in advancing the Project, now that they are ready to drill many of the exciting targets that have been identified around the Adumbi and Kitenge Prospects."
"On behalf of the Board I would like to thank Mr. Skead for his untiring professional dedication and hard work during his time at Kilo and wish him well for the future. We also congratulate Mr. Gibbs on his appointment," stated David Netherway.
About Kilo
Kilo Goldmines Ltd. (KGL) is a Canadian gold exploration company, listed on the TSX Venture Exchange under the symbol 'KGL' and on the Frankfurt Exchange under the symbol '02K'. KGL holds exploitation and exploration licences covering some 3000 km2 of favourable Archaen Kabalian Greenstones (the Ngayu belt) in the northeast Democratic Republic of Congo an area historically referred to as the Kilo-Moto region, a historic gold-producing region.
Incorporated within these licences is:
- the Somituri Project (71.25% owned by KGL), comprising eight non-contiguous licences (606 km2) held by KGL-Somituri SARL; and
- the KGL Isiro SARL Joint Venture (JV) with Randgold Resources Ltd (2056 km2), for gold and associated minerals only. The JV is managed by Randgold and financed by it to a pre-feasibility (PFS) for a 51% participation interest. Upon completion of the PFS, KGL can participate in funding or Randgold will increase its participation to 65% by completing a Feasibility Study. Areas which may be deemed of no interest to Randgold will be returned to KGL.
Additionally:
· KGL has retained the rights to explore for and develop any iron ore resources (or other minerals) associated with the licences held by KGL Isiro SARL.
· KGL has a minority interest in the Hajigak iron ore project in Afghanistan.
QUALIFIED PERSON
Howard Fall, B.Sc., PhD, MAusIMM, QP (Geo) is the 'qualified person' (as such term is defined under National Instrument 43-101) of Kilo and has reviewed the scientific and technical information contained in this release.
DISCLAIMER
This news release may contain forward looking statements concerning future operations of Kilo Goldmines Ltd. All forward looking statements concerning Kilo's future plans and operations, including management's assessment Kilo's project expectations or beliefs may be subject to certain assumptions, risks and uncertainties beyond Kilo's control. Investors are cautioned that any such statements are not guarantees of future performance and that actual performance and exploration and financial results may differ materially from any estimates or projections.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Such statements are not guarantees of future performance and that actual performance and exploration and financial results may differ materially from any estimates or projections.